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EV giant Tesla is facing a criminal lawsuit in France after a complaint from a taxi driver whose Tesla Model 3 crashed in Paris.

Tesla faces criminal lawsuit in France after complaint about a crashed Tesla Model 3 in Paris

Recently, India and Japan have agreed on various agreements during the Japan-India summit. Among these, are Suzuki's plans to invest $1.4 billion in India to boost EV infrastructure.

Japan's Suzuki to invest $1.4 BN in India to boost EV infrastructure

Amid the ongoing Russian invasion of Ukraine, and a hike in oil prices across the globe, Saudi Aramco's profits have also soared. It is now hiking oil investments.

Saudi Arabia hikes oil investments after profits soar due to rise in global oil prices

Despite the ongoing spread of COVID-19 across China, Foxconn has decided to resume operations in Shenzen. It also arranges for some of its staff to work in a bubble.

Foxconn resumes operations in Shenzhen: Some staff arranged to work in a bubble

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.&nbsp;

As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions.&nbsp;

As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy."&nbsp;

He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity."&nbsp;

On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn.&nbsp;

The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020."&nbsp;

Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.&nbsp;

The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine.&nbsp;

Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.&nbsp;

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years.

As part of a strategy to boost upstream business in an attempt to achieve energy security, Saudi Aramco has said it will increase crude and gas production over the next few years. As per reports, Aramco has also planned to expand its liquids to chemicals capacity and is targeting investment in renewable energy and nature-based solutions. As quoted by Upstream, Amin Nasser, who is the President and CEO of Aramco said: "Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy." He added, "We recognise that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity." On Sunday (March 20), Aramco posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn. The company said in a statement, "Aramco's net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020." Aramco, Saudi Arabia's cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus (COVID-19) pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others. The announcement came hours after Yemen's Huthi rebels, against whom the kingdom is leading a military coalition, targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia's invasion of Ukraine. Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.

Saudi Aramco says annual profit more than doubled in 2021; plans to ramp up investment to boost production

Equifax, Experian and TransUnion — the giant credit reporting companies that each keep files on roughly 200 million Americans — said Friday that they will soon wipe away credit stains created by certain medical debts.

The changes — including removing black marks for people who settled a debt after it went to collections — were cheered by consumer advocates and reflected a growing acceptance that such debts aren’t the best predictor of a consumer’s financial behavior.

The companies said the changes would eliminate up to 70% of the medical debt accounts on consumers’ credit reports, which contain reams of data used to calculate the all-important three-digit credit score that is the key to mortgages, car loans, rental agreements and more.

Starting July 1, medical debts that were paid after they went to collections will no longer appear on consumers’ credit reports, where they can currently linger for up to seven years.

New unpaid medical debts will now only appear after a full year of being sent to collections — instead of the current six months. That will give people more time to address the debt with their insurance companies and health care providers.

And beginning in the first half of 2023, the credit reporting companies said, they will exclude unpaid medical collection debts of less than $500.

“As an industry we remain committed to helping drive fair and affordable access to credit for all consumers,” the companies’ CEOs said in a statement.

The changes mirror some already in action elsewhere: The formulas used to generate credit scores have already been updated to reduce the influence of paid medical debts. But older scoring models are still widely in circulation, so consumers haven’t necessarily reaped the benefits.

And the three companies’ changes do go a bit further — for example, they will expunge more unpaid medical debts — while reducing the negative information flowing into the calculations of lenders that haven’t adopted the latest formulas.

“This is huge, no doubt about it,” said Chi Chi Wu, a staff attorney at the National Consumer Law Center, “and it helps those people who have medical debt due to things like copays and deductibles, which is usually under $500.”

But the changes will do little to lift the scores of people with the largest unpaid debts, who are often dealing with catastrophic or costly illnesses that result in high bills even with insurance coverage.

“It is the sickest and poorest, the most vulnerable, who are the 30%,” Wu said, referring to the portion of unpaid medical debt accounts that will remain on credit reports.

FICO, the most widely used credit score, baked in changes to ignore paid debts and to weigh certain unpaid medical collections less heavily starting in 2014 with its FICO 9 formula. It found that ignoring collection accounts — medical or otherwise — that had been paid would actually improve its score’s accuracy, so it eliminated them entirely.

It also found that people with unpaid medical collections were less risky than those with other types of unpaid collections, so it factored in that information as well. But people with any unpaid accounts (including medical) were still riskier than those with none at all, so it did not go as far as eliminating medical debt from its algorithm altogether.

VantageScore, FICO’s main competitor, made similar changes to its formula even earlier. It eliminated all paid collections, including medical debt, with a scoring model introduced in 2013.

Ethan Dornhelm, FICO’s vice president of scores and predictive analytics, said the company was working with the credit reporting companies to quantify how the changes may shift scores — and how many people would be affected. He said he believed the changes would have a similar effect as when the reporting companies eliminated two other sources of negative information: tax liens and civil judgments. Those affected generally saw their scores rise by 20 points or less, he said.

If a consumer had an otherwise spotless credit report and eliminated a medical bill — paid or unpaid — it could boost a score by more than 25 points, he added. (FICO scores range from 300 to 850, the higher the better.)

“The more pristine the file looks after you take away that negative information, the more that score can increase,” Dornhelm said.

The bureaus’ announcement came just weeks after the Consumer Financial Protection Bureau said it would be scrutinize the credit companies’ treatment of medical debt and would consider an outright ban on including medical debt in credit reports. The agency said its research suggested that roughly 43 million people had medical bills on their credit report as of June, totaling around $88 billion. Fifty-eight percent of collections debt appearing on credit reports was tied to medical bills, the bureau estimated.

Medical debts are often difficult to resolve given the nation’s byzantine insurance system and confounding billing practices. Sometimes consumers aren’t even aware unpaid bills are lurking on their credit reports until they apply for a loan and their score is lower than expected.

Regulators have targeted medical debts on credit reports before. Seven years ago, the credit bureaus reached a settlement with the New York state attorney general (and later with attorneys general of dozens of others) to overhaul their approach to fixing errors and their treatment of medical debt. Under that agreement, the companies established the six-month waiting period before reporting delinquent medical debt on consumers’ files; it also removed medical debts from reports after they had been paid by insurance.

Equifax, Experian and TransUnion — the giant credit reporting companies that each keep files on roughly 200 million Americans — said Friday that they will soon wipe away credit stains created by certain medical debts.

Equifax, Experian and TransUnion — the giant credit reporting companies that each keep files on roughly 200 million Americans — said Friday that they will soon wipe away credit stains created by certain medical debts. The changes — including removing black marks for people who settled a debt after it went to collections — were cheered by consumer advocates and reflected a growing acceptance that such debts aren’t the best predictor of a consumer’s financial behavior. The companies said the changes would eliminate up to 70% of the medical debt accounts on consumers’ credit reports, which contain reams of data used to calculate the all-important three-digit credit score that is the key to mortgages, car loans, rental agreements and more. Starting July 1, medical debts that were paid after they went to collections will no longer appear on consumers’ credit reports, where they can currently linger for up to seven years. New unpaid medical debts will now only appear after a full year of being sent to collections — instead of the current six months. That will give people more time to address the debt with their insurance companies and health care providers. And beginning in the first half of 2023, the credit reporting companies said, they will exclude unpaid medical collection debts of less than $500. “As an industry we remain committed to helping drive fair and affordable access to credit for all consumers,” the companies’ CEOs said in a statement. The changes mirror some already in action elsewhere: The formulas used to generate credit scores have already been updated to reduce the influence of paid medical debts. But older scoring models are still widely in circulation, so consumers haven’t necessarily reaped the benefits. And the three companies’ changes do go a bit further — for example, they will expunge more unpaid medical debts — while reducing the negative information flowing into the calculations of lenders that haven’t adopted the latest formulas. “This is huge, no doubt about it,” said Chi Chi Wu, a staff attorney at the National Consumer Law Center, “and it helps those people who have medical debt due to things like copays and deductibles, which is usually under $500.” But the changes will do little to lift the scores of people with the largest unpaid debts, who are often dealing with catastrophic or costly illnesses that result in high bills even with insurance coverage. “It is the sickest and poorest, the most vulnerable, who are the 30%,” Wu said, referring to the portion of unpaid medical debt accounts that will remain on credit reports. FICO, the most widely used credit score, baked in changes to ignore paid debts and to weigh certain unpaid medical collections less heavily starting in 2014 with its FICO 9 formula. It found that ignoring collection accounts — medical or otherwise — that had been paid would actually improve its score’s accuracy, so it eliminated them entirely. It also found that people with unpaid medical collections were less risky than those with other types of unpaid collections, so it factored in that information as well. But people with any unpaid accounts (including medical) were still riskier than those with none at all, so it did not go as far as eliminating medical debt from its algorithm altogether. VantageScore, FICO’s main competitor, made similar changes to its formula even earlier. It eliminated all paid collections, including medical debt, with a scoring model introduced in 2013. Ethan Dornhelm, FICO’s vice president of scores and predictive analytics, said the company was working with the credit reporting companies to quantify how the changes may shift scores — and how many people would be affected. He said he believed the changes would have a similar effect as when the reporting companies eliminated two other sources of negative information: tax liens and civil judgments. Those affected generally saw their scores rise by 20 points or less, he said. If a consumer had an otherwise spotless credit report and eliminated a medical bill — paid or unpaid — it could boost a score by more than 25 points, he added. (FICO scores range from 300 to 850, the higher the better.) “The more pristine the file looks after you take away that negative information, the more that score can increase,” Dornhelm said. The bureaus’ announcement came just weeks after the Consumer Financial Protection Bureau said it would be scrutinize the credit companies’ treatment of medical debt and would consider an outright ban on including medical debt in credit reports. The agency said its research suggested that roughly 43 million people had medical bills on their credit report as of June, totaling around $88 billion. Fifty-eight percent of collections debt appearing on credit reports was tied to medical bills, the bureau estimated. Medical debts are often difficult to resolve given the nation’s byzantine insurance system and confounding billing practices. Sometimes consumers aren’t even aware unpaid bills are lurking on their credit reports until they apply for a loan and their score is lower than expected. Regulators have targeted medical debts on credit reports before. Seven years ago, the credit bureaus reached a settlement with the New York state attorney general (and later with attorneys general of dozens of others) to overhaul their approach to fixing errors and their treatment of medical debt. Under that agreement, the companies established the six-month waiting period before reporting delinquent medical debt on consumers’ files; it also removed medical debts from reports after they had been paid by insurance.

Credit companies will remove stains from repaid medical debts

BMW cut its car division's 2022 profit margin forecast and said that it expected the chip crisis to drag on throughout the year, the latest automaker to warn of supply chain disruptions exacerbated by Russia's invasion of Ukraine.

BMW to prioritise EVs amid Ukraine crisis, cuts 2022 profit margin forecast

Japan's core machinery orders slipped for the first time in five months in January, a worrying sign for an economy already facing heightened pressure from the Ukraine war and high energy and raw material prices.

Japan's machinery orders falls for first time in 5 months

The US Federal Reserve announced a 0.25 percent hike in its bench-mark short-term interest rate, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount.

US Fed lifts policy rate by 0.25%

Car markets in India have been taken over by mid-sized SUVs. Recently, automakers are going to bring Sedans back in the market that is a new thing to India, while Skoda is also trying to make a come back with the new Sedan Slavia. WION's Business Editor Sumit Chaturvedi speaks to Zak Hollis, Brand Director of Skoda Auto India for more insights.

Sedan market will be twice as big in a year: Zak Hollis

India's annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday. 
 
The South Asian country is the world`s second-biggest consumer of the metal and fulfils most of its demand through imports. Higher local output could help New Delhi in capping imports. 
 
India splurged a record $55.7 billion on gold imports in 2021, buying 1,050 tonnes - the most in a decade, and far more than the 430 tonnes imported in 2020. 
 
"It makes sense for India to develop mining capacity. But change is needed for this to happen, legacy hurdles must be reduced considerably, and investments encouraged," said Somasundaram PR, regional chief executive officer of WGC`s Indian operations. 
 
In India, securing mining licence is a lengthy process with approvals needed from multiple agencies, which dissuades investment, particularly from multi-national companies, the council said. 
 
Most gold mining areas are in remote locations with poor road and rail linkage, which makes moving materials to and from sites difficult and expensive, it said in the report. 
 
Currently, Hutti Gold Mines in the southern state of Karnataka employs more than 4,000 workers and contractors, and accounts for the bulk of production in India. 
 
Gold mining could provide employment to another 3,000-4,000 people, but it needs to attract investment of more than $1 billion to convert resources into reserves and ultimately construct mines, the WGC said

India's annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday.

India's annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday. The South Asian country is the world`s second-biggest consumer of the metal and fulfils most of its demand through imports. Higher local output could help New Delhi in capping imports. India splurged a record $55.7 billion on gold imports in 2021, buying 1,050 tonnes - the most in a decade, and far more than the 430 tonnes imported in 2020. "It makes sense for India to develop mining capacity. But change is needed for this to happen, legacy hurdles must be reduced considerably, and investments encouraged," said Somasundaram PR, regional chief executive officer of WGC`s Indian operations. In India, securing mining licence is a lengthy process with approvals needed from multiple agencies, which dissuades investment, particularly from multi-national companies, the council said. Most gold mining areas are in remote locations with poor road and rail linkage, which makes moving materials to and from sites difficult and expensive, it said in the report. Currently, Hutti Gold Mines in the southern state of Karnataka employs more than 4,000 workers and contractors, and accounts for the bulk of production in India. Gold mining could provide employment to another 3,000-4,000 people, but it needs to attract investment of more than $1 billion to convert resources into reserves and ultimately construct mines, the WGC said

India's gold output could rise multifold if hurdles removed: WGC report

Longtime Starbucks chief Howard Schultz will return to the helm of the global coffee shop chain, the company announced Wednesday, serving as interim CEO while the company searches for a new leader amid a growing unionization drive.

Kevin Johnson, who has led the coffee giant since 2017, plans to retire next month, the company said, adding it expects to name a new CEO by the fall.&nbsp;

Schultz, 68, who first joined the company in 1982, grew Starbucks from a small Seattle coffee chain into a global juggernaut in two earlier stints as chief executive.&nbsp;

He also flirted with running for the US presidency in 2020, but ultimately opted against seeking office. His real-time wealth was valued at $4 billion on Wednesday, according to a Forbes list of the richest people in the world.

"When you love something, you have a deep sense of responsibility to help when called," Schultz said. "Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish."&nbsp;

Shares of the coffee chain rocketed higher Wednesday, even as union leaders expressed misgivings about Schultz.

'Reputational risk'

With more than 34,000 stores worldwide, Starbucks reported a record $29.1 billion in annual revenues last year but has struggled of late to manage rising costs amid a tight labor market and supply chain problems.

Besides inflation, which is a headwind challenging companies throughout the economy, Starbucks is confronting a growing wave of unionization campaigns that has spread to more than 100 US stores after workers at two upstate New York cafes voted to form a union in December.

Johnson, 61, told the board a year ago that he was considering retiring in the wake of the upheaval of the pandemic, calling the decision "a natural bookend to my 13 years with the company," according to the company press release.

Starbucks said it had enlisted recruitment firm Russell Reynolds Associates in "continuous CEO succession planning" since 2021. Johnson plans to work as a consultant to the company through September.

The union movement poses challenges for the chain, which has been viewed as a worker-friendly company by many political progressives in the United States given its stance on gay marriage, race relations, the environment and other issues.

But Starbucks' tactics to discourage workers from unionization poses "reputational risk," shareholder activists argued in a letter sent to Johnson and Starbucks Chair Mellody Hobson ahead of the company's annual meeting later Wednesday.

Highlighting "alleged retaliatory termination and continued captive audience meetings," the shareholder group urged Starbucks to "publicly commit to a global policy of neutrality," said Trillium Asset Management, Parnassus Investments and other Starbucks shareholders who manage some $3.4 trillion in assets.

Looking externally

News of Schultz' return drew a cool response from Starbucks Workers United, which referred to the executive as a "leader in Starbucks' anti-union campaign," and urged him "to put union-busting behind him."

Ahead of the union vote, Schultz visited Buffalo in November to try to persuade workers against voting for the group.

In a letter to workers titled "From Buffalo with love," Schultz highlighted Starbucks' benefits for workers, including health care and free college tuition, saying he was "saddened and concerned" that workers felt outside representation was needed.

But staff at two Buffalo cafes voted with Starbucks Workers United on December 9. Since then, additional Buffalo-area shops have also voted with the group, along with a cafe in Mesa, Arizona, while employees at dozens more are working to form a union.

Equity analysts at investment firm Cowen said they were "a bit surprised" that Starbucks was searching for external CEO candidates, naming a number of high-ranking executives who could have taken over.

"We note a strong internal bench, but believe unionization publicity could be a factor pushing the company to look externally," Cowen said in a note.

Shares of Starbucks jumped 5.4 percent to $87.61 in afternoon trading.

Longtime Starbucks chief Howard Schultz will return to the helm of the global coffee shop chain, the company announced Wednesday, serving as interim CEO while the company searches for a new leader amid a growing unionization drive.

Longtime Starbucks chief Howard Schultz will return to the helm of the global coffee shop chain, the company announced Wednesday, serving as interim CEO while the company searches for a new leader amid a growing unionization drive. Kevin Johnson, who has led the coffee giant since 2017, plans to retire next month, the company said, adding it expects to name a new CEO by the fall. Schultz, 68, who first joined the company in 1982, grew Starbucks from a small Seattle coffee chain into a global juggernaut in two earlier stints as chief executive. He also flirted with running for the US presidency in 2020, but ultimately opted against seeking office. His real-time wealth was valued at $4 billion on Wednesday, according to a Forbes list of the richest people in the world. "When you love something, you have a deep sense of responsibility to help when called," Schultz said. "Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish." Shares of the coffee chain rocketed higher Wednesday, even as union leaders expressed misgivings about Schultz. 'Reputational risk' With more than 34,000 stores worldwide, Starbucks reported a record $29.1 billion in annual revenues last year but has struggled of late to manage rising costs amid a tight labor market and supply chain problems. Besides inflation, which is a headwind challenging companies throughout the economy, Starbucks is confronting a growing wave of unionization campaigns that has spread to more than 100 US stores after workers at two upstate New York cafes voted to form a union in December. Johnson, 61, told the board a year ago that he was considering retiring in the wake of the upheaval of the pandemic, calling the decision "a natural bookend to my 13 years with the company," according to the company press release. Starbucks said it had enlisted recruitment firm Russell Reynolds Associates in "continuous CEO succession planning" since 2021. Johnson plans to work as a consultant to the company through September. The union movement poses challenges for the chain, which has been viewed as a worker-friendly company by many political progressives in the United States given its stance on gay marriage, race relations, the environment and other issues. But Starbucks' tactics to discourage workers from unionization poses "reputational risk," shareholder activists argued in a letter sent to Johnson and Starbucks Chair Mellody Hobson ahead of the company's annual meeting later Wednesday. Highlighting "alleged retaliatory termination and continued captive audience meetings," the shareholder group urged Starbucks to "publicly commit to a global policy of neutrality," said Trillium Asset Management, Parnassus Investments and other Starbucks shareholders who manage some $3.4 trillion in assets. Looking externally News of Schultz' return drew a cool response from Starbucks Workers United, which referred to the executive as a "leader in Starbucks' anti-union campaign," and urged him "to put union-busting behind him." Ahead of the union vote, Schultz visited Buffalo in November to try to persuade workers against voting for the group. In a letter to workers titled "From Buffalo with love," Schultz highlighted Starbucks' benefits for workers, including health care and free college tuition, saying he was "saddened and concerned" that workers felt outside representation was needed. But staff at two Buffalo cafes voted with Starbucks Workers United on December 9. Since then, additional Buffalo-area shops have also voted with the group, along with a cafe in Mesa, Arizona, while employees at dozens more are working to form a union. Equity analysts at investment firm Cowen said they were "a bit surprised" that Starbucks was searching for external CEO candidates, naming a number of high-ranking executives who could have taken over. "We note a strong internal bench, but believe unionization publicity could be a factor pushing the company to look externally," Cowen said in a note. Shares of Starbucks jumped 5.4 percent to $87.61 in afternoon trading.

Howard Schultz returns to Starbucks as interim leader, Johnson exits

Rising fuel prices may present an obstacle, but the airline recovery in the United States appears to be on track for now.

With the omicron coronavirus variant receding and pandemic restrictions being eased, the airline industry turned a corner last month, according to an analysis by the Adobe Digital Economy Index, which draws on online sales from six of the top 10 U.S. airlines. According to the analysis, ticket sales for domestic flights in February exceeded those for the same month in 2019, a first since the pandemic began two years ago.

“We’re seeing things open up in terms of people’s thinking about travel,” said Vivek Pandya, who led the analysis. “The question now becomes: How much can that momentum continue to push forward?”

Travelers spent an estimated $6.6 billion on domestic flights in February, about 6% more than three years earlier, according to the analysis. The number of tickets sold was up 4%, while fares were up about 5%, lagging overall inflation. Early data indicate that the trends are holding up this month, too.

The data bodes well for airlines, which have been preparing for months for what the industry expects to be a robust summer travel season. It also matches the optimism that several carriers expressed at an investor conference held by JP Morgan on Tuesday.

Speaking at the conference, executives of American Airlines and Delta Air Lines said they saw record daily sales last week. In investor updates, Delta said it expected revenue for the quarter to slightly exceed its previous estimates, while United Airlines said corporate travel was improving faster than expected, reaching the highest level since the pandemic began. American said improvement in revenues would “more than offset” the increase in fuel prices, which have spiked since Russia went to war in Ukraine.

Southwest Airlines also improved its forecast, saying it expected operating revenue in the first quarter of this year to be down 8% to 10% compared with the same quarter of 2019. The airline had previously forecast that operating revenues would be off 10% to 15%.

Consumers appear to be optimistic, too: The number of tickets sold last month for domestic travel between June and August was down just 3% from the number sold in February 2019, according to the Adobe analysis. Most travelers, though, book summer travel closer to the date of departure.

But while hopes are high for the months ahead, there is concern that rising fuel prices and persistent inflation could pressure airlines to raise fares and discourage potential customers from flying.

“Between the fuel impact and the discretionary income impact on leisure travelers, it’s going to slow whatever would have been happening,” said Samuel Engel, a senior vice president and airline industry analyst at ICF, an advisory firm.

JetBlue, for example, said in an investor update on Tuesday that it had “moderated” its flight plans for the first quarter of this year because of the rise in fuel costs. Still, it joined other airlines in upgrading its forecast: JetBlue now expects revenue in the first three months of the year to be down 6% to 9% from the same period in 2019, compared with its previous forecast of a decline of 11% to 16%.

Russia’s invasion of Ukraine sent oil prices soaring, raising the cost of jet fuel, which is one of the biggest line-item expenses for airlines. And while the global price of jet fuel has declined from its post-invasion peak, it ended last week up 19.5% from a month earlier and up about 82% over the last year, according to the Platts Jet Fuel Price Index.

American and United are particularly exposed to ballooning fuel costs, while Delta is somewhat insulated thanks to its refinery in Trainer, Pennsylvania. Southwest employs a financial strategy known as “hedging” to offset spikes in the price of fuel, which it estimated will cover as much as 64% of the fuel it could consume this year.

U.S. airlines will try to cover fuel price increases by raising fares, a process that can take months to play out. Carriers are typically limited in how much they can pass on to customers, industry analysts said, but airline executives are more optimistic.

Speaking at the J.P. Morgan conference Tuesday, Glen Hauenstein, president of Delta Air Lines, said that the airline could “easily” increase fares in the second quarter of the year to make up for rising fuel costs, faster than normal because customers are booking flights closer to the date of travel. On an average one-way ticket price of about $200, the airline will need to recover $15 to $20, he said. A United Airlines executive was similarly optimistic that the airline would be able to pass on fuel costs to customers in higher fares.

But with the rebound being led by leisure travelers, who are far more sensitive to ticket prices than corporate travelers, airlines will have to tread carefully when it comes to raising prices. Other options include cutting flights that are barely profitable or reining in plans to restore flights, as some airlines have already started to do.

“In general, growth may slow, or, as is the current case, capacity that airlines would have brought back if the pandemic continued to recede won’t return,” Helane Becker, an airline analyst at the investment bank Cowen, wrote in a recent research note.

At the same time, some consumers facing higher prices for goods and services may not have much left to spend on vacations, experts said. And while some budget carriers may target those travelers, there’s no guarantee that airlines will be willing to cut fares, especially when facing steep debt accrued during the pandemic and pressure from shareholders eager to see profits, said Henry Harteveldt, a travel industry analyst and the president of Atmosphere Research Group.

“Airline CEOs are not in a generous state of mind these days, nor are their CFOs, so I’m not expecting airlines to discount seats to the same extent that we may have otherwise seen,” he said. “I think that there’s a lot of pressure on airlines to keep their airfares as high they can.”

Depending on how Russia’s war on Ukraine plays out, airlines may also not see the rebound in lucrative trans-Atlantic travel that they had expected either, experts said. But domestic and short-distance international travel has and will continue to lead the recovery. And despite the hurdles in the industry’s way, analysts and airlines are preparing for a strong summer season.

“What we’ll end up with is a domestic summer that looks very good as opposed to great,” Engel said.

As of Monday, airlines had more than 2.1 million domestic flights scheduled from June to August, according to Cirium, an aviation data provider. That figure could change substantially in the intervening months, but is currently just 8% lower than the number of flights scheduled over the same months in 2019. Last summer’s scheduled flights were down 16% from the summer of 2019. 
&nbsp;

Rising fuel prices may present an obstacle, but the airline recovery in the United States appears to be on track for now. With the omicron coronavirus variant receding and pandemic restrictions being eased, the airline industry turned a corner last month, according to an analysis by the Adobe Digital Economy Index, which draws on online sales from six of the top 10 U.

Rising fuel prices may present an obstacle, but the airline recovery in the United States appears to be on track for now. With the omicron coronavirus variant receding and pandemic restrictions being eased, the airline industry turned a corner last month, according to an analysis by the Adobe Digital Economy Index, which draws on online sales from six of the top 10 U.S. airlines. According to the analysis, ticket sales for domestic flights in February exceeded those for the same month in 2019, a first since the pandemic began two years ago. “We’re seeing things open up in terms of people’s thinking about travel,” said Vivek Pandya, who led the analysis. “The question now becomes: How much can that momentum continue to push forward?” Travelers spent an estimated $6.6 billion on domestic flights in February, about 6% more than three years earlier, according to the analysis. The number of tickets sold was up 4%, while fares were up about 5%, lagging overall inflation. Early data indicate that the trends are holding up this month, too. The data bodes well for airlines, which have been preparing for months for what the industry expects to be a robust summer travel season. It also matches the optimism that several carriers expressed at an investor conference held by JP Morgan on Tuesday. Speaking at the conference, executives of American Airlines and Delta Air Lines said they saw record daily sales last week. In investor updates, Delta said it expected revenue for the quarter to slightly exceed its previous estimates, while United Airlines said corporate travel was improving faster than expected, reaching the highest level since the pandemic began. American said improvement in revenues would “more than offset” the increase in fuel prices, which have spiked since Russia went to war in Ukraine. Southwest Airlines also improved its forecast, saying it expected operating revenue in the first quarter of this year to be down 8% to 10% compared with the same quarter of 2019. The airline had previously forecast that operating revenues would be off 10% to 15%. Consumers appear to be optimistic, too: The number of tickets sold last month for domestic travel between June and August was down just 3% from the number sold in February 2019, according to the Adobe analysis. Most travelers, though, book summer travel closer to the date of departure. But while hopes are high for the months ahead, there is concern that rising fuel prices and persistent inflation could pressure airlines to raise fares and discourage potential customers from flying. “Between the fuel impact and the discretionary income impact on leisure travelers, it’s going to slow whatever would have been happening,” said Samuel Engel, a senior vice president and airline industry analyst at ICF, an advisory firm. JetBlue, for example, said in an investor update on Tuesday that it had “moderated” its flight plans for the first quarter of this year because of the rise in fuel costs. Still, it joined other airlines in upgrading its forecast: JetBlue now expects revenue in the first three months of the year to be down 6% to 9% from the same period in 2019, compared with its previous forecast of a decline of 11% to 16%. Russia’s invasion of Ukraine sent oil prices soaring, raising the cost of jet fuel, which is one of the biggest line-item expenses for airlines. And while the global price of jet fuel has declined from its post-invasion peak, it ended last week up 19.5% from a month earlier and up about 82% over the last year, according to the Platts Jet Fuel Price Index. American and United are particularly exposed to ballooning fuel costs, while Delta is somewhat insulated thanks to its refinery in Trainer, Pennsylvania. Southwest employs a financial strategy known as “hedging” to offset spikes in the price of fuel, which it estimated will cover as much as 64% of the fuel it could consume this year. U.S. airlines will try to cover fuel price increases by raising fares, a process that can take months to play out. Carriers are typically limited in how much they can pass on to customers, industry analysts said, but airline executives are more optimistic. Speaking at the J.P. Morgan conference Tuesday, Glen Hauenstein, president of Delta Air Lines, said that the airline could “easily” increase fares in the second quarter of the year to make up for rising fuel costs, faster than normal because customers are booking flights closer to the date of travel. On an average one-way ticket price of about $200, the airline will need to recover $15 to $20, he said. A United Airlines executive was similarly optimistic that the airline would be able to pass on fuel costs to customers in higher fares. But with the rebound being led by leisure travelers, who are far more sensitive to ticket prices than corporate travelers, airlines will have to tread carefully when it comes to raising prices. Other options include cutting flights that are barely profitable or reining in plans to restore flights, as some airlines have already started to do. “In general, growth may slow, or, as is the current case, capacity that airlines would have brought back if the pandemic continued to recede won’t return,” Helane Becker, an airline analyst at the investment bank Cowen, wrote in a recent research note. At the same time, some consumers facing higher prices for goods and services may not have much left to spend on vacations, experts said. And while some budget carriers may target those travelers, there’s no guarantee that airlines will be willing to cut fares, especially when facing steep debt accrued during the pandemic and pressure from shareholders eager to see profits, said Henry Harteveldt, a travel industry analyst and the president of Atmosphere Research Group. “Airline CEOs are not in a generous state of mind these days, nor are their CFOs, so I’m not expecting airlines to discount seats to the same extent that we may have otherwise seen,” he said. “I think that there’s a lot of pressure on airlines to keep their airfares as high they can.” Depending on how Russia’s war on Ukraine plays out, airlines may also not see the rebound in lucrative trans-Atlantic travel that they had expected either, experts said. But domestic and short-distance international travel has and will continue to lead the recovery. And despite the hurdles in the industry’s way, analysts and airlines are preparing for a strong summer season. “What we’ll end up with is a domestic summer that looks very good as opposed to great,” Engel said. As of Monday, airlines had more than 2.1 million domestic flights scheduled from June to August, according to Cirium, an aviation data provider. That figure could change substantially in the intervening months, but is currently just 8% lower than the number of flights scheduled over the same months in 2019. Last summer’s scheduled flights were down 16% from the summer of 2019.

Airline ticket sales exceed a 2019 milestone for the first time

Amid the ongoing Russian invasion of Ukraine, battles are not only being fought on the ground but also in the form of cyberattacks. In the latest, a Russian energy firm reported a cyber attack.

Reports: Cyberattack on Russian energy firm Rosneft's German unit

Oil prices have skidded in hopes of peace talks between Ukraine and Russia. US Crude oil fell over $3 a barrel while Asian shares trade mixed.

US Crude oil falls over $3 a barrel

The aviation regulator has clamped down on Comair. South African airline Comair's entire fleet has been grounded, leaving hundreds of passengers stranded.

South African airline Comair's fleet grounded: Hundreds of passengers stranded

Amid the ongoing Russian invasion of Ukraine, the International Monetary Fund said that the Russian default is no longer 'improbable'.

IMF: Russian default no longer 'improbable', sanctions would also have spillover effects

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.

The invasion of Ukraine by Russia has caused global markets to tumble.

Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel. 
 
<a href="https://www.wionews.com/world/watch-war-in-ukraine-is-a-crime-russian-pilot-tells-passengers-461786">Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers&nbsp;</a>

As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo.

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According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices.

Rosneft, a state-owned oil company, is already one of India's largest crude suppliers.

Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine.

India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US.&nbsp;

India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider.

While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer.&nbsp;

On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days.

"There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said.

Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time.

And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy.

Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008.

The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition. 
 
(With inputs from agencies)

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences. The invasion of Ukraine by Russia has caused global markets to tumble. Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel. Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo. Russia has asked India to increase its investments in the sanctioned country's oil and gas sector, as well as to develop Russian companies' sales networks in Asia's third-largest economy. × According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices. Rosneft, a state-owned oil company, is already one of India's largest crude suppliers. Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine. India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US. India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider. While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer. On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days. "There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said. Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time. And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy. Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008. The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition. (With inputs from agencies)

Russia needs a market for its oil and India could benefit, but...

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Russian stock market will be closed this week, March 14-18, according to the country's central bank.

According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days.

The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website.

Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25.

Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25.&nbsp;

(With inputs from agencies)

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine. The Russian stock market will be closed this week, March 14-18, according to the country's central bank. According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days. The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website. Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25. Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25. (With inputs from agencies)

Russia’s stock market to remain closed for another week

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency.&nbsp;

"All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said.

In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established.

The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders.

The IRDAI rule makes it essential for all insurers to provide such coverage, removing any potential for misunderstanding.&nbsp;

According to the 2011 Census (which recognised transgender people for the first time while collecting data), India's transgender population was roughly 4.8 lakh people, with a literacy rate of 56 percent.

In 2016, the state-run was the first to add a third gender option on its proposal form.

While most insurance companies do not charge transgender people different prices, data is still a major issue.&nbsp;

The move, according to experts, attempts to increase openness in the underwriting process.&nbsp;

(With Inputs from agencies)

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency.

The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites on Tuesday in order to increase transparency. "All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said. In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established. The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders. The IRDAI rule makes it essential for all insurers to provide such coverage, removing any potential for misunderstanding. According to the 2011 Census (which recognised transgender people for the first time while collecting data), India's transgender population was roughly 4.8 lakh people, with a literacy rate of 56 percent. In 2016, the state-run was the first to add a third gender option on its proposal form. While most insurance companies do not charge transgender people different prices, data is still a major issue. The move, according to experts, attempts to increase openness in the underwriting process. (With Inputs from agencies)

Health insurance for transgenders: Spell out all underwriting rules, says IRDAI

Japan's household spending was up in January but the business mood is sinking in the first quarter. Because of rising raw material costs, it has squeezed corporate margins.

Japan's business mood sinks: Slowdown eclipses household spending boost

United Airlines, a Chicago-based US carrier has decided to allow unvaccinated employees to return to jobs from March 28.

United Airlines to allow unvaccinated employees to return to jobs

Mercedes-Benz has introduced made in India Mercedes Maybach S class. The price of the car is a whopping 3.2 crore for one of the variants and the other for 2.5 crore.

Mercedes launches 'Made-in-India' Maybach S class

Amid the ongoing Russian invasion of Ukraine, Many Western companies are moving out of Russia. In the latest, Disney has also decided to pause all business operations in Russia.

Disney to pause all business operations in Russia amid the ongoing Russian invasion of Ukraine

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks extend a global slump amid growing tensions over the Russia-Ukraine conflict

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street.

These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed.

Chinese authorities have expressed reservations in recent months about China-based companies listing in the US.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/asian-stocks-regain-their-footing-indian-markets-open-in-green-460433/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Chinese companies have sold shares abroad for two decades but regulators have yet to say whether their financial structures comply with rules that ban foreign ownership of internet companies and limit access to other industries.

Yum China, which controls KFC, Taco Bell and Pizza Hut and other eateries in China, surpasses the other companies by far in revenue and capitalization.

Born from the 2016 spin-off of the Chinese operations of US-based Yum Brands, Yum China has a market capitalisation of $18.8 billion.&nbsp;

China Securities Regulatory Commission responded to the US move and said it was confident it will reach an agreement with US counterparts on securities supervision.&nbsp;

<a href="wionews.com/business-economy/new-york-stock-exchange-to-delist-chinese-telecom-firms-on-us-executive-order-353745">Also read |&nbsp;New York Stock Exchange to delist Chinese telecom firms on US executive order</a>

Talks between the CSRC, the Chinese finance ministry and the US Public Company Accounting Oversight Board had made "positive progress," the CSRC said in a statement.

Meanwhile, ride-hailing firm Didi Global Inc has suspended preparations for its Hong Kong listing after failing to appease Chinese regulators' demand to overhaul its systems for handling sensitive user data, Bloomberg News reported.

The Cyberspace Administration of China told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg said.

Regulators said in July they would step up scrutiny of tech companies with shares traded abroad and their information security and cross-border data flows.

The US Congress in 2020 passed a law specifically targeting Chinese companies under which the Public Company Accounting Oversight Board (PCAOB) must be able to inspect audits of foreign firms listed on US markets.

Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors.&nbsp; 
&nbsp;

(With inputs from agencies)

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street. These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed.

The US Securities and Exchange Commission (SEC) has asked five Chinese companies to meet audit requirements or face delisting from Wall Street. These Chinese companies include fast-food company Yum China Holdings, tech firm ACM Research, biotech group BeiGene, Zai Lab, and pharmaceutical company Hutchmed. Chinese authorities have expressed reservations in recent months about China-based companies listing in the US. Chinese companies have sold shares abroad for two decades but regulators have yet to say whether their financial structures comply with rules that ban foreign ownership of internet companies and limit access to other industries. Yum China, which controls KFC, Taco Bell and Pizza Hut and other eateries in China, surpasses the other companies by far in revenue and capitalization. Born from the 2016 spin-off of the Chinese operations of US-based Yum Brands, Yum China has a market capitalisation of $18.8 billion. China Securities Regulatory Commission responded to the US move and said it was confident it will reach an agreement with US counterparts on securities supervision. Also read | New York Stock Exchange to delist Chinese telecom firms on US executive order Talks between the CSRC, the Chinese finance ministry and the US Public Company Accounting Oversight Board had made "positive progress," the CSRC said in a statement. Meanwhile, ride-hailing firm Didi Global Inc has suspended preparations for its Hong Kong listing after failing to appease Chinese regulators' demand to overhaul its systems for handling sensitive user data, Bloomberg News reported. The Cyberspace Administration of China told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg said. Regulators said in July they would step up scrutiny of tech companies with shares traded abroad and their information security and cross-border data flows. The US Congress in 2020 passed a law specifically targeting Chinese companies under which the Public Company Accounting Oversight Board (PCAOB) must be able to inspect audits of foreign firms listed on US markets. Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors. (With inputs from agencies)

US asks Chinese companies to comply or face delisting from Wall Street