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UK's annual inflation rate dropped further last month, official data showed on Wednesday (February 15). However, it still remained above 10 per cent. This has potential to prolong cost-of-living crisis that has sparked huge strikes.

The UK Consumer Prices Index (CPI) fell to 10.1 percent in January compared with a rate of 10.5 percent in December, the Office for National Statistics (ONS) said in a statement.&nbsp;

Inflation around the world is easing after striking the highest levels in decades last year as the invasion of Ukraine by Russia fuelled energy and food prices.&nbsp;

The news sent the pound diving 1.5 percent to $1.1990 in afternoon trade as dealers bet on less aggressive monetary policy from the Bank of England (BoE).&nbsp;

In turn, that helped push London's benchmark FTSE 100 index of top companies to a record peak above 8,000 points.&nbsp;

The struggling pound boosts London-listed multinationals whose earnings are in dollars.&nbsp;

In October, the inflation in UK was above 11 per cent. The high inflation over months has eroded the value of wages. Britain is currently facing its biggest strikes by public and private sector workers in more than a decade.&nbsp;

"These latest figures show the cost-of-living crisis is still pummelling workers' pay packets," said Sharon Graham, general secretary at major British union Unite.&nbsp;

"Unite will continue to fight for and win better wages in the face of this crisis," she added in a statement.&nbsp;

A separate measure of UK inflation -- the retail prices index -- was unchanged at 13.4 percent in January.&nbsp;

(With inputs from agencies)

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UK's annual inflation rate dropped further last month, official data showed on Wednesday (February 15). However, it still remained above 10 per cent. This has potential to prolong cost-of-living crisis that has sparked huge strikes.

UK's annual inflation rate dropped further last month, official data showed on Wednesday (February 15). However, it still remained above 10 per cent. This has potential to prolong cost-of-living crisis that has sparked huge strikes. The UK Consumer Prices Index (CPI) fell to 10.1 percent in January compared with a rate of 10.5 percent in December, the Office for National Statistics (ONS) said in a statement. Inflation around the world is easing after striking the highest levels in decades last year as the invasion of Ukraine by Russia fuelled energy and food prices. The news sent the pound diving 1.5 percent to $1.1990 in afternoon trade as dealers bet on less aggressive monetary policy from the Bank of England (BoE). In turn, that helped push London's benchmark FTSE 100 index of top companies to a record peak above 8,000 points. The struggling pound boosts London-listed multinationals whose earnings are in dollars. In October, the inflation in UK was above 11 per cent. The high inflation over months has eroded the value of wages. Britain is currently facing its biggest strikes by public and private sector workers in more than a decade. "These latest figures show the cost-of-living crisis is still pummelling workers' pay packets," said Sharon Graham, general secretary at major British union Unite. "Unite will continue to fight for and win better wages in the face of this crisis," she added in a statement. A separate measure of UK inflation -- the retail prices index -- was unchanged at 13.4 percent in January. (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 ×

UK inflation eases, but stays above 10 per cent

Amazon.com is taking more money from the almost 2 million small businesses that sell goods on its online marketplace as it struggles with slowing sales growth and growing costs, according to a Bloomberg report.

The report quoting research by Marketplace Pulse showed Amazon's average margin of each sale topped 50 per cent&nbsp;from its merchants for the first time in 2022. The study used seller transactions that date back to 2016 as a sample.

According to Marketplace Pulse, sellers have been paying Amazon more for each transaction for six years in a row. But they have been able to absorb the rise in Amazon's cut because of new clients and their revenues growing quickly.

<a href="https://www.wionews.com/world/amazon-threatened-workers-and-broke-union-labour-laws-rules-out-a-us-judge-557840">Also read |&nbsp;Amazon threatened workers and broke labour union laws, rules US judge</a>

Amazon controls how much cut it takes

As the pandemic lockdowns were lifted and people started travelling and dining out again, that dramatically altered, suffocating online commerce.

Last year, Amazon generated the slowest sales growth in its history.

Amazon's primary online retail operation faces a significant challenge in maintaining earnings as sales decline.

Without its lucrative cloud computing division, Amazon Web Services, the company would have experienced an operational loss of $10 billion in 2017.

Amazon commissions and other fees, such as those for packing and delivery, are outside the control of Amazon sellers.

They only have power over advertising, and there are indications that they are restraining themselves.

Amazon's advertising revenue in the holiday quarter grew 18.9 per cent, a still robust expansion but a big slow-down from the same period a year earlier when it increased by 32.2 per cent.

<a href="https://www.wionews.com/business-economy/were-not-robots-amazon-warehouse-workers-go-on-strike-in-uk-555938">Also read | 'We're not robots': UK Amazon workers unhappy with minimal raise go on strike</a>

More sellers to hike prices

The Bloomberg report showed for Chuck Gregorich, who sells fire pits and patio furniture, turning a profit on Amazon is becoming more challenging.&nbsp;He charges $200 for one of his well-liked fire pits, of which Amazon keeps $112 for commission, storage in a warehouse, delivery, and advertising.

He now has $88 left over to pay the producer, ship the item from China, and take care of other expenses.

So, Gregorich has had to take on more of the logistics work himself due to the increasing fees.

He said that other carriers could carry fire pits for around $28—roughly half of what he costs Amazon to deliver large products.&nbsp;That is likely to push Gregorich to hike the price of his product offering.&nbsp;But the improvements made by Amazon are advantageous to some merchants.

Indeed, the report showed one of Amazon's lowest delivery options for small, inexpensive items is used by Desert Cactus, a Chicago-based company that sells flags, license-plate frames, and other stuff on behalf of colleges and professional sports teams.

(With inputs from agencies)

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Amazon.com is taking more money from the almost 2 million small businesses that sell goods on its online marketplace as it struggles with slowing sales growth and growing costs, according to a Bloomberg report.

Amazon.com is taking more money from the almost 2 million small businesses that sell goods on its online marketplace as it struggles with slowing sales growth and growing costs, according to a Bloomberg report. The report quoting research by Marketplace Pulse showed Amazon's average margin of each sale topped 50 per cent from its merchants for the first time in 2022. The study used seller transactions that date back to 2016 as a sample. According to Marketplace Pulse, sellers have been paying Amazon more for each transaction for six years in a row. But they have been able to absorb the rise in Amazon's cut because of new clients and their revenues growing quickly. Also read | Amazon threatened workers and broke labour union laws, rules US judge Amazon controls how much cut it takes As the pandemic lockdowns were lifted and people started travelling and dining out again, that dramatically altered, suffocating online commerce. Last year, Amazon generated the slowest sales growth in its history. Amazon's primary online retail operation faces a significant challenge in maintaining earnings as sales decline. Without its lucrative cloud computing division, Amazon Web Services, the company would have experienced an operational loss of $10 billion in 2017. Amazon commissions and other fees, such as those for packing and delivery, are outside the control of Amazon sellers. They only have power over advertising, and there are indications that they are restraining themselves. Amazon's advertising revenue in the holiday quarter grew 18.9 per cent, a still robust expansion but a big slow-down from the same period a year earlier when it increased by 32.2 per cent. Also read | 'We're not robots': UK Amazon workers unhappy with minimal raise go on strike More sellers to hike prices The Bloomberg report showed for Chuck Gregorich, who sells fire pits and patio furniture, turning a profit on Amazon is becoming more challenging. He charges $200 for one of his well-liked fire pits, of which Amazon keeps $112 for commission, storage in a warehouse, delivery, and advertising. He now has $88 left over to pay the producer, ship the item from China, and take care of other expenses. So, Gregorich has had to take on more of the logistics work himself due to the increasing fees. He said that other carriers could carry fire pits for around $28—roughly half of what he costs Amazon to deliver large products. That is likely to push Gregorich to hike the price of his product offering. But the improvements made by Amazon are advantageous to some merchants. Indeed, the report showed one of Amazon's lowest delivery options for small, inexpensive items is used by Desert Cactus, a Chicago-based company that sells flags, license-plate frames, and other stuff on behalf of colleges and professional sports teams. (With inputs from agencies) WATCH WION LIVE HERE

For the first time, Amazon is taking over 50% from its sellers: Report

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research. AEL called such news reports a 'market rumour'.

Adani Group is still in the mode of managing the crisis caused by US-based short-seller Hindenburg Research. The firm had accused Adani Group of 'brazen stock manipulation and accounting fraud... over the course of decades', allegations which the Adani Group has denied. However, the fallout of the news caused the conglomerate to lose more than USD 100 billion.

In an exchange filing, Adani Group said that it had not appointed Grant Thornton to audit its companies.

"We would like to clarify the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it… We wish to confirm we have made and will continue to make disclosures in compliance with obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with stock exchanges," AEL said in its filing.

Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report.&nbsp;

Reuters and other news outlets had reported two days ago that Adani had appointed Grant Thornton.

Citing sources, Reuters had said that Grant Thornton was going to look at whether related-party transactions at the Adani Group complied with corporate governance standards.

(With inputs from agencies) 
&nbsp;

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research.

Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research. AEL called such news reports a 'market rumour'. Adani Group is still in the mode of managing the crisis caused by US-based short-seller Hindenburg Research. The firm had accused Adani Group of 'brazen stock manipulation and accounting fraud... over the course of decades', allegations which the Adani Group has denied. However, the fallout of the news caused the conglomerate to lose more than USD 100 billion. In an exchange filing, Adani Group said that it had not appointed Grant Thornton to audit its companies. "We would like to clarify the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it… We wish to confirm we have made and will continue to make disclosures in compliance with obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with stock exchanges," AEL said in its filing. Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. Reuters and other news outlets had reported two days ago that Adani had appointed Grant Thornton. Citing sources, Reuters had said that Grant Thornton was going to look at whether related-party transactions at the Adani Group complied with corporate governance standards. (With inputs from agencies)

Adani Group denies appointing audit firm to look into its companies

KPMG has become&nbsp;the first among the world's four biggest accountancy firms to slash jobs in the US.&nbsp;Reports show KPMG is cutting close to 2% of its workforce in the US.&nbsp;The development comes amid a turbulent macroeconomic outlook.&nbsp;The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months.

According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees.&nbsp;The report also showed&nbsp;that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&amp;A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC).

ALSO READ | <a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years."

According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company.

Media reports also show&nbsp;that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same.

KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years.&nbsp;The consulting firm also mentioned how tough the activities were and how they affected people's lives.

According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth.

The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce.

Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic.

After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode.

WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs

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Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023.

Facebook owner Meta has termed 2023 as the&nbsp;"year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs.

After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans.

Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs.&nbsp; 
 
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KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US.

KPMG has become the first among the world's four biggest accountancy firms to slash jobs in the US. Reports show KPMG is cutting close to 2% of its workforce in the US. The development comes amid a turbulent macroeconomic outlook. The darkening economic backdrop has pressured consumers and soured demand in several industries — including several financial firms, wall street banks, asset managers and big tech companies that have slashed jobs in the recent months. According to a Financial Times report, the job cuts at KPMG will impact close to 700 employees. The report also showed that KPMG has been experiencing difficulties as a result of a decline in merger and acquisition (M&A) activity, which has negatively impacted its deal advisory business and decreased demand for I-T and strategic consulting, along with the other Big Four firms EY, Deloitte, and PricewaterhouseCoopers (PwC). ALSO READ | Private equity firm Carlyle buys a majority stake in India's VLCC In an emailed response to Reuters, a spokesperson for KPMG said, "Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years." According to the FT, KPMG tried to reduce costs by delaying the start date for new hiring, cutting travel expenses, and moving a number of advisory staff members to the audit and tax divisions of the company. Media reports also show that many businesses over hired during the COVID-19 pandemic in the mistaken belief that the need for I-T consulting and deal advising work would remain the same. KPMG stated that they have seen protracted uncertainty affecting certain aspects of their advising business that fuelled outsized growth in recent years. The consulting firm also mentioned how tough the activities were and how they affected people's lives. According to the company, it is offering its employees a comprehensive benefits package that includes severance pay, health insurance, assistance for their mental health and wellbeing, career counselling, and possibilities for learning and growth. The wave of mass layoffs that began with startups and internet companies in 2022 has since spread to a number of other industries, including the financial sector, which has recently reduced workforce. Big Tech companies have reduced nearly 60,000 jobs last month alone, cutting back on the hiring spree which surged during the pandemic. After a decade of explosive growth, Silicon Valley pivoted to a cost-cutting mode. WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs Last year, the tech industry saw a record high of 1 in 4 layoffs, with the largest companies announcing further cuts in 2023. Facebook owner Meta has termed 2023 as the "year of efficiency", reflecting the mood among large companies towards having a leaner organisation to lower costs. After Facebook CEO Mark Zuckerberg dubbed 2023 as the "Year of Efficiency", the social media giant eliminated hundreds of staff and reduced expenditure plans. Separately, last week, The Financial Times reported that Meta had put off finalising the budgets for several teams because it was getting ready to cut more jobs. 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

KPMG becomes the first Big Four consulting firm to cut jobs, fires 700 employees in US

In a move that could help turn Tesla into the universal "filling station" of the electric vehicle (EV) era, Tesla will open part of its US charging network to rivals. The deal is part of a $7.5 billion US program to expand EV use and cut carbon emissions.However, experts believe this will risk eroding a competitive edge for vehicles made by Tesla, which has exclusive access to the biggest network of high-speed superchargers in the United States.

By late 2024, Tesla would open 3,500 new and existing superchargers along highway corridors to non-Tesla customers. It would also offer 4,000 slower chargers at locations like hotels and restaurants.Tesla would be eligible for a subsidy - including retrofitting its existing fleet - if its chargers allow other vehicles with a Federally backed charging standard called CCS to charge.

The US administration said Tesla had not committed to adopting CCS as its standard but must comply with the requirements to qualify for Federal funds. Tesla currently has 17,711 superchargers, accounting for about 60 per cent of the total US fast chargers, which can add hundreds of miles of driving range in an hour or less.

A win-win?

The US government's initiative to access Tesla's network significantly boosts the administration's initiative to create 500,000 EV chargers by 2030, up from 130,000 currently. There are also nearly 10,000 "destination" chargers with Tesla plugs that can recharge a vehicle overnight.

According to Reuters, Tesla tweeted, "select Tesla Superchargers across the US will soon be open to all EVs."

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Select Tesla Superchargers across the US will soon be open to all EVs
— Tesla Charging (@TeslaCharging) <a href="https://twitter.com/TeslaCharging/status/1625798923704225793?ref_src=twsrc%5Etfw">February 15, 2023</a></blockquote>
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Tesla announced on Twitter that it would open its chargers, but it did not specify when, where, or how. By the end of 2024, Tesla claimed, it had already planned to double the size of its US Supercharger network.

A Reuters report showed US President Joe Biden tweeted that the plan to open a "big part" of Tesla's network to all drivers was a "big deal" and would "make a big difference."

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In building our EV charging network, we have to ensure that as many chargers work for as many drivers as possible. 
 
To that end, <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> will open a big part of <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a>'s network up to all drivers. 
 
That's a big deal, and it'll make a big difference. <a href="https://t.co/hb6pyVhtbg">https://t.co/hb6pyVhtbg</a>
— President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1625983221279125504?ref_src=twsrc%5Etfw">February 15, 2023</a></blockquote>
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Chief Executive Elon Musk said, "Thank you, Tesla is happy to support other EVs via our Supercharger network."

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Tesla Superchargers almost everywhere <a href="https://t.co/W0LcSq5qJE">https://t.co/W0LcSq5qJE</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1625970749755502592?ref_src=twsrc%5Etfw">February 15, 2023</a></blockquote>
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But according to Reuters, analysts stated that while opening up its networks would increase funding and revenue for Tesla, it might also reduce the brand's uniqueness and make it more difficult for the manufacturer to maintain the network.

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In a move that could help turn Tesla into the universal "filling station" of the electric vehicle (EV) era, Tesla will open part of its US charging network to rivals.

In a move that could help turn Tesla into the universal "filling station" of the electric vehicle (EV) era, Tesla will open part of its US charging network to rivals. The deal is part of a $7.5 billion US program to expand EV use and cut carbon emissions.However, experts believe this will risk eroding a competitive edge for vehicles made by Tesla, which has exclusive access to the biggest network of high-speed superchargers in the United States. By late 2024, Tesla would open 3,500 new and existing superchargers along highway corridors to non-Tesla customers. It would also offer 4,000 slower chargers at locations like hotels and restaurants.Tesla would be eligible for a subsidy - including retrofitting its existing fleet - if its chargers allow other vehicles with a Federally backed charging standard called CCS to charge. The US administration said Tesla had not committed to adopting CCS as its standard but must comply with the requirements to qualify for Federal funds. Tesla currently has 17,711 superchargers, accounting for about 60 per cent of the total US fast chargers, which can add hundreds of miles of driving range in an hour or less. A win-win? The US government's initiative to access Tesla's network significantly boosts the administration's initiative to create 500,000 EV chargers by 2030, up from 130,000 currently. There are also nearly 10,000 "destination" chargers with Tesla plugs that can recharge a vehicle overnight. According to Reuters, Tesla tweeted, "select Tesla Superchargers across the US will soon be open to all EVs." Select Tesla Superchargers across the US will soon be open to all EVs — Tesla Charging (@TeslaCharging) February 15, 2023 × Tesla announced on Twitter that it would open its chargers, but it did not specify when, where, or how. By the end of 2024, Tesla claimed, it had already planned to double the size of its US Supercharger network. A Reuters report showed US President Joe Biden tweeted that the plan to open a "big part" of Tesla's network to all drivers was a "big deal" and would "make a big difference." In building our EV charging network, we have to ensure that as many chargers work for as many drivers as possible. To that end, @elonmusk will open a big part of @Tesla's network up to all drivers. That's a big deal, and it'll make a big difference. https://t.co/hb6pyVhtbg — President Biden (@POTUS) February 15, 2023 × Chief Executive Elon Musk said, "Thank you, Tesla is happy to support other EVs via our Supercharger network." Tesla Superchargers almost everywhere https://t.co/W0LcSq5qJE — Elon Musk (@elonmusk) February 15, 2023 × But according to Reuters, analysts stated that while opening up its networks would increase funding and revenue for Tesla, it might also reduce the brand's uniqueness and make it more difficult for the manufacturer to maintain the network. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Will Tesla turn into the universal EV 'filling station'?

Apple has been trying to move away from its hub - China, it has moved some of its major manufacturing work to India with hopes of accounting for its 25% produce from current 5%.

Apple facing hurdles in India, 50% rejection rate for iPhone casings | World Business Watch

Air India's record aircraft deal has put the Tata Group-owned airline in the league of aspiring global carriers. On Tuesday, it provisionally agreed to acquire almost 500 jets from Airbus and Boeing to take on domestic and international rivals. Striking the largest ever deal by one airline took months of secret talks carried out a stone's throw from Britain's Buckingham palace and culminating in a celebration over coastal Indian curries, according to people involved in the talks.

Confidentiality was lifted on Tuesday as leaders hailed the accord in a diplomatic embrace between leading G20 nations. Tata Group, which regained control of Air India last year after decades of public ownership, put out just six paragraphs.

Its low-key announcement illustrates a rising breed of private airline owners transforming a financially-risky Indian airline sector, alongside the publicity-shy founders of IndiGo.

The deal was in the making for over a year, insiders said, recounting details of the process on condition of anonymity.

Serious talks began last summer and continued until days before Christmas when outlines were agreed. As the astonishing scale of the deal began to crystallise, Reuters reported in December the parties were nearing a record 500-plane agreement.

The epicentre of dealmaking was St James' Court - a luxury Victorian hotel near Buckingham Palace in London's West End.

In the hothouse atmosphere of a classic aircraft industry negotiating ritual known as a "bake-off", negotiators from the airline, planemakers and engine giants camped out at the Tata-owned hotel and neighbouring suites for days at a stretch.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-holds-telephonic-conversation-with-joe-biden-after-air-india-boeing-deal-562044">PM Modi holds telephonic conversation with Joe Biden after Air India-Boeing deal</a>

They were chasing a bigger slice of a fast-growing market that has seen many airline growth plans rise and fall.

Now, Boeing had a chance to restore its position in India's single-aisle jet market and narrow Airbus' large lead. Airbus wanted a bigger piece of the wide-body market led by its rival. With bulging order books, neither could sweep the whole order.

At stake was India's bid to win back the custom of visitors and its own diaspora from highly efficient Gulf carriers. Politics set the context but talks were commercial - and tough.

"The convergence of the political will of the country to regain sovereignty of international connectivity, combined with the ambition of the mighty Tata ... if things are done right it has all the ingredients to be really solid," Airbus Chief Commercial Officer Christian Scherer told Reuters on Tuesday.

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&nbsp;

'METHODICAL, TOUGH'

The contest for attention played out across London on a chilly day in December as Airbus found itself in talks with Air India on one side of the capital, while fighting Qatar Airways in court over the fate of similar A350 jets just two miles away.

Airbus and Qatar Airways later settled their contractual and safety row, but Air India jumped ahead of Qatar in the queue for smaller jets though sources say the Gulf airline also won hefty damages.

Negotiations led by Air India's chief commercial and transformation officer, Nipun Aggarwal, and Yogesh Agarwal, head of aircraft acquisitions, often stretched into the night with sellers churning out new "best offers" fuelled by room service.

"Air India negotiated hard and the team is very sharp despite having no prior aviation experience. They compare with some of the best dealmakers in the business," one person said.

A second person who watched the billions fall into place said the Air India negotiators were "methodical, tough and very sophisticated".

The London negotiations ended with a dinner at the hotel's Michelin-starred Indian restaurant Quilon, renowned for its seafood and coastal cuisine from places like Goa and Kerala.

While the major focus in any jet deal is the battle between planemakers, engines are often key and can speed or hold up the wider deal. Plans for announcements on the anniversary of Tata's Air India takeover slipped as engine talks wore on.

The biggest overall winner, insiders say, is General Electric which picks up the lion's share of the lucrative engine deals, with its CFM joint-venture with Safran beating Raytheon-owned rival Pratt &amp; Whitney on Airbus A320neos. Rolls-Royce also got a boost from the sale of 40 Airbus A350s.

Highlighting the long road to strategic deals in aviation, GE's victory had been in the making for about 10 years.

In 2014, it won a tender for 27 engines for Air India A320s. Soon after it convinced Vistara to take on its engines for seven aircraft which later translated into an order for 70 planes. The turning point was IndiGo, which switched from Pratt &amp; Whitney after technical issues that Pratt says have been resolved.

Analysts caution many obstacles remain to Air India's plans. It needs better service and efficiency to make a serious dent in the powerfully entrenched hubs of Doha and Dubai.

But India's potential will continue to lure dealmakers. CAPA India reports IndiGo is exploring its own order for 500 jets.

&nbsp;

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Air India's record aircraft deal has put the Tata Group-owned airline in the league of aspiring global carriers. On Tuesday, it provisionally agreed to acquire almost 500 jets from Airbus and Boeing to take on domestic and international rivals.

Air India's record aircraft deal has put the Tata Group-owned airline in the league of aspiring global carriers. On Tuesday, it provisionally agreed to acquire almost 500 jets from Airbus and Boeing to take on domestic and international rivals. Striking the largest ever deal by one airline took months of secret talks carried out a stone's throw from Britain's Buckingham palace and culminating in a celebration over coastal Indian curries, according to people involved in the talks. Confidentiality was lifted on Tuesday as leaders hailed the accord in a diplomatic embrace between leading G20 nations. Tata Group, which regained control of Air India last year after decades of public ownership, put out just six paragraphs. Its low-key announcement illustrates a rising breed of private airline owners transforming a financially-risky Indian airline sector, alongside the publicity-shy founders of IndiGo. The deal was in the making for over a year, insiders said, recounting details of the process on condition of anonymity. Serious talks began last summer and continued until days before Christmas when outlines were agreed. As the astonishing scale of the deal began to crystallise, Reuters reported in December the parties were nearing a record 500-plane agreement. The epicentre of dealmaking was St James' Court - a luxury Victorian hotel near Buckingham Palace in London's West End. In the hothouse atmosphere of a classic aircraft industry negotiating ritual known as a "bake-off", negotiators from the airline, planemakers and engine giants camped out at the Tata-owned hotel and neighbouring suites for days at a stretch. Also Read | PM Modi holds telephonic conversation with Joe Biden after Air India-Boeing deal They were chasing a bigger slice of a fast-growing market that has seen many airline growth plans rise and fall. Now, Boeing had a chance to restore its position in India's single-aisle jet market and narrow Airbus' large lead. Airbus wanted a bigger piece of the wide-body market led by its rival. With bulging order books, neither could sweep the whole order. At stake was India's bid to win back the custom of visitors and its own diaspora from highly efficient Gulf carriers. Politics set the context but talks were commercial - and tough. "The convergence of the political will of the country to regain sovereignty of international connectivity, combined with the ambition of the mighty Tata ... if things are done right it has all the ingredients to be really solid," Airbus Chief Commercial Officer Christian Scherer told Reuters on Tuesday. × 'METHODICAL, TOUGH' The contest for attention played out across London on a chilly day in December as Airbus found itself in talks with Air India on one side of the capital, while fighting Qatar Airways in court over the fate of similar A350 jets just two miles away. Airbus and Qatar Airways later settled their contractual and safety row, but Air India jumped ahead of Qatar in the queue for smaller jets though sources say the Gulf airline also won hefty damages. Negotiations led by Air India's chief commercial and transformation officer, Nipun Aggarwal, and Yogesh Agarwal, head of aircraft acquisitions, often stretched into the night with sellers churning out new "best offers" fuelled by room service. "Air India negotiated hard and the team is very sharp despite having no prior aviation experience. They compare with some of the best dealmakers in the business," one person said. A second person who watched the billions fall into place said the Air India negotiators were "methodical, tough and very sophisticated". The London negotiations ended with a dinner at the hotel's Michelin-starred Indian restaurant Quilon, renowned for its seafood and coastal cuisine from places like Goa and Kerala. While the major focus in any jet deal is the battle between planemakers, engines are often key and can speed or hold up the wider deal. Plans for announcements on the anniversary of Tata's Air India takeover slipped as engine talks wore on. The biggest overall winner, insiders say, is General Electric which picks up the lion's share of the lucrative engine deals, with its CFM joint-venture with Safran beating Raytheon-owned rival Pratt & Whitney on Airbus A320neos. Rolls-Royce also got a boost from the sale of 40 Airbus A350s. Highlighting the long road to strategic deals in aviation, GE's victory had been in the making for about 10 years. In 2014, it won a tender for 27 engines for Air India A320s. Soon after it convinced Vistara to take on its engines for seven aircraft which later translated into an order for 70 planes. The turning point was IndiGo, which switched from Pratt & Whitney after technical issues that Pratt says have been resolved. Analysts caution many obstacles remain to Air India's plans. It needs better service and efficiency to make a serious dent in the powerfully entrenched hubs of Doha and Dubai. But India's potential will continue to lure dealmakers. CAPA India reports IndiGo is exploring its own order for 500 jets. 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.

How secret London talks led to Air India's gigantic plane order

If Adidas does not sell the existing merchandise associated with Ye, formerly known as Kanye West, the German company's full-year revenue may decrease by 1.2 billion euros (about $1.28 billion), a profit warning issued on Thursday said. The loss may be even greater if Adidas does not "repurpose" any of the unsold Yeezy merchandise. Adidas had branded the merchandise associated with Ye as Yeezy.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/please-stop-celebrities-call-out-kanye-west-over-his-over-anti-semitic-post-524162">Please stop! Celebrities slam Kanye West over his anti-Semitic post</a>

The company cut ties with Ye after his antisemitic remarks created a global uproar and stunned the defining attributes of pop culture.&nbsp;

<h2>Adidas' Yeezy crisis: What are company's options?</h2>

Companies often consider reselling inventory at a discount, donating or upcycling when they are faced by the challenge of getting rid of unwanted and leftover products.&nbsp;

Experts cited in the US media say that the Yeezy challenge faced by Adidas is unique since enough reputational damage has been done by the man who was associated with its design.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-adidas-severs-ties-with-kanye-west-528325">WION Fineprint | ADIDAS severs ties with Kanye West</a>

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"There's no way to get out of this gracefully or profitably," Matt Powell, a footwear retail expert who has worked with Adidas, was quoted as saying by NPR. "The question is, how can they lighten the bad things that are going to happen?"

The Yeezy line is also tricky to refashion because of its distinct designs.

Companies such as Burberry, Coach, and H&amp;M have been criticised in previous years for disposing of wearable apparel.

"We have&nbsp;seen that happen with other luxury brands out there who didn't want to see their product discounted at the end of the season," Powell said.

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If Adidas does not sell the existing merchandise associated with Ye, formerly known as Kanye West, the German company's full-year revenue may decrease by 1.2 billion euros (about $1.

If Adidas does not sell the existing merchandise associated with Ye, formerly known as Kanye West, the German company's full-year revenue may decrease by 1.2 billion euros (about $1.28 billion), a profit warning issued on Thursday said. The loss may be even greater if Adidas does not "repurpose" any of the unsold Yeezy merchandise. Adidas had branded the merchandise associated with Ye as Yeezy. ALSO READ | Please stop! Celebrities slam Kanye West over his anti-Semitic post The company cut ties with Ye after his antisemitic remarks created a global uproar and stunned the defining attributes of pop culture. Adidas' Yeezy crisis: What are company's options? Companies often consider reselling inventory at a discount, donating or upcycling when they are faced by the challenge of getting rid of unwanted and leftover products. Experts cited in the US media say that the Yeezy challenge faced by Adidas is unique since enough reputational damage has been done by the man who was associated with its design. ALSO WATCH | WION Fineprint | ADIDAS severs ties with Kanye West × "There's no way to get out of this gracefully or profitably," Matt Powell, a footwear retail expert who has worked with Adidas, was quoted as saying by NPR. "The question is, how can they lighten the bad things that are going to happen?" The Yeezy line is also tricky to refashion because of its distinct designs. Companies such as Burberry, Coach, and H&M have been criticised in previous years for disposing of wearable apparel. "We have seen that happen with other luxury brands out there who didn't want to see their product discounted at the end of the season," Powell 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.

Adidas may lose $533mn if it does not repurpose products associated with Ye aka Kanye West

Among the world's first major crackdown on illegally operated cryptocurrency ATMs, authorities in the United Kingdom's Leeds raided several sites suspected to be hosting machines that reportedly allowed people to buy or convert conventional currencies into cryptocurrencies such as Bitcoin.&nbsp;

<h2>Crypto ATMs in Britain: How were&nbsp;they busted?</h2>

The raids were conducted as part of the joint probe between the Financial Conduct Authority (FCA) and the West Yorkshire police force’s digital intelligence and investigation unit. "The FCA will review evidence gathered during these visits and consider further potential enforcement action," the FCA said.&nbsp;

ALSO READ | <a href="https://www.wionews.com/technology/at-new-yorks-first-nft-atm-buying-digital-art-is-as-easy-as-buying-candy-458000">At New York's first 'NFT ATM', buying digital art is as easy as buying candy</a>

The FCA in the United Kingdom requires all firms dealing in cryptocurrencies to register. The registration entails the verification and undertaking to ensure that a crypto-related firm is not related to terrorist financing controls or money laundering operations.&nbsp;

Reports in the British media said that there are no crypto ATMs registered with the FCA. This means that any crypto ATM operating in the UK, if operational, remains illegal.&nbsp;

<h2>Crypto ATM bust: Operators were warned first</h2>

The West Yorkshire police said that they first issued a warning letter to the crypto operators. When they didn't, the police shared its findings with the Financial Conduct Authority (FCA).&nbsp;

ALSO WATCH | <a href="https://www.wionews.com/videos/gravitas-cryptocurrency-new-tool-for-money-laundering-546186">Gravitas: Cryptocurrency: New tool for money laundering</a>

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The FCA said it was working with "multiple law enforcement partners", including other local police forces as it continues to probe other locations that may be hosting illegal crypto ATMs.

"We will continue to identify and disrupt unregistered crypto businesses operating in the UK," Mark Steward, the FCA’s director in charge of enforcement and market oversight, was quoted as saying by The Guardian.&nbsp;

"Crypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high-risk, and you should be prepared to lose all your money if you invest in them."

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Among the world's first major crackdown on illegally operated cryptocurrency ATMs, authorities in the United Kingdom's Leeds raided several sites suspected to be hosting machines that reportedly allowed people to buy or convert conventional currencies into cryptocurrencies such as Bitcoin.

Among the world's first major crackdown on illegally operated cryptocurrency ATMs, authorities in the United Kingdom's Leeds raided several sites suspected to be hosting machines that reportedly allowed people to buy or convert conventional currencies into cryptocurrencies such as Bitcoin. Crypto ATMs in Britain: How were they busted? The raids were conducted as part of the joint probe between the Financial Conduct Authority (FCA) and the West Yorkshire police force’s digital intelligence and investigation unit. "The FCA will review evidence gathered during these visits and consider further potential enforcement action," the FCA said. ALSO READ | At New York's first 'NFT ATM', buying digital art is as easy as buying candy The FCA in the United Kingdom requires all firms dealing in cryptocurrencies to register. The registration entails the verification and undertaking to ensure that a crypto-related firm is not related to terrorist financing controls or money laundering operations. Reports in the British media said that there are no crypto ATMs registered with the FCA. This means that any crypto ATM operating in the UK, if operational, remains illegal. Crypto ATM bust: Operators were warned first The West Yorkshire police said that they first issued a warning letter to the crypto operators. When they didn't, the police shared its findings with the Financial Conduct Authority (FCA). ALSO WATCH | Gravitas: Cryptocurrency: New tool for money laundering × The FCA said it was working with "multiple law enforcement partners", including other local police forces as it continues to probe other locations that may be hosting illegal crypto ATMs. "We will continue to identify and disrupt unregistered crypto businesses operating in the UK," Mark Steward, the FCA’s director in charge of enforcement and market oversight, was quoted as saying by The Guardian. "Crypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high-risk, and you should be prepared to lose all your money if you invest in them." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK: Cryptocurrency ATMs, used to exchange traditional currency with Bitcoins, busted in Leeds

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees.

Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far."

That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa.

The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices.

The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius.

What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year.

The rupee has repeatedly breached several record lows against the dollar over the past year.

The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever.

The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks.

Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment.

<h2>Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner'</h2>

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The Reserve Bank of India announced the settlement of international trade in rupees plan in July.&nbsp;But seven months since, the system is mostly restricted to payments for the import of defence equipment.

India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency.

Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions.

Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq.

Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently.

India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year.

But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful.

(With inputs from agencies)

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India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports. A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees. Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far." That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa. The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices. The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius. What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year. The rupee has repeatedly breached several record lows against the dollar over the past year. The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever. The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks. Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment. Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner' The Reserve Bank of India announced the settlement of international trade in rupees plan in July. But seven months since, the system is mostly restricted to payments for the import of defence equipment. India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency. Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions. Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq. Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently. India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year. But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful. (With inputs from agencies) WATCH WION LIVE HERE

India's soaring Russian oil imports are hurting the rupee trade plan

Egypt is running out of dollars and is attempting to bolster its finances by selling state assets to rich Gulf countries, showed a media report.&nbsp;That despite a $3 billion rescue loan from the International Monetary Fund (IMF). Calling the latest funding attempt a win-win for all parties, experts claim the new deal will call for long-term structural improvements rather than the unconditional rescue deals from the past.

IMF had warned that Egypt would face a financing gap of around $17 billion over the next four years, and Cairo expects the plan to sell state assets will help reduce the deficit. The deal offers a quick way for countries like Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates to acquire properties, land, and holdings in state companies in Egypt.

With those countries seeking to diversify beyond their oil and gas-based economies, Cairo's offer is lucrative, especially as the Egyptian pound has taken a beating. A weaker currency makes investment cheaper for a foreign entity.

The war on the edge of Europe, the Russia-Ukraine crisis, pushed global investors to shelter into safe-haven dollar-denominated assets and hurt almost every other currency on the other side of the exchange rate. The Egyptian pound was no exception to the surging dollar bets.

Egypt has become an appealing investment destination for Gulf countries due to a sharp devaluation of its currency and lucrative offers provided by President Abdel Fattah al-Sisi. The North African country has traditionally been an import-dependent economy, and the steep fall in its currency, almost half the value lost against the dollar in less than a year, has cut the country's foreign exchange coffer by 20 per cent since February last year.

Over 80 per cent of the country's forex reserves of $34.2 billion are comprised of deposits from wealthy Gulf affiliates. The nation's foreign debt has more than tripled to $155 billion in the last ten years.

According to a media report, President Abdel Fattah al-Sisi at the World Government Summit in Dubai said, "a country like Egypt needs a trillion-dollar budget each year. Do we have that money? No. Do we have half of it? No. Do we have a quarter of it? No." Sisi acknowledged the "support from friends, the UAE, Saudi Arabia, and Kuwait."

But this time, Gulf nations have warned that Cairo cannot get the aid without conditions anymore, and there needs to be more transparency and long-term structural reforms.

Indeed, Saudi Arabia's finance minister Mohammed al-Jaadan has cautioned the days of restriction-free assistance are finished.

"We used to give direct grants and deposits without strings attached, and we are changing that," Jaadan said at Davos in January, explaining the kingdom will be demanding "to see reforms".

The IMF, too, had laid down stringent conditions, including Egypt opening up its economy and increasing the private sector's share to 65 per cent from the current 30 per cent by 2025.

Egypt, for its part, has tried to establish the new order. According to calculations by the Egyptian business weekly outlet Enterprise, 66 mergers and acquisitions were finalised in Egypt in 2022, more than double the number of deals executed in 2021. The majority of those were military deals. Emirati and Saudi firms had most of the stakes in 40 military deals.

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Egypt is running out of dollars and is attempting to bolster its finances by selling state assets to rich Gulf countries, showed a media report. That despite a $3 billion rescue loan from the International Monetary Fund (IMF).

Egypt is running out of dollars and is attempting to bolster its finances by selling state assets to rich Gulf countries, showed a media report. That despite a $3 billion rescue loan from the International Monetary Fund (IMF). Calling the latest funding attempt a win-win for all parties, experts claim the new deal will call for long-term structural improvements rather than the unconditional rescue deals from the past. IMF had warned that Egypt would face a financing gap of around $17 billion over the next four years, and Cairo expects the plan to sell state assets will help reduce the deficit. The deal offers a quick way for countries like Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates to acquire properties, land, and holdings in state companies in Egypt. With those countries seeking to diversify beyond their oil and gas-based economies, Cairo's offer is lucrative, especially as the Egyptian pound has taken a beating. A weaker currency makes investment cheaper for a foreign entity. The war on the edge of Europe, the Russia-Ukraine crisis, pushed global investors to shelter into safe-haven dollar-denominated assets and hurt almost every other currency on the other side of the exchange rate. The Egyptian pound was no exception to the surging dollar bets. Egypt has become an appealing investment destination for Gulf countries due to a sharp devaluation of its currency and lucrative offers provided by President Abdel Fattah al-Sisi. The North African country has traditionally been an import-dependent economy, and the steep fall in its currency, almost half the value lost against the dollar in less than a year, has cut the country's foreign exchange coffer by 20 per cent since February last year. Over 80 per cent of the country's forex reserves of $34.2 billion are comprised of deposits from wealthy Gulf affiliates. The nation's foreign debt has more than tripled to $155 billion in the last ten years. According to a media report, President Abdel Fattah al-Sisi at the World Government Summit in Dubai said, "a country like Egypt needs a trillion-dollar budget each year. Do we have that money? No. Do we have half of it? No. Do we have a quarter of it? No." Sisi acknowledged the "support from friends, the UAE, Saudi Arabia, and Kuwait." But this time, Gulf nations have warned that Cairo cannot get the aid without conditions anymore, and there needs to be more transparency and long-term structural reforms. Indeed, Saudi Arabia's finance minister Mohammed al-Jaadan has cautioned the days of restriction-free assistance are finished. "We used to give direct grants and deposits without strings attached, and we are changing that," Jaadan said at Davos in January, explaining the kingdom will be demanding "to see reforms". The IMF, too, had laid down stringent conditions, including Egypt opening up its economy and increasing the private sector's share to 65 per cent from the current 30 per cent by 2025. Egypt, for its part, has tried to establish the new order. According to calculations by the Egyptian business weekly outlet Enterprise, 66 mergers and acquisitions were finalised in Egypt in 2022, more than double the number of deals executed in 2021. The majority of those were military deals. Emirati and Saudi firms had most of the stakes in 40 military deals. 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.

Dollar-strapped Egypt resorts to selling state assets to Gulf nations

Economics professor Kazuo Ueda, who holds a PhD from the Massachusetts Institute of Technology, has been nominated as the Bank of Japan's next governor by Prime Minister Fumio Kishida. The lawmakers will, as a result, have to approve the appointment.&nbsp;

Ueda, a respected economist described as careful and cautious, was a surprise pick after the outgoing governor's deputy reportedly turned down the job. He will be tasked with navigating a way forward after a decade of extraordinary monetary easing.&nbsp;

Ueda faces several challenges in the job and would be under pressure to join international peers in tightening the bank's decade-old monetary policy.

Japan has been facing an economic crisis with data released Tuesday morning showing that the GDP expanded just 0.2 per cent in the last quarter of 2022. The country had been hoping for a better growth after the long-awaited reopening of the country to tourists.

Also Read |&nbsp;<a href="https://www.wionews.com/world/140-years-and-counting-once-again-no-women-nominations-for-bank-of-japans-top-spots-561585">Once again, no women nominations for Bank of Japan's top spots</a>

Ueda had earlier been a BoJ policy board member and is taking over from governor Haruhiko Kuroda, the central bank's longest-serving leader.&nbsp;

Kuroda has been responsible for the country's ultra-loose policies. He took hold of the reins in 2013 and his efforts to boost Japan's economy include a negative interest rate and spending vast sums on government bonds.

In the past year, he has held firm, even as other central banks hiked rates to tackle inflation, with the resulting policy gap causing the yen to slump against the dollar. The 78-year-old is due to step down on April 8 when his second term ends.

The yen fell from around 115 against the dollar in February 2022 to a three-decade low of 151 yen in October. The Japanese currency has since recovered to about 132 against the dollar. When reports emerged that Ueda would be nominated instead of Kuroda's deputy Masayoshi Amamiya, the yen even briefly strengthened.

Amamiya was being seen as a continuity candidate likely to keep the BoJ's stimulus policies. But that does not mean Ueda should be viewed as a hawk, analysts said.

"The current BoJ policy is appropriate, and I think it's important to maintain monetary easing policy for now,"

He leaves Ueda, 71, the challenge of working out the bank's next steps, Saori N. Katada, an international relations professor at the University of Southern California, told AFP.

Inflation hit a multi-decade high of four per cent in Japan in December, above the BoJ's longstanding two-percent target, fuelled partly by soaring energy bills.

(With inputs from agencies)

&nbsp;

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Economics professor Kazuo Ueda, who holds a PhD from the Massachusetts Institute of Technology, has been nominated as the Bank of Japan's next governor by Prime Minister Fumio Kishida.

Economics professor Kazuo Ueda, who holds a PhD from the Massachusetts Institute of Technology, has been nominated as the Bank of Japan's next governor by Prime Minister Fumio Kishida. The lawmakers will, as a result, have to approve the appointment. Ueda, a respected economist described as careful and cautious, was a surprise pick after the outgoing governor's deputy reportedly turned down the job. He will be tasked with navigating a way forward after a decade of extraordinary monetary easing. Ueda faces several challenges in the job and would be under pressure to join international peers in tightening the bank's decade-old monetary policy. Japan has been facing an economic crisis with data released Tuesday morning showing that the GDP expanded just 0.2 per cent in the last quarter of 2022. The country had been hoping for a better growth after the long-awaited reopening of the country to tourists. Also Read | Once again, no women nominations for Bank of Japan's top spots Ueda had earlier been a BoJ policy board member and is taking over from governor Haruhiko Kuroda, the central bank's longest-serving leader. Kuroda has been responsible for the country's ultra-loose policies. He took hold of the reins in 2013 and his efforts to boost Japan's economy include a negative interest rate and spending vast sums on government bonds. In the past year, he has held firm, even as other central banks hiked rates to tackle inflation, with the resulting policy gap causing the yen to slump against the dollar. The 78-year-old is due to step down on April 8 when his second term ends. The yen fell from around 115 against the dollar in February 2022 to a three-decade low of 151 yen in October. The Japanese currency has since recovered to about 132 against the dollar. When reports emerged that Ueda would be nominated instead of Kuroda's deputy Masayoshi Amamiya, the yen even briefly strengthened. Amamiya was being seen as a continuity candidate likely to keep the BoJ's stimulus policies. But that does not mean Ueda should be viewed as a hawk, analysts said. "The current BoJ policy is appropriate, and I think it's important to maintain monetary easing policy for now," He leaves Ueda, 71, the challenge of working out the bank's next steps, Saori N. Katada, an international relations professor at the University of Southern California, told AFP. Inflation hit a multi-decade high of four per cent in Japan in December, above the BoJ's longstanding two-percent target, fuelled partly by soaring energy bills. (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.

Kazuo Ueda nominated as Bank of Japan's next governor

Tata-group owned Air India on Tuesday announced that it will purchase 250 aircraft from Airbus. The deal which is worth more than $50 million is reportedly Air India's first aircraft purchase in around 17 years and is also the first order under the ownership of Tata Group. The deal, as per N Chandrasekaran, the company's chairman, is aimed at transforming the former national carrier, as well as expanding its operations. PTI reports that the acquisition of 250 aircraft will include 40 wide-body A350 planes and 210 narrow-body aircraft. The wide-body planes, as per Chandrasekaran, will be used for long-haul flights.&nbsp;

"Today I'm happy to say that we have signed a letter of intent to acquire 250 aircraft," said Chandrasekaran at a joint press conference he held with Airbus chief executive Guillaume Faury.

Watch |&nbsp;India: Air India seals order for 500 jets from Airbus, Boeing

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Also present at the virtual announcement of the deal were Indian PM Narendra Modi and his French counterpart Emmanuel Macron, who hailed it as a "landmark" and an "achievement".

Indian Prime Minister Narendra Modi has hailed the deal and said that the nation's growing aviation sector in the next 15 years would require over 2,000 aircraft. He remarked that in the near future, India will emerge as the third-biggest market in the world in the aviation sector.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/air-india-likely-to-finalise-half-of-jumbo-plane-order-claims-industry-sources-556595">Air India likely to finalise half of jumbo order, buy 220 planes, claim industry sources</a>

"Our civil aviation sector is an integral part of India's development. Strengthening the civil aviation sector is an important aspect of our national infrastructure policy," said Modi.

Hailing the Air India-Airbus deal as a "landmark," the PM said that it reflects deepening ties between France and India. He also said that the partnership between the two nations is playing a key role in ensuring stability and balance of the international order and the multilateral system.

"Whether it is the issue of security and stability in the Indo-Pacific region, or global food security and health security, India and France together are making a positive contribution".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tata-owned-air-india-to-place-historic-order-of-at-least-500-jets-heres-all-you-need-to-know-542211">Tata-owned Air India to place historic order of at least 500 jets: Here’s all you need to know</a>

&nbsp;



&nbsp;

French Prime Minister Emmanuel Macron said that the Air India-Airbus deal "shows that Airbus and all its French partners are fully dedicated to develop new areas of cooperation with India".

He further added, "The end of the pandemic should lead to more exchanges between our two countries. Students, scientists, artists, businessmen, women, tourists all are most welcome to France and I encourage Indians to come and be part of this French Indian friendship."

Air India's last aircraft purchase was made in 2005 for 111 planes; 68 of which were from Boeing and 43 from Airbus.

(With inputs from agencies)

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Tata-group owned Air India on Tuesday announced that it will purchase 250 aircraft from Airbus. The deal which is worth more than $50 million is reportedly Air India's first aircraft purchase in around 17 years and is also the first order under the ownership of Tata Group.

Tata-group owned Air India on Tuesday announced that it will purchase 250 aircraft from Airbus. The deal which is worth more than $50 million is reportedly Air India's first aircraft purchase in around 17 years and is also the first order under the ownership of Tata Group. The deal, as per N Chandrasekaran, the company's chairman, is aimed at transforming the former national carrier, as well as expanding its operations. PTI reports that the acquisition of 250 aircraft will include 40 wide-body A350 planes and 210 narrow-body aircraft. The wide-body planes, as per Chandrasekaran, will be used for long-haul flights. "Today I'm happy to say that we have signed a letter of intent to acquire 250 aircraft," said Chandrasekaran at a joint press conference he held with Airbus chief executive Guillaume Faury. Watch | India: Air India seals order for 500 jets from Airbus, Boeing Also present at the virtual announcement of the deal were Indian PM Narendra Modi and his French counterpart Emmanuel Macron, who hailed it as a "landmark" and an "achievement". Indian Prime Minister Narendra Modi has hailed the deal and said that the nation's growing aviation sector in the next 15 years would require over 2,000 aircraft. He remarked that in the near future, India will emerge as the third-biggest market in the world in the aviation sector. Also read | Air India likely to finalise half of jumbo order, buy 220 planes, claim industry sources "Our civil aviation sector is an integral part of India's development. Strengthening the civil aviation sector is an important aspect of our national infrastructure policy," said Modi. Hailing the Air India-Airbus deal as a "landmark," the PM said that it reflects deepening ties between France and India. He also said that the partnership between the two nations is playing a key role in ensuring stability and balance of the international order and the multilateral system. "Whether it is the issue of security and stability in the Indo-Pacific region, or global food security and health security, India and France together are making a positive contribution". Also read | Tata-owned Air India to place historic order of at least 500 jets: Here’s all you need to know French Prime Minister Emmanuel Macron said that the Air India-Airbus deal "shows that Airbus and all its French partners are fully dedicated to develop new areas of cooperation with India". He further added, "The end of the pandemic should lead to more exchanges between our two countries. Students, scientists, artists, businessmen, women, tourists all are most welcome to France and I encourage Indians to come and be part of this French Indian friendship." Air India's last aircraft purchase was made in 2005 for 111 planes; 68 of which were from Boeing and 43 from Airbus. (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.

Air India signs 'historic' deal to purchase 250 aircraft from Airbus; its first purchase order in 17 years

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.&nbsp;

The company's plan to cut one in nine jobs is part of its global drive to cut costs.&nbsp;

The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe.&nbsp;

&nbsp;In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs.&nbsp;

&nbsp;Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe".&nbsp;

According to Ford, the job losses will result in a "leaner, more competitive cost structure".&nbsp;

<h2>Ford to cut 3200 jobs in Europe, aims to move some product development back</h2>

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"These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business.&nbsp;

"We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said.&nbsp;

The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe.&nbsp;

The European continent has seen considerable economic and political difficulties in recent years.&nbsp;

Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs.&nbsp;

The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers.&nbsp;

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US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles. The company's plan to cut one in nine jobs is part of its global drive to cut costs. The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe. In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs. Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe". According to Ford, the job losses will result in a "leaner, more competitive cost structure". Ford to cut 3200 jobs in Europe, aims to move some product development back "These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business. "We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said. The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe. The European continent has seen considerable economic and political difficulties in recent years. Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs. The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers. WATCH WION LIVE HERE

Ford to cut 3,800 jobs across Europe as focus shifts toward EV  

The European air maker Airbus has seen disappointing deliveries in the first month. The Airbus boss ahead of the low output warns against the fuel deliveries of jets compared to its now abandoned target for the year 2022.

Low output by Airbus causes concerns

Japan's economy has safely circumvented the recession but remains low on the numbers with the lower than expected growth in GDP. The fourth quarter earnings and numbers show that business investment in the country slumped as an outcome of the phasing out of stimulus by the central banks.

Japan: Private consumption rises by 0.5%, averts recession

Airbus kicks off 2023 on a poor note; deliveries drop 33 per cent&nbsp;in January

The largest airline manufacturer Airbus finds itself in a tough situation after underwhelming delivery figures for its airplanes.

The company, which produced around 661 planes in 2022, was safely riding the 1.6 per cent&nbsp;rise in its shares.

Watch | Low output by Airbus causes concerns

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But now, with just 20 deliveries in January, marking a significant drop of 33 per cent, the numbers have their telltale of a scary "wake-up call" for Airbus' executives.

The Chief Executive of the company Guillaume Faury riled up in anger looking at the abysmal output.

In his brief, he clarifies that "this does not happen twice".

But what has led to the situation, and what caused the slowdown?

The distortion to the global supply chain has affected many industries, including the airline manufacturing industry.

Airbus has strongly remained dependent on Russia's titanium resources, with the war on the edge of Europe disrupting supply chains.

Even the steel capacity has come under threat as restructuring remains underway in handling debt.

Amidst recession fears and rising costs, the trade and movement of raw materials remain a problem, along with several other structural and operation-related issues.

Apart from the supply chain-related delays, the Qatar-Airbus dispute remains in play, impeding Airbus' day-to-day operations.

The company's internal functioning has also come into question, with Faury directing his interest towards decarbonisation and modernising the industrial fabric at Airbus.

<a href="https://www.wionews.com/photos/in-pics-asias-largest-aero-show-aero-india-2023-begins-in-bengaluru-561493">Also read |&nbsp;In Pics | Asia’s largest aero show, Aero India 2023, begins in Bengaluru</a>

The focus remains on not dumping the blame on the supply chain but revamping the process by fixing the company's internal issues.

There needs to be higher employee engagement, as suggested by internal sources of the company.

The challenge is to fix external and internal affairs to streamline production.

The multifaceted layers of these issues have caused a pushback in producing new jets.

With a staggeringly low input, industry experts speculate a lower threshold of about 700 jets for the year, while some remain ambitiously confident about an output of nearly 750 planes.

As the production and tests of electronic chips stabilise, hopes remain high for manufacturing to return to normal in the company.

Still, the challenges make it clear the tasks will take a lot of work to manage.

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&nbsp;

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Airbus kicks off 2023 on a poor note; deliveries drop 33 per cent in January The largest airline manufacturer Airbus finds itself in a tough situation after underwhelming delivery figures for its airplanes.

Airbus kicks off 2023 on a poor note; deliveries drop 33 per cent in January The largest airline manufacturer Airbus finds itself in a tough situation after underwhelming delivery figures for its airplanes. The company, which produced around 661 planes in 2022, was safely riding the 1.6 per cent rise in its shares. Watch | Low output by Airbus causes concerns But now, with just 20 deliveries in January, marking a significant drop of 33 per cent, the numbers have their telltale of a scary "wake-up call" for Airbus' executives. The Chief Executive of the company Guillaume Faury riled up in anger looking at the abysmal output. In his brief, he clarifies that "this does not happen twice". But what has led to the situation, and what caused the slowdown? The distortion to the global supply chain has affected many industries, including the airline manufacturing industry. Airbus has strongly remained dependent on Russia's titanium resources, with the war on the edge of Europe disrupting supply chains. Even the steel capacity has come under threat as restructuring remains underway in handling debt. Amidst recession fears and rising costs, the trade and movement of raw materials remain a problem, along with several other structural and operation-related issues. Apart from the supply chain-related delays, the Qatar-Airbus dispute remains in play, impeding Airbus' day-to-day operations. The company's internal functioning has also come into question, with Faury directing his interest towards decarbonisation and modernising the industrial fabric at Airbus. Also read | In Pics | Asia’s largest aero show, Aero India 2023, begins in Bengaluru The focus remains on not dumping the blame on the supply chain but revamping the process by fixing the company's internal issues. There needs to be higher employee engagement, as suggested by internal sources of the company. The challenge is to fix external and internal affairs to streamline production. The multifaceted layers of these issues have caused a pushback in producing new jets. With a staggeringly low input, industry experts speculate a lower threshold of about 700 jets for the year, while some remain ambitiously confident about an output of nearly 750 planes. As the production and tests of electronic chips stabilise, hopes remain high for manufacturing to return to normal in the company. Still, the challenges make it clear the tasks will take a lot of work to manage. WATCH WION LIVE HERE

Airbus kicks off 2023 on a poor note; deliveries drop 33% in January

The European Commission (EC), on Monday (February 13), raised its growth forecast for the eurozone this year and also expects inflation to be lower than previously estimated at the end of 2022. The expected GDP for the eurozone was raised by 0.9 per cent which was up from the previously predicted 0.3 per cent. Additionally, the eurozone might also dodge recession this year after high levels of gas storage helped ease the energy crisis and labour markets continue to hold up, said the EC.&nbsp;

The EU’s executive arm released the new winter forecasts which show that the 20 countries which use the euro referred to as the ‘eurozone’ will narrowly avoid the technical recession which was expected last year in November as the growth since was 0.1 per cent quarter-on-quarter. Furthermore, the wider European Union is expected to grow by 0.8 per cent from the previously predicted 0.3 per cent, said the EC.&nbsp;

“Almost one year after Russia launched its war of aggression against Ukraine, the EU economy is on a better footing than expected in autumn”, said the commission, on Monday. They added, “Inflation appears to have peaked and favourable developments in energy markets foreshadow further forceful declines.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/eurozone-inflation-hits-record-as-gas-crunch-looms-493665">Eurozone inflation hits record, as gas crunch looms</a>

This also comes as the wholesale gas prices have fallen “below pre-war levels” which has been attributed to the above-seasonal average levels of gas storage. The commission also said that the “forecast crucially hinges on the purely technical assumption that Russia's aggression of Ukraine will not escalate”.&nbsp;

Furthermore, the EU executive arm in Brussels while announcing the forecast said, “Both areas are now set to narrowly avoid the technical recession that was anticipated for the turn of the year. The forecast also slightly lowers the projections for inflation for both 2023 and 2024.” Notably, the growth forecast for 2024 remains unchanged with 1.5 per cent for the eurozone and 1.6 per cent for the EU.&nbsp;

The estimates also show that all EU states are expected to witness growth this year except Sweden which might contract by 0.8 per cent as the country is also facing a recession along with Denmark. Whereas, Germany the region’s biggest economy and Austria have also witnessed two consecutive quarters of contraction making them the only two eurozone countries which are facing this phenomenon. &nbsp; 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/global-economy-faces-tough-time-in-2023-says-imf-head-548634">Third of global economy to face recession in 2023, warns IMF head</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Growth forecast for 2023 (%): 
 
🇮🇪 4.9 
🇲🇹 3.1 
🇷🇴 2.5 
🇱🇺 1.7 
🇨🇾 1.6 
🇸🇰 1.5 
🇪🇸 1.4 
🇧🇬 1.4 
🇬🇷 1.2 
🇭🇷 1.2 
🇸🇮 1.0 
🇵🇹 1.0 
🇳🇱 0.9 
🇧🇪 0.8 
🇮🇹 0.8 
🇪🇺 0.8 
🇫🇷 0.6 
🇭🇺 0.6 
🇦🇹 0.5 
🇵🇱 0.4 
🇱🇹 0.3 
🇩🇪 0.2 
🇫🇮 0.2 
🇨🇿 0.1 
🇪🇪 0.1 
🇱🇻 0.1 
🇩🇰 0.1 
🇸🇪 -0.8 
 
Winter <a href="https://twitter.com/hashtag/ECForecast?src=hash&amp;ref_src=twsrc%5Etfw">#ECForecast</a> ↓
— European Commission 🇪🇺 (@EU_Commission) <a href="https://twitter.com/EU_Commission/status/1625058425716588548?ref_src=twsrc%5Etfw">February 13, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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However, the commission has also said there is high uncertainty surrounding the forecast but the risks to growth are now broadly balanced. This could be due to a rise in domestic demand and if the “recent declines in wholesale gas prices pass through to consumer prices more strongly and consumption proves more resilient”, said the EC.&nbsp;

It added, “Nonetheless, a potential reversal of that fall cannot be ruled out in the context of continued geopolitical tensions”. Additionally, the Economy Commissioner Paolo Gentiloni also cautioned that “better than expected doesn’t mean good,” and said Europe continues to face a difficult period of slow growth and only a gradual easing in inflation.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/explained-imf-lifts-2023-global-growth-forecast-in-world-economic-outlook-updated-report-557556">Explained: IMF lifts 2023 global growth forecast in World Economic Outlook updated report</a>

Additionally, households and businesses in Europe continue to face high power bills, as core inflation with the exception of energy and unprocessed food is still affecting consumers’ purchasing power, said the commission.&nbsp;

This could signal further raises in interest rates by the European Central Bank, addressing which the commissioner said, “There are of course consequences of the tightening of monetary policy, but…there is the very positive aspect of this tightening, which is the contribution to reducing inflation, so overall I think this is balanced”.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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The European Commission (EC), on Monday (February 13), raised its growth forecast for the eurozone this year and also expects inflation to be lower than previously estimated at the end of 2022.

The European Commission (EC), on Monday (February 13), raised its growth forecast for the eurozone this year and also expects inflation to be lower than previously estimated at the end of 2022. The expected GDP for the eurozone was raised by 0.9 per cent which was up from the previously predicted 0.3 per cent. Additionally, the eurozone might also dodge recession this year after high levels of gas storage helped ease the energy crisis and labour markets continue to hold up, said the EC. The EU’s executive arm released the new winter forecasts which show that the 20 countries which use the euro referred to as the ‘eurozone’ will narrowly avoid the technical recession which was expected last year in November as the growth since was 0.1 per cent quarter-on-quarter. Furthermore, the wider European Union is expected to grow by 0.8 per cent from the previously predicted 0.3 per cent, said the EC. “Almost one year after Russia launched its war of aggression against Ukraine, the EU economy is on a better footing than expected in autumn”, said the commission, on Monday. They added, “Inflation appears to have peaked and favourable developments in energy markets foreshadow further forceful declines.” ALSO READ | Eurozone inflation hits record, as gas crunch looms This also comes as the wholesale gas prices have fallen “below pre-war levels” which has been attributed to the above-seasonal average levels of gas storage. The commission also said that the “forecast crucially hinges on the purely technical assumption that Russia's aggression of Ukraine will not escalate”. Furthermore, the EU executive arm in Brussels while announcing the forecast said, “Both areas are now set to narrowly avoid the technical recession that was anticipated for the turn of the year. The forecast also slightly lowers the projections for inflation for both 2023 and 2024.” Notably, the growth forecast for 2024 remains unchanged with 1.5 per cent for the eurozone and 1.6 per cent for the EU. The estimates also show that all EU states are expected to witness growth this year except Sweden which might contract by 0.8 per cent as the country is also facing a recession along with Denmark. Whereas, Germany the region’s biggest economy and Austria have also witnessed two consecutive quarters of contraction making them the only two eurozone countries which are facing this phenomenon. ALSO READ | Third of global economy to face recession in 2023, warns IMF head Growth forecast for 2023 (%): 🇮🇪 4.9 🇲🇹 3.1 🇷🇴 2.5 🇱🇺 1.7 🇨🇾 1.6 🇸🇰 1.5 🇪🇸 1.4 🇧🇬 1.4 🇬🇷 1.2 🇭🇷 1.2 🇸🇮 1.0 🇵🇹 1.0 🇳🇱 0.9 🇧🇪 0.8 🇮🇹 0.8 🇪🇺 0.8 🇫🇷 0.6 🇭🇺 0.6 🇦🇹 0.5 🇵🇱 0.4 🇱🇹 0.3 🇩🇪 0.2 🇫🇮 0.2 🇨🇿 0.1 🇪🇪 0.1 🇱🇻 0.1 🇩🇰 0.1 🇸🇪 -0.8 Winter #ECForecast ↓ — European Commission 🇪🇺 (@EU_Commission) February 13, 2023 × However, the commission has also said there is high uncertainty surrounding the forecast but the risks to growth are now broadly balanced. This could be due to a rise in domestic demand and if the “recent declines in wholesale gas prices pass through to consumer prices more strongly and consumption proves more resilient”, said the EC. It added, “Nonetheless, a potential reversal of that fall cannot be ruled out in the context of continued geopolitical tensions”. Additionally, the Economy Commissioner Paolo Gentiloni also cautioned that “better than expected doesn’t mean good,” and said Europe continues to face a difficult period of slow growth and only a gradual easing in inflation. ALSO READ | Explained: IMF lifts 2023 global growth forecast in World Economic Outlook updated report Additionally, households and businesses in Europe continue to face high power bills, as core inflation with the exception of energy and unprocessed food is still affecting consumers’ purchasing power, said the commission. This could signal further raises in interest rates by the European Central Bank, addressing which the commissioner said, “There are of course consequences of the tightening of monetary policy, but…there is the very positive aspect of this tightening, which is the contribution to reducing inflation, so overall I think this is balanced”. (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.

European Commission raises eurozone growth forecast for 2023 as inflation eases

According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package. This comes weeks after Google announced its decision to cut six per cent of its workforce which amounts to 12,000 jobs.&nbsp;

After the announcement, the employees were sent details of their individual severance package, while the tech giant had said that it would offer 16 weeks’ salary plus two weeks for every additional year at Google, full salary for their notice period, as well as other benefits. Furthermore, the company also said it would accelerate at least 16 weeks of GSU vesting. Announcing the layoffs, Google CEO, Sundar Pichai, had also said that those affected will receive bonuses and remaining vacation time in addition to six months of healthcare, immigration support, and so on.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/googles-shared-dip-after-ai-chatbot-bard-flubs-answer-in-new-ad-heres-what-happened-560132">$100 bn wiped off Alphabet's shares after Google AI chatbot 'Bard' flubs answer</a>

Reportedly, the miscalculation occurred because the company counted the stock grants twice. This led many laid-off employees to receive at least tens of thousands of dollars less than initial estimates while others reportedly accused Google of creating confusion due to the lack of clarity in initial emails. A former employee of the tech giant who found out that they would be receiving at least 40 per cent fewer stocks than expected told Business Insider that it was like a ‘second kick in the stomach’.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/google-cuts-12000-jobs-6-of-global-workforce-554451">Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay</a>

“Admittedly, I had done my own rough calculations. I thought to myself: huh, that number (of stocks) seems pretty high. But then I thought: Maybe this is them saying, ‘Hey, we're taking care of you because we did a shitty thing to you at the last minute’,” said the ex-employee to the publication. Meanwhile, in its latest email, Google People Operations apologising for the inaccurate numbers said, “The severance package that we explained in the support site, detailed documentation and publicly was correct, but it was inaccurately reflected in the email we sent.”&nbsp;

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According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package.

According to a report by Business Insider, Google has made an error in the calculation of stock severance which was to be received by the laid-off employees. Subsequently, in an email sent on Thursday (February 9) seen by the media outlet, the tech giant apologised to its former employees, informing that its earlier email mentioned an incorrect number of stocks as part of the severance package. This comes weeks after Google announced its decision to cut six per cent of its workforce which amounts to 12,000 jobs. After the announcement, the employees were sent details of their individual severance package, while the tech giant had said that it would offer 16 weeks’ salary plus two weeks for every additional year at Google, full salary for their notice period, as well as other benefits. Furthermore, the company also said it would accelerate at least 16 weeks of GSU vesting. Announcing the layoffs, Google CEO, Sundar Pichai, had also said that those affected will receive bonuses and remaining vacation time in addition to six months of healthcare, immigration support, and so on. ALSO READ | $100 bn wiped off Alphabet's shares after Google AI chatbot 'Bard' flubs answer Reportedly, the miscalculation occurred because the company counted the stock grants twice. This led many laid-off employees to receive at least tens of thousands of dollars less than initial estimates while others reportedly accused Google of creating confusion due to the lack of clarity in initial emails. A former employee of the tech giant who found out that they would be receiving at least 40 per cent fewer stocks than expected told Business Insider that it was like a ‘second kick in the stomach’. ALSO READ | Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay “Admittedly, I had done my own rough calculations. I thought to myself: huh, that number (of stocks) seems pretty high. But then I thought: Maybe this is them saying, ‘Hey, we're taking care of you because we did a shitty thing to you at the last minute’,” said the ex-employee to the publication. Meanwhile, in its latest email, Google People Operations apologising for the inaccurate numbers said, “The severance package that we explained in the support site, detailed documentation and publicly was correct, but it was inaccurately reflected in the email we sent.” 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.

Google apologises after miscalculating severance packages, laid-off employees receive fewer stocks

Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.7 per cent, the highest level since 2000, data from the Bank Negara Malaysia and the Department of Statistics showed, Bloomberg reported.

In October and December period, the economy rose higher than the expected seven per cent than a year ago, with the help of domestic demand.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/yahoo-layoffs-over-20-staff-to-be-made-redundant-in-ad-tech-restructuring-560459">Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring</a>

The data also showed that the economy contracted 2.6 per cent from the September quarter of last year.&nbsp;

These points might risk Malaysia's spot among Asia's top 13 economies, especially when economists saw the pace of the economy slowing to four per cent this year.&nbsp;

As per economists, while the cash handouts and subsidies on food and fuel helped to maintain demand in 2022 despite high-interest rates, it is expected that a slowing global economy can hurt Malaysia's exports.&nbsp;

<a href="https://www.wionews.com/business-economy/canopy-growth-corp-to-cut-more-than-a-third-of-its-workforce-plans-to-transition-to-asset-light-model-560652">Also read |&nbsp;Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model</a>

The central bank governor Nor Shamsiah Yunus in a press briefing on Friday said that though the balance of risks of growth remains tilted to the downside, they aren't great enough to push the country into recession.&nbsp;

In December last year, the export was six per cent less than what was expected and substantially slower after 16 consecutive months of double-digit expansion.&nbsp;

Domestic demand is expected to continue to drive the economy in 2023.&nbsp;

(With inputs from agencies)

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Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.

Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.7 per cent, the highest level since 2000, data from the Bank Negara Malaysia and the Department of Statistics showed, Bloomberg reported. In October and December period, the economy rose higher than the expected seven per cent than a year ago, with the help of domestic demand. Also read | Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring The data also showed that the economy contracted 2.6 per cent from the September quarter of last year. These points might risk Malaysia's spot among Asia's top 13 economies, especially when economists saw the pace of the economy slowing to four per cent this year. As per economists, while the cash handouts and subsidies on food and fuel helped to maintain demand in 2022 despite high-interest rates, it is expected that a slowing global economy can hurt Malaysia's exports. Also read | Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model The central bank governor Nor Shamsiah Yunus in a press briefing on Friday said that though the balance of risks of growth remains tilted to the downside, they aren't great enough to push the country into recession. In December last year, the export was six per cent less than what was expected and substantially slower after 16 consecutive months of double-digit expansion. Domestic demand is expected to continue to drive the economy in 2023. (With inputs from agencies) WATCH WION LIVE HERE

Malaysia's economy records 8.7% GDP growth in 2022, the highest in 22 years

In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government.&nbsp;The Adani Group shares are in a complete meltdown after the US-based short-seller firm Hindenburg Research published a report.&nbsp;

The shares are mostly owned by the middle class, who are reported to have lost several lakhs of crores in the past two weeks.&nbsp;

Chief Justice DY Chandrachud said: "Now the stock market is not a place where only high-value investors invest. It is also a place where ... investment is made by a wide spectrum of the middle class."&nbsp;

Chandrachud further said that the "point of concern here is how (to) ... protect the interest of investors".&nbsp;

After the Hindenburg Research was released last month, several petitions were filed in the Indian court. The report had accused the Adani group of improper use of offshore tax havens and stock manipulation.&nbsp;

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Meanwhile, SBICAP Trustee Co said that three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises.&nbsp;

Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to the trustee firm, filings to the Bombay Stock Exchange revealed.&nbsp;

(With inputs from agencies)&nbsp;

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In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government.

In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government. The Adani Group shares are in a complete meltdown after the US-based short-seller firm Hindenburg Research published a report. The shares are mostly owned by the middle class, who are reported to have lost several lakhs of crores in the past two weeks. Chief Justice DY Chandrachud said: "Now the stock market is not a place where only high-value investors invest. It is also a place where ... investment is made by a wide spectrum of the middle class." Chandrachud further said that the "point of concern here is how (to) ... protect the interest of investors". After the Hindenburg Research was released last month, several petitions were filed in the Indian court. The report had accused the Adani group of improper use of offshore tax havens and stock manipulation. × Meanwhile, SBICAP Trustee Co said that three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises. Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to the trustee firm, filings to the Bombay Stock Exchange revealed. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Supreme Court says investor interests must be protected after Adani report

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion).

The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months.

Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023.

Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse.

ALSO WATCH |&nbsp;W<a href="https://www.wionews.com/videos/wion-business-news-credit-suisse-looks-to-mideast-for-capital-boost-526350">ION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion</a>

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Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein &amp; Company, an investment banking business.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-whats-us-debt-ceiling-why-is-it-such-a-big-deal-554338">EXPLAINED: What is US debt ceiling and why is it such a big deal?</a>

Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business."

"We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement.

(With inputs from agencies)

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Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008.

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months. Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023. Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse. ALSO WATCH | WION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion × Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein & Company, an investment banking business. ALSO READ | EXPLAINED: What is US debt ceiling and why is it such a big deal? Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse posts biggest loss since 2008 amid ongoing 21,000 job cuts

Rattled clients pull millions from the bank, Credit Suisse group has reported biggest annual loss since 2008 Global Financial Crisis. It also warned that a further substantial loss would come this year.

Credit Suisse warns of more losses, rattled clients pull billions from bank

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market.

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market. The downsizing of Canada’s second-largest pot producer is the second restructuring that is taking place in less than 12 months. Coupled with the layoffs announced in April 2022, Canopy has estimated a saving of almost US$230 million and even a profit margin, helping it become the right size for Canada, and enter the US markets through Canopy US, reported Bloomberg. On a conference call, Chief Executive Officer David Klein cited Canada’s thriving black market for the revenue dip. “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,” he said, estimating that the black market represents about 40 per cent of Canada’s overall cannabis sales. That has meant that the $7 billion marijuana market that was supposed to materialize in Canada hasn’t come to fruition, Klein said, and forces companies like his to try to compete on price with illegal operators who don’t have to pay taxes. Also read | Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day Canopy dropped 17 per cent in New York on Thursday (February 9), with shares having dropped 74 per cent in the past 12 months. The company will transition to an “asset-light” model in Canada, sourcing many of its products from outside parties, and limiting production operations. The changes effectively signify the end of Canopy’s cannabis cultivation facility in Smiths Falls, Ontario. “Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” Canopy CEO Klein said in the statement. Canopy was once Canada’s most profitable marijuana company — now it’s second to Tilray Inc, as per Bloomberg report. WATCH WION LIVE HERE:

Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil&nbsp;prices jumped more than 2 per cent&nbsp;on Friday, heading for weekly gains.

Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US&nbsp;West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07.&nbsp;Both contracts were on course for weekly gains above 8 per cent. 
 
The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine.

<a href="https://www.wionews.com/india-news/us-no-sanctions-on-india-for-russian-energy-imports-560101">Also read |&nbsp;US: No sanctions on India for Russian energy imports</a>

Deputy PM Novak said on Friday that Russia plans to reduce its crude&nbsp;oil&nbsp;production&nbsp;in March by 500,000 barrels per day (bpd), or about 5 per cent&nbsp;of the output. 
 
“As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies.

"The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said.&nbsp;The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added.

The EU also banned purchases of Russian&nbsp;oil&nbsp;products and set price caps from Feb. 5. 
 
<a href="https://www.wionews.com/business-economy/demand-for-oil-storage-tanks-in-singapore-is-rising-heres-the-reason-554720">Also read |&nbsp;Demand for oil storage tanks in Singapore is rising. Here's the reason</a>

The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China.

Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl.

China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent&nbsp;set by the government last year.

The latest U.S.&nbsp;oil&nbsp;inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021.

This was followed by a rise in weekly US&nbsp;jobless claims.

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Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products.

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil prices jumped more than 2 per cent on Friday, heading for weekly gains. Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07. Both contracts were on course for weekly gains above 8 per cent. The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine. Also read | US: No sanctions on India for Russian energy imports Deputy PM Novak said on Friday that Russia plans to reduce its crude oil production in March by 500,000 barrels per day (bpd), or about 5 per cent of the output. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies. "The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said. The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added. The EU also banned purchases of Russian oil products and set price caps from Feb. 5. Also read | Demand for oil storage tanks in Singapore is rising. Here's the reason The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China. Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl. China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent set by the government last year. The latest U.S. oil inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021. This was followed by a rise in weekly US jobless claims. WATCH WION LIVE HERE

Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day