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CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick &amp; Struggles found.

The findings illustrate how CEOs are not immune to the exhaustion that has swept hundreds of millions of workers worldwide since the onset of the pandemic and has pushed many to consider a new job or lifestyle in a wave dubbed "The Great Resignation."

"Our belief is that it will only accelerate going into next year as people have delayed their retirements," said Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice.

There were 103 CEO appointments in the first half of 2021 out of 1,095 companies in 24 regions that Heidrick studied, including the United States, China and some European countries.

Six months prior, in the second half of 2020, 49 companies changed CEOs, according to the study.

Most companies kept their leaders in place last year as they closed ranks to deal with the challenges of the pandemic. But as it receded with the help of vaccines, companies felt they were stable enough to find a new leader, Sanders said.

"Many CEOs didn't have to travel as much," which helped them preserve their energy, Sanders said. But communicating "virtually" in a new medium was "exhausting," he said.

The reluctance of many boards to meet CEO candidates physically or place risky bets on outsiders while the pandemic lingers favored internal applicants, the study found. Nearly two-thirds of new CEOs were internal candidates, up from just a little over half during the same period in 2020.

Women made up 13% of the new CEOs in the first half of this year, up from 6% in the prior period in the regions the report studied.

Yet the churn did not lead to big strides in diversity, according to the study. It found that 3% of Fortune 100 CEOs are Black, 4% are Hispanic or Latino, 4% are Asian and 1% are Middle Eastern or North African, less than their share of the U.S. population.

"I don't think (CEO diversity) is where it needs to be," Sanders said.

CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found.

CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found. The findings illustrate how CEOs are not immune to the exhaustion that has swept hundreds of millions of workers worldwide since the onset of the pandemic and has pushed many to consider a new job or lifestyle in a wave dubbed "The Great Resignation." "Our belief is that it will only accelerate going into next year as people have delayed their retirements," said Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice. There were 103 CEO appointments in the first half of 2021 out of 1,095 companies in 24 regions that Heidrick studied, including the United States, China and some European countries. Six months prior, in the second half of 2020, 49 companies changed CEOs, according to the study. Most companies kept their leaders in place last year as they closed ranks to deal with the challenges of the pandemic. But as it receded with the help of vaccines, companies felt they were stable enough to find a new leader, Sanders said. "Many CEOs didn't have to travel as much," which helped them preserve their energy, Sanders said. But communicating "virtually" in a new medium was "exhausting," he said. The reluctance of many boards to meet CEO candidates physically or place risky bets on outsiders while the pandemic lingers favored internal applicants, the study found. Nearly two-thirds of new CEOs were internal candidates, up from just a little over half during the same period in 2020. Women made up 13% of the new CEOs in the first half of this year, up from 6% in the prior period in the regions the report studied. Yet the churn did not lead to big strides in diversity, according to the study. It found that 3% of Fortune 100 CEOs are Black, 4% are Hispanic or Latino, 4% are Asian and 1% are Middle Eastern or North African, less than their share of the U.S. population. "I don't think (CEO diversity) is where it needs to be," Sanders said.

More chief executives join the 'Great Resignation'

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix.

Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange.&nbsp;

Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.&nbsp;

Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. &nbsp;

Evergrande has since scrambled to sell assets to raise cash.

Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended.

Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district.&nbsp;

(With inputs from agencies)

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks.

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix. Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange. Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. Evergrande has since scrambled to sell assets to raise cash. Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended. Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district. (With inputs from agencies)

Evergrande sells stake in HengTen, the Netflix of China

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar.

The land they occupy on Biak island is everything to them: their identity, the source of their livelihood and the link to their forebears. But now the tiny clan fears it will lose its place in the world as Indonesia pursues its longstanding quest to join the space age.

The Indonesian government claims to have acquired 250 acres of the clan’s ancestral land decades ago and has planned since 2017 to build a small-scale spaceport there to launch rockets. Clan leaders say the project would force them from their homes.

Also see |&nbsp;<a href="https://www.wionews.com/photos/what-a-blast-the-rush-of-amateur-astronauts-420637" hreflang="en">What a blast: The rush of amateur astronauts</a>

Indonesia’s president, Joko Widodo, personally pitched SpaceX’s founder, Elon Musk, last year on the idea of launching rockets from Indonesia, without mentioning a site. Musk has yet to commit to a deal or comment on it publicly. But the possibility of his involvement has spurred a flurry of activity by Biak officials to promote the location, as well as renewed opposition from the island’s Indigenous people.

Building a spaceport is part of Joko’s push to modernize the Southeast Asian island nation with new airports, power plants and highways, often with little regard for environmental consequences. It is also part of the country’s checkered history of using questionable methods to acquire land from Indigenous people, leaving some groups destitute while benefiting influential Indonesians and international companies.

Leaders of the Biak tribe say building a spaceport on the site would mean cutting trees in a protected forest, disturbing the habitat of endangered birds and evicting the Abrauw.

Also see |&nbsp;<a href="https://www.wionews.com/photos/want-to-become-a-space-tourist-here-is-all-you-need-to-do-399437" hreflang="en">Want to become a space tourist? Here is all you need to do</a>

“The position of the Indigenous people is clear: We reject the plan,” said Apolos Sroyer, chief of the Biak Customary Council, an assembly of clan chiefs. “We don’t want to lose our farms because of this spaceport. We don’t eat satellites. We eat taro, and fish from the sea. That is our way of life for generations. Tell Elon Musk that’s our stance.”

Biak, nearly the size of Maui, sits just north of the island of New Guinea and is part of Indonesia’s Papua province. During World War II, U.S. forces defeated the Japanese there in a key battle as Gen. Douglas MacArthur fought to retake the Pacific. Biak became part of Indonesia in the 1960s after the United Nations handed over the former Dutch territory of West Papua on the condition that Indonesia hold a popular vote.

Instead, in a 1969 vote regarded by many Papuans as rigged, Indonesia rounded up a thousand tribal leaders — including chiefs from Biak — and held them until they voted to join Indonesia in what paradoxically became known as “The Act of Free Choice.”

The dwindling Abrauw clan, one of 360 clans on Biak, now has about 90 members. Most live in the village of Warbon, on the island’s northeastern side, about a mile and a half from the proposed spaceport site.

The center of clan life is a flowering heliotrope tree by the ocean.

Waves lap gently on the white sand nearby, and black, brown and white butterflies flit among its branches. Clan members consider the tree sacred and say it marks the origin of the Abrauw. They often visit the tree to make offerings and pray to their ancestors. On occasion, they gather there and camp for days. If the spaceport was built, the tree would be off limits, as would the beach where the Abrauw often fish, and the forest where they farm.

Also see |&nbsp;<a href="https://www.wionews.com/photos/who-is-winning-space-tourism-race-between-bezos-branson-and-musk-396420" hreflang="en">Who is winning space tourism race between Bezos, Branson and Musk?</a>

“For Papuans, land is identity,” said Marthen Abrauw, the clan chief, as he sat in the shade of the sacred tree on a recent afternoon. “We will lose our identity, and no other clan will accept us on their land. Where will our children and grandchildren go?”

Some clan members have found work in other parts of Indonesia, but those who remain in Warbon largely subsist on the fish they catch and the taro, cassava and sweet potatoes they grow. The clan practices nomadic farming, clearing trees in the forest for crops in a new location every two years.

Some walk or ride motorbikes to the nearby village of Korem to worship at the Pniel Evangelical Christian Church. Warbon, home to more than 1,000 people, includes members of numerous other clans who have married into the Abrauw but retain the clan identity of their male ancestors. The church also opposes the spaceport.

The Indonesian officials who support the project say Biak, just 70 miles south of the equator and facing the Pacific, would be ideal for launching rockets. SpaceX has plans to put tens of thousands of communications satellites into orbit in the coming years.

“This is our wealth,” said Biak’s regent, Herry Ario Naap, who is pushing for the spaceport. “Other regions may have oil or gold. We are given a strategic geographical location.”

In wooing Musk, Joko suggested that his car company, Tesla, could also collaborate with Indonesia to make electric vehicle batteries, as Indonesia is the world’s largest producer of nickel, a key component. A team from SpaceX visited Indonesia early this year to discuss possible cooperation, officials said.

Tesla submitted a battery production proposal to Indonesia in February, but the government declined to disclose details. Musk and his companies did not respond to requests for comment. In September, Joko bolstered the space program by increasing its budget twentyfold and placing it under the new National Research and Innovation Agency, which reports directly to him.

Laksana Tri Handoko, the agency chairman, who personally inspected the Biak site last month, said that the island remained a viable choice but that building the large spaceport he envisioned would require 10 times as much land. Controversy over the Biak site could prompt him to select an alternate location, such as Morotai island, about 550 miles northwest of Biak.

A key factor, he said, will be making sure the government has “clear and clean” title to the land. “Biak is not the one and only place,” he said. “We have many options.”

Government maps show that nearly all the Abrauw clan’s ancestral lands, including some homes, are within a proposed buffer zone that would be cleared of people should the small spaceport be built. The maps also show that the original project site is almost entirely within a protected forest.

The space agency has long said it bought the 250-acre site from the Abrauw clan in 1980. But the clan says it never sold the land. Four men who signed a document giving the agency title were not clan members and had no right to sell, according to clan leaders.

The older generation was too intimidated to object, they said, because the Indonesian army was conducting military operations on Biak and anyone who criticized the government could be jailed as a separatist.

“Silence was the only choice,” said Gerson Abrauw, a Protestant pastor and cousin of the clan chief. He dismissed government assurances that a spaceport would provide employment.

“They say the spaceport project will create jobs, but there is no space expert in our clan and in our villages,” he said. “What they mean is three years of cutting down trees, removing roots and digging foundations. After that, there will be a feast to say goodbye to us and then only those with an access card can enter the area.” 
&nbsp;

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar.

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar. The land they occupy on Biak island is everything to them: their identity, the source of their livelihood and the link to their forebears. But now the tiny clan fears it will lose its place in the world as Indonesia pursues its longstanding quest to join the space age. The Indonesian government claims to have acquired 250 acres of the clan’s ancestral land decades ago and has planned since 2017 to build a small-scale spaceport there to launch rockets. Clan leaders say the project would force them from their homes. Also see | What a blast: The rush of amateur astronauts Indonesia’s president, Joko Widodo, personally pitched SpaceX’s founder, Elon Musk, last year on the idea of launching rockets from Indonesia, without mentioning a site. Musk has yet to commit to a deal or comment on it publicly. But the possibility of his involvement has spurred a flurry of activity by Biak officials to promote the location, as well as renewed opposition from the island’s Indigenous people. Building a spaceport is part of Joko’s push to modernize the Southeast Asian island nation with new airports, power plants and highways, often with little regard for environmental consequences. It is also part of the country’s checkered history of using questionable methods to acquire land from Indigenous people, leaving some groups destitute while benefiting influential Indonesians and international companies. Leaders of the Biak tribe say building a spaceport on the site would mean cutting trees in a protected forest, disturbing the habitat of endangered birds and evicting the Abrauw. Also see | Want to become a space tourist? Here is all you need to do “The position of the Indigenous people is clear: We reject the plan,” said Apolos Sroyer, chief of the Biak Customary Council, an assembly of clan chiefs. “We don’t want to lose our farms because of this spaceport. We don’t eat satellites. We eat taro, and fish from the sea. That is our way of life for generations. Tell Elon Musk that’s our stance.” Biak, nearly the size of Maui, sits just north of the island of New Guinea and is part of Indonesia’s Papua province. During World War II, U.S. forces defeated the Japanese there in a key battle as Gen. Douglas MacArthur fought to retake the Pacific. Biak became part of Indonesia in the 1960s after the United Nations handed over the former Dutch territory of West Papua on the condition that Indonesia hold a popular vote. Instead, in a 1969 vote regarded by many Papuans as rigged, Indonesia rounded up a thousand tribal leaders — including chiefs from Biak — and held them until they voted to join Indonesia in what paradoxically became known as “The Act of Free Choice.” The dwindling Abrauw clan, one of 360 clans on Biak, now has about 90 members. Most live in the village of Warbon, on the island’s northeastern side, about a mile and a half from the proposed spaceport site. The center of clan life is a flowering heliotrope tree by the ocean. Waves lap gently on the white sand nearby, and black, brown and white butterflies flit among its branches. Clan members consider the tree sacred and say it marks the origin of the Abrauw. They often visit the tree to make offerings and pray to their ancestors. On occasion, they gather there and camp for days. If the spaceport was built, the tree would be off limits, as would the beach where the Abrauw often fish, and the forest where they farm. Also see | Who is winning space tourism race between Bezos, Branson and Musk? “For Papuans, land is identity,” said Marthen Abrauw, the clan chief, as he sat in the shade of the sacred tree on a recent afternoon. “We will lose our identity, and no other clan will accept us on their land. Where will our children and grandchildren go?” Some clan members have found work in other parts of Indonesia, but those who remain in Warbon largely subsist on the fish they catch and the taro, cassava and sweet potatoes they grow. The clan practices nomadic farming, clearing trees in the forest for crops in a new location every two years. Some walk or ride motorbikes to the nearby village of Korem to worship at the Pniel Evangelical Christian Church. Warbon, home to more than 1,000 people, includes members of numerous other clans who have married into the Abrauw but retain the clan identity of their male ancestors. The church also opposes the spaceport. The Indonesian officials who support the project say Biak, just 70 miles south of the equator and facing the Pacific, would be ideal for launching rockets. SpaceX has plans to put tens of thousands of communications satellites into orbit in the coming years. “This is our wealth,” said Biak’s regent, Herry Ario Naap, who is pushing for the spaceport. “Other regions may have oil or gold. We are given a strategic geographical location.” In wooing Musk, Joko suggested that his car company, Tesla, could also collaborate with Indonesia to make electric vehicle batteries, as Indonesia is the world’s largest producer of nickel, a key component. A team from SpaceX visited Indonesia early this year to discuss possible cooperation, officials said. Tesla submitted a battery production proposal to Indonesia in February, but the government declined to disclose details. Musk and his companies did not respond to requests for comment. In September, Joko bolstered the space program by increasing its budget twentyfold and placing it under the new National Research and Innovation Agency, which reports directly to him. Laksana Tri Handoko, the agency chairman, who personally inspected the Biak site last month, said that the island remained a viable choice but that building the large spaceport he envisioned would require 10 times as much land. Controversy over the Biak site could prompt him to select an alternate location, such as Morotai island, about 550 miles northwest of Biak. A key factor, he said, will be making sure the government has “clear and clean” title to the land. “Biak is not the one and only place,” he said. “We have many options.” Government maps show that nearly all the Abrauw clan’s ancestral lands, including some homes, are within a proposed buffer zone that would be cleared of people should the small spaceport be built. The maps also show that the original project site is almost entirely within a protected forest. The space agency has long said it bought the 250-acre site from the Abrauw clan in 1980. But the clan says it never sold the land. Four men who signed a document giving the agency title were not clan members and had no right to sell, according to clan leaders. The older generation was too intimidated to object, they said, because the Indonesian army was conducting military operations on Biak and anyone who criticized the government could be jailed as a separatist. “Silence was the only choice,” said Gerson Abrauw, a Protestant pastor and cousin of the clan chief. He dismissed government assurances that a spaceport would provide employment. “They say the spaceport project will create jobs, but there is no space expert in our clan and in our villages,” he said. “What they mean is three years of cutting down trees, removing roots and digging foundations. After that, there will be a feast to say goodbye to us and then only those with an access card can enter the area.”

Will an island in Indonesia become a new frontier in the space race?

Tesla shares are under pressure, the electric car maker has been poorly performing on the stock market since the day its CEO Musk announced the selling of his shares after concluding a poll on Twitter.

Tesla Shares continue to dip after Elon Musk's tweet

Despite fresh curbs to control the Covid-19 outbreak, China's industrial output grew at a surprisingly fast pace in October, from the same period a year ago retail sales growth also picked up.

World Business Watch: China: Retail sales in October rose 4.9%

Swedish carmaker Volvo is planning to make a car plant in Europe by the year 2025 to boost its production capacity beyond 1.2 million vehicles per year.

World Business Watch: Construction of a new plant to start in 2025

As the global supply crisis and covid-19 hit business consumer spending the Japans's economy contracts much faster in the 3rd quarter, raising challenges for the new govt's growth plans.

World Business Watch: Japan's economy shrinks more than expected

US pharmaceutical giant Johnson &amp; Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division.

Johnson &amp; Johnson said in a statement it will create "two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation."

It is the third major company to announce plans to break up its business this week after General Electric and Toshiba.

<a href="https://www.wionews.com/business-economy/toshiba-says-it-plans-to-split-into-three-firms-rejects-calls-to-go-private-428700">Also read | Toshiba says it plans to split into three firms, rejects calls to go private</a>

Shares in the 135-year-old company climbed more than 3.5 percent on Wall Street in pre-market trading Friday following the announcement.

Johnson &amp; Johnson plans to complete the separation in 18-24 months, creating two publicly traded companies.

CEO Alex Gorsky said the decision was made following a "comprehensive review."

The board and management believe the split is "the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and, most importantly,&nbsp;improve healthcare outcomes for people around the world," he said.

<a href="https://www.wionews.com/business-economy/general-electric-to-split-into-three-companies-shares-jump-15-428093">Also read |&nbsp;General Electric to split into three companies; shares jump 15%</a>

He added that the separation "underscores our focus on delivering industry-leading bio-pharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders."

The consumer health branch, which produces Neutrogena skin care products and baby powder, generated $3.7 billion in the third quarter of 2021, nearly 16 percent of the group's total revenue.

The company's single-dose Covid-19 vaccine generated nearly $20 billion in revenue in the period.

The company said its more than 136,000 employees around the world "will remain the backbone of these businesses."

Earlier this week, General Electric announced plans to split into three publicly traded companies.

Japan's Toshiba said Friday it was splitting into three companies following a campaign by investors to boost the group's shares after a period of upheaval.

US pharmaceutical giant Johnson & Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division.

US pharmaceutical giant Johnson & Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division. Johnson & Johnson said in a statement it will create "two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation." It is the third major company to announce plans to break up its business this week after General Electric and Toshiba. Also read | Toshiba says it plans to split into three firms, rejects calls to go private Shares in the 135-year-old company climbed more than 3.5 percent on Wall Street in pre-market trading Friday following the announcement. Johnson & Johnson plans to complete the separation in 18-24 months, creating two publicly traded companies. CEO Alex Gorsky said the decision was made following a "comprehensive review." The board and management believe the split is "the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and, most importantly, improve healthcare outcomes for people around the world," he said. Also read | General Electric to split into three companies; shares jump 15% He added that the separation "underscores our focus on delivering industry-leading bio-pharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders." The consumer health branch, which produces Neutrogena skin care products and baby powder, generated $3.7 billion in the third quarter of 2021, nearly 16 percent of the group's total revenue. The company's single-dose Covid-19 vaccine generated nearly $20 billion in revenue in the period. The company said its more than 136,000 employees around the world "will remain the backbone of these businesses." Earlier this week, General Electric announced plans to split into three publicly traded companies. Japan's Toshiba said Friday it was splitting into three companies following a campaign by investors to boost the group's shares after a period of upheaval.

Johnson & Johnson plans to split into two companies

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business.

After spinning off the two companies, Toshiba will continue to own its 40.6 per cent&nbsp;stake in memory chipmaker Kioxia as well as other assets.

The plan - borne of a five-month strategic review undertaken after a highly damaging corporate governance scandal - is partly aimed at encouraging activist shareholders to exit, sources with knowledge of the matter have said.

A break-up would run counter to calls by some shareholders for scandal-ridden Toshiba to be taken private but its strategic review committee said that option had raised concerns internally about its impact on business and the retention of staff.

Private equity firms had also conveyed concerns about completing a deal due to possible conflict with Japan's national security law and potential opposition from anti-trust regulators, it added.

Chief Executive Satoshi Tsunakawa said Toshiba would have chosen the option to split regardless of the presence of activist shareholders and that Japan's powerful trade ministry had not voiced any objections to the plan.

"The decision allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures," the company said in a statement.

Toshiba's announcement come just days after General Electric Co unveiled plans to split three ways - also marking the end of another pioneering conglomerate with more than 100 years of history.

Returns for shareholders

Toshiba hopes to complete the reorganisation by the second half of the 2023 financial year and said it aimed to return around 100 billion yen ($875 million) to shareholders over the next two financial years.

It also said it intended to "monetize" its shares in Kioxia, returning the net proceeds in full to shareholders as soon as practicable. But it did not elaborate on whether that meant it was still keen on an IPO or would be considering other options.

Other assets that will be continued to be held by Toshiba include its stake in Toshiba Tec Corp, a maker of printing and retail information systems.

Some Toshiba investors are not convinced that a break-up would create value, shareholder sources said ahead of a formal announcement of the plan.

"It makes sense to split if the valuation of a highly competitive business is hindered by other businesses," said Fumio Matsumoto, chief strategist at Okasan Securities.

"But if there isn't such a business, the break-up just creates three lacklustre midsize companies."

The once-storied 146-year old conglomerate has lurched from crisis to crisis since an accounting scandal in 2015. Two years later, it secured a $5.4 billion cash injection from 30-plus overseas investors that helped avoid a delisting but brought in activist shareholders including Elliott Management, Third Point and Farallon.

Tension between Toshiba management and overseas shareholders has dominated headlines since then and in June, an explosive shareholder-commissioned investigation concluded that Toshiba colluded with Japan's trade ministry to block investors from gaining influence at last year's shareholders meeting.

Earlier on Friday, Toshiba released a separately commissioned report that found executives including its former CEO had behaved unethically but not illegally.

It concluded that Toshiba was overly dependent on the trade ministry, adding that problems were also caused by its "excessive cautiousness towards foreign investment funds" and "its lack of willingness to develop a sound relationship with them."

Shares of Toshiba are down 1.3&nbsp;per cent since November 8, when it first flagged it might be considering a split. Its Frankfurt-listed shares fell 4&nbsp;per cent at the open on Friday and are down 5.8&nbsp;per cent since November 8.

Recovering from a slump due to the COVID-19 pandemic, Toshiba reported second-quarter operating profit roughly doubled to 30.4 billion yen.

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business.

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business. After spinning off the two companies, Toshiba will continue to own its 40.6 per cent stake in memory chipmaker Kioxia as well as other assets. The plan - borne of a five-month strategic review undertaken after a highly damaging corporate governance scandal - is partly aimed at encouraging activist shareholders to exit, sources with knowledge of the matter have said. A break-up would run counter to calls by some shareholders for scandal-ridden Toshiba to be taken private but its strategic review committee said that option had raised concerns internally about its impact on business and the retention of staff. Private equity firms had also conveyed concerns about completing a deal due to possible conflict with Japan's national security law and potential opposition from anti-trust regulators, it added. Chief Executive Satoshi Tsunakawa said Toshiba would have chosen the option to split regardless of the presence of activist shareholders and that Japan's powerful trade ministry had not voiced any objections to the plan. "The decision allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures," the company said in a statement. Toshiba's announcement come just days after General Electric Co unveiled plans to split three ways - also marking the end of another pioneering conglomerate with more than 100 years of history. Returns for shareholders Toshiba hopes to complete the reorganisation by the second half of the 2023 financial year and said it aimed to return around 100 billion yen ($875 million) to shareholders over the next two financial years. It also said it intended to "monetize" its shares in Kioxia, returning the net proceeds in full to shareholders as soon as practicable. But it did not elaborate on whether that meant it was still keen on an IPO or would be considering other options. Other assets that will be continued to be held by Toshiba include its stake in Toshiba Tec Corp, a maker of printing and retail information systems. Some Toshiba investors are not convinced that a break-up would create value, shareholder sources said ahead of a formal announcement of the plan. "It makes sense to split if the valuation of a highly competitive business is hindered by other businesses," said Fumio Matsumoto, chief strategist at Okasan Securities. "But if there isn't such a business, the break-up just creates three lacklustre midsize companies." The once-storied 146-year old conglomerate has lurched from crisis to crisis since an accounting scandal in 2015. Two years later, it secured a $5.4 billion cash injection from 30-plus overseas investors that helped avoid a delisting but brought in activist shareholders including Elliott Management, Third Point and Farallon. Tension between Toshiba management and overseas shareholders has dominated headlines since then and in June, an explosive shareholder-commissioned investigation concluded that Toshiba colluded with Japan's trade ministry to block investors from gaining influence at last year's shareholders meeting. Earlier on Friday, Toshiba released a separately commissioned report that found executives including its former CEO had behaved unethically but not illegally. It concluded that Toshiba was overly dependent on the trade ministry, adding that problems were also caused by its "excessive cautiousness towards foreign investment funds" and "its lack of willingness to develop a sound relationship with them." Shares of Toshiba are down 1.3 per cent since November 8, when it first flagged it might be considering a split. Its Frankfurt-listed shares fell 4 per cent at the open on Friday and are down 5.8 per cent since November 8. Recovering from a slump due to the COVID-19 pandemic, Toshiba reported second-quarter operating profit roughly doubled to 30.4 billion yen.

Toshiba says it plans to split into three firms, rejects calls to go private

India's online beauty, cosmetics and wellness e-commerce company Nykaa opened to a blockbuster valuation on Wednesday after it floated its initial public offering (IPO).

Nykaa's shares surged 89 per cent on Wednesday to Rs 2,129 after it opened at Rs 2,018 in pre-trade. Last week the company had offered bids worth $32.55 billion as the market lapped it up and it was oversubscribed nearly 82 times.

<a href="https://www.wionews.com/world/jeff-bezos-reclaims-worlds-richest-person-title-by-overtaking-elon-musk-364274">Also Read:&nbsp;Jeff Bezos reclaims world's richest person title by overtaking Elon Musk</a>

The new online product is targeted at the tech-savvy Indian women who are active on the net and mostly buy products online. The company also began selling clothes and household products in a bid to increase its portfolio for customers.&nbsp;India's new internet giant was widely accepted by Indians with top-line celebrities endorsing the brand.

<a href="https://www.wionews.com/business-economy/ex-teacher-who-became-one-of-the-worlds-richest-is-not-even-a-billionaire-now-400745">Also Read:&nbsp;Ex-teacher who became one of the world's richest is not even a billionaire now</a> 
&nbsp;&nbsp; 
The massive opening made Nykaa’s founder and chief executive Falguni Nayar, 58, India's richest self-made woman&nbsp;billionaire. According to Bloomberg, Falguni Nayar's net worth rose $6.5 billion.

Nykaa's boss had left Kotak Investment Banking back in 2012. Nayar passed out from the Indian Institute of Management (IIM), Ahmedabad.

<a href="https://www.wionews.com/world/richest-1-per-cent-of-americans-now-own-more-wealth-than-the-entire-middle-class-419838">Also Read:&nbsp;Richest 1 per cent of Americans now own more wealth than the entire middle class</a>

Reports say Nayar is now the only woman to lead the country's newest unicorn as her net worth zoomed.&nbsp;

As the company's shares shot up in the first five minutes of trade, Nayar said: "I hope the Nykaa journey -&nbsp;an Indian-born, Indian-owned and Indian-managed dream-come-true -&nbsp;can inspire each of you."

Nayar along with her husband and twin children own half of the Nykaa shares even as the company has increased its sales by 35 per cent to $330 million this year, according to Bloomberg. Her son and daughter manage different units of the company.

(With inputs from Agencies)

India's online beauty, cosmetics and wellness e-commerce company Nykaa opened to a blockbuster valuation on Wednesday after it floated its initial public offering (IPO).

India's online beauty, cosmetics and wellness e-commerce company Nykaa opened to a blockbuster valuation on Wednesday after it floated its initial public offering (IPO). Nykaa's shares surged 89 per cent on Wednesday to Rs 2,129 after it opened at Rs 2,018 in pre-trade. Last week the company had offered bids worth $32.55 billion as the market lapped it up and it was oversubscribed nearly 82 times. Also Read: Jeff Bezos reclaims world's richest person title by overtaking Elon Musk The new online product is targeted at the tech-savvy Indian women who are active on the net and mostly buy products online. The company also began selling clothes and household products in a bid to increase its portfolio for customers. India's new internet giant was widely accepted by Indians with top-line celebrities endorsing the brand. Also Read: Ex-teacher who became one of the world's richest is not even a billionaire now The massive opening made Nykaa’s founder and chief executive Falguni Nayar, 58, India's richest self-made woman billionaire. According to Bloomberg, Falguni Nayar's net worth rose $6.5 billion. Nykaa's boss had left Kotak Investment Banking back in 2012. Nayar passed out from the Indian Institute of Management (IIM), Ahmedabad. Also Read: Richest 1 per cent of Americans now own more wealth than the entire middle class Reports say Nayar is now the only woman to lead the country's newest unicorn as her net worth zoomed. As the company's shares shot up in the first five minutes of trade, Nayar said: "I hope the Nykaa journey - an Indian-born, Indian-owned and Indian-managed dream-come-true - can inspire each of you." Nayar along with her husband and twin children own half of the Nykaa shares even as the company has increased its sales by 35 per cent to $330 million this year, according to Bloomberg. Her son and daughter manage different units of the company. (With inputs from Agencies)

Meet Nykaa's Falguni Nayar, India's richest self-made woman billionaire after blockbuster IPO

The popular trading app Robinhood announced Monday that millions of its users had their personal information exposed in a data breach.

World Business Watch: Robinhood app hit by data breach exposing email of 5 million customers

Japan's real wages declined in September for the first time in three months as inflation picked up faster than growth in nominal pay.

World Business Watch: Japan's September real wages fell for first time in 3 months as inflation bites

The economy is on a recovery path in India's ride-hailing industry, which was hit by the COVID-19 pandemic last year. WION speaks to Prabhjeet Singh, Uber India & South Asia President to get more insights on the matter.

World Business Watch: Economic recovery visible in India's ride-hailing industry

As excitement for cryptocurrency adoption and fears about inflation lend support to the asset class, Bitcoin and ether made record peaks in Asia trade on Tuesday.

World Business Watch: Bitcoin, Ethereum hit new record high, other cryptocurrencies also surge

General&nbsp;Electric&nbsp;said on Tuesday&nbsp;it would spilt into three public companies, as the storied US&nbsp;industrial conglomerate seeks to streamline its business, pare down debt and breathe life into a share price battered over several years.

The split marks the end of the 129-year-old conglomerate that was once the most valuable US&nbsp;corporation and a global symbol of American business power.

The ambitious move drove an 8.2 per cent&nbsp;rise in GE shares in premarket trading.

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GE has faced investor skepticism about its ability to turn a corner since the 2008 financial crisis, while struggling with rising debt. The company was also removed from the Dow Jones Industrial Average in 2018 following years of sliding valuation.

The Boston-based company said the three divisions would focus on energy, healthcare and aviation. It will combine GE Renewable Energy, GE Power, and GE Digital and spin-off the business in early 2024.

GE will also separate the healthcare company, in which it expects to retain a stake of 19.9 per cent, in early 2023.

<a href="https://www.wionews.com/science/nuclear-powered-spacecrafts-are-on-the-way-blue-origin-general-electric-roped-in-by-nasa-398058">Also read |&nbsp;Nuclear-powered spacecrafts are on the way: Blue Origin, General Electric roped in by NASA</a>

Following the split, it will become an aviation company, which will be helmed by Chief Executive Officer Lawrence Culp.

"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value," Culp said in a statement.

Scott Strazik will head the combined Renewable Energy, Power and Digital business and Peter Arduini will lead GE Healthcare, the company said in a statement.

General Electric said on Tuesday it would spilt into three public companies, as the storied US industrial conglomerate seeks to streamline its business, pare down debt and breathe life into a share price battered over several years.

General Electric said on Tuesday it would spilt into three public companies, as the storied US industrial conglomerate seeks to streamline its business, pare down debt and breathe life into a share price battered over several years. The split marks the end of the 129-year-old conglomerate that was once the most valuable US corporation and a global symbol of American business power. The ambitious move drove an 8.2 per cent rise in GE shares in premarket trading. GE has faced investor skepticism about its ability to turn a corner since the 2008 financial crisis, while struggling with rising debt. The company was also removed from the Dow Jones Industrial Average in 2018 following years of sliding valuation. The Boston-based company said the three divisions would focus on energy, healthcare and aviation. It will combine GE Renewable Energy, GE Power, and GE Digital and spin-off the business in early 2024. GE will also separate the healthcare company, in which it expects to retain a stake of 19.9 per cent, in early 2023. Also read | Nuclear-powered spacecrafts are on the way: Blue Origin, General Electric roped in by NASA Following the split, it will become an aviation company, which will be helmed by Chief Executive Officer Lawrence Culp. "By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value," Culp said in a statement. Scott Strazik will head the combined Renewable Energy, Power and Digital business and Peter Arduini will lead GE Healthcare, the company said in a statement.

General Electric to split into three companies; shares jump 15%

Already a front-runner in developing central bank digital currencies (CBDC), China on Tuesday said that it will continue to develop digital yuan (eCNY) and improve its design. Yi Gang, Governor of People's Bank of China made a statement to this effect. He was addressing a Bank of Finland event via video conferencing

"Going forward, we will continue to prudently advance R&amp;D of eCNY, improve its design and use," said Yi Gang.

China is already testing digital yuan in major cities like Shenzhen, Beijing and Shanghai. However, no timetable for its official rollout has been set.

Also Read | <a href="https://www.wionews.com/business-economy/chinese-property-developer-kaisa-misses-payment-worrying-investors-426713">Chinese property developer Kaisa misses payment, worrying investors</a>

China will improve eCNY's privacy protection and anti-counterfeiting feature and increase its interoperability with existing payments tools, Yi Gang said.

China will test eCNY's impact on its monetary policy and financial markets, he added.

Yi also said eCNY aims to meet the need of domestic retail payments as cross-border digital payments involve more complicated issues, such as anti-money laundering.

(With inputs from agencies)

Already a front-runner in developing central bank digital currencies (CBDC), China on Tuesday said that it will continue to develop digital yuan (eCNY) and improve its design.

Already a front-runner in developing central bank digital currencies (CBDC), China on Tuesday said that it will continue to develop digital yuan (eCNY) and improve its design. Yi Gang, Governor of People's Bank of China made a statement to this effect. He was addressing a Bank of Finland event via video conferencing "Going forward, we will continue to prudently advance R&D of eCNY, improve its design and use," said Yi Gang. China is already testing digital yuan in major cities like Shenzhen, Beijing and Shanghai. However, no timetable for its official rollout has been set. Also Read | Chinese property developer Kaisa misses payment, worrying investors China will improve eCNY's privacy protection and anti-counterfeiting feature and increase its interoperability with existing payments tools, Yi Gang said. China will test eCNY's impact on its monetary policy and financial markets, he added. Yi also said eCNY aims to meet the need of domestic retail payments as cross-border digital payments involve more complicated issues, such as anti-money laundering. (With inputs from agencies)

China to continue developing digital yuan, says central bank governor

Protests against price rise continue to haunt Imran Khan's government. Pakistan's economic intelligence unit has said that inflation will rise for the next half year in the country.

Pakistan: Protests against skyrocketing prices, opposition slams PM Imran Khan

According to reports, Japan will create a scheme to subsidise the construction of domestic chip factories with a new plant planned by Taiwan's TSMC likely to be the first recipient.

World Business Watch: Japan to create scheme to subsidise domestic chip output

After lifting travel restrictions for much of the world's population first imposed in early 2020 to address the spread of COVID-19, the United States is expecting a flood of international visitors crossing its borders by air and by land on Monday.

World Business Watch: US braces for surge of vaccinated international travellers

It's been five years since the government took the decision to phase out high-denomination currency notes all at once.&nbsp;

Prime Minister Narendra Modi launched the demonetisation proposal at 8 p.m. on November 8, 2016, in a televised address, with the goal of addressing four issues: Terror financing, counterfeit currency printing, black money, and corruption.&nbsp;

From midnight on November 8, 2016, the Rs 500 and Rs 1,000 currency notes ceased to be legal tender as a result of the demonetisation exercise.&nbsp;

During this time, the economy has seen various highs and lows.The rise in digital payments has been the most significant.&nbsp;

Although digital payments have grown modestly in recent years, both in terms of value and volume across nations, according to an RBI research on digital payments, the data shows that the currency in circulation to GDP ratio has increased in lockstep with overall economic development.&nbsp;

According to official data, there has been an increase in digital payments via various channels, including plastic cards, online banking, and the Unified Payments Interface.

The National Payments Corporation of India (NPCI)'s Payments Interface (UPI) is quickly becoming a prominent mode of payment in India.

If we look at the rise of digital transactions since demonetisation, we can see that it has skyrocketed.&nbsp;

<img alt="digital transactions" data-entity-type="file" data-entity-uuid="046acdce-5d61-4cd5-9511-5eece9ff8144" src="//cdn.wionews.com/sites/default/files/inline-images/UPI.JPG" />

Following demonetisation, the overall number of counterfeit notes found dropped dramatically. With fewer counterfeit notes on the market, the potential for terror financing and funding left-wing extremist groups is substantially diminished.&nbsp;

<img alt="counterfeit notes" data-entity-type="file" data-entity-uuid="a0d413ae-f185-4daa-9dd5-66dcfc5c0ee6" src="//cdn.wionews.com/sites/default/files/inline-images/counterfiet-note.JPG" />

Demonetisation has also reduced India's reliance on cash.

There were Rs. 16.41 trillion worth of notes in circulation at the end of the financial year 2015-16, representing a YoY increase of 14.51 per cent over 2014-15.

By the end of 2020-21, the total value of notes in circulation will have risen to Rs.32.62 trillion.

However, by the end of 2021, it had dropped to Rs.28.26 trillion.

<img alt="bank-note" data-entity-type="file" data-entity-uuid="a0ae5439-392c-4644-bcea-8786f810621a" src="//cdn.wionews.com/sites/default/files/inline-images/bank-note.JPG" /> 
 
However, the government's surprise move to demonetise two high-denomination currencies five years ago resulted in huge lines outside banks to exchange or deposit the demonetised notes.

The government's decision impacted several sections of the economy, particularly the unorganised sector.&nbsp; 
 
(With inputs from agencies)

It's been five years since the government took the decision to phase out high-denomination currency notes all at once. Prime Minister Narendra Modi launched the demonetisation proposal at 8 p.

It's been five years since the government took the decision to phase out high-denomination currency notes all at once. Prime Minister Narendra Modi launched the demonetisation proposal at 8 p.m. on November 8, 2016, in a televised address, with the goal of addressing four issues: Terror financing, counterfeit currency printing, black money, and corruption. From midnight on November 8, 2016, the Rs 500 and Rs 1,000 currency notes ceased to be legal tender as a result of the demonetisation exercise. During this time, the economy has seen various highs and lows.The rise in digital payments has been the most significant. Although digital payments have grown modestly in recent years, both in terms of value and volume across nations, according to an RBI research on digital payments, the data shows that the currency in circulation to GDP ratio has increased in lockstep with overall economic development. According to official data, there has been an increase in digital payments via various channels, including plastic cards, online banking, and the Unified Payments Interface. The National Payments Corporation of India (NPCI)'s Payments Interface (UPI) is quickly becoming a prominent mode of payment in India. If we look at the rise of digital transactions since demonetisation, we can see that it has skyrocketed. Following demonetisation, the overall number of counterfeit notes found dropped dramatically. With fewer counterfeit notes on the market, the potential for terror financing and funding left-wing extremist groups is substantially diminished. Demonetisation has also reduced India's reliance on cash. There were Rs. 16.41 trillion worth of notes in circulation at the end of the financial year 2015-16, representing a YoY increase of 14.51 per cent over 2014-15. By the end of 2020-21, the total value of notes in circulation will have risen to Rs.32.62 trillion. However, by the end of 2021, it had dropped to Rs.28.26 trillion. However, the government's surprise move to demonetise two high-denomination currencies five years ago resulted in huge lines outside banks to exchange or deposit the demonetised notes. The government's decision impacted several sections of the economy, particularly the unorganised sector. (With inputs from agencies)

Five years of demonetisation: What has changed in the Indian economy? 

China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from&nbsp;December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change,&nbsp;Taiwan News reported on November 3.

According to the Hong Kong-based online news portal HK01, 32 nations would remove China from their trade preference lists of recipients of duty-free tariff treatment of certain items. The reports cited&nbsp;a statement recently made by the General Administration of Customs of China (GACC).&nbsp; 
 
Watch | Gravitas: A $8 trillion debt time bomb that China hid

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However, the GACC praised the action as "an acknowledgement by other advanced economies that China no longer belongs in the category of low-income and lower-middle-income nations, and that Chinese products are competitive enough in the market to require no protection."&nbsp; 
 
<a href="https://www.wionews.com/world/china-opposes-us-revocation-of-china-telecom-licence-426306">Also read | China opposes US revocation of China Telecom licence</a>

China has been accorded preferential treatment since 1978, and more than 40 nations have provided or continue to offer it duty-free status on some goods. 
 
Watch | Concerns continue to loom over Chinese Evergrande group

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/concerns-continue-to-loom-over-chinese-evergrande-group-423723/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

China will no longer be eligible for GSP trade benefits from 27 EU nations, the United Kingdom, Canada, Turkey, Ukraine, and Liechtenstein as of December 1, leaving the country with only three options: Norway, New Zealand, and Australia.&nbsp;

China's low-margin, labour-intensive industries would be the hardest hit, potentially hastening the movement of manufacturing from China to other developing countries.

(With inputs from agencies)

China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change, Taiwan News reported on November 3.

China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change, Taiwan News reported on November 3. According to the Hong Kong-based online news portal HK01, 32 nations would remove China from their trade preference lists of recipients of duty-free tariff treatment of certain items. The reports cited a statement recently made by the General Administration of Customs of China (GACC). Watch | Gravitas: A $8 trillion debt time bomb that China hid However, the GACC praised the action as "an acknowledgement by other advanced economies that China no longer belongs in the category of low-income and lower-middle-income nations, and that Chinese products are competitive enough in the market to require no protection." Also read | China opposes US revocation of China Telecom licence China has been accorded preferential treatment since 1978, and more than 40 nations have provided or continue to offer it duty-free status on some goods. Watch | Concerns continue to loom over Chinese Evergrande group China will no longer be eligible for GSP trade benefits from 27 EU nations, the United Kingdom, Canada, Turkey, Ukraine, and Liechtenstein as of December 1, leaving the country with only three options: Norway, New Zealand, and Australia. China's low-margin, labour-intensive industries would be the hardest hit, potentially hastening the movement of manufacturing from China to other developing countries. (With inputs from agencies)

32 nations to remove China from preferential tariff treatment on December 1 

Japan government has agreed to provide cash payout of about $880 to all children as part of an economic stimulus plan aimed at blunting the impact of the COVID-19 pandemic.

World Business Watch: Japan to provide $880 cash payout to minors as part of stimulus

Qantas Airways has said that it had taken nearly 500,000 domestic bookings in the past two weeks as states begin to open their borders, versus around 20,000 in a two-week period in August when parts of the country were locked down.

World Business Watch: Qantas reports surge in domestic bookings as state borders open

Kaisa and three of its units had their shares suspended from trading on Friday, a day after an affiliate missed a payment to onshore investors as China's snowballing property debt crisis jolts other developers.

World Business Watch: Kaisa, units trading suspended as debt crisis routs Chinese developers' shares

OPEC and its allies agreed to stick to plans to raise oil output by 400,000 barrels per day from December, despite calls from the United States for extra supply to cool rising prices.

World Business Watch: OPEC+ rebuffs US calls for speedier oil output increases