Not surprisingly, traditional offices appear to have been radically altered by the pandemic, perhaps forever.

According to Grant Christofely, North American associate director of workplace strategy at M Moser Associates, a workplace design company, some organizations still design their offices the same way they did 50 to 70 years ago: static, inflexible spaces where employees perform individual, task-oriented work more than eight hours a day.

"But that’s not how works gets done, how you make money today," he said. "You make money from ideas being exchanged. And technology has had a huge impact on the way people work, the way ideas are exchanged. The way ideas were exchanged was changing before the pandemic — people are realizing that the time to change is now."

For example, M Moser’s 10,000-square-foot Manhattan headquarters in the Woolworth Building was designed in 2018 and revamped in 2020 to create a healthier workplace. Employees do not have assigned seats but rather choose a place to work every morning. Instead of sitting at desks, they sit at mobile tables; their portable electronic equipment is powered by portable battery packs.

The firm’s headquarters have been open, with limited capacity, since June 2020; its flexible workspace enabled it to adapt quickly when it reopened.

Similarly, M Moser’s new "living lab" for its offices in Shenzhen, China, offers diverse work settings and choices, as well as a virtual meeting device with real-time connection but no advance booking requirement.

Christofely said he believes companies "must move the dial on how much space is dedicated to individual versus collaborative work. The social aspect of work is one of the most important parts of the physical workplace." His firm’s "more progressive" clients are dramatically reducing individual workspaces from 70% of the total to 30%, with 70% now collaborative; at least one client is dedicating only 10% of its workspaces to individuals.

And M Moser, of course, is not the only firm envisioning a flexible office environment.

John Harrison, design director of the Houston office of Gensler, an architectural firm, believes "the biggest shift in the post-pandemic workplace will be the radical change in flexibility. People’s behavioral habits are going to be different. The physical office must accommodate that in a forward-thinking, creative way," he said. What will emerge will be "a blended workforce where some people will work from home, some in the office on certain days," he added.

Eric Gannon, the workplace studio leader for Gensler’s Chicago office, warned: "If we don’t give them a reason to commute in, they’ll return to their basement to do their work."

To make offices attractive to those who choose to work there either occasionally or full time — rather than at home — companies are creating spaces for employees to socialize and meet, either in person or virtually.

For the headquarters in London’s Chiswick Business Park of pladis, a global confectionary company whose brands include McVities and Godiva, Gensler created what it calls a "heart space, bakery meets hotel." This contains an open kitchen and ovens as well as a digital screen that links to pladis’ bakeries in Carlisle, England. The company says this screen celebrates bakers’ key role and shows the process behind its products. Its headquarters opened in June.

Lois Wellwood, global interiors practice leader of the architecture firm Skidmore, Owings &amp; Merrill, known as SOM, said that before the pandemic, "the workplace tended to migrate to one-size-fits-all. There is now the opportunity to start thinking about a return to the office that’s authentic to the organization. People are better supported when things are movable and changeable, with more options for places to work throughout the day. In doing so, the workplace becomes more adaptable, elastic and responsive to what individuals and teams are doing."

For a 95,000-square-foot tech company office in the Grace Building in midtown Manhattan, SOM created what it describes as a "city within a building." This includes a stairwell that ascends into the office’s atrium and acts as its central nervous system.

A media wall spans all three of the company’s floors and can be used for companywide Zoom sessions and to display other information to employees around the world. The office also contains a combined reception, living room, cafe and pantry at its entrance; work areas are open plan, allowing employees to decide when and how they want to work. There is also a wellness room for employees with newborns, as well as a shower for those who bike or skateboard to work.

SOM’S Central Place project in Sydney, scheduled to be completed in 2028, will encompass 1,620,000 square feet of office and retail space and create a workplace environment closely tied to nature, with multiple terraces and a facade designed to minimize interior solar heat gain.

For its clients, the firm further recommends what it calls the "anti-anxiety office entry." This would entail redesigning an office building’s lobby so it contains "breathable and easily navigable spaces (so) we can choreograph the arrival experience to reduce crowding," according to a document titled "10 Ideas for Post-Pandemic Design." "Employees and visitors, messengers and deliveries and people arriving by foot or by bike, each will have a clear and dedicated arrival path." SOM also recommends that this entry contains "more generously planned bicycle facilities," as well as showers and locker storage.

Similarly, a 13,000-square-foot New York office — currently being designed by Gensler for the Rizzo Group, a building code consulting firm, scheduled to open in February 2022 — will place a major focus on wellness and well-being. Its outdoor space, which has tables and seats for meetings, will be as large as its indoor space, maximizing employees’ access to the elements year-round.

Composting collected from bins in the pantry will fuel gardens on the terrace, where vegetables and herbs will be grown for employee consumption; bike storage also will be available on the terrace for the company’s commuter bikers. There will be an "everyone sponsors a plant" initiative in the office’s central cafe; each employee will be responsible for an individual plant’s upkeep, including watering. And the cafe’s location will be based on sun studies, offering the best, most consistent and longest-lasting light in the office.

For the 330 North Green Street in Chicago, for which ground will be broken soon, SOM has designed a southern facade that is set back to create what it calls "the porch," a gathering area with retractable doors, lounge, workspaces, fireplaces and an outdoor fitness area and paddle courts, to be used when temperatures allow.

So why are companies going to such lengths? Robin Klehr Avia, New York-based regional managing principal for Gensler, said she believes there is a "war for talent" going on now among employers. She said companies of all sorts and sizes — ranging from ad agencies and small financial firms to consulting and media companies and nonprofit organizations — are asking their employees when, where and how they want to work, hoping to make themselves attractive to them as well as to prospective employees. "Employees can script their own workplace experience — it’s not one size fits all," she said.

Gensler’s clients outside the United States also are looking for flexibility, fresh air and daylight, Avia added, noting that "the best designs are flexible and fluid."

She said no one knows if the changes being instituted will be short-term and temporary or permanent.

"The biggest challenge," she suggested, "is that the office environment is continually evolving. We cannot return to business as usual. It’s a transition time for companies and employees — they have to be patient with the evolution."

Not surprisingly, traditional offices appear to have been radically altered by the pandemic, perhaps forever. According to Grant Christofely, North American associate director of workplace strategy at M Moser Associates, a workplace design company, some organizations still design their offices the same way they did 50 to 70 years ago: static, inflexible spaces where employees perform individual, task-oriented work more than eight hours a day.

Not surprisingly, traditional offices appear to have been radically altered by the pandemic, perhaps forever. According to Grant Christofely, North American associate director of workplace strategy at M Moser Associates, a workplace design company, some organizations still design their offices the same way they did 50 to 70 years ago: static, inflexible spaces where employees perform individual, task-oriented work more than eight hours a day. "But that’s not how works gets done, how you make money today," he said. "You make money from ideas being exchanged. And technology has had a huge impact on the way people work, the way ideas are exchanged. The way ideas were exchanged was changing before the pandemic — people are realizing that the time to change is now." For example, M Moser’s 10,000-square-foot Manhattan headquarters in the Woolworth Building was designed in 2018 and revamped in 2020 to create a healthier workplace. Employees do not have assigned seats but rather choose a place to work every morning. Instead of sitting at desks, they sit at mobile tables; their portable electronic equipment is powered by portable battery packs. The firm’s headquarters have been open, with limited capacity, since June 2020; its flexible workspace enabled it to adapt quickly when it reopened. Similarly, M Moser’s new "living lab" for its offices in Shenzhen, China, offers diverse work settings and choices, as well as a virtual meeting device with real-time connection but no advance booking requirement. Christofely said he believes companies "must move the dial on how much space is dedicated to individual versus collaborative work. The social aspect of work is one of the most important parts of the physical workplace." His firm’s "more progressive" clients are dramatically reducing individual workspaces from 70% of the total to 30%, with 70% now collaborative; at least one client is dedicating only 10% of its workspaces to individuals. And M Moser, of course, is not the only firm envisioning a flexible office environment. John Harrison, design director of the Houston office of Gensler, an architectural firm, believes "the biggest shift in the post-pandemic workplace will be the radical change in flexibility. People’s behavioral habits are going to be different. The physical office must accommodate that in a forward-thinking, creative way," he said. What will emerge will be "a blended workforce where some people will work from home, some in the office on certain days," he added. Eric Gannon, the workplace studio leader for Gensler’s Chicago office, warned: "If we don’t give them a reason to commute in, they’ll return to their basement to do their work." To make offices attractive to those who choose to work there either occasionally or full time — rather than at home — companies are creating spaces for employees to socialize and meet, either in person or virtually. For the headquarters in London’s Chiswick Business Park of pladis, a global confectionary company whose brands include McVities and Godiva, Gensler created what it calls a "heart space, bakery meets hotel." This contains an open kitchen and ovens as well as a digital screen that links to pladis’ bakeries in Carlisle, England. The company says this screen celebrates bakers’ key role and shows the process behind its products. Its headquarters opened in June. Lois Wellwood, global interiors practice leader of the architecture firm Skidmore, Owings & Merrill, known as SOM, said that before the pandemic, "the workplace tended to migrate to one-size-fits-all. There is now the opportunity to start thinking about a return to the office that’s authentic to the organization. People are better supported when things are movable and changeable, with more options for places to work throughout the day. In doing so, the workplace becomes more adaptable, elastic and responsive to what individuals and teams are doing." For a 95,000-square-foot tech company office in the Grace Building in midtown Manhattan, SOM created what it describes as a "city within a building." This includes a stairwell that ascends into the office’s atrium and acts as its central nervous system. A media wall spans all three of the company’s floors and can be used for companywide Zoom sessions and to display other information to employees around the world. The office also contains a combined reception, living room, cafe and pantry at its entrance; work areas are open plan, allowing employees to decide when and how they want to work. There is also a wellness room for employees with newborns, as well as a shower for those who bike or skateboard to work. SOM’S Central Place project in Sydney, scheduled to be completed in 2028, will encompass 1,620,000 square feet of office and retail space and create a workplace environment closely tied to nature, with multiple terraces and a facade designed to minimize interior solar heat gain. For its clients, the firm further recommends what it calls the "anti-anxiety office entry." This would entail redesigning an office building’s lobby so it contains "breathable and easily navigable spaces (so) we can choreograph the arrival experience to reduce crowding," according to a document titled "10 Ideas for Post-Pandemic Design." "Employees and visitors, messengers and deliveries and people arriving by foot or by bike, each will have a clear and dedicated arrival path." SOM also recommends that this entry contains "more generously planned bicycle facilities," as well as showers and locker storage. Similarly, a 13,000-square-foot New York office — currently being designed by Gensler for the Rizzo Group, a building code consulting firm, scheduled to open in February 2022 — will place a major focus on wellness and well-being. Its outdoor space, which has tables and seats for meetings, will be as large as its indoor space, maximizing employees’ access to the elements year-round. Composting collected from bins in the pantry will fuel gardens on the terrace, where vegetables and herbs will be grown for employee consumption; bike storage also will be available on the terrace for the company’s commuter bikers. There will be an "everyone sponsors a plant" initiative in the office’s central cafe; each employee will be responsible for an individual plant’s upkeep, including watering. And the cafe’s location will be based on sun studies, offering the best, most consistent and longest-lasting light in the office. For the 330 North Green Street in Chicago, for which ground will be broken soon, SOM has designed a southern facade that is set back to create what it calls "the porch," a gathering area with retractable doors, lounge, workspaces, fireplaces and an outdoor fitness area and paddle courts, to be used when temperatures allow. So why are companies going to such lengths? Robin Klehr Avia, New York-based regional managing principal for Gensler, said she believes there is a "war for talent" going on now among employers. She said companies of all sorts and sizes — ranging from ad agencies and small financial firms to consulting and media companies and nonprofit organizations — are asking their employees when, where and how they want to work, hoping to make themselves attractive to them as well as to prospective employees. "Employees can script their own workplace experience — it’s not one size fits all," she said. Gensler’s clients outside the United States also are looking for flexibility, fresh air and daylight, Avia added, noting that "the best designs are flexible and fluid." She said no one knows if the changes being instituted will be short-term and temporary or permanent. "The biggest challenge," she suggested, "is that the office environment is continually evolving. We cannot return to business as usual. It’s a transition time for companies and employees — they have to be patient with the evolution."

One size doesn’t fit all: Employees’ needs are changing workspaces

Tesla Inc has urged Prime Minister Narendra Modi’s office to slash import taxes on electric vehicles before it enters the Indian market. Car makar, who wants to begin selling imported cars in India this year, says taxes in the country are among the highest in the world.

Tesla urges India to cut import taxes on electric vehicles

In the latest blow to the developer whose massive debt woes have rattled global markets, shares of China Evergrande group slid as much as 14% today morning after a deal to sell a $2.6 billion stake in its property services unit fell through.

Shares of China Evergrande group slid as much as 14%

Chinese property giant Evergrande's shares plunged Thursday after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world's second-largest economy.

Evergrande had suspended trading on October 4 pending an announcement on a "major transaction" as it struggled with some $300 billion of debt -- with investors worried about the potential fallout from its predicament.

On Thursday, shares dropped more than 10 per cent as it ended its two-week halt.

A deal worth HK$20.04 billion (US$2.58 billion) to sell a 50.1 per cent stake in its property services arm had fallen through, it said in a statement Wednesday, when it announced it would resume trading.

The buyer in talks with Evergrande was a unit under Hong Kong real estate firm Hopson Development Holdings, which said in a stock market filing it "regrets to announce that the vendor has failed to complete the sale".

Hopson shares rose five per cent on Thursday as Evergrande Property Services stock tumbled.

Evergrande said it would continue to implement measures to ease its liquidity issues, cautioning that "there is no guarantee that the group will be able to meet its financial obligations".

In a stark assessment of its current state of trading, Evergrande said it had sold only 405,000 square metres of real estate throughout September and October so far -- normally a peak period for sales.

Contracted property sales totalled just $571 million&nbsp;-- a near collapse on the 142 billion yuan it recorded in a similar period last year.

There has been no further progress on asset disposals, said the group, following the sale of a $1.5 billion stake in a regional Chinese bank in September.

The Shenzhen-based company has missed several payments on dollar-denominated bonds, and a 30-day grace period on an offshore note is up on Saturday.

Fears that Evergrande could collapse and send shockwaves through the Chinese economy have rattled buyers and markets -- even though Beijing has insisted any fallout would be containable.

"I don't think it will be a surprise to see a default (on the offshore note)," said Chen Long, partner at research firm Plenum.

"Actually, it's the other way around. It would be a surprise to see Evergrande not default."

Data this week showed China's economic growth slowed more than expected in the third quarter as the crackdown on the property sector and an energy crisis began to bite.

In a sign of the ongoing weakness, home sales by value slumped 16.9 percent year-on-year in September, following a 19.7 percent fall in August, AFP calculations based on official data showed.

China's new-home prices also fell for the first time in six years last month.

Several domestic property rivals have in recent weeks already defaulted on debts and have seen their ratings downgraded.

Hong Kong-listed Sinic Holdings became the latest to miss a payment, while mid-sized competitor Fantasia also failed to meet obligations in recent weeks.

Evergrande first listed in Hong Kong in 2009, raising HK$70.5 billion in its initial public offering -- making it China's largest private real estate company and founder Xu Jiayin the mainland's richest man at the time.

In an expansion spree, Xu -- also known as Hui Ka Yan in Cantonese -- bought the then-embattled Guangzhou football team in 2010, renaming it Guangzhou Evergrande and pouring money into world-class players and coaches.

The group diversified into various sectors, including bottled water and electric vehicles.

But Evergrande started to falter under the new "three red lines" imposed on developers in a state crackdown in August 2020 -- forcing the group to offload properties at increasingly steep discounts.

Chen said Evergrande did not start the contagion, noting that many developers had borrowed too much money and found themselves in trouble with tighter restrictions and a cooling housing market.

"Evergrande was not the first, and it's not going to be the last," he told AFP. "It just turned out to be the largest."

Chinese property giant Evergrande's shares plunged Thursday after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world's second-largest economy.

Chinese property giant Evergrande's shares plunged Thursday after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world's second-largest economy. Evergrande had suspended trading on October 4 pending an announcement on a "major transaction" as it struggled with some $300 billion of debt -- with investors worried about the potential fallout from its predicament. On Thursday, shares dropped more than 10 per cent as it ended its two-week halt. A deal worth HK$20.04 billion (US$2.58 billion) to sell a 50.1 per cent stake in its property services arm had fallen through, it said in a statement Wednesday, when it announced it would resume trading. The buyer in talks with Evergrande was a unit under Hong Kong real estate firm Hopson Development Holdings, which said in a stock market filing it "regrets to announce that the vendor has failed to complete the sale". Hopson shares rose five per cent on Thursday as Evergrande Property Services stock tumbled. Evergrande said it would continue to implement measures to ease its liquidity issues, cautioning that "there is no guarantee that the group will be able to meet its financial obligations". In a stark assessment of its current state of trading, Evergrande said it had sold only 405,000 square metres of real estate throughout September and October so far -- normally a peak period for sales. Contracted property sales totalled just $571 million -- a near collapse on the 142 billion yuan it recorded in a similar period last year. There has been no further progress on asset disposals, said the group, following the sale of a $1.5 billion stake in a regional Chinese bank in September. The Shenzhen-based company has missed several payments on dollar-denominated bonds, and a 30-day grace period on an offshore note is up on Saturday. Fears that Evergrande could collapse and send shockwaves through the Chinese economy have rattled buyers and markets -- even though Beijing has insisted any fallout would be containable. "I don't think it will be a surprise to see a default (on the offshore note)," said Chen Long, partner at research firm Plenum. "Actually, it's the other way around. It would be a surprise to see Evergrande not default." Data this week showed China's economic growth slowed more than expected in the third quarter as the crackdown on the property sector and an energy crisis began to bite. In a sign of the ongoing weakness, home sales by value slumped 16.9 percent year-on-year in September, following a 19.7 percent fall in August, AFP calculations based on official data showed. China's new-home prices also fell for the first time in six years last month. Several domestic property rivals have in recent weeks already defaulted on debts and have seen their ratings downgraded. Hong Kong-listed Sinic Holdings became the latest to miss a payment, while mid-sized competitor Fantasia also failed to meet obligations in recent weeks. Evergrande first listed in Hong Kong in 2009, raising HK$70.5 billion in its initial public offering -- making it China's largest private real estate company and founder Xu Jiayin the mainland's richest man at the time. In an expansion spree, Xu -- also known as Hui Ka Yan in Cantonese -- bought the then-embattled Guangzhou football team in 2010, renaming it Guangzhou Evergrande and pouring money into world-class players and coaches. The group diversified into various sectors, including bottled water and electric vehicles. But Evergrande started to falter under the new "three red lines" imposed on developers in a state crackdown in August 2020 -- forcing the group to offload properties at increasingly steep discounts. Chen said Evergrande did not start the contagion, noting that many developers had borrowed too much money and found themselves in trouble with tighter restrictions and a cooling housing market. "Evergrande was not the first, and it's not going to be the last," he told AFP. "It just turned out to be the largest."

Evergrande shares plunge amid fears over deepening crisis

Tesla's third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.

Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 per cent to $13.8 billion compared to the year-ago period.&nbsp;

Tesla&nbsp;also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.

<a href="https://www.wionews.com/trending/musk-could-become-trillionaire-with-spacex-says-morgan-stanley-analyst-422393">Also Read:&nbsp;Musk could become trillionaire with SpaceX, says Morgan Stanley analyst</a>

The results suggest&nbsp;Tesla's output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production.

However, the company said chip shortages, as well as congestion at ports and rolling blackouts, "have been impacting our ability to keep factories running at full speed."

"We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled in the automotive industry,"&nbsp;Tesla&nbsp;said in its news release.

Tesla&nbsp;notched somewhat lower revenues on the sale of EV regulatory credits to other automakers compared with the year-ago period. The company also reported a $51 million impairment related to bitcoin.

But profit margins expanded, even as the company alluded to uncertainties amid the lingering supply chain challenges.

"We continue to run our production lines as close to full capacity as conditions allow,"&nbsp;Tesla&nbsp;said in the news release. "While sequential growth remains our goal, the magnitude of growth will be determined largely by outside factors."

<a href="https://www.wionews.com/world/with-230-billion-net-worth-musk-is-now-richer-than-gates-and-buffett-combined-421742">Also Read:&nbsp;With $230 billion net worth, Musk is now richer than Gates and Buffett combined</a>

The electric carmaker said new factories in Germany and the US state of Texas remain on track.

Musk was on hand earlier this month at the unveiling of&nbsp;Tesla's "gigafactory" near Berlin, its first European plant that is expected to ultimately produce some 500,000 cars a year. &nbsp;

The nearly-completed facility has been criticized by some NGOs in Germany, but&nbsp;Tesla&nbsp;said in Wednesday's press release that it expects to receive final permit approval by the end of the year.

Another gigafactory in Austin, Texas is "progressing as planned,"&nbsp;Tesla&nbsp;said. Musk announced earlier this month that the company is shifting its headquarters to Texas from California.

Tesla&nbsp;is nearing assembly of its first production line cars in Austin and Berlin, but the "hardest work lies ahead" in ramping up output, chief finance officer Zack Kirkhorn said on an earnings call.

Tesla&nbsp;has completed a shift to its factory in Shanghai being its main hub for export vehicles, freeing up other plants to provide more cars for Europe and North America, according to executives.

The company's stated goal is to get on pace to produce millions of cars annually.

"There appears to be quite a profound awakening of desirability for electric vehicles," Kirkhorn said.

"It's called us a little bit off guard. Folks want to buy an electric car and folks want to buy a&nbsp;Tesla&nbsp;right now. It's very exciting for us."

Tesla&nbsp;said it is expanding new "full self-driving" technology to more drivers based on "demonstrated driver safety."&nbsp;

<a href="https://www.wionews.com/world/jeff-bezos-shares-an-old-article-predicting-amazons-failure-elon-musk-replies-419819">Also Read:&nbsp;Jeff Bezos shares an old article predicting Amazon's failure, Elon Musk replies</a>

But earlier this month, US highways safety regulators demanded details from&nbsp;Tesla&nbsp;on issues with the new&nbsp;autonomous system, building on a previously announced probe.

Executives on the call downplayed regulatory inquiries, saying they were to be expected with "cutting edge" technology and that they were cooperating "as much as possible."

CFRA Research analyst Garrett Nelson said the strong results were already priced into&nbsp;Tesla&nbsp;shares, describing the trading action as "muted."&nbsp;

Moreover, the company's statement that the magnitude of its growth "'will be determined largely by outside factors' gives investors pause," Nelson said.

Tesla&nbsp;shares dipped 1.3 percent to $854.40 in after-hours trading. Shares have risen more than 25 per cent in the last two months.

Tesla's third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.

Tesla's third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday. Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 per cent to $13.8 billion compared to the year-ago period. Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China. Also Read: Musk could become trillionaire with SpaceX, says Morgan Stanley analyst The results suggest Tesla's output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production. However, the company said chip shortages, as well as congestion at ports and rolling blackouts, "have been impacting our ability to keep factories running at full speed." "We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled in the automotive industry," Tesla said in its news release. Tesla notched somewhat lower revenues on the sale of EV regulatory credits to other automakers compared with the year-ago period. The company also reported a $51 million impairment related to bitcoin. But profit margins expanded, even as the company alluded to uncertainties amid the lingering supply chain challenges. "We continue to run our production lines as close to full capacity as conditions allow," Tesla said in the news release. "While sequential growth remains our goal, the magnitude of growth will be determined largely by outside factors." Also Read: With $230 billion net worth, Musk is now richer than Gates and Buffett combined The electric carmaker said new factories in Germany and the US state of Texas remain on track. Musk was on hand earlier this month at the unveiling of Tesla's "gigafactory" near Berlin, its first European plant that is expected to ultimately produce some 500,000 cars a year. The nearly-completed facility has been criticized by some NGOs in Germany, but Tesla said in Wednesday's press release that it expects to receive final permit approval by the end of the year. Another gigafactory in Austin, Texas is "progressing as planned," Tesla said. Musk announced earlier this month that the company is shifting its headquarters to Texas from California. Tesla is nearing assembly of its first production line cars in Austin and Berlin, but the "hardest work lies ahead" in ramping up output, chief finance officer Zack Kirkhorn said on an earnings call. Tesla has completed a shift to its factory in Shanghai being its main hub for export vehicles, freeing up other plants to provide more cars for Europe and North America, according to executives. The company's stated goal is to get on pace to produce millions of cars annually. "There appears to be quite a profound awakening of desirability for electric vehicles," Kirkhorn said. "It's called us a little bit off guard. Folks want to buy an electric car and folks want to buy a Tesla right now. It's very exciting for us." Tesla said it is expanding new "full self-driving" technology to more drivers based on "demonstrated driver safety." Also Read: Jeff Bezos shares an old article predicting Amazon's failure, Elon Musk replies But earlier this month, US highways safety regulators demanded details from Tesla on issues with the new autonomous system, building on a previously announced probe. Executives on the call downplayed regulatory inquiries, saying they were to be expected with "cutting edge" technology and that they were cooperating "as much as possible." CFRA Research analyst Garrett Nelson said the strong results were already priced into Tesla shares, describing the trading action as "muted." Moreover, the company's statement that the magnitude of its growth "'will be determined largely by outside factors' gives investors pause," Nelson said. Tesla shares dipped 1.3 percent to $854.40 in after-hours trading. Shares have risen more than 25 per cent in the last two months.

Tesla reports record profits amid production surge

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators.

Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.

The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.

It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary.

However, Alibaba spokesperson declined to comment as per Reuters.

Also Read | <a href="https://www.wionews.com/world/chinese-business-tycoon-jack-ma-reappears-in-hong-kong-420381">Chinese business tycoon Jack Ma reappears in Hong Kong</a>

But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing.

That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months.

The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6.&nbsp;

"It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News.&nbsp;

After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion.

Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO.

Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity.

His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba.&nbsp;

(With inputs from agencies)

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over. Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators. Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba. The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe. It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary. However, Alibaba spokesperson declined to comment as per Reuters. Also Read | Chinese business tycoon Jack Ma reappears in Hong Kong But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing. That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months. The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6. "It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News. After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion. Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO. Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity. His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba. (With inputs from agencies)

Jack Ma's reported Europe trip boosts Alibaba shares

In a bid to tamp down inflation, Argentina's government has frozen prices of over a thousand household goods until early 2022. The government is pushing the measure through by force after talks with the country's main food industry chamber broke down.

Argentina freezes goods prices after talks with industry chamber break down

United Airlines has reported a smaller quarterly loss than a year ago, but a resurgence in coronavirus cases slowed bookings and drove up cancellations, upending the carrier’s plan to return to profit.

United Airlines posts smaller loss, sees recovery from Coronavirus pandemic

As a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19, thousands of unvaccinated workers across the United States are facing potential job losses.

US: Workers face job losses as vaccine mandates kick in

Russia has said that it will impose a fine on US tech giant Google this month which would be a percentage of its annual Russian turnover for consistently failing to delete illegal content.

Russia could fine Google up to 20% of annual revenue

Apple has announced its two new Macbook Pro models that run on more powerful in-house chips furthering its break from previous supplier Intel.

Apple takes break from previous supplier intel

Difficulties are coming of all sorts for the United Kingdom, first came Brexit then the pandemic. The chicken farmers in the UK are also being heavily affected. There's been a major cutting output and substantial increase in wages. The increase in food prices will surely follow.

United Kingdom: Businesses urge govt to temporarily ease visa rules

China's state-run Global Times quoting a top official of the machinery industry federation reported that the country's car production would be down by 2 million units due to the shortage of chips.

Global Times while quoting the executive vice president of the federation reported that "software, special raw materials&nbsp;and precision instrumentation" including industrial sensors which rely on imports will also be hit due to "natural calamities and man-made misfortune."&nbsp;

<a href="https://www.wionews.com/world/after-christmas-food-chocolate-bar-bounty-falls-prey-to-supply-chain-crisis-418620">Also Read:&nbsp;After Christmas food, chocolate bar Bounty falls prey to supply chain crisis</a>

The Chinese newspaper informed that country's auto&nbsp;sales and production fell for "five consecutive months" between May to September.

The chip shortage could also impact other sectors including the manufacturing of mobiles, home appliances and computers, it informed.

<a href="https://www.wionews.com/world/vietnam-lockdown-hits-iphone-delivery-shoe-car-companies-also-suffer-416794">Also Read:&nbsp;Vietnam lockdown hits iPhone delivery; shoe &amp; car companies also suffer</a>

The US government had earlier blacklisted China's biggest chipmaker Semiconductor Manufacturing International Corp (SMIC) over security concerns. SMIC recently announced it will open a semiconductor plant in Shanghai after announcing plans to build smaller semiconductor factories in Beijing and Shenzhen.&nbsp;

Reports claimed Apple was unlikely to meet its production target due to the global electronic chip shortage.

<a href="https://www.wionews.com/world/transport-chiefs-warn-world-leaders-and-un-about-incoming-collapse-of-global-supply-chain-417077">Also Read:&nbsp;Transport chiefs warn world leaders and UN about incoming collapse of global supply chain</a>

Amid the global chip shortage, Taiwan's TSMC had said earlier it was working to address the global semiconductor shortage and was taking "unprecedented actions" even as US commerce secretary Gina Raimondo had said last month "it's time to get more aggressive".

Raimondo however added that there is "no quick and easy fix" while cautioning that the problem may spill into next year.

(With inputs from Agencies)

China's state-run Global Times quoting a top official of the machinery industry federation reported that the country's car production would be down by 2 million units due to the shortage of chips.

China's state-run Global Times quoting a top official of the machinery industry federation reported that the country's car production would be down by 2 million units due to the shortage of chips. Global Times while quoting the executive vice president of the federation reported that "software, special raw materials and precision instrumentation" including industrial sensors which rely on imports will also be hit due to "natural calamities and man-made misfortune." Also Read: After Christmas food, chocolate bar Bounty falls prey to supply chain crisis The Chinese newspaper informed that country's auto sales and production fell for "five consecutive months" between May to September. The chip shortage could also impact other sectors including the manufacturing of mobiles, home appliances and computers, it informed. Also Read: Vietnam lockdown hits iPhone delivery; shoe & car companies also suffer The US government had earlier blacklisted China's biggest chipmaker Semiconductor Manufacturing International Corp (SMIC) over security concerns. SMIC recently announced it will open a semiconductor plant in Shanghai after announcing plans to build smaller semiconductor factories in Beijing and Shenzhen. Reports claimed Apple was unlikely to meet its production target due to the global electronic chip shortage. Also Read: Transport chiefs warn world leaders and UN about incoming collapse of global supply chain Amid the global chip shortage, Taiwan's TSMC had said earlier it was working to address the global semiconductor shortage and was taking "unprecedented actions" even as US commerce secretary Gina Raimondo had said last month "it's time to get more aggressive". Raimondo however added that there is "no quick and easy fix" while cautioning that the problem may spill into next year. (With inputs from Agencies)

Car production in China set to decline by 2 million due to chip shortage: Report

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world.

Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes. It is also seen by some as a transition fuel away from highly polluting coal.

Prices for natural gas have risen about sixfold, to record levels. The surge means the wholesale price of electricity has reached stratospheric levels, making headlines across Europe as consumers, battered by the pandemic, are now hit by big increases in their home energy bills. These high costs are also undermining the economics of companies that make fertilizer, steel, glass, and other materials that require a lot of electricity.

Britain, whose power system depends heavily on gas, is taking some of the hardest blows, creating major headaches for the government of Prime Minister Boris Johnson.

Johnson has already been pushed into subsidizing a fertilizer factory and is under pressure to do more to prevent factory closures and job losses. He has also brought in military drivers in an effort to ease a shortage of gasoline, which has caused lines at filling stations.

The gas spike is also making geopolitical waves. Russia, Europe’s largest gas supplier, is being blamed for manipulating prices. The United States, in turn, has warned Moscow not to try to exploit the gas crunch for its own ends. The pinch could open the way for more exports of liquefied natural gas from shale drilling in the United States.

Here is a look at the energy issues rocking Britain and Europe.

Why have natural gas prices jumped so high?

Demand for energy has jumped as the world economy has reawakened from shutdowns brought on by the pandemic. The sudden need for natural gas took the energy industry by surprise, and prices shot up. The approach of winter, the major season of gas consumption, has lifted prices further as countries in Asia, Europe and North America outbid each other to make sure they have fuel to stay warm.

China, the world’s largest gas importer, is snapping up gas to fuel power plants and cut carbon emissions. China’s aggressive purchases are drawing gas away from Europe at a time when deliveries from Russia, a key supplier, have been disappointing.

European countries normally stock up on gas in the summer, when prices are relatively cheap. Not this year. European storage levels are low, making markets so jittery that there have been some of the wildest swings in gas prices that traders have ever seen.

Is this all Russia’s fault?

No. Many factors have contributed. But markets watch the largest supplier to Europe very closely, and analysts say Russia’s recent signals that it will keep a tight grip on gas flows to Europe has played a big role in recent price spikes.

“A lot of those have been triggered by things the Russians have effectively done,” said Trevor Sikorski, the head of gas at Energy Aspects, a research firm.

President Vladimir Putin of Russia is trying to use the energy crunch for his own ends. On Wednesday he said the gas crunch would ease as soon as European regulators approved Nord Stream 2, the politically fraught gas pipeline that runs underwater from Russia to Germany. Once operating, the pipeline will likely strengthen the grip of Gazprom, the Russian gas company, on European markets.

On the other hand, some analysts doubt that the problem would be solved as soon as the European Union and Germany sign off on the new pipeline. Russia is probably facing a crunch of its own, according to Henning Gloystein, a director at Eurasia Group, a political research firm. As part of a deal with the Organization of the Petroleum Exporting Countries to bolster markets during the pandemic, Russian companies were ordered to cut back oil production, and as a result their gas production was also curtailed and has been slow to recover.

Why is Britain in such bad shape?

Britain is paying a price for a combination of successes and failures. The country has to a great extent phased out coal for power generation and built up capacity in renewable energy, particularly offshore wind. These moves cut greenhouse gas emissions and help curb global warming.

But shuttering coal plants while the country’s aging nuclear plants are gradually closing has made Britain dependent on gas for around 40% of the country’s electricity, far more than any other fuel. (In France, by contrast, nuclear plants provide about 70% of electricity.) It hasn’t helped that the breezes that spin Britain’s wind turbines, which generate about 20% of the country’s power on average, have been unusually weak in recent months.

“That success in climate policy is coming back to bite,” Gloystein said.

Britain is not yet far enough in its shift to clean energy to escape the sting of leaps in world gas prices.

“We haven’t at this moment really got enough renewables to really punch through,” said Martin Young, a power analyst at Investec, a securities firm. “Gas is typically setting the price.” Britain’s hefty taxes on carbon emissions are also adding to electricity costs, he said.

A fire that knocked out a large cable bringing electric power from France added to the woes. And unlike other European countries, Britain has not invested in gas storage facilities, instead allowing one major such facility to close in 2017.

Are consumers getting any relief?

The soaring wholesale price of electricity is being passed along to homeowners, stretching budgets and forcing governments to intervene. In Spain, the government recently, in effect, said it would take profits earned on electric power generation from wind and solar to compensate consumers for high gas prices.

About 15 million British households were recently hit with energy price increases in the 12% range under a government program to cap big jumps in rates. The capped rates are reviewed every six months; the next review, in April, is widely expected to result in a bigger jump.

Another issue facing homeowners: Many electricity suppliers that offered customers low-priced deals have found themselves unable to meet their commitments at current prices. Many of these relatively small companies have collapsed in recent weeks, and the accounts of their estimated 1.7 million customers are being auctioned off to stronger companies. No one will lose power because of these business failures, but ultimately those customers will pay higher rates, and the companies that take on the customers will be able to pass on extra expenses to bill payers.

Will businesses get a bailout?

Companies that use a lot of energy are demanding the British government provide some sort of assistance to help pay their skyrocketing bills, but it remains unclear how ministers will respond.

UK Steel, a trade group, said monthly wholesale electric power prices rose to 200 pounds ($273) per megawatt-hour in September, roughly four times what the industry considers normal and nearly double the wholesale price in Germany and France.

Having borrowed heavily to finance furloughs and other programs to cushion the impact of the pandemic, the government is reluctant to spend more.

Recently, though, the government agreed to temporarily subsidize the operations of a fertilizer plant. The factory’s parent, CF Industries, had shut the plant because of high energy costs, but the carbon dioxide it produced as a byproduct was vital to the food industry.

The government is reportedly preparing to announce a low-interest loan program for the most heavily affected businesses, but that is unlikely to assuage executives, who are also seeking relief from Britain’s taxes on carbon emissions.

Gasoline shortages? That’s a different problem.

Long lines at gas stations in Britain last month were caused not by a shortage of fuel but by a shortage of truck drivers to deliver the fuel. Partly because many European drivers have returned home from Britain because of Brexit, there are not enough of them to keep gas stations’ tanks filled.

The problem snowballed when news reports of long lines at filling stations prompted panic buying.

In recent weeks the problem has subsided.

Is this the new normal?

It could be for some time, not unlike the supply chain issues that continue to put a drag on the delivery of goods. Business executives note that these price spikes are occurring in the fall, not winter, when demand for gas revs up, and so they suspect the crunch could worsen. A lot depends on weather. A change in Russia’s approach might help.

But analysts say Britain could be the major European economy most at risk of not having enough energy to run its economy. “Should this happen, the government would likely demand factories to reduce output” in order ensure household supply of gas, Gloystein wrote in a note to clients. 
&nbsp;

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world. Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes.

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world. Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes. It is also seen by some as a transition fuel away from highly polluting coal. Prices for natural gas have risen about sixfold, to record levels. The surge means the wholesale price of electricity has reached stratospheric levels, making headlines across Europe as consumers, battered by the pandemic, are now hit by big increases in their home energy bills. These high costs are also undermining the economics of companies that make fertilizer, steel, glass, and other materials that require a lot of electricity. Britain, whose power system depends heavily on gas, is taking some of the hardest blows, creating major headaches for the government of Prime Minister Boris Johnson. Johnson has already been pushed into subsidizing a fertilizer factory and is under pressure to do more to prevent factory closures and job losses. He has also brought in military drivers in an effort to ease a shortage of gasoline, which has caused lines at filling stations. The gas spike is also making geopolitical waves. Russia, Europe’s largest gas supplier, is being blamed for manipulating prices. The United States, in turn, has warned Moscow not to try to exploit the gas crunch for its own ends. The pinch could open the way for more exports of liquefied natural gas from shale drilling in the United States. Here is a look at the energy issues rocking Britain and Europe. Why have natural gas prices jumped so high? Demand for energy has jumped as the world economy has reawakened from shutdowns brought on by the pandemic. The sudden need for natural gas took the energy industry by surprise, and prices shot up. The approach of winter, the major season of gas consumption, has lifted prices further as countries in Asia, Europe and North America outbid each other to make sure they have fuel to stay warm. China, the world’s largest gas importer, is snapping up gas to fuel power plants and cut carbon emissions. China’s aggressive purchases are drawing gas away from Europe at a time when deliveries from Russia, a key supplier, have been disappointing. European countries normally stock up on gas in the summer, when prices are relatively cheap. Not this year. European storage levels are low, making markets so jittery that there have been some of the wildest swings in gas prices that traders have ever seen. Is this all Russia’s fault? No. Many factors have contributed. But markets watch the largest supplier to Europe very closely, and analysts say Russia’s recent signals that it will keep a tight grip on gas flows to Europe has played a big role in recent price spikes. “A lot of those have been triggered by things the Russians have effectively done,” said Trevor Sikorski, the head of gas at Energy Aspects, a research firm. President Vladimir Putin of Russia is trying to use the energy crunch for his own ends. On Wednesday he said the gas crunch would ease as soon as European regulators approved Nord Stream 2, the politically fraught gas pipeline that runs underwater from Russia to Germany. Once operating, the pipeline will likely strengthen the grip of Gazprom, the Russian gas company, on European markets. On the other hand, some analysts doubt that the problem would be solved as soon as the European Union and Germany sign off on the new pipeline. Russia is probably facing a crunch of its own, according to Henning Gloystein, a director at Eurasia Group, a political research firm. As part of a deal with the Organization of the Petroleum Exporting Countries to bolster markets during the pandemic, Russian companies were ordered to cut back oil production, and as a result their gas production was also curtailed and has been slow to recover. Why is Britain in such bad shape? Britain is paying a price for a combination of successes and failures. The country has to a great extent phased out coal for power generation and built up capacity in renewable energy, particularly offshore wind. These moves cut greenhouse gas emissions and help curb global warming. But shuttering coal plants while the country’s aging nuclear plants are gradually closing has made Britain dependent on gas for around 40% of the country’s electricity, far more than any other fuel. (In France, by contrast, nuclear plants provide about 70% of electricity.) It hasn’t helped that the breezes that spin Britain’s wind turbines, which generate about 20% of the country’s power on average, have been unusually weak in recent months. “That success in climate policy is coming back to bite,” Gloystein said. Britain is not yet far enough in its shift to clean energy to escape the sting of leaps in world gas prices. “We haven’t at this moment really got enough renewables to really punch through,” said Martin Young, a power analyst at Investec, a securities firm. “Gas is typically setting the price.” Britain’s hefty taxes on carbon emissions are also adding to electricity costs, he said. A fire that knocked out a large cable bringing electric power from France added to the woes. And unlike other European countries, Britain has not invested in gas storage facilities, instead allowing one major such facility to close in 2017. Are consumers getting any relief? The soaring wholesale price of electricity is being passed along to homeowners, stretching budgets and forcing governments to intervene. In Spain, the government recently, in effect, said it would take profits earned on electric power generation from wind and solar to compensate consumers for high gas prices. About 15 million British households were recently hit with energy price increases in the 12% range under a government program to cap big jumps in rates. The capped rates are reviewed every six months; the next review, in April, is widely expected to result in a bigger jump. Another issue facing homeowners: Many electricity suppliers that offered customers low-priced deals have found themselves unable to meet their commitments at current prices. Many of these relatively small companies have collapsed in recent weeks, and the accounts of their estimated 1.7 million customers are being auctioned off to stronger companies. No one will lose power because of these business failures, but ultimately those customers will pay higher rates, and the companies that take on the customers will be able to pass on extra expenses to bill payers. Will businesses get a bailout? Companies that use a lot of energy are demanding the British government provide some sort of assistance to help pay their skyrocketing bills, but it remains unclear how ministers will respond. UK Steel, a trade group, said monthly wholesale electric power prices rose to 200 pounds ($273) per megawatt-hour in September, roughly four times what the industry considers normal and nearly double the wholesale price in Germany and France. Having borrowed heavily to finance furloughs and other programs to cushion the impact of the pandemic, the government is reluctant to spend more. Recently, though, the government agreed to temporarily subsidize the operations of a fertilizer plant. The factory’s parent, CF Industries, had shut the plant because of high energy costs, but the carbon dioxide it produced as a byproduct was vital to the food industry. The government is reportedly preparing to announce a low-interest loan program for the most heavily affected businesses, but that is unlikely to assuage executives, who are also seeking relief from Britain’s taxes on carbon emissions. Gasoline shortages? That’s a different problem. Long lines at gas stations in Britain last month were caused not by a shortage of fuel but by a shortage of truck drivers to deliver the fuel. Partly because many European drivers have returned home from Britain because of Brexit, there are not enough of them to keep gas stations’ tanks filled. The problem snowballed when news reports of long lines at filling stations prompted panic buying. In recent weeks the problem has subsided. Is this the new normal? It could be for some time, not unlike the supply chain issues that continue to put a drag on the delivery of goods. Business executives note that these price spikes are occurring in the fall, not winter, when demand for gas revs up, and so they suspect the crunch could worsen. A lot depends on weather. A change in Russia’s approach might help. But analysts say Britain could be the major European economy most at risk of not having enough energy to run its economy. “Should this happen, the government would likely demand factories to reduce output” in order ensure household supply of gas, Gloystein wrote in a note to clients.

What’s behind the energy crunch in Britain and Europe

Days after Bollywood bigwigs like Boney Kapoor, Satish Kaushik, Madhur Bhandarkar, Subhash Ghai, and Ashoke Pandit came out in support of Zee Entertainment Enterprises Limited (ZEEL) MD &amp; CEO Punit Goenka in the ZEEL-Invesco matter, a renowned personality of media industry and Chairman &amp; Editor-in-Chief of the BW Businessworld Group and the Co-founder &amp; Editor-in-Chief of the exchange4media Group, Dr. Anurag Batra has also voiced his strong support to Punit Goenka.

'Punit Goenka Is The Preserver'

In an article titled 'In This Proxy Corporate War, Punit Goenka Is The Preserver', Dr Anurag Batra explains,, "What lies behind the Invesco-Zee dispute? Why is an otherwise win-win partnership facing obstacles? What really should be the steps to consider?"

A media observer for over two decades, Dr Anurag Batra, writes, "I have been wanting to write this article for nearly three weeks now but I held on to my counsel in the interest of maintaining a balanced approach, waiting for the situation to unfold completely before I gave a detailed perspective. However, with new and incongruous facts emerging each day, I could not stop myself from writing this today. I have been a student of media for 21 years now: learning, observing and writing about the dynamic Indian media has been both my passion and profession."

"I co-founded the exchange4media Group in 2000 and acquired BW Businessworld, eight years ago. The larger part of my career has focused on closely studying the Indian media and entertainment industry. I have had the good fortune of knowing and understanding the nature of this business firsthand through interactions with all leading stakeholders. I have had close engagements, professional relationships and deep friendships with media owners, CEOs and large investors. Therefore, I am confident that what I write with a fair amount of conviction in this article, is borne out of my deep-rooted knowledge and understanding of this space," Dr Batra added in the column.

"Dr Subhash Chandra a maverick creator &amp; Punit Goenka a preserver of stupendous shareholder wealth"

Dr Batra says, "The Navratris are in progress, and Ashtami today is an auspicious day for the Hindus. As a man of faith, I believe in the trinity of our Gods – Lord Brahma, the creator; Lord Vishnu, the preserver and Lord Shiva, the destroyer. The ongoing disagreement between Zee and a section of its investors fronted by Invesco, to my mind has a comparison with this trinity in its earthly manner. In this ongoing fight, I see Dr Subhash Chandra as the maverick creator (of the brand behemoth Zee), his son, the Zee MD &amp; CEO of over a decade, Punit Goenka, as the preserver of the stupendous shareholder wealth the conglomerate has created, and counterintuitive one of the shareholders, Invesco, as the destroyer of the shareholder value."

"Invesco doing Tandav"

Dr Batra further writes, "This emerges mainly from the startling revelation last night that the key driving factor behind this rigmarole is Invesco’s quest to bring in a large conglomerate to acquire and merge Zee into its existing media holding vehicle. What got tongues wagging instantly is the fact that such a deal was undervaluing Zee substantively, a fact that has been subsequently proven by the valuation accorded to the media giant in the deal with Sony. Why was Invesco doing this Tandav? One can argue that to create afresh, you need to do creative destruction. But the destruction in question would have created value only for new shareholders while leaving the existing shareholders to bear the loss. In the overall context, another question that begs an answer is what is keeping Zee’s stock prices low with downward pressure, when in fact its financial performance continues to be consistently good in a market that has been exuberant to the extent that it has grown to 2X in the recent past? Who is instrumental in keeping this? What are the factors at play leading to this low stock price? Who does this help and who does it harm?"

"Key Facts"

Highlighting the key facts that need to be kept in mind, Dr Batra writes, "The deal was initiated by Invesco, not Zee.

• Punit Goenka was proposed to be the MD &amp; CEO of the merged entity in that case as well. So why the about-turn now that an even better deal, providing greater value to shareholders has been proposed?

• That deal guaranteed 7-8 per cent shares in the new merged entity to the promoter group. So why is Invesco questioning anti-dilution protection to the promoters in the Sony deal?

• It is a known fact that Punit Goenka represents Dr Subhash Chandra in the larger scheme of things at Zee, and the company has been performing well for years. It seems however that the intent is that since he is not going ahead with the preferred deal of this particular investor, the proposal to remove him and bring multiple new Directors on board is to swing the deal.

• In the greater context, the question arises as to why Invesco failed to disclose a deal with another large business group as the driver for this ugly public corporate battle. To the general observer, it appears that the allegations being made by Invesco on paper are a smokescreen for their vested narrow interests.

• The board functions as an entity – and included nominees of Invesco as well. So in the absence of any observations from their nominees during board meetings over the years to the same effect, does Invesco’s selective targeting of the nominees of just Indian promoters stand the test of propriety?"

"8 reasons why Punit Goenka should remain the MD &amp; CEO of the merged entity"

Dr Batra adds, "While the facts I stated, I hope, give a differentiated perspective to the situation, I also believe it is important to lay down my thoughts on the core matter at hand. I am of the firm view that Punit Goenka should remain the MD &amp; CEO of the merged entity. And here are my eight reasons why:

1. Punit is an ideal foil to his father, Dr Subhash Chandra. Anyone who has worked with Punit Goenka will tell you that while Dr Subhash Chandra is the maverick creator and a kind man who is humane in his approach, Punit, while embodying the great qualities of his father, has a very logical, dispassionate and businesslike approach. He has the confidence of the shareholders, employees, advertisers, content creators and also of Dr Chandra, the founder of this forward-looking, robust business. The media business is all about people – and under a leader like Punit Goenka, the business can only grow.

2. As the MD &amp; CEO, he has been extremely successful in enhancing the company’s performance and has steadily delivered results.

3. While the point is partially covered above, it is important to highlight especially that the employees – junior, mid-level or senior – love him. That is critical to an organisation’s success.

4. He continues to attract top-notch talent and while that may not be a quality that only he has, but for an organisation of the scale of Zee, to be able to attract the right talent, at the right time, is a key factor in ensuring stability and growth.

5. At exchange4media we saw his strengths – and an impeccable jury selected him nine years ago as the ‘Impact Person of the Year’. It is a testament to him and the award that he stands amongst other contemporary stalwarts such as Uday Shankar as a winner.

6. Punit Goenka has shown that he has the best interest of shareholders in his mind. Even in this ugly fight, the grace and resilience with which he conducts himself is a testament to this.

7. The entire media and entertainment industry has openly and wholeheartedly been in his corner as the battle has raged on, clearly demonstrating the respect and affection he commands from his peer and industry at large.

8. Most importantly, though, Punit understands both technology and content deeply. Not only is that a potent combination, but it may just be the best skillset to have in today’s evolving media and entertainment landscape, especially when combined with all the other skills of the leader."

"Dr Chandra created &nbsp;masterpiece; Punit re-created in the digital era"

Dr Batra concludes by saying, "If I had to buy shares in the merged entity as a retail investor, that could happen only if Punit Goenka continued to be the leader of the company, while representing a substantial stake of the promoter group led by Dr Subhash Chandra. What Dr Chandra created in these 25 years is a masterpiece; one that can be only be re-created in the digital era by Punit Goenka. He has seen his father build Zee and learnt from him, while at the same time he brings his style, vision and transformational abilities to the table – in a combination that to my mind is unmatched. He is truly the Preserver."

Days after Bollywood bigwigs like Boney Kapoor, Satish Kaushik, Madhur Bhandarkar, Subhash Ghai, and Ashoke Pandit came out in support of Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka in the ZEEL-Invesco matter, a renowned personality of media industry and Chairman & Editor-in-Chief of the BW Businessworld Group and the Co-founder & Editor-in-Chief of the exchange4media Group, Dr.

Days after Bollywood bigwigs like Boney Kapoor, Satish Kaushik, Madhur Bhandarkar, Subhash Ghai, and Ashoke Pandit came out in support of Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka in the ZEEL-Invesco matter, a renowned personality of media industry and Chairman & Editor-in-Chief of the BW Businessworld Group and the Co-founder & Editor-in-Chief of the exchange4media Group, Dr. Anurag Batra has also voiced his strong support to Punit Goenka. 'Punit Goenka Is The Preserver' In an article titled 'In This Proxy Corporate War, Punit Goenka Is The Preserver', Dr Anurag Batra explains,, "What lies behind the Invesco-Zee dispute? Why is an otherwise win-win partnership facing obstacles? What really should be the steps to consider?" A media observer for over two decades, Dr Anurag Batra, writes, "I have been wanting to write this article for nearly three weeks now but I held on to my counsel in the interest of maintaining a balanced approach, waiting for the situation to unfold completely before I gave a detailed perspective. However, with new and incongruous facts emerging each day, I could not stop myself from writing this today. I have been a student of media for 21 years now: learning, observing and writing about the dynamic Indian media has been both my passion and profession." "I co-founded the exchange4media Group in 2000 and acquired BW Businessworld, eight years ago. The larger part of my career has focused on closely studying the Indian media and entertainment industry. I have had the good fortune of knowing and understanding the nature of this business firsthand through interactions with all leading stakeholders. I have had close engagements, professional relationships and deep friendships with media owners, CEOs and large investors. Therefore, I am confident that what I write with a fair amount of conviction in this article, is borne out of my deep-rooted knowledge and understanding of this space," Dr Batra added in the column. "Dr Subhash Chandra a maverick creator & Punit Goenka a preserver of stupendous shareholder wealth" Dr Batra says, "The Navratris are in progress, and Ashtami today is an auspicious day for the Hindus. As a man of faith, I believe in the trinity of our Gods – Lord Brahma, the creator; Lord Vishnu, the preserver and Lord Shiva, the destroyer. The ongoing disagreement between Zee and a section of its investors fronted by Invesco, to my mind has a comparison with this trinity in its earthly manner. In this ongoing fight, I see Dr Subhash Chandra as the maverick creator (of the brand behemoth Zee), his son, the Zee MD & CEO of over a decade, Punit Goenka, as the preserver of the stupendous shareholder wealth the conglomerate has created, and counterintuitive one of the shareholders, Invesco, as the destroyer of the shareholder value." "Invesco doing Tandav" Dr Batra further writes, "This emerges mainly from the startling revelation last night that the key driving factor behind this rigmarole is Invesco’s quest to bring in a large conglomerate to acquire and merge Zee into its existing media holding vehicle. What got tongues wagging instantly is the fact that such a deal was undervaluing Zee substantively, a fact that has been subsequently proven by the valuation accorded to the media giant in the deal with Sony. Why was Invesco doing this Tandav? One can argue that to create afresh, you need to do creative destruction. But the destruction in question would have created value only for new shareholders while leaving the existing shareholders to bear the loss. In the overall context, another question that begs an answer is what is keeping Zee’s stock prices low with downward pressure, when in fact its financial performance continues to be consistently good in a market that has been exuberant to the extent that it has grown to 2X in the recent past? Who is instrumental in keeping this? What are the factors at play leading to this low stock price? Who does this help and who does it harm?" "Key Facts" Highlighting the key facts that need to be kept in mind, Dr Batra writes, "The deal was initiated by Invesco, not Zee. • Punit Goenka was proposed to be the MD & CEO of the merged entity in that case as well. So why the about-turn now that an even better deal, providing greater value to shareholders has been proposed? • That deal guaranteed 7-8 per cent shares in the new merged entity to the promoter group. So why is Invesco questioning anti-dilution protection to the promoters in the Sony deal? • It is a known fact that Punit Goenka represents Dr Subhash Chandra in the larger scheme of things at Zee, and the company has been performing well for years. It seems however that the intent is that since he is not going ahead with the preferred deal of this particular investor, the proposal to remove him and bring multiple new Directors on board is to swing the deal. • In the greater context, the question arises as to why Invesco failed to disclose a deal with another large business group as the driver for this ugly public corporate battle. To the general observer, it appears that the allegations being made by Invesco on paper are a smokescreen for their vested narrow interests. • The board functions as an entity – and included nominees of Invesco as well. So in the absence of any observations from their nominees during board meetings over the years to the same effect, does Invesco’s selective targeting of the nominees of just Indian promoters stand the test of propriety?" "8 reasons why Punit Goenka should remain the MD & CEO of the merged entity" Dr Batra adds, "While the facts I stated, I hope, give a differentiated perspective to the situation, I also believe it is important to lay down my thoughts on the core matter at hand. I am of the firm view that Punit Goenka should remain the MD & CEO of the merged entity. And here are my eight reasons why: 1. Punit is an ideal foil to his father, Dr Subhash Chandra. Anyone who has worked with Punit Goenka will tell you that while Dr Subhash Chandra is the maverick creator and a kind man who is humane in his approach, Punit, while embodying the great qualities of his father, has a very logical, dispassionate and businesslike approach. He has the confidence of the shareholders, employees, advertisers, content creators and also of Dr Chandra, the founder of this forward-looking, robust business. The media business is all about people – and under a leader like Punit Goenka, the business can only grow. 2. As the MD & CEO, he has been extremely successful in enhancing the company’s performance and has steadily delivered results. 3. While the point is partially covered above, it is important to highlight especially that the employees – junior, mid-level or senior – love him. That is critical to an organisation’s success. 4. He continues to attract top-notch talent and while that may not be a quality that only he has, but for an organisation of the scale of Zee, to be able to attract the right talent, at the right time, is a key factor in ensuring stability and growth. 5. At exchange4media we saw his strengths – and an impeccable jury selected him nine years ago as the ‘Impact Person of the Year’. It is a testament to him and the award that he stands amongst other contemporary stalwarts such as Uday Shankar as a winner. 6. Punit Goenka has shown that he has the best interest of shareholders in his mind. Even in this ugly fight, the grace and resilience with which he conducts himself is a testament to this. 7. The entire media and entertainment industry has openly and wholeheartedly been in his corner as the battle has raged on, clearly demonstrating the respect and affection he commands from his peer and industry at large. 8. Most importantly, though, Punit understands both technology and content deeply. Not only is that a potent combination, but it may just be the best skillset to have in today’s evolving media and entertainment landscape, especially when combined with all the other skills of the leader." "Dr Chandra created masterpiece; Punit re-created in the digital era" Dr Batra concludes by saying, "If I had to buy shares in the merged entity as a retail investor, that could happen only if Punit Goenka continued to be the leader of the company, while representing a substantial stake of the promoter group led by Dr Subhash Chandra. What Dr Chandra created in these 25 years is a masterpiece; one that can be only be re-created in the digital era by Punit Goenka. He has seen his father build Zee and learnt from him, while at the same time he brings his style, vision and transformational abilities to the table – in a combination that to my mind is unmatched. He is truly the Preserver."

ZEEL-Invesco case: Renowned media observer comes out in support of Punit Goenka

ZEEL-Invesco case is witnessing new developments on a daily basis. Hours after Reliance Industries Limited in its media statement confirmed that it had made a proposal for merger of its media properties with Zee and wanted Punit Goenka to continue as Managing Director &amp; CEO of ZEEL, Punit Goenka has released a statement saying, "Silence may be the best answer at times, but I have realised that in certain situations it is better to break it at the right time, so that truth comes to the fore."

'Compelled to break my silence'

The statement from the desk of Punit Goenka says, "I have been compelled to break my silence on the ongoing matter, and this is the reason that I am writing this note today. I have always been extremely transparent in all my communications and vide this statement, I would like to share my thoughts about the current situation. That said, I truly hope that this will be my first and last communication on this matter, so that we can focus on our value-creation journey at ZEE."

Also Read | <a href="https://www.wionews.com/business-economy/zeel-invesco-case-renowned-media-observer-comes-out-in-support-of-punit-goenka-420">ZEEL-Invesco case: Renowned media observer comes out in support of Punit Goenka</a>

"Firstly, I would like to acknowledge that Invesco has been an extremely strong support to the Company, for the most part. It pains me to see this relationship going sour today and the unfortunate circumstances that we are all facing," says Goenka.&nbsp;

'Current situation disappoints me'

He further adds, "In my journey at ZEE, I have strived very hard to build the Company into this successful entertainment powerhouse that it has become today. This success is a result of the hard work sown in by thousands of people every single day across our offices. As a proud parent of this institution that we have nurtured together, it has only made me proud to note the interest from leading companies across the globe, to partner with us and be a part of our extraordinary future. All I want is a better tomorrow for ZEE, one that is filled with higher returns and value for shareholders and immense growth opportunities for the Company and its people. But one, that is also formed with utmost honesty, transparency and positivity. Unfortunately, the way the current situation is unfolding is what disappoints me."

Also Read | <a href="https://www.wionews.com/business-economy/zeel-invesco-reliance-confirms-merger-proposal-included-continuation-of-punit-goenka-as-zee-md-ceo-420475">ZEEL-Invesco: Reliance confirms merger proposal included continuation of Punit Goenka as Zee MD &amp; CEO</a>

'Ill-natured fight are best handled by legal experts'

"My demeanour is not to indulge in an ill-natured fight. Such battles are best handled by legal experts. All I am contending for, is to preserve the future of this Company, and not my position. This fight is to ensure the Company continues to gain immense growth opportunities and become a stronger and more formidable player in the Media &amp; Entertainment sector. We should not let anyone impact the future of ZEE or diminish the shareholder value it has been consistently generating over the years," he added.

'Bringing truth out in interest of all our stakeholders'

Goenka further adds,"The key reason for me to present the series of communications exchanged with Invesco to the Board of Directors of ZEE, was to bring the truth out in the interest of all our stakeholders. During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco. My attention was on the imbalance observed in the valuation and how it was not in the best interest of our shareholders. The only reason I did not agree to the proposal was because the shareholder value was getting compromised. I will withstand any amount of pressure to preserve ZEE’s intrinsic value and ensure that nothing impacts the returns being delivered to all the shareholders."

Also Read | <a href="https://www.wionews.com/business-economy/nclt-grants-zeel-time-to-file-a-response-to-the-invesco-case-by-october-22-419186">NCLT grants ZEEL time to file a response to the Invesco case by October 22</a>

'Complete faith in Indian judicial and regulatory system'

"I acknowledge the stance that has been taken by Invesco, but communications pertaining to such proposals are always well-documented, and they speak to the contrary. I too have a lot of points to put across, but I firmly believe that there is a right time and place for it. Our lawyers will do the needful in the court of law, as deemed necessary. But on a personal note, I have some questions as well. Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors? As a lawabiding citizen and a representative of a responsible corporate citizen, I have and repose complete faith in the Indian judicial and regulatory system and hence I am most certain that these questions will be answered for all of us," he said.

'Truth will prevail'

"Under the guidance of the Board and in line with the advice sought from our legal counsel, I &nbsp;will continue to take the required steps to safeguard ZEE and its future. Ultimately, truth is mighty and my hope is that in the end, it is only truth and justice that will prevail," the ZEEL MD &amp; CEO concludes.

ZEEL-Invesco case is witnessing new developments on a daily basis. Hours after Reliance Industries Limited in its media statement confirmed that it had made a proposal for merger of its media properties with Zee and wanted Punit Goenka to continue as Managing Director & CEO of ZEEL, Punit Goenka has released a statement saying, "Silence may be the best answer at times, but I have realised that in certain situations it is better to break it at the right time, so that truth comes to the fore.

ZEEL-Invesco case is witnessing new developments on a daily basis. Hours after Reliance Industries Limited in its media statement confirmed that it had made a proposal for merger of its media properties with Zee and wanted Punit Goenka to continue as Managing Director & CEO of ZEEL, Punit Goenka has released a statement saying, "Silence may be the best answer at times, but I have realised that in certain situations it is better to break it at the right time, so that truth comes to the fore." 'Compelled to break my silence' The statement from the desk of Punit Goenka says, "I have been compelled to break my silence on the ongoing matter, and this is the reason that I am writing this note today. I have always been extremely transparent in all my communications and vide this statement, I would like to share my thoughts about the current situation. That said, I truly hope that this will be my first and last communication on this matter, so that we can focus on our value-creation journey at ZEE." Also Read | ZEEL-Invesco case: Renowned media observer comes out in support of Punit Goenka "Firstly, I would like to acknowledge that Invesco has been an extremely strong support to the Company, for the most part. It pains me to see this relationship going sour today and the unfortunate circumstances that we are all facing," says Goenka. 'Current situation disappoints me' He further adds, "In my journey at ZEE, I have strived very hard to build the Company into this successful entertainment powerhouse that it has become today. This success is a result of the hard work sown in by thousands of people every single day across our offices. As a proud parent of this institution that we have nurtured together, it has only made me proud to note the interest from leading companies across the globe, to partner with us and be a part of our extraordinary future. All I want is a better tomorrow for ZEE, one that is filled with higher returns and value for shareholders and immense growth opportunities for the Company and its people. But one, that is also formed with utmost honesty, transparency and positivity. Unfortunately, the way the current situation is unfolding is what disappoints me." Also Read | ZEEL-Invesco: Reliance confirms merger proposal included continuation of Punit Goenka as Zee MD & CEO 'Ill-natured fight are best handled by legal experts' "My demeanour is not to indulge in an ill-natured fight. Such battles are best handled by legal experts. All I am contending for, is to preserve the future of this Company, and not my position. This fight is to ensure the Company continues to gain immense growth opportunities and become a stronger and more formidable player in the Media & Entertainment sector. We should not let anyone impact the future of ZEE or diminish the shareholder value it has been consistently generating over the years," he added. 'Bringing truth out in interest of all our stakeholders' Goenka further adds,"The key reason for me to present the series of communications exchanged with Invesco to the Board of Directors of ZEE, was to bring the truth out in the interest of all our stakeholders. During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco. My attention was on the imbalance observed in the valuation and how it was not in the best interest of our shareholders. The only reason I did not agree to the proposal was because the shareholder value was getting compromised. I will withstand any amount of pressure to preserve ZEE’s intrinsic value and ensure that nothing impacts the returns being delivered to all the shareholders." Also Read | NCLT grants ZEEL time to file a response to the Invesco case by October 22 'Complete faith in Indian judicial and regulatory system' "I acknowledge the stance that has been taken by Invesco, but communications pertaining to such proposals are always well-documented, and they speak to the contrary. I too have a lot of points to put across, but I firmly believe that there is a right time and place for it. Our lawyers will do the needful in the court of law, as deemed necessary. But on a personal note, I have some questions as well. Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors? As a lawabiding citizen and a representative of a responsible corporate citizen, I have and repose complete faith in the Indian judicial and regulatory system and hence I am most certain that these questions will be answered for all of us," he said. 'Truth will prevail' "Under the guidance of the Board and in line with the advice sought from our legal counsel, I will continue to take the required steps to safeguard ZEE and its future. Ultimately, truth is mighty and my hope is that in the end, it is only truth and justice that will prevail," the ZEEL MD & CEO concludes.

ZEEL MD & CEO Punit Goenka releases statement, says Invesco's statements are contrary to deal documents

Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders. Hours after Invseco named Reliance as the firm that could help revive the television company's fortunes, Mukesh Ambani's company issued a statement clarifying its position.

"We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate," a media statement by Reliance Industries Limited.

'Continuation of Mr Goenka as Managing Director'

"Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka," the statement added.

It is important to note here that Reliance's media statement also confirms what ZEEL said about continuation of Punit Goenka as Managing Director &amp; CEO of ZEEL.

Also, people in the know of the matter say that 6 names for Board of Directors suggested by Invesco are related to Reliance in some way or the other and this is a matter which now needs to be investigated by SEBI and other agencies.

'Invesco assisted Reliance in arranging discussion'

As per the Reliance Industries Limited's media statement, "In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee."

"However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further," the statement concluded.

FULL TEXT: MEDIA STATEMENT by Reliance Industries Limited

"We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate.

In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee.

We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee.

Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka.

However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases.

At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further."

Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders.

Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders. Hours after Invseco named Reliance as the firm that could help revive the television company's fortunes, Mukesh Ambani's company issued a statement clarifying its position. "We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate," a media statement by Reliance Industries Limited. 'Continuation of Mr Goenka as Managing Director' "Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka," the statement added. It is important to note here that Reliance's media statement also confirms what ZEEL said about continuation of Punit Goenka as Managing Director & CEO of ZEEL. Also, people in the know of the matter say that 6 names for Board of Directors suggested by Invesco are related to Reliance in some way or the other and this is a matter which now needs to be investigated by SEBI and other agencies. 'Invesco assisted Reliance in arranging discussion' As per the Reliance Industries Limited's media statement, "In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee." "However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further," the statement concluded. FULL TEXT: MEDIA STATEMENT by Reliance Industries Limited "We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate. In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee. Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka. However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further."

ZEEL-Invesco: Reliance confirms merger proposal included continuation of Punit Goenka as Zee MD & CEO

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday.

India's growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.

<a href="https://www.wionews.com/business-economy/imf-cuts-chinas-growth-forecast-amid-disorderly-corporate-debt-defaults-420197">Also Read:&nbsp;IMF cuts China's growth forecast amid 'disorderly corporate debt defaults'</a>

According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, the world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
IMF Projections: 2022 
 
USA🇺🇸: 5.2% 
Germany🇩🇪: 4.6% 
France🇫🇷: 3.9% 
Italy🇮🇹: 4.2% 
Spain🇪🇸: 6.4% 
Japan🇯🇵: 3.2% 
UK🇬🇧: 5% 
Canada🇨🇦: 4.9% 
China🇨🇳: 5.6% 
India🇮🇳: 8.5% 
Russia🇷🇺: 2.9% 
Brazil🇧🇷: 1.5% 
Mexico🇲🇽: 4% 
KSA🇸🇦: 4.8% 
Nigeria🇳🇬: 2.7% 
S. Africa🇿🇦: 2.2%<a href="https://t.co/j0FIiCr9li">https://t.co/j0FIiCr9li</a> <a href="https://twitter.com/hashtag/WEO?src=hash&amp;ref_src=twsrc%5Etfw">#WEO</a> <a href="https://t.co/SLNNQqHyt1">pic.twitter.com/SLNNQqHyt1</a>
— IMF (@IMFNews) <a href="https://twitter.com/IMFNews/status/1447924122705616902?ref_src=twsrc%5Etfw">October 12, 2021</a></blockquote>
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The United States is projected to grow at six per cent this year and 5.2 per cent the next year.

China, on the other hand, the IMF said is projected to grow at 8 per cent in 2021 and 5.6 per cent in 2022.

Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent. However, this modest headline revision masks large downgrades for some countries.

"The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,? she said.

"Partially offsetting these changes, projections for some commodity exporters have been upgraded on the back of rising commodity prices. Pandemic-related disruptions to contact-intensive sectors have caused the labour market recovery to significantly lag the output recovery in most countries,"&nbsp;the Indian-American economist added.

Observing that the dangerous divergence in economic prospects across countries remains a major concern, she said aggregate output for the advanced economy group is expected to regain its pre-pandemic trend path in 2022 and exceed it by 0.9 per cent in 2024.

"By contrast, aggregate output for the emerging market and developing economy group (excluding China) is expected to remain 5.5 per cent below the pre-pandemic forecast in 2024, resulting in a larger setback to improvements in their living standards,"&nbsp;she added.

Noting that a principal common factor behind these complex challenges is the continued grip of the pandemic on global society, Gopinath said that the foremost policy priority is, therefore, to vaccinate at least 40 per cent of the population in every country by end-2021 and 70 per cent by mid-2022.

"This will require high-income countries to fulfill existing vaccine dose donation pledges, coordinate with manufacturers to prioritise deliveries to COVAX in the near-term and remove trade restrictions on the flow of vaccines and their inputs,"&nbsp;she said.

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday.

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday. India's growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections. Also Read: IMF cuts China's growth forecast amid 'disorderly corporate debt defaults' According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, the world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022. IMF Projections: 2022 USA🇺🇸: 5.2% Germany🇩🇪: 4.6% France🇫🇷: 3.9% Italy🇮🇹: 4.2% Spain🇪🇸: 6.4% Japan🇯🇵: 3.2% UK🇬🇧: 5% Canada🇨🇦: 4.9% China🇨🇳: 5.6% India🇮🇳: 8.5% Russia🇷🇺: 2.9% Brazil🇧🇷: 1.5% Mexico🇲🇽: 4% KSA🇸🇦: 4.8% Nigeria🇳🇬: 2.7% S. Africa🇿🇦: 2.2%https://t.co/j0FIiCr9li #WEO pic.twitter.com/SLNNQqHyt1 — IMF (@IMFNews) October 12, 2021 × The United States is projected to grow at six per cent this year and 5.2 per cent the next year. China, on the other hand, the IMF said is projected to grow at 8 per cent in 2021 and 5.6 per cent in 2022. Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent. However, this modest headline revision masks large downgrades for some countries. "The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,? she said. "Partially offsetting these changes, projections for some commodity exporters have been upgraded on the back of rising commodity prices. Pandemic-related disruptions to contact-intensive sectors have caused the labour market recovery to significantly lag the output recovery in most countries," the Indian-American economist added. Observing that the dangerous divergence in economic prospects across countries remains a major concern, she said aggregate output for the advanced economy group is expected to regain its pre-pandemic trend path in 2022 and exceed it by 0.9 per cent in 2024. "By contrast, aggregate output for the emerging market and developing economy group (excluding China) is expected to remain 5.5 per cent below the pre-pandemic forecast in 2024, resulting in a larger setback to improvements in their living standards," she added. Noting that a principal common factor behind these complex challenges is the continued grip of the pandemic on global society, Gopinath said that the foremost policy priority is, therefore, to vaccinate at least 40 per cent of the population in every country by end-2021 and 70 per cent by mid-2022. "This will require high-income countries to fulfill existing vaccine dose donation pledges, coordinate with manufacturers to prioritise deliveries to COVAX in the near-term and remove trade restrictions on the flow of vaccines and their inputs," she said.

Indian economy to grow at 9.5 per cent in 2021: IMF

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring".

The IMF added that&nbsp;"China's property sector could reverberate widely". IMF predicted China will grow at 8.0 per cent this year down by 0.1 percentage point from its July estimate.

<a href="https://www.wionews.com/world/now-chinas-move-to-cut-silicon-production-disrupts-global-economy-417923">Also Read |&nbsp;Now, China's move to cut silicon production disrupts global economy</a>

China has been hit by coal and power shortages including the Evergrande property crisis. &nbsp;Evergrande has been struggling to clear its massive&nbsp;$300 billion in liabilities dragging down markets.

"China's prospects for 2021 are marked down slightly due to stronger-than-anticipated scaling back of public investment," the IMF said.

<a href="https://www.wionews.com/world/now-chinas-move-to-cut-silicon-production-disrupts-global-economy-417923">Also Read:&nbsp;Now, China's move to cut silicon production disrupts global economy</a>

In April, the IMF had pegged China's growth this year at 8.4 per cent. The international fund also lowered China's growth for next year to 5.6 per cent.

The IMF also highlighted&nbsp;"stronger-than-anticipated" pullback in public spending in China leading to growth going on a downward spiral.

<a href="https://www.wionews.com/world/china-rust-belt-province-warns-of-more-shortages-in-energy-crisis-419929">Also Read:&nbsp;China rust-belt province warns of more shortages in energy crisis</a>&nbsp;

The IMF projected the global economy would to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022 which is 0.1 percentage points lower for 2021 than the July forecast.&nbsp;

According to IMF, India's economy is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022.

"The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics," Gita Gopinath, chief economist of the IMF, said.

(With inputs from Agencies)

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring". The IMF added that "China's property sector could reverberate widely".

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring". The IMF added that "China's property sector could reverberate widely". IMF predicted China will grow at 8.0 per cent this year down by 0.1 percentage point from its July estimate. Also Read | Now, China's move to cut silicon production disrupts global economy China has been hit by coal and power shortages including the Evergrande property crisis. Evergrande has been struggling to clear its massive $300 billion in liabilities dragging down markets. "China's prospects for 2021 are marked down slightly due to stronger-than-anticipated scaling back of public investment," the IMF said. Also Read: Now, China's move to cut silicon production disrupts global economy In April, the IMF had pegged China's growth this year at 8.4 per cent. The international fund also lowered China's growth for next year to 5.6 per cent. The IMF also highlighted "stronger-than-anticipated" pullback in public spending in China leading to growth going on a downward spiral. Also Read: China rust-belt province warns of more shortages in energy crisis The IMF projected the global economy would to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022 which is 0.1 percentage points lower for 2021 than the July forecast. According to IMF, India's economy is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022. "The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics," Gita Gopinath, chief economist of the IMF, said. (With inputs from Agencies)

IMF cuts China's growth forecast amid 'disorderly corporate debt defaults'

Indian companies are not only performing well in India but they have big global expansion plans as well. One such company is Cars24, which values around 2 billion dollars. It is fast expanding overseas too, to know more about it watch this report.

Cars24: Aiming to disrupt UAE's used car market

Evergrande groups offshore bondholders are now concerned that it is now close to defaulting on debt payments and wants more clarity and transparency.

World Business Watch: Evergrande woes hit China property bonds

Treasury secretary Jenet Yellen is confident that US Congress would approve legislation to implement global corporate minimum tax agreed by 136 countries.

Minimum global tax rate of 15% for big companies

Goldman Sachs cut its U.S. economic growth target to 5.6% for 2021 and to 4% for 2022 citing an expected decline in fiscal support through the end of next year and a more delayed recovery in consumer spending than previously expected.

Goldman cuts growth forecast for 2021, 2022

In a sign of normalcy coming back to the aviation market, tech firm Honeywell International Inc has raised its outlook for jet deliveries as the aviation sector shaves off the effects of the covid 19 pandemic.

Honeywell raises outlook for jet deliveries

The National Company Law Appellate Tribunal (NCLAT) in its order on Thursday has said that the National Company Law Tribunal has not given sufficient time to Zee Entertainment Enterprises Limited (ZEEL) to file its reply on Invesco plea. NCLAT further said that not giving sufficient time to ZEEL to file a reply is against the principles of natural justice.

ZEEL should get sufficient time to file reply- NCLAT tells NCLT

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here.

He also encouraged the Elon Musk-led firm to export automobiles made in India.

Gadkari went on to say that Tata Motors' electric automobiles are no less good than Tesla's electric cars.

Tesla has requested that import taxes on electric cars (EVs) be reduced in India.&nbsp;

"I have told Tesla that you don't sell electric cars in India that your company has manufactured in China. You should make electric cars in India, and also export cars from India, " he said.

"Whatever support you (Tesla) want, will be provided by our government," Gadkari added.

Tesla has urged the government to standardise EV pricing and remove the social welfare surcharge placed on them, claiming that it would help the country's EV ecosystem without jeopardising local interests.

Gadkari stated that he was in discussions with Tesla executives over the company's desire for tax breaks.

Last month, the Union minister demanded that Tesla begin manufacturing in India before any tax breaks could be considered.&nbsp;

The Indian government imposes a 100% import tariff on vehicles, whereas fully built units (CBUs) are subject to a customs duty ranging from 60% to 100%, depending on engine size and cost, insurance, and freight (CIF) value less or greater than $40,000.

The taxes are intended to safeguard domestic producers, and despite Musk's open appeal, the government's stance has remained unaltered thus far.&nbsp;

(With inputs from agencies)

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here. He also encouraged the Elon Musk-led firm to export automobiles made in India.

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here. He also encouraged the Elon Musk-led firm to export automobiles made in India. Gadkari went on to say that Tata Motors' electric automobiles are no less good than Tesla's electric cars. Tesla has requested that import taxes on electric cars (EVs) be reduced in India. "I have told Tesla that you don't sell electric cars in India that your company has manufactured in China. You should make electric cars in India, and also export cars from India, " he said. "Whatever support you (Tesla) want, will be provided by our government," Gadkari added. Tesla has urged the government to standardise EV pricing and remove the social welfare surcharge placed on them, claiming that it would help the country's EV ecosystem without jeopardising local interests. Gadkari stated that he was in discussions with Tesla executives over the company's desire for tax breaks. Last month, the Union minister demanded that Tesla begin manufacturing in India before any tax breaks could be considered. The Indian government imposes a 100% import tariff on vehicles, whereas fully built units (CBUs) are subject to a customs duty ranging from 60% to 100%, depending on engine size and cost, insurance, and freight (CIF) value less or greater than $40,000. The taxes are intended to safeguard domestic producers, and despite Musk's open appeal, the government's stance has remained unaltered thus far. (With inputs from agencies)

China-made electric vehicles should not be sold in India: Modi govt to Elon Musk