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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.

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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.

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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.

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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.

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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.

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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.

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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

Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company.

This has come amid concerns over health of China's real estate market in light of Evergrande crisis.

Kaisa, the Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades.

It said it was raising funds to ease the pressure by measures including speeding up asset sales. It is ranked as the 25th largest developer in the country by home sales.

Kaisa has the most offshore debt coming due over the next year of any Chinese developer after embattled China Evergrande Group, which is reeling under more than $300 billion in liabilities.

The worsening health of China's $5 trillion property sector, a major economic growth driver, is testing Beijing's resolve to press on with painful structural reforms such as reducing high debt levels in the sector.

Shenzhen regulators will hold a meeting on Friday to discuss liquidity issues at Kaisa and its peer Fantasia, local media Cailianshe reported. Fantasia had defaulted on an offshore bond tranche last month.

Fantasia and Kaisa declined to comment. The Shenzhen central sub-branch of People's Bank of China (PBOC) could not be reached for comment.

Kaisa senior management including group chairman Kwok Ying Ching spoke to WMP investors in a meeting on Thursday, the developer's statement said, to discuss payment solutions.

Two investors told Reuters that Kaisa said during the meeting it has a total outstanding 12.79 billion yuan ($2.00 billion) in principal and interest, and it plans to pay it back gradually. But investors have pushed back strongly, they added.

Kaisa did not immediately respond to Reuters questions about its repayment plan.

(With inputs from agencies) 
&nbsp;

Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company.

Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company. This has come amid concerns over health of China's real estate market in light of Evergrande crisis. Kaisa, the Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades. It said it was raising funds to ease the pressure by measures including speeding up asset sales. It is ranked as the 25th largest developer in the country by home sales. Kaisa has the most offshore debt coming due over the next year of any Chinese developer after embattled China Evergrande Group, which is reeling under more than $300 billion in liabilities. The worsening health of China's $5 trillion property sector, a major economic growth driver, is testing Beijing's resolve to press on with painful structural reforms such as reducing high debt levels in the sector. Shenzhen regulators will hold a meeting on Friday to discuss liquidity issues at Kaisa and its peer Fantasia, local media Cailianshe reported. Fantasia had defaulted on an offshore bond tranche last month. Fantasia and Kaisa declined to comment. The Shenzhen central sub-branch of People's Bank of China (PBOC) could not be reached for comment. Kaisa senior management including group chairman Kwok Ying Ching spoke to WMP investors in a meeting on Thursday, the developer's statement said, to discuss payment solutions. Two investors told Reuters that Kaisa said during the meeting it has a total outstanding 12.79 billion yuan ($2.00 billion) in principal and interest, and it plans to pay it back gradually. But investors have pushed back strongly, they added. Kaisa did not immediately respond to Reuters questions about its repayment plan. (With inputs from agencies)

Chinese property developer Kaisa misses payment, worrying investors

Chip designer Advanced Micro Devices (AMD) has been able to skirt most of the problems linked with the global chip supply shortage by forecasting demand years in advance.

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According to polls, Indonesia's economic growth is expected to have slowed significantly in the third quarter as restrictions imposed to prevent the spread of the Coronavirus Delta variant put the brakes on a nascent recovery.

Poll: Indonesia's GDP growth set to slow in Q3 as COVID-19 curbs bite

The United States' Federal Aviation Administration said that it had issued a special information bulletin alerting manufacturers, operators and pilots that action may be needed to address potential interference with sensitive aircraft electronics caused by the use of 5G telecommunications technology.

US aviation regulator warns of potential interference from 5G spectrum plan

Putting pressure on policymakers ahead of the last monetary policy meeting of the year South Korea's consumer inflation accelerated to a near 10-year peak in October on higher costs of oil products, housing rentals and outdoor dining.

South Korea inflation hits near decade-high, raising rate hike bets

India's leading car makers Maruti Suzuki and Hyundai have witnessed a double digit drop in sales in the month of October due to global chip shortage.

October auto sales in India stay in the slow lane due to chip shortage

The Chinese government has told families to keep daily necessities in stock in case of emergencies, after COVID-19 outbreaks and unusually heavy rains that caused a surge in vegetable prices raised concerns about supply shortages.

China urges families to keep stocks of daily necessities ahead of winter

French President Emmanuel Macron said he was postponing planned trade sanctions on Britain so that negotiators from both sides could work on new proposals to defuse their dispute over post-Brexit fishing rights.

France postpones fishing row sanctions, Britain welcomes the decision

Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4.

Crude oil prices fall after China releases petroleum reserves

Asia's manufacturing activity has grown in the month of October as emerging economies saw COVID-19 infections subside, but rising input costs, material shortages, and slowing Chinese growth cloud the outlook.

Asian factories shake off lockdown blues, now face supply headaches