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<p data-testid="paragraph-0">India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.</p>

<p data-testid="paragraph-1">Adani Group has&nbsp;denied&nbsp;allegations by US-based&nbsp;short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures.</p>

<p data-testid="paragraph-2">Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a&nbsp;$2.5 billion&nbsp;share sale.</p>

<p data-testid="paragraph-3">The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi.</p>

<p data-testid="paragraph-4">The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation,&nbsp;Reuters reported this week.</p>

<p data-testid="paragraph-5">The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers.</p>

<p data-testid="paragraph-6">"An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters.</p>

<p data-testid="paragraph-7">A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters.</p>

<p data-testid="paragraph-8">A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate.</p>

<p data-testid="paragraph-9">The government officials declined to be named, due to confidential nature of the process.</p>

<p data-testid="paragraph-10">The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said.</p>

<p data-testid="paragraph-11">Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers&nbsp;demanded an inquiry&nbsp;following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.</p>


India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday. Adani Group has denied allegations by US-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures. Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a $2.5 billion share sale. The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi. The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation, Reuters reported this week. The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers. "An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters. A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters. A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate. The government officials declined to be named, due to confidential nature of the process. The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said. Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers demanded an inquiry following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.

Indian government reviews Adani Group financial statements: Report

About 10 days after a US research firm published a scathing report on the market credentials of energy-to-ports conglomerate helmed by billionaire Gautam Adani, the Adani Group continues to battle its worst crisis in recent history.

Adani Group crisis updates: Adani Ports shares rebound from 52-week low amid strong after-effects of Hindenburg report

<p>Google employees staged protests this week at two crucial&nbsp;locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc., the Google parent company. One of the rallies were held on Wednesday at Google headquarters in Mountain View, California. Another demonstration took place near Google's corporate offices in the New York City.&nbsp;</p>

<p><strong>ALSO WATCH&nbsp;</strong>|&nbsp;<a href="https://www.wionews.com/videos/gravitas-why-are-tech-giants-laying-off-thousands-549863"><strong>Gravitas: Why are Tech Giants laying off thousands?</strong></a></p>

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<p>The protest in New York, drew about 50 employees outside a Google store on Ninth Avenue. A report in Bloomberg said that the protests began just minutes after parent company Alphabet Inc. reported fourth-quarter results, including $13.6 billion in profit.&nbsp;The company's profits were seen by the protestors&nbsp;in direct opposition to the layoff exercise, with many finding such actions as&nbsp;"woefully unnecessary".&nbsp;</p>

<p><strong>ALSO READ&nbsp;</strong>|<strong>&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></strong></p>

<p>"Today, Google has debunked its own rationale for laying off 12,000 of our co-workers,” Alberta Devor, a software engineer was quoted as saying by Bloomberg. "It is clear that the menial savings the company is pocketing from laying off workers is nothing in comparison to the billions spent on stock buybacks or the billions made in profit last quarter."</p>

<p>Both the demonstrations were organised by the labour group Alphabet Workers Union. The Alphabet Workers Union is&nbsp;a "minority union"&nbsp;and is reported to have no&nbsp;collective bargaining rights. The members of this union include Google sub-contractors as well as employees.</p>

<h2><strong>Google lay offs</strong></h2>

<p>Google last month announced one of the largest staff shrinkages&nbsp;in its history — 12,000 positions, or 6 per cent&nbsp;of its global workforce. Other major tech firms including Microsoft Corp., Salesforce Inc. and Amazon.com Inc. have also recently announced layoffs.</p>

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Google employees staged protests this week at two crucial locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc.

Google employees staged protests this week at two crucial locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc., the Google parent company. One of the rallies were held on Wednesday at Google headquarters in Mountain View, California. Another demonstration took place near Google's corporate offices in the New York City. ALSO WATCH | Gravitas: Why are Tech Giants laying off thousands? × The protest in New York, drew about 50 employees outside a Google store on Ninth Avenue. A report in Bloomberg said that the protests began just minutes after parent company Alphabet Inc. reported fourth-quarter results, including $13.6 billion in profit. The company's profits were seen by the protestors in direct opposition to the layoff exercise, with many finding such actions as "woefully unnecessary". ALSO READ | Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay "Today, Google has debunked its own rationale for laying off 12,000 of our co-workers,” Alberta Devor, a software engineer was quoted as saying by Bloomberg. "It is clear that the menial savings the company is pocketing from laying off workers is nothing in comparison to the billions spent on stock buybacks or the billions made in profit last quarter." Both the demonstrations were organised by the labour group Alphabet Workers Union. The Alphabet Workers Union is a "minority union" and is reported to have no collective bargaining rights. The members of this union include Google sub-contractors as well as employees. Google lay offs Google last month announced one of the largest staff shrinkages in its history — 12,000 positions, or 6 per cent of its global workforce. Other major tech firms including Microsoft Corp., Salesforce Inc. and Amazon.com Inc. have also recently announced layoffs. 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 workers take to streets against layoffs, less wages for subcontractors

USB's deck joins Apple, Amazon and Alphabet. They all have disappointed markets now after delivering results yesterday. Only Facebook was an exception where it's parent Meta delivered better than expected results.

Zuckerberg's net worth at $67.7 billion, fortune soars $12 BN

In line with the previous three months, Shell announced a new $4 billion share buyback programme to be carried out over the following three months. Prior to the pandemic in 2019, it repurchased $19 billion worth of shares in the year ending in February 2023, almost twice as much.

Shell: $4 BN worth shares to be repurchased, highest profit in 115 years

Over the course of 2022, businesses in the UK saw 788 cyberattacks a week on average. This is an increase of 77% from 2021. The latest statistics show that sophisticated ransomware gangs are mostly to blame for the rising concerns about cyberattacks.

Reports: Cyber attacks on UK organisations surged 77% in 2022

<p>Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter. Nordstrom, the upscale retailer, is lagging behind its rivals.&nbsp;Cohen, who built his fortune by co-founding online pet retailer Chewy Inc and cemented it with investments in videogame retailer GameStop and Apple Inc, would like to replace at least one director on Nordstrom's 10-member board, the people said.</p>

<p>Apparently, Cohen is not happy with Mark Tritton, who chairs the the compensation committee and has been on the board of directors since 2020. Cohen has privately called Tritton, a former chief executive of Bed Bath &amp; Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath &amp; Beyond is preparing to file for bankruptcy, Reuters reported this week.</p>

<p>Over past five years, Nordstrom shares have dropped roughly 55 per cent. Ratings agency Fitch again downgraded the company last month. Fitch said that Nordstrom's "operating trajectory has been weaker than most retailers."</p>

<p>"While Cohen hasn't sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders," a company representative said.</p>

<p>The Wall Street Journal first reported Cohen's stake in Nordstrom.</p>

<p>Cohen is now one of the company's top five non-insider shareholders alongside investment firms BlackRock and Fidelity, the people familiar with his stake said.</p>

<p><em>(With inputs from agencies)</em></p>


Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter.

Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter. Nordstrom, the upscale retailer, is lagging behind its rivals. Cohen, who built his fortune by co-founding online pet retailer Chewy Inc and cemented it with investments in videogame retailer GameStop and Apple Inc, would like to replace at least one director on Nordstrom's 10-member board, the people said. Apparently, Cohen is not happy with Mark Tritton, who chairs the the compensation committee and has been on the board of directors since 2020. Cohen has privately called Tritton, a former chief executive of Bed Bath & Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath & Beyond is preparing to file for bankruptcy, Reuters reported this week. Over past five years, Nordstrom shares have dropped roughly 55 per cent. Ratings agency Fitch again downgraded the company last month. Fitch said that Nordstrom's "operating trajectory has been weaker than most retailers." "While Cohen hasn't sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders," a company representative said. The Wall Street Journal first reported Cohen's stake in Nordstrom. Cohen is now one of the company's top five non-insider shareholders alongside investment firms BlackRock and Fidelity, the people familiar with his stake said. (With inputs from agencies)

Billionaire Ryan Cohen preps to up stake in Nordstrom to shake up board

<p>British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence,&nbsp;as Russia's offensive in Ukraine sent oil and gas prices soaring. According to an earnings statement on Thursday (February 2), the post-tax figure was more than double the amount achieved in 2021. A report by the news agency Reuters said the annual profit was $39.9 billion, far exceeding the previous record of $31 billion in 2008. The gains were driven by higher oil and gas prices, robust refining margins and a strong performance from the company's trading business.&nbsp;</p>

<p><strong>ALSO READ | <a href="https://www.wionews.com/business-economy/uk-bank-of-england-hikes-interest-rates-for-tenth-consecutive-time-amid-recession-558265">UK: Bank of England hikes interest rates for tenth consecutive time amid recession</a></strong></p>

<p>Shell also posted a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading. "Our results in the fourth quarter and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world," the company's new chief executive Wael Sawan said in the results statement.&nbsp;</p>

<p>The company now said that it would return a further $4 billion to shareholders following huge buybacks already last year, and would also significantly lift its dividend after the record earnings.&nbsp;</p>

<p>However, on Thursday, Shell faced criticism from environmental campaigners and justice groups for reaping record profits at the expense of the planet.&nbsp;</p>

<p>''(It's) not just obscene but it's also shameless because they are doing..they're reaping those record profits at the expense of people and the planet. Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living," Dorothy Guerrero, the head of policy of London-based Global Justice Now, told Reuters on Thursday.&nbsp;</p>

<p>"Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living. Me and many of my colleagues also went on the streets to support them. While oil giants like Shell are lining the pockets of their shareholders from these profits that they made," Guerrero added.&nbsp;</p>

<p>The top official at&nbsp;Global Justice Now also said that there was a refusal from the government to impose a windfall tax on oil giants and also to help alleviate those suffering.&nbsp;</p>

<p>On the other hand, Greenpeace, an environmental campaigner, held a protest outside Shell's London headquarters and said the oil giant was "profiteering from climate destruction."</p>

<p><em>(With inputs from agencies)</em></p>

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British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence, as Russia's offensive in Ukraine sent oil and gas prices soaring.

British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence, as Russia's offensive in Ukraine sent oil and gas prices soaring. According to an earnings statement on Thursday (February 2), the post-tax figure was more than double the amount achieved in 2021. A report by the news agency Reuters said the annual profit was $39.9 billion, far exceeding the previous record of $31 billion in 2008. The gains were driven by higher oil and gas prices, robust refining margins and a strong performance from the company's trading business. ALSO READ | UK: Bank of England hikes interest rates for tenth consecutive time amid recession Shell also posted a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading. "Our results in the fourth quarter and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world," the company's new chief executive Wael Sawan said in the results statement. The company now said that it would return a further $4 billion to shareholders following huge buybacks already last year, and would also significantly lift its dividend after the record earnings. However, on Thursday, Shell faced criticism from environmental campaigners and justice groups for reaping record profits at the expense of the planet. ''(It's) not just obscene but it's also shameless because they are doing..they're reaping those record profits at the expense of people and the planet. Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living," Dorothy Guerrero, the head of policy of London-based Global Justice Now, told Reuters on Thursday. "Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living. Me and many of my colleagues also went on the streets to support them. While oil giants like Shell are lining the pockets of their shareholders from these profits that they made," Guerrero added. The top official at Global Justice Now also said that there was a refusal from the government to impose a windfall tax on oil giants and also to help alleviate those suffering. On the other hand, Greenpeace, an environmental campaigner, held a protest outside Shell's London headquarters and said the oil giant was "profiteering from climate destruction." (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.

Shell makes $40 billion profit in 2022, highest in its 115 years of existence

<p>Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported.&nbsp;</p>

<p>Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise".</p>

<p><strong>ALSO READ&nbsp;</strong>|&nbsp;<a href="https://www.wionews.com/business-economy/adani-group-crisis-live-adani-made-scheduled-us-bond-payments-to-release-credit-report-friday-558428"><strong>Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies</strong></a></p>

<p>"I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper.</p>

<p><strong>ALSO WATCH&nbsp;</strong>|&nbsp;<a href="https://www.wionews.com/videos/adani-group-calls-off-flagship-fpo-after-shares-tank-558061"><strong>Adani Group calls off flagship FPO after shares tank</strong></a></p>

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<p>"I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords.&nbsp;</p>

<h2><strong>Hindenburg report and Elara Capital</strong></h2>

<p>According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group.</p>

<p>The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations."</p>

<p>Meanwhile, the company’s website notes that&nbsp;Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond)&nbsp;and the London AIM market (London stock exchange sub-market).</p>

<p>It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity.</p>

<p>"Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London."</p>

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Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'.

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported. Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise". ALSO READ | Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies "I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper. ALSO WATCH | Adani Group calls off flagship FPO after shares tank × "I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords. Hindenburg report and Elara Capital According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group. The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations." Meanwhile, the company’s website notes that Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond) and the London AIM market (London stock exchange sub-market). It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity. "Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London." 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.

Boris Johnson's brother quits as director of firm linked with Adani Group

Adani Group is still battling the aftermath of publishing of the Hindenburg report. The conglomerate is facing losses following huge plunges in the market value. The entire saga has stoked fears potential systemic impact. WION is keeping an eye on all the developments and bringing you the Live updates of the crisis.

Adani Group crisis updates: Adani shares plunge almost 23%, lowest since March 2022

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<p>Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1). The government has described the budget as the first of "Amrit Kaal", which pave the way for the nation to grow and achieve Prime Minister Narendra Modi's vision to make India a developed country in the next 25 years.&nbsp;</p>

<p>The budget proposed changes to income tax slabs, a steep hike in capital investment, and also a mention of the healthcare sector.&nbsp;</p>

<p>In the opening remarks of her speech, Sitharaman hailed the country-wide vaccination drive against coronavirus (COVID-19) in unparallel scale and speed.&nbsp;</p>

<p>The finance minister praised India's rising global profile. She noted that several accomplishments, like unique world-class digital public infrastructure for example Aadhar, Co-Win &amp; UPI, are responsible for such significant growth.&nbsp;</p>

<p>The finance minister announced that dedicated&nbsp;<strong>multidisciplinary courses</strong>&nbsp;for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research.&nbsp;</p>

<p>She added that under health education and skilling, 157 new&nbsp;<strong>nursing colleges&nbsp;</strong>will be established in co-location with existing medical colleges established since 2014.&nbsp;</p>

<p>The finance minister added&nbsp;that facilities in selective&nbsp;<strong>ICMR labs</strong>&nbsp;will be made available for research by public and private medical college faculty and private sector R&amp;D teams for encouraging collaborative research and innovation.&nbsp;</p>

<p>She added that a new programme for research and innovation in pharmaceuticals will be taken up through Centres of Excellence.&nbsp;</p>

<h2><strong>Allocation of budget:&nbsp;</strong></h2>

<p>Sitharaman announced that the health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, which is a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23.&nbsp;</p>

<p>The budget allocation for the AYUSH ministry has been increased from Rs 2,845.75 crore to Rs 3,647.50 crore, which is a 28 per cent increase.&nbsp;</p>

<p>Out of Rs 89,155 crore, Rs 86,175 crore has been allocated to the Department of Health and Family Welfare, while Rs 2,980 crore to the Department of Health Research.&nbsp;</p>

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<p dir="ltr" lang="en">A new programme for research &amp; innovation in pharmaceuticals will be taken up through Centres of Excellence.<br />
<br />
Dedicated multi-disciplinary courses for medical devices will be supported in the existing institutions: FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@NSitharaman</a> Ji<a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> <a href="https://t.co/tjtJZgejpq">pic.twitter.com/tjtJZgejpq</a></p>
— Dr Mansukh Mandaviya (@mansukhmandviya) <a href="https://twitter.com/mansukhmandviya/status/1620668341005488130?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p dir="ltr" lang="en">India's rising global profile is because of several accomplishments like Unique world-class digital public infrastructure, e.g., Aadhar, Co-WIN &amp; UPI.<br />
<br />
COVID vaccination drive conducted in unparallel scale &amp; speed: FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@NSitharaman</a><a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> <a href="https://twitter.com/hashtag/UnionBudget2023?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2023</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://t.co/XSXZslttFf">pic.twitter.com/XSXZslttFf</a></p>
— Ministry of Health (@MoHFW_INDIA) <a href="https://twitter.com/MoHFW_INDIA/status/1620688928360759296?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<h2><strong>Mission to eliminate Sickle Cell Disease (SCD)</strong></h2>

<p>Special mention was given to the mission's launch to eliminate sickle cell anaemia by 2047. The finance minister said that it will entail awareness creation, universal screening of 7 crore people in the age group 0 to 40 years in affected tribal areas and counselling through collaborative efforts.&nbsp;</p>

<h2><strong>What is Sickle Cell Disease (SCD)?&nbsp;</strong></h2>

<p>Sickle Cell Disease (SCD) is a genetic condition and is widespread among the tribal population in India and in other vulnerable populations. The Indian Health Minister Mansukh Mandaviya said that the tribals aged below 40 will be provided cards mentioning their sickle cell anaemia status. He said they would get pre-marital counselling about the risk of their child getting the disease if they marry another affected person.&nbsp;</p>

<p>After the presentation of the budget, Mandaviya said that the government will take up the eradication of sickle cell anaemia in a mission mode. He also noted that the authorities will conduct massive screening in affected tribal areas for early detection of cases.&nbsp;</p>

<p>"Going forward, the government will also issue cards after screening to tribal persons below 40 years affected by the disease mentioning their sickle cell anaemia status and also provide pre-marital counselling to make the patients aware of the detrimental effects of the disease if they marry another sickle cell anaemia patient and give birth," he said.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>

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Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1). The government has described the budget as the first of "Amrit Kaal", which pave the way for the nation to grow and achieve Prime Minister Narendra Modi's vision to make India a developed country in the next 25 years.

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1). The government has described the budget as the first of "Amrit Kaal", which pave the way for the nation to grow and achieve Prime Minister Narendra Modi's vision to make India a developed country in the next 25 years. The budget proposed changes to income tax slabs, a steep hike in capital investment, and also a mention of the healthcare sector. In the opening remarks of her speech, Sitharaman hailed the country-wide vaccination drive against coronavirus (COVID-19) in unparallel scale and speed. The finance minister praised India's rising global profile. She noted that several accomplishments, like unique world-class digital public infrastructure for example Aadhar, Co-Win & UPI, are responsible for such significant growth. The finance minister announced that dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research. She added that under health education and skilling, 157 new nursing colleges will be established in co-location with existing medical colleges established since 2014. The finance minister added that facilities in selective ICMR labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation. She added that a new programme for research and innovation in pharmaceuticals will be taken up through Centres of Excellence. Allocation of budget: Sitharaman announced that the health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, which is a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23. The budget allocation for the AYUSH ministry has been increased from Rs 2,845.75 crore to Rs 3,647.50 crore, which is a 28 per cent increase. Out of Rs 89,155 crore, Rs 86,175 crore has been allocated to the Department of Health and Family Welfare, while Rs 2,980 crore to the Department of Health Research. A new programme for research & innovation in pharmaceuticals will be taken up through Centres of Excellence. Dedicated multi-disciplinary courses for medical devices will be supported in the existing institutions: FM @NSitharaman Ji#AmritKaalBudget pic.twitter.com/tjtJZgejpq — Dr Mansukh Mandaviya (@mansukhmandviya) February 1, 2023 × India's rising global profile is because of several accomplishments like Unique world-class digital public infrastructure, e.g., Aadhar, Co-WIN & UPI. COVID vaccination drive conducted in unparallel scale & speed: FM @NSitharaman#AmritKaalBudget #UnionBudget2023 @PMOIndia pic.twitter.com/XSXZslttFf — Ministry of Health (@MoHFW_INDIA) February 1, 2023 × Mission to eliminate Sickle Cell Disease (SCD) Special mention was given to the mission's launch to eliminate sickle cell anaemia by 2047. The finance minister said that it will entail awareness creation, universal screening of 7 crore people in the age group 0 to 40 years in affected tribal areas and counselling through collaborative efforts. What is Sickle Cell Disease (SCD)? Sickle Cell Disease (SCD) is a genetic condition and is widespread among the tribal population in India and in other vulnerable populations. The Indian Health Minister Mansukh Mandaviya said that the tribals aged below 40 will be provided cards mentioning their sickle cell anaemia status. He said they would get pre-marital counselling about the risk of their child getting the disease if they marry another affected person. After the presentation of the budget, Mandaviya said that the government will take up the eradication of sickle cell anaemia in a mission mode. He also noted that the authorities will conduct massive screening in affected tribal areas for early detection of cases. "Going forward, the government will also issue cards after screening to tribal persons below 40 years affected by the disease mentioning their sickle cell anaemia status and also provide pre-marital counselling to make the patients aware of the detrimental effects of the disease if they marry another sickle cell anaemia patient and give birth," he said. (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.

Union Budget 2023-24: Here's what healthcare sector got from the budget

<p>Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday.</p>

<p>Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged".</p>

<p>"I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline," Ackman said in a tweet.</p>

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<p dir="ltr" lang="en">I would not find it surprising if the <a href="https://twitter.com/AdaniOnline?ref_src=twsrc%5Etfw">@AdaniOnline</a> offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline.</p>
— Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1620757244190294016?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
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<p>&nbsp;</p>

<p>Meanwhile, a Forbes report said that two companies accused by Hindenburg Research of assisting the Adani Group in its alleged conspiracy of accounting fraud and stock market manipulation were underwriters in the FPO. This includes Elara Capital (India) Private Limited, a subsidiary of London-based investment firm Elara Capital, and Monarch Networth Capital, an Indian brokerage firm. They are a part of the&nbsp;10 underwriters disclosed by Adani Enterprises in its&nbsp;offer agreement&nbsp;for the sale.</p>

<p><strong>Adani speaks&nbsp;</strong></p>

<p>Chairman Gautam Adani said on Thursday that the decision to pull out of the sale was taken to insulate investors from potential losses. In his first public comments since his empire plunged into crisis, Adani added that&nbsp;the withdrawal of a share sale won't impact future plans.</p>

<p>The group will review its capital raising plan once the market stabilises, he said.</p>

<p>In a video address, Adani said the ports-to-airports conglomerate's cash flow has been "very strong" and that it has an "impeccable track record" of fulfilling debt obligations.</p>

<p>Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company.<br />
<br />
But in a statement late Wednesday, the company decided not to go ahead with its follow-on public offer.</p>

<p>The decision came as the company and its sister firms' shares witnessed a slump on Wednesday. Profit-booking during the end hours of trading came on the back of a Bloomberg report that said Credit Suisse had stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients.</p>

<p>Credit Suisse’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd, the Bloomberg report said.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-market-regulator-examining-adani-share-rout-report-558034">Indian market regulator examining Adani share rout: Report</a></p>

<p>Adani Enterprises plunged 28 per cent Wednesday, bringing its losses since the Hindenburg report to more than $18 billion. Adani Ports and Special Economic Zone dropped 19 per cent. Both stocks marked their worst day ever.</p>

<p>This is being seen as a sign that Adani's finances are under growing scrutiny. A Reuters report said that India's market regulator, SEBI, is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company.</p>

<p>Adani Enterprises was offering shares at Rs 3,112 to Rs 3,276 apiece in the offering. The company’s stock closed Wednesday at Rs 2,135.35, which is 31 per cent below the bottom of the price range.&nbsp;</p>

<p>In a statement withdrawing the issue Wednesday night,&nbsp;the company said, "The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct."</p>

<p>The company further said that it is working with book-running lead managers to refund the proceeds received in escrow. The amounts blocked in bank accounts for subscription to this issue will also be released.</p>

<p>Hedge fund billionaire Ackman's comments are the latest in the numerous Twitter posts since a January 24 report by US-based activist short-selling firm Hindenburg Research that highlighted debt taken by companies under the Adani Group, a $218 billion Indian conglomerate.</p>

<p>The report alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of the seven listed Adani companies.</p>

<p>The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added.</p>

<p>"All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us."</p>

<p><strong>RBI asks lenders for details on debt exposure</strong></p>

<p>Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter.</p>

<p>This is standard operating procedure in case of unusual newsflow on a company as the normal information-gathering process for the RBI’s large exposure framework involves a time lag, the people said, asking not to be identified as the details are private. Reuters reported the development earlier.</p>

<p><em>(With inputs from agencies)</em></p>

<p>&nbsp;</p>

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Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday. Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged".

Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday. Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged". "I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline," Ackman said in a tweet. I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline. — Bill Ackman (@BillAckman) February 1, 2023 × Meanwhile, a Forbes report said that two companies accused by Hindenburg Research of assisting the Adani Group in its alleged conspiracy of accounting fraud and stock market manipulation were underwriters in the FPO. This includes Elara Capital (India) Private Limited, a subsidiary of London-based investment firm Elara Capital, and Monarch Networth Capital, an Indian brokerage firm. They are a part of the 10 underwriters disclosed by Adani Enterprises in its offer agreement for the sale. Adani speaks Chairman Gautam Adani said on Thursday that the decision to pull out of the sale was taken to insulate investors from potential losses. In his first public comments since his empire plunged into crisis, Adani added that the withdrawal of a share sale won't impact future plans. The group will review its capital raising plan once the market stabilises, he said. In a video address, Adani said the ports-to-airports conglomerate's cash flow has been "very strong" and that it has an "impeccable track record" of fulfilling debt obligations. Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company. But in a statement late Wednesday, the company decided not to go ahead with its follow-on public offer. The decision came as the company and its sister firms' shares witnessed a slump on Wednesday. Profit-booking during the end hours of trading came on the back of a Bloomberg report that said Credit Suisse had stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients. Credit Suisse’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd, the Bloomberg report said. Also Read | Indian market regulator examining Adani share rout: Report Adani Enterprises plunged 28 per cent Wednesday, bringing its losses since the Hindenburg report to more than $18 billion. Adani Ports and Special Economic Zone dropped 19 per cent. Both stocks marked their worst day ever. This is being seen as a sign that Adani's finances are under growing scrutiny. A Reuters report said that India's market regulator, SEBI, is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company. Adani Enterprises was offering shares at Rs 3,112 to Rs 3,276 apiece in the offering. The company’s stock closed Wednesday at Rs 2,135.35, which is 31 per cent below the bottom of the price range. In a statement withdrawing the issue Wednesday night, the company said, "The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct." The company further said that it is working with book-running lead managers to refund the proceeds received in escrow. The amounts blocked in bank accounts for subscription to this issue will also be released. Hedge fund billionaire Ackman's comments are the latest in the numerous Twitter posts since a January 24 report by US-based activist short-selling firm Hindenburg Research that highlighted debt taken by companies under the Adani Group, a $218 billion Indian conglomerate. The report alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of the seven listed Adani companies. The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added. "All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us." RBI asks lenders for details on debt exposure Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter. This is standard operating procedure in case of unusual newsflow on a company as the normal information-gathering process for the RBI’s large exposure framework involves a time lag, the people said, asking not to be identified as the details are private. Reuters reported the development earlier. (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.

Adani calls off $2.5 billion share sale even as Ackman alleges FPO might be 'rigged'

<p paraeid="{dcc5ca3a-974d-43ee-9626-ab00df101c88}{114}" paraid="1298526025" >Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly.&nbsp;</p>

<p paraeid="{bc1cbb25-9c99-49c7-8238-2131ee29d426}{33}" paraid="1496752873" >While 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to end at 59,708.08, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30.&nbsp;</p>

<p paraeid="{1be64495-9176-4563-ab95-5720d33d7838}{65}" paraid="1611939101" >This was the worst budget day performance by Nifty 50 in three years, since the 2.51 per cent fall in 2020.&nbsp;<br />
&nbsp;<br />
ITC, Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Kotak Mahindra Bank were the major gainers in the Sensex, while Bajaj Finserv, State Bank of India, IndusInd Bank and Mahindra &amp; Mahindra were the prominent laggards.&nbsp;</p>

<p paraeid="{1be64495-9176-4563-ab95-5720d33d7838}{192}" paraid="1658234306" >The Indian bond yields market also saw a significant drop after the government announced a gross borrowing at Rs 15 lakh crore for the next financial year. &nbsp;</p>

<p paraeid="{b3142ef6-6e92-4273-8950-a1e661b54b15}{139}" paraid="1993814077" >The benchmark bond yield was at 7.2774 per cent, dropping 11 basis points from the day’s high, while the Indian rupee was largely unchanged against the dollar.&nbsp;<br />
&nbsp;<br />
The last full-year budget of the Narendra Modi government ahead of the 2024 general elections focused heavily on increasing capex, while also providing major tax reliefs to the middle class.&nbsp;</p>

<p paraeid="{8653433b-4e2c-44fd-b87d-629b2c7cd516}{134}" paraid="37839455" >Finance Minister Nirmala Sitharaman announced a hike in the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, which will be at 3.3 per cent of the GDP.&nbsp;</p>

<p paraeid="{6d0df9d1-524c-4f7c-a40b-0cda5f680c25}{142}" paraid="2134494602" >She also tweaked the tax slabs to provide some relief to the middle class whereby they can claim tax rebates on annual income up to Rs 7 lakh in the new tax regime as against Rs 5 lakh.&nbsp; &nbsp;</p>

<h2 paraeid="{f48fa960-eff0-41d3-ae91-39c88c34b169}{6}" paraid="2078380701" ><strong>Gold, silver prices shoot up&nbsp;</strong></h2>

<p paraeid="{31e11d15-f48c-4ff8-ba9e-5ed0d0a838ad}{107}" paraid="2116518117" >Similar fluctuations were witnessed in the prices of gold and silver. After the minister announced a hike in custom duty on articles made from gold and silver bar, price of both the metals increased.&nbsp;</p>

<p paraeid="{b23afe2d-acaa-4e82-abd0-68bce100a542}{251}" paraid="551407179" >Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. "I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” Sitharaman said during her speech.&nbsp;</p>

<p paraeid="{9898748b-0e19-44f8-9a8c-c2a6ba2cb7ca}{203}" paraid="749964772" >Gold price jumped Rs 1,090 to Rs 57,942 per 10 grams in the national capital. The yellow metal had closed at Rs 56,852 per 10 grams in the previous trade.&nbsp;</p>

<p paraeid="{9898748b-0e19-44f8-9a8c-c2a6ba2cb7ca}{203}" paraid="749964772" >Silver also zoomed Rs 1,947 to Rs 69,897 per kg from Rs 67,950 per kg.&nbsp;</p>

<h2 paraeid="{b3142ef6-6e92-4273-8950-a1e661b54b15}{227}" paraid="1226888474" ><strong>Indian rupee falls 2 paise against US dollar&nbsp;</strong></h2>

<p paraeid="{064e78f5-3773-4a6d-a8bf-1c409bae0c64}{185}" paraid="1579940574" >After initial highs, the Indian rupee settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after the budget.&nbsp;</p>

<p paraeid="{be427f82-241a-4e2e-a810-d59353bd6fbf}{82}" paraid="2050041756" >During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the greenback.&nbsp;</p>

<p paraeid="{be427f82-241a-4e2e-a810-d59353bd6fbf}{169}" paraid="303406276" >Sitharaman in her Budget speech retained the country’s fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23 and cut it to 5.9 per cent for FY24.&nbsp;</p>

<p paraeid="{be427f82-241a-4e2e-a810-d59353bd6fbf}{244}" paraid="1781241355" ><em>(With inputs from agencies)&nbsp;</em></p>

<p paraeid="{be427f82-241a-4e2e-a810-d59353bd6fbf}{102}" paraid="1079339580" >&nbsp;<br />
&nbsp;</p>

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Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly. While 30-share BSE benchmark Sensex climbed 158.

Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly. While 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to end at 59,708.08, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30. This was the worst budget day performance by Nifty 50 in three years, since the 2.51 per cent fall in 2020. ITC, Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Kotak Mahindra Bank were the major gainers in the Sensex, while Bajaj Finserv, State Bank of India, IndusInd Bank and Mahindra & Mahindra were the prominent laggards. The Indian bond yields market also saw a significant drop after the government announced a gross borrowing at Rs 15 lakh crore for the next financial year. The benchmark bond yield was at 7.2774 per cent, dropping 11 basis points from the day’s high, while the Indian rupee was largely unchanged against the dollar. The last full-year budget of the Narendra Modi government ahead of the 2024 general elections focused heavily on increasing capex, while also providing major tax reliefs to the middle class. Finance Minister Nirmala Sitharaman announced a hike in the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, which will be at 3.3 per cent of the GDP. She also tweaked the tax slabs to provide some relief to the middle class whereby they can claim tax rebates on annual income up to Rs 7 lakh in the new tax regime as against Rs 5 lakh. Gold, silver prices shoot up Similar fluctuations were witnessed in the prices of gold and silver. After the minister announced a hike in custom duty on articles made from gold and silver bar, price of both the metals increased. Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. "I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” Sitharaman said during her speech. Gold price jumped Rs 1,090 to Rs 57,942 per 10 grams in the national capital. The yellow metal had closed at Rs 56,852 per 10 grams in the previous trade. Silver also zoomed Rs 1,947 to Rs 69,897 per kg from Rs 67,950 per kg. Indian rupee falls 2 paise against US dollar After initial highs, the Indian rupee settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after the budget. During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the greenback. Sitharaman in her Budget speech retained the country’s fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23 and cut it to 5.9 per cent for FY24. (With inputs from agencies) WATCH WION LIVE HERE:

India’s BSE climbs, NSE performance worst in three years on budget day; rupee slides further 

<p>The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th&nbsp;time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.&nbsp;Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses.</p>

<p>Additionally,&nbsp;European Central Bank (ECB) has once again&nbsp;hikes interest rates by 50 basis points.&nbsp;</p>

<p>The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less&nbsp;the same.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/us-investors-have-plowed-billions-into-chinas-ai-sector-report-shows-558217">US investors have plowed billions into China's AI sector, report shows</a></p>

<div class="videoWrapper trancodeVideo">GDP is projected to contract by 0.5 per cent&nbsp;in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year.</div>

<p>The economy is projected to shrink by one per cent&nbsp;by the end of the recession, and by 2026 it may still be less than it was before the Covid&nbsp;pandemic.&nbsp;</p>

<p><strong>Also watch |&nbsp;US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming</strong></p>

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<p>The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession.</p>

<h2><strong>Rishi Sunak marks 100 days in office</strong></h2>

<p>As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation.</p>

<p>Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights).</p>

<p><em>(With inputs from agencies)</em></p>

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The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation. Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses. Additionally, European Central Bank (ECB) has once again hikes interest rates by 50 basis points. The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less the same. Also read | US investors have plowed billions into China's AI sector, report shows GDP is projected to contract by 0.5 per cent in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year. The economy is projected to shrink by one per cent by the end of the recession, and by 2026 it may still be less than it was before the Covid pandemic. Also watch | US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession. Rishi Sunak marks 100 days in office As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation. Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights). (With inputs from agencies) WATCH WION LIVE HERE:

UK: Bank of England hikes interest rates for 10th consecutive time amid recession

<p>The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said. FedEx did not specify how many positions would be affected. Most of the cuts came through attrition and other headcount management efforts, spokeswoman Rachael Simmons said.</p>

<p>The investors of the delivery giant applauded the move as FedEx shares rose by 3.4 per cent on Wednesday. The company reportedly plans to slash its expenses by $3.7 billion this year.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/paypal-joins-silicon-valleys-layoff-wagon-announces-2000-job-cuts-557908">PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts</a></strong></p>

<p>"Unfortunately, this was a necessary action to become a more efficient, agile organisation," wrote Chief Executive Raj Subramaniam in an internal memo, who added that FedEx is consolidating some teams and functions.</p>

<p>Subramaniam is the company's newly minted CEO. He blamed a global business downturn for the downsizing. Many critics point to a flat-footed response by the company to slowing demand and ongoing profit pressure from the conglomerate's expensive, separately run business units.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-tech-layoffs-is-your-job-safe-557687">Gravitas: Tech layoffs: Is your job safe?</a></strong></p>

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<p>In mid-September, FedEx pulled its profit forecast and shares went down by more than 20 per cent,&nbsp;the largest single-day drop in the company's 50-year history.</p>

<p>FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and a recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com&nbsp;and trucking company C.H. Robinson Worldwide to transportation broker Uber Freight and freight forwarding startup Flexport in announcing layoffs.</p>

<p><em>(With inputs from agencies)</em></p>

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The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said.

The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said. FedEx did not specify how many positions would be affected. Most of the cuts came through attrition and other headcount management efforts, spokeswoman Rachael Simmons said. The investors of the delivery giant applauded the move as FedEx shares rose by 3.4 per cent on Wednesday. The company reportedly plans to slash its expenses by $3.7 billion this year. ALSO READ | PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts "Unfortunately, this was a necessary action to become a more efficient, agile organisation," wrote Chief Executive Raj Subramaniam in an internal memo, who added that FedEx is consolidating some teams and functions. Subramaniam is the company's newly minted CEO. He blamed a global business downturn for the downsizing. Many critics point to a flat-footed response by the company to slowing demand and ongoing profit pressure from the conglomerate's expensive, separately run business units. ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × In mid-September, FedEx pulled its profit forecast and shares went down by more than 20 per cent, the largest single-day drop in the company's 50-year history. FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and a recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com and trucking company C.H. Robinson Worldwide to transportation broker Uber Freight and freight forwarding startup Flexport in announcing layoffs. (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.

FedEx continues staff reduction by firing senior employees, has slashed 12,000 jobs

<p>Edtech unicorn BYJU'S&nbsp;has begun a fresh round of layoffs, putting almost 900&nbsp;plus employees from various teams and functions in jeopardy, as reported by YourStory. Under the condition of anonymity, three people from the organisation said that the layoffs have mostly affected the marketing, design, logistics, and technology departments in India as well as the product teams in the international business.</p>

<p>Another person who spoke to YourStory said that several senior management employees were also asked to step down as part of the tech layoff bandwagon.&nbsp;</p>

<p>"Folks in the international team were given a heads-up... It's very hush-hush this time. Some of the biggest contributors also have been laid off," said one of these persons.&nbsp;</p>

<p>The majority of the upper management, according to a senior executive at BYJU'S, is already looking for work elsewhere since they "lost faith in the company" as per the YourStory report. Another source independently corroborated the lack of enthusiasm in the company.&nbsp;</p>

<p>"Across most of the company, morale in teams is ridiculously low. Most people have one foot out the door, they're trying to land something else. But as you know, the market is pretty bad," said a former employee who was recently laid off after three years at BYJU'S and who spoke to YourStory.&nbsp;</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/byjus-founders-planning-to-increase-their-stake-in-company-to-40-report-549433">BYJU's founders planning to increase stake in the company to 40%: Report</a></p>

<p>The person continued by saying that top directors and HR staff were present on the video call during which they learned of the layoff.</p>

<p>The reasons given for not sending emails covered the typical ground, including cost-benefit analysis and the failure to generate income from a specific unit. According to the source, email addresses have been disabled, and impacted parties have been given 24 hours to wrap up.</p>

<p><strong>Also watch |&nbsp;FedEx layoffs include officers, directors; cuts 10% of management jobs</strong></p>

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<p>The worst was over for the edtech business, Byju&nbsp;Raveendran said in an interview with Moneycontrol mid-last month on the sidelines of The World Economic Forum in Davos, adding that the company will become profitable by the March or June quarter.</p>

<h2><strong>Previous round of layoffs at BYJU'S</strong></h2>

<p>Previously, as part of its cost-cutting&nbsp;measures, BYJU'S terminated about 2,500 employees in October 2022. The founder-CEO&nbsp;Byju Raveendran&nbsp;had said at the time that he would see that laid-off workers were given access to newly established relevant positions and that they would be rehired.</p>

<p>"I have already instructed our HR leaders to make all the newly created relevant roles available to you on an ongoing basis,"&nbsp;Raveendran wrote in an email to employees on October 31.</p>

<p>At TechSparks 2022, YourStory's flagship startup-tech event, Raveendran expressed confidence that the business will at least partially recover its losses in the fiscal years 2021–2022.</p>

<p>"Wait for (FY) 2022 numbers to come out; we just finished our best six months," he'd said.</p>

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Edtech unicorn BYJU'S has begun a fresh round of layoffs, putting almost 900 plus employees from various teams and functions in jeopardy, as reported by YourStory.

Edtech unicorn BYJU'S has begun a fresh round of layoffs, putting almost 900 plus employees from various teams and functions in jeopardy, as reported by YourStory. Under the condition of anonymity, three people from the organisation said that the layoffs have mostly affected the marketing, design, logistics, and technology departments in India as well as the product teams in the international business. Another person who spoke to YourStory said that several senior management employees were also asked to step down as part of the tech layoff bandwagon. "Folks in the international team were given a heads-up... It's very hush-hush this time. Some of the biggest contributors also have been laid off," said one of these persons. The majority of the upper management, according to a senior executive at BYJU'S, is already looking for work elsewhere since they "lost faith in the company" as per the YourStory report. Another source independently corroborated the lack of enthusiasm in the company. "Across most of the company, morale in teams is ridiculously low. Most people have one foot out the door, they're trying to land something else. But as you know, the market is pretty bad," said a former employee who was recently laid off after three years at BYJU'S and who spoke to YourStory. Also read | BYJU's founders planning to increase stake in the company to 40%: Report The person continued by saying that top directors and HR staff were present on the video call during which they learned of the layoff. The reasons given for not sending emails covered the typical ground, including cost-benefit analysis and the failure to generate income from a specific unit. According to the source, email addresses have been disabled, and impacted parties have been given 24 hours to wrap up. Also watch | FedEx layoffs include officers, directors; cuts 10% of management jobs The worst was over for the edtech business, Byju Raveendran said in an interview with Moneycontrol mid-last month on the sidelines of The World Economic Forum in Davos, adding that the company will become profitable by the March or June quarter. Previous round of layoffs at BYJU'S Previously, as part of its cost-cutting measures, BYJU'S terminated about 2,500 employees in October 2022. The founder-CEO Byju Raveendran had said at the time that he would see that laid-off workers were given access to newly established relevant positions and that they would be rehired. "I have already instructed our HR leaders to make all the newly created relevant roles available to you on an ongoing basis," Raveendran wrote in an email to employees on October 31. At TechSparks 2022, YourStory's flagship startup-tech event, Raveendran expressed confidence that the business will at least partially recover its losses in the fiscal years 2021–2022. "Wait for (FY) 2022 numbers to come out; we just finished our best six months," he'd said. WATCH WION LIVE HERE:

BYJU'S cuts more than 900 jobs across teams, senior executives asked to step down too

<p>China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence.</p>

<p>Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors.</p>

<p>The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1).</p>

<p><strong>Also Read | <a href="https://www.wionews.com/world/china-urges-canada-not-to-engage-in-political-manipulation-over-uyghur-muslims-558205">China urges Canada not to engage in 'political manipulation' over Uyghur Muslims</a></strong><br />
<br />
“The essence of this reform is to let the market decide,” the CSRC said.</p>

<p>The CSRC said that there will be no administrative restrictions on pricing and scale of new shares.</p>

<p>“This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN.</p>

<p>“It is one step in the right direction,” he said.</p>

<p>You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form"><strong>here</strong></a>.</p>

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China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy.

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence. Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors. The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1). Also Read | China urges Canada not to engage in 'political manipulation' over Uyghur Muslims “The essence of this reform is to let the market decide,” the CSRC said. The CSRC said that there will be no administrative restrictions on pricing and scale of new shares. “This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN. “It is one step in the right direction,” he said. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

China to soon launch long-awaited IPO reforms

<p>A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded&nbsp;a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday. The completion of work is forecast to be done by February 2, 2039. The US Department of Defense said that the work on the same will be executed at Utah state's Hill Air Force Base. It is installed in launch silos spread over three American military bases, in Wyoming, North Dakota, and Montana in the north of the US.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/families-of-boeing-max-crash-victims-face-company-in-the-court-556304">Families of Boeing Max crash victims face company in the Court</a></strong></p>

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<p>"We built the Minuteman’s guidance system, so no one knows it like Boeing. Our highly specialised facilities and top-flight engineers enable us to sustain it with unmatched quality and precision."&nbsp;Boeing Strategic Deterrence Systems programme director Ted Kerzie said in an official statement.&nbsp;</p>

<h2><strong>What is the Minuteman III?</strong></h2>

<p>The Minuteman III, is in service for 50 years in the US Air Force. It is a warhead-equipped missile that can carry a nuclear bomb during wartime.&nbsp;The Minuteman III is the only ground-fired intercontinental ballistic missile (ICBM) in the US's nuclear arsenal.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/relatives-of-737-max-crash-victims-seek-monitor-to-oversee-boeings-compliance-efforts-556115">Boeing says it is not guilty of fraud charge over 737 Max crashes</a></strong></p>

<p>The Pentagon carried out a routine test of the missile on September 7.</p>

<p>The Pentagon had said that it was&nbsp;announcing the tests in advance with an intent to avoid any flare-up of tensions with Russia amid war in Ukraine.</p>

<p>The unarmed missile was launched from Vandenberg Air Force Base in California and travelled 4,200 miles (6,760 km) over the Pacific before crashing into the sea near Kwajalein Atoll in the Marshall Islands.</p>

<p><em>(With inputs from agencies)</em></p>

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A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday.

A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday. The completion of work is forecast to be done by February 2, 2039. The US Department of Defense said that the work on the same will be executed at Utah state's Hill Air Force Base. It is installed in launch silos spread over three American military bases, in Wyoming, North Dakota, and Montana in the north of the US. ALSO WATCH | Families of Boeing Max crash victims face company in the Court × "We built the Minuteman’s guidance system, so no one knows it like Boeing. Our highly specialised facilities and top-flight engineers enable us to sustain it with unmatched quality and precision." Boeing Strategic Deterrence Systems programme director Ted Kerzie said in an official statement. What is the Minuteman III? The Minuteman III, is in service for 50 years in the US Air Force. It is a warhead-equipped missile that can carry a nuclear bomb during wartime. The Minuteman III is the only ground-fired intercontinental ballistic missile (ICBM) in the US's nuclear arsenal. ALSO READ | Boeing says it is not guilty of fraud charge over 737 Max crashes The Pentagon carried out a routine test of the missile on September 7. The Pentagon had said that it was announcing the tests in advance with an intent to avoid any flare-up of tensions with Russia amid war in Ukraine. The unarmed missile was launched from Vandenberg Air Force Base in California and travelled 4,200 miles (6,760 km) over the Pacific before crashing into the sea near Kwajalein Atoll in the Marshall Islands. (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.

What is the Minuteman III? Powerful US missiles to be upkept by Boeing

Shell delivered a record $42.3 billion profit in 2022, the energy giant said, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns.

Energy giant Shell makes record $42.3 billion profit in tumultuous 2022 | Latest News

<p>US&nbsp;investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.</p>

<p>The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of US&nbsp;investments in&nbsp;AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on US&nbsp;funding of Chinese tech companies.</p>

<p>According to the report, 167 US&nbsp;investors took part in 401 transactions, or roughly 17 per cent&nbsp;of the investments into Chinese&nbsp;AI&nbsp;companies in the period.</p>

<p>Those transactions represented a total $40.2 billion in investment, or 37 per cent&nbsp;of the total raised by Chinese&nbsp;AI&nbsp;companies in the 6-year period. It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms.</p>

<p>Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese&nbsp;AI&nbsp;companies respectively, outpaced by GGV Capital which led US&nbsp;firms with 43 total investments in the&nbsp;sector, the data showed.</p>

<p>The Biden administration is expected to unveil an executive order this year curbing some US&nbsp;investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities.</p>

<p>According to the report, US&nbsp;investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese&nbsp;AI&nbsp;company after the speech recognition firm was added to a trade blacklist. Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese&nbsp;AI&nbsp;firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist.</p>

<p>Both companies were added to the blacklist, which effectively bars them from receiving US&nbsp;tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims.</p>

<p>Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an&nbsp;AI-enabled robotics company, as well as an investment by three US-based VC firms in Geek+, an autonomous mobile robot company, the report showed.</p>

<p>Only one Chinese&nbsp;AI&nbsp;company that received funding from US&nbsp;investors is involved in developing&nbsp;AI&nbsp;applications for military or public safety uses, according to CSET.</p>

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US investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.

US investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday. The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of US investments in AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on US funding of Chinese tech companies. According to the report, 167 US investors took part in 401 transactions, or roughly 17 per cent of the investments into Chinese AI companies in the period. Those transactions represented a total $40.2 billion in investment, or 37 per cent of the total raised by Chinese AI companies in the 6-year period. It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms. Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese AI companies respectively, outpaced by GGV Capital which led US firms with 43 total investments in the sector, the data showed. The Biden administration is expected to unveil an executive order this year curbing some US investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities. According to the report, US investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese AI company after the speech recognition firm was added to a trade blacklist. Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese AI firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist. Both companies were added to the blacklist, which effectively bars them from receiving US tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims. Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an AI-enabled robotics company, as well as an investment by three US-based VC firms in Geek+, an autonomous mobile robot company, the report showed. Only one Chinese AI company that received funding from US investors is involved in developing AI applications for military or public safety uses, according to CSET. 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.

US investors have plowed billions into China's AI sector, report shows

<p><strong>Subway co-founder Peter Buck</strong> has donated half of his sandwich chain to his charitable organization, as per a report by Forbes. The net value of the donation is pegged at more than $5 billion, making it the biggest donation to a charitable organization in a year. Buck, a nuclear physicist, died in November 2021, before reportedly writing instructions in his will to donate his shares to Peter and Lucia Buck Foundation (PLBF), a charitable firm set up in 1999 by him and his late wife. The Buck foundation supports a number of causes, such as those related to media, education, health, and environmental preservation.&nbsp;</p>

<p><strong>Watch:&nbsp;Fast-food chain subway to be up for sale</strong></p>

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<h2><strong>Peter Buck's family details</strong></h2>

<p>The Buck family is one of the largest landowners in the American state of Maine. The family holds over 1.3 million acres of timberland through Tall Timbers Trust. The Buck family is known for its philanthropic endeavours. The family has made donations worth $580 million to the PLBF so far. Since the death of Peter Buck in 2021, the Buck family has managed the sandwich chain.&nbsp;</p>

<p><strong>Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/fast-food-chain-subway-gears-up-for-sale-to-be-valued-at-over-10-billion-reports-552172">Fast-Food Chain Subway gears up for sale, to be valued at over $10 billion: Reports</a></strong></p>

<p>Peter Buck's will reveals that he appointed Ben Benoit, the Chief Financial Officer of PCLB, and his two sons Christopher and William Buck as the executors of his estate. William and Christopher are on the foundation’s board of directors.</p>

<h2><strong>Peter Buck’s total net worth</strong></h2>

<p>Forbes estimated Peter Buck’s net worth at $1.7 billion after he died in 2021. Subway is reportedly exploring a sale deal that could peg the firm’s value at above $10 billion. It means that the shares held by him in the sandwich company, which will be donated to the PLBF organization, are worth more than $5 billion.</p>

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Subway co-founder Peter Buck has donated half of his sandwich chain to his charitable organization, as per a report by Forbes. The net value of the donation is pegged at more than $5 billion, making it the biggest donation to a charitable organization in a year.

Subway co-founder Peter Buck has donated half of his sandwich chain to his charitable organization, as per a report by Forbes. The net value of the donation is pegged at more than $5 billion, making it the biggest donation to a charitable organization in a year. Buck, a nuclear physicist, died in November 2021, before reportedly writing instructions in his will to donate his shares to Peter and Lucia Buck Foundation (PLBF), a charitable firm set up in 1999 by him and his late wife. The Buck foundation supports a number of causes, such as those related to media, education, health, and environmental preservation. Watch: Fast-food chain subway to be up for sale × Peter Buck's family details The Buck family is one of the largest landowners in the American state of Maine. The family holds over 1.3 million acres of timberland through Tall Timbers Trust. The Buck family is known for its philanthropic endeavours. The family has made donations worth $580 million to the PLBF so far. Since the death of Peter Buck in 2021, the Buck family has managed the sandwich chain. Also Read | Fast-Food Chain Subway gears up for sale, to be valued at over $10 billion: Reports Peter Buck's will reveals that he appointed Ben Benoit, the Chief Financial Officer of PCLB, and his two sons Christopher and William Buck as the executors of his estate. William and Christopher are on the foundation’s board of directors. Peter Buck’s total net worth Forbes estimated Peter Buck’s net worth at $1.7 billion after he died in 2021. Subway is reportedly exploring a sale deal that could peg the firm’s value at above $10 billion. It means that the shares held by him in the sandwich company, which will be donated to the PLBF organization, are worth more than $5 billion. WATCH WION LIVE HERE ×

Subway co-founder Peter Buck donates half of his company to charity a year after his death

<p>Airbus and Qatar Airways announced Wednesday that the two companies have settled a dispute over grounded A350 jets due to peeling paint. The deal has averted a potentially damaging UK court trial after a 18-month feud that heavily affected the global jet market.</p>

<p>After months of negotiations and talks between French and Qatari leaders, the two sides said they were "pleased to have reached an amicable and mutually agreeable settlement".</p>

<p>The settlement ends a $2 billion row over surface damage on the long-haul jets. The spat led to the withdrawal of billions of dollars' worth of jet deals by Airbus, while prompting Qatar to increase purchases from Boeing.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/science/vega-c-rocket-carrying-two-airbus-satellites-goes-missing-shortly-after-take-off-544967">Vega-C rocket carrying two Airbus satellites goes missing shortly after take-off</a></p>

<p>Experts said both parties weren't in favour of a court case.&nbsp;</p>

<p>Under the new deal, the cancelled orders for 23 undelivered A350s and 50 smaller A321neos have been restored. The deal is also expected to see Airbus pay several hundred million dollars to the Gulf carrier.&nbsp;</p>

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<p>While neither of the two admitted liability, both pledged to drop claims. "This agreement will enable Qatar Airways and Airbus to move forward and work together as partners," they added.</p>

<p>Both parties said that the details of the deal would remain "confidential".</p>

<p>Airbus had acknowledged the paint problem, but it stressed, along with the European Aviation Safety Agency (EASA), that there was no threat to airworthiness.</p>

<p>Qatar Airways had launched a legal battle and refused to take deliveries of more of the models. Hitting back at the action, Airbus cancelled the sale of 19 A350 jets and 50 A321 medium-haul planes.</p>

<p><em>(With inputs from agencies)</em></p>

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Airbus and Qatar Airways announced Wednesday that the two companies have settled a dispute over grounded A350 jets due to peeling paint. The deal has averted a potentially damaging UK court trial after a 18-month feud that heavily affected the global jet market.

Airbus and Qatar Airways announced Wednesday that the two companies have settled a dispute over grounded A350 jets due to peeling paint. The deal has averted a potentially damaging UK court trial after a 18-month feud that heavily affected the global jet market. After months of negotiations and talks between French and Qatari leaders, the two sides said they were "pleased to have reached an amicable and mutually agreeable settlement". The settlement ends a $2 billion row over surface damage on the long-haul jets. The spat led to the withdrawal of billions of dollars' worth of jet deals by Airbus, while prompting Qatar to increase purchases from Boeing. Also Read | Vega-C rocket carrying two Airbus satellites goes missing shortly after take-off Experts said both parties weren't in favour of a court case. Under the new deal, the cancelled orders for 23 undelivered A350s and 50 smaller A321neos have been restored. The deal is also expected to see Airbus pay several hundred million dollars to the Gulf carrier. × While neither of the two admitted liability, both pledged to drop claims. "This agreement will enable Qatar Airways and Airbus to move forward and work together as partners," they added. Both parties said that the details of the deal would remain "confidential". Airbus had acknowledged the paint problem, but it stressed, along with the European Aviation Safety Agency (EASA), that there was no threat to airworthiness. Qatar Airways had launched a legal battle and refused to take deliveries of more of the models. Hitting back at the action, Airbus cancelled the sale of 19 A350 jets and 50 A321 medium-haul planes. (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.

Airbus and Qatar Airways settle dispute over grounded A350 jets

<p>Data released on Wednesday (Feb 1) indicated that South Korea's economy has&nbsp;advanced closer to its first recession in three years in January as a result of a record-high trade deficit, largely driven by falling exports as a result of extended holidays and a slowing global economy.</p>

<p>The fourth-largest economy in Asia, which is largely dependent on trade for growth, contracted by 0.4 per cent in the third quarter of 2018 and is now in danger of entering its first recession since the middle of 2020, during the height of the COVID-19 pandemic.</p>

<p>Data from the commerce ministry indicated that exports plummeted&nbsp;16.6 per cent in January compared to the same month last year, exceeding the 11.3 per cent reduction forecast in a Reuters poll and marking the exports' steepest dip since May 2020. imports decreased by 2.6 per cent when compared to the previous year.&nbsp;As a result, the nation reported a record-breaking $12.69 billion trade imbalance for any month.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/indias-adani-enterprises-calls-off-25-billion-share-sale-558037">India's Adani Enterprises calls off $2.5 billion share sale</a></p>

<p>Two consecutive quarters of declining GDP raise the possibility of a recession, which also highlights market speculation that the central bank's push to raise interest rates since late 2021 has peaked.</p>

<p>A 44.5 per cent reduction in semiconductor exports and an alarming 31.4 per cent decline in sales to China were attributed for the weak trade performance in January, according to figures from the commerce ministry.</p>

<p>Both rates of reduction were the lowest since the 2008–2009 global financial crisis.</p>

<p>After recording a 6.1 per cent growth in 2022, the government predicted that exports would drop by 4.5 per cent this year. The commerce ministry has pledged to take preventive steps to stop&nbsp;the loss.&nbsp;</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/budget-2023-govt-simplifies-kyc-digilocker-aadhaar-to-serve-as-foundational-identity-558001">Budget 2023: Govt simplifies KYC; DigiLocker, Aadhaar to serve as ‘foundational identity’</a></p>

<p>Additionally,&nbsp;Asia's factory activity decreased in January as a result of the slowing development in the US and Europe, despite&nbsp;China's COVID reopening, polls revealed on Wednesday (Feb 1 ), highlighting the fragility of the region's economic recovery.</p>

<p>After Beijing lifted tight COVID restrictions late last year, factory activity in China declined at a slower rate in January, according to a poll of the private sector.</p>

<p><em>(With inputs from agencies)</em></p>

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Data released on Wednesday (Feb 1) indicated that South Korea's economy has advanced closer to its first recession in three years in January as a result of a record-high trade deficit, largely driven by falling exports as a result of extended holidays and a slowing global economy.

Data released on Wednesday (Feb 1) indicated that South Korea's economy has advanced closer to its first recession in three years in January as a result of a record-high trade deficit, largely driven by falling exports as a result of extended holidays and a slowing global economy. The fourth-largest economy in Asia, which is largely dependent on trade for growth, contracted by 0.4 per cent in the third quarter of 2018 and is now in danger of entering its first recession since the middle of 2020, during the height of the COVID-19 pandemic. Data from the commerce ministry indicated that exports plummeted 16.6 per cent in January compared to the same month last year, exceeding the 11.3 per cent reduction forecast in a Reuters poll and marking the exports' steepest dip since May 2020. imports decreased by 2.6 per cent when compared to the previous year. As a result, the nation reported a record-breaking $12.69 billion trade imbalance for any month. Also read | India's Adani Enterprises calls off $2.5 billion share sale Two consecutive quarters of declining GDP raise the possibility of a recession, which also highlights market speculation that the central bank's push to raise interest rates since late 2021 has peaked. A 44.5 per cent reduction in semiconductor exports and an alarming 31.4 per cent decline in sales to China were attributed for the weak trade performance in January, according to figures from the commerce ministry. Both rates of reduction were the lowest since the 2008–2009 global financial crisis. After recording a 6.1 per cent growth in 2022, the government predicted that exports would drop by 4.5 per cent this year. The commerce ministry has pledged to take preventive steps to stop the loss. Also read | Budget 2023: Govt simplifies KYC; DigiLocker, Aadhaar to serve as ‘foundational identity’ Additionally, Asia's factory activity decreased in January as a result of the slowing development in the US and Europe, despite China's COVID reopening, polls revealed on Wednesday (Feb 1 ), highlighting the fragility of the region's economic recovery. After Beijing lifted tight COVID restrictions late last year, factory activity in China declined at a slower rate in January, according to a poll of the private sector. (With inputs from agencies) WATCH WION LIVE HERE:

S. Korea's economy inches towards first recession in three years, says data

The Federal Reserve is taking its foot off the brake a little bit more. However, it seems ill-prepared to press the economy's gas pedal. As anticipated, the Fed increased its benchmark short-term interest rate by a quarter of a percentage point on Wednesday, reversing a half-point increase in December and recognising a historic inflation spike is fading.

US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming

As the electric vehicle manufacturer braces for an industry-wide pricing war, Rivian Automotive is laying off 6% of its workers in an effort to reduce expenses. The company is already dealing with declining cash reserves and a sluggish economy. According to Chief Executive R.J., the company is concentrating resources on increasing car manufacturing and achieving profitability.

Price war in electric vehicle space, EV maker Rivian to cut 6% of jobs

More than 10% of FedEx's managers will be laid off globally as the shipping giant strives to reduce expenses in the face of escalating economic concerns and a dwindling need for package delivery. The Memphis-based corporation, which had about 550,000 employees worldwide as of December, remained mum on the number of positions that would be eliminated.

FedEx layoffs include officers, directors; cuts 10% of management jobs