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After five decades, Russia's gas pipeline to Europe via Ukraine came to an end after Kyiv refused to let any passage that would finance Moscow's military machine.
The end to the key route comes as the deal expired on December 31, increasing the risks to the European continent's energy security and forcing it to rely heavily on its reserves.
Both Europe and Russia confirmed the deal's expiry on Wednesday.
This comes as central European nations are depleting their winter stock at the quickest pace in years. The blockage forces them to acquire gas from elsewhere, which is more expensive. This puts more strain on supply.
<h2>What will change?</h2>
A little over 5 per cent of Europe's energy needs comes from this route.
Yet some nations in the region are still feeling the effects of the energy crisis that Russia's invasion of Ukraine caused.
In recent weeks, the impending supply restriction has contributed to energy prices surging 50 per cent year-on-year.
As the continent's reliance on worldwide liquefied natural gas grows, it is becoming increasingly vulnerable to market instability.
Ukraine has remained a vital route for gas deliveries into Europe for the past fifty years.
The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years since several nations that have depended on the flows will have to find more costly gas elsewhere.
<h2>Cost of the deal's expiry?</h2>
Bloomberg estimates that Russia would lose almost $6 billion in annual income if it were to cut off one of its two remaining gas pipeline lines to Europe.
Not only will Ukraine forego transit payments, but it will also relinquish its long-established geopolitical role as a cheap energy supplier to Western allies.
Even though it has come at a greater expense, most of Gazprom PJSC's central European clients have found other suppliers.
In a Telegram message, the Russian gas giant said, "Due to the repeated and explicit refusal of the Ukrainian side" to extend the deal, Gazprom PJSC "was deprived of the technical and legal opportunity to supply gas for transit through the territory of Ukraine from January 1, 2025."
Slovensky Plynarensky Priemysel, Slovakia's biggest gas utility, has announced that it will spend an additional &euro;90 million ($93 million) annually to ensure more consistent imports through other channels.
Additionally, it cautioned that a harsh winter would put the entire continent of Europe at greater risk.
There won't be an urgent shortage in Europe, but it may make prepping for the upcoming heating season harder. Inventory levels in the region have been dropping sharply, and the capacity is currently less than 75 per cent.
<h2>Putin's goal gets a boost</h2>
Russian President Vladimir Putin is now expected to intensify his long-held goal of increasing LNG shipments in response to the decline in Moscow's piped supplies to Europe.
Russia continues to sell record quantities of liquefied gas to Europe despite demands from several European nations to cut off Russian imports for Mozcow's invasion of Ukraine.
Restrictions imposed by Western countries make it difficult for Russia to expand its LNG exports any further.
However, US President-elect Donald Trump may try to change these restrictions after possible peace talks.
As Europe fights to recover from the most significant cost-of-living crisis in decades, the reduction of essential Russian piped gas risks escalating prices for consumers and enterprises.
<h2>Slovaks hit the hardest</h2>
Numerous European countries have waged an intense campaign to maintain the supply.
Last month, Robert Fico, the prime minister of Slovakia, pleaded with his European colleagues to find a way to keep the gas flowing. Fico said Slovakia receives up to &euro;500 million in transit fees annually.
Even more concerning for regional energy security, he dared to scare Ukraine with a potential power outage.
The gas stop, he said on Wednesday, would affect every EU member state "drastically."
Fico said, "Are we just going to let that pipeline dry up?"
He added, "In the name of what? Because you don't like the Russians? Fine, I like them."
Since his return to office last year, the prime minister has vocally criticised the European Union's military assistance to Ukraine, asserting that the backing extends the conflict.
However, Ukrainian President Volodymyr Zelenskiy has firmly rejected any deal that would send funds to Russia's coffers.
Last week, Putin said negotiating a new gas transportation arrangement via Ukraine would be difficult.
Ursula von der Leyen, President of the European Commission, has asserted that the end of transit will not substantially impact regional energy markets. She has also established a political objective to eradicate Russian fossil fuels by 2027.
<h2>What about Serbia, Hungary and Austria?</h2>
Russia continues supplying gas to countries like Serbia and Hungary through the TurkStream pipeline, which circumvents Ukraine.
However, that route is inadequate to offset the loss of Ukraine transit entirely.
Another route through Poland is currently obstructed. The Nord Stream pipeline connecting Germany to Russia sustained damage from explosions in 2022, and Berlin has yet to authorise the subsequent Nord Stream 2 connection.
Even though Austria was formerly one of Gazprom's clients, the country's main utility, OMV AG, terminated the long-term supply arrangement with the Russian company last month, saying that it hadn't received gas deliveries since mid-November.
<h2>History and the dynamics</h2>
Gas shipments to European clients during winter months have been hampered due to disputes between Moscow and Kyiv.
Moscow and Kyiv reached an agreement to settle their dispute in 2009, which caused Russian supplies via Ukraine to halt for about two weeks. The frigid temperatures affected more than 20 nations. The 2006 interruption was less severe.
The agreement that recently ended in 2019 was also the product of last-minute talks. Unfortunately, a speedy settlement is now improbable due to the war and the EU's overall unwillingness to purchase gas from Russia.
<h2>At what cost?</h2>
The end of the transit deal has caused European gas prices to surge to their highest level since November 2023.
On Tuesday, February, gas in the Netherlands, Europe's gas benchmark, reached &euro;50 a megawatt-hour, an increase of about 4.5 per cent.
The benchmark futures have increased by more than 50 per cent due to the price volatility created by uncertainty over these supplies.
Just as central Europe is bracing for lower temperatures in January, Slovakia and a handful of other governments in the area are scheduled to cease receiving supplies.
It will be more difficult to meet storage goals for the upcoming heating season because inventories are also running out faster than normal.
(With inputs from agencies)

Business & Economy | The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years

After five decades, Russia's gas pipeline to Europe via Ukraine came to an end after Kyiv refused to let any passage that would finance Moscow's military machine. The end to the key route comes as the deal expired on December 31, increasing the risks to the European continent's energy security and forcing it to rely heavily on its reserves. Both Europe and Russia confirmed the deal's expiry on Wednesday. This comes as central European nations are depleting their winter stock at the quickest pace in years. The blockage forces them to acquire gas from elsewhere, which is more expensive. This puts more strain on supply. What will change? A little over 5 per cent of Europe's energy needs comes from this route. Yet some nations in the region are still feeling the effects of the energy crisis that Russia's invasion of Ukraine caused. In recent weeks, the impending supply restriction has contributed to energy prices surging 50 per cent year-on-year. As the continent's reliance on worldwide liquefied natural gas grows, it is becoming increasingly vulnerable to market instability. Ukraine has remained a vital route for gas deliveries into Europe for the past fifty years. The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years since several nations that have depended on the flows will have to find more costly gas elsewhere. Cost of the deal's expiry? Bloomberg estimates that Russia would lose almost $6 billion in annual income if it were to cut off one of its two remaining gas pipeline lines to Europe. Not only will Ukraine forego transit payments, but it will also relinquish its long-established geopolitical role as a cheap energy supplier to Western allies. Even though it has come at a greater expense, most of Gazprom PJSC's central European clients have found other suppliers. In a Telegram message, the Russian gas giant said, "Due to the repeated and explicit refusal of the Ukrainian side" to extend the deal, Gazprom PJSC "was deprived of the technical and legal opportunity to supply gas for transit through the territory of Ukraine from January 1, 2025." Slovensky Plynarensky Priemysel, Slovakia's biggest gas utility, has announced that it will spend an additional €90 million ($93 million) annually to ensure more consistent imports through other channels. Additionally, it cautioned that a harsh winter would put the entire continent of Europe at greater risk. There won't be an urgent shortage in Europe, but it may make prepping for the upcoming heating season harder. Inventory levels in the region have been dropping sharply, and the capacity is currently less than 75 per cent. Putin's goal gets a boost Russian President Vladimir Putin is now expected to intensify his long-held goal of increasing LNG shipments in response to the decline in Moscow's piped supplies to Europe. Russia continues to sell record quantities of liquefied gas to Europe despite demands from several European nations to cut off Russian imports for Mozcow's invasion of Ukraine. Restrictions imposed by Western countries make it difficult for Russia to expand its LNG exports any further. However, US President-elect Donald Trump may try to change these restrictions after possible peace talks. As Europe fights to recover from the most significant cost-of-living crisis in decades, the reduction of essential Russian piped gas risks escalating prices for consumers and enterprises. Slovaks hit the hardest Numerous European countries have waged an intense campaign to maintain the supply. Last month, Robert Fico, the prime minister of Slovakia, pleaded with his European colleagues to find a way to keep the gas flowing. Fico said Slovakia receives up to €500 million in transit fees annually. Even more concerning for regional energy security, he dared to scare Ukraine with a potential power outage. The gas stop, he said on Wednesday, would affect every EU member state "drastically." Fico said, "Are we just going to let that pipeline dry up?" He added, "In the name of what? Because you don't like the Russians? Fine, I like them." Since his return to office last year, the prime minister has vocally criticised the European Union's military assistance to Ukraine, asserting that the backing extends the conflict. However, Ukrainian President Volodymyr Zelenskiy has firmly rejected any deal that would send funds to Russia's coffers. Last week, Putin said negotiating a new gas transportation arrangement via Ukraine would be difficult. Ursula von der Leyen, President of the European Commission, has asserted that the end of transit will not substantially impact regional energy markets. She has also established a political objective to eradicate Russian fossil fuels by 2027. What about Serbia, Hungary and Austria? Russia continues supplying gas to countries like Serbia and Hungary through the TurkStream pipeline, which circumvents Ukraine. However, that route is inadequate to offset the loss of Ukraine transit entirely. Another route through Poland is currently obstructed. The Nord Stream pipeline connecting Germany to Russia sustained damage from explosions in 2022, and Berlin has yet to authorise the subsequent Nord Stream 2 connection. Even though Austria was formerly one of Gazprom's clients, the country's main utility, OMV AG, terminated the long-term supply arrangement with the Russian company last month, saying that it hadn't received gas deliveries since mid-November. History and the dynamics Gas shipments to European clients during winter months have been hampered due to disputes between Moscow and Kyiv. Moscow and Kyiv reached an agreement to settle their dispute in 2009, which caused Russian supplies via Ukraine to halt for about two weeks. The frigid temperatures affected more than 20 nations. The 2006 interruption was less severe. The agreement that recently ended in 2019 was also the product of last-minute talks. Unfortunately, a speedy settlement is now improbable due to the war and the EU's overall unwillingness to purchase gas from Russia. At what cost? The end of the transit deal has caused European gas prices to surge to their highest level since November 2023. On Tuesday, February, gas in the Netherlands, Europe's gas benchmark, reached €50 a megawatt-hour, an increase of about 4.5 per cent. The benchmark futures have increased by more than 50 per cent due to the price volatility created by uncertainty over these supplies. Just as central Europe is bracing for lower temperatures in January, Slovakia and a handful of other governments in the area are scheduled to cease receiving supplies. It will be more difficult to meet storage goals for the upcoming heating season because inventories are also running out faster than normal. (With inputs from agencies)

Explainer: Russia, Ukraine end five decades of gas transit to Europe

Syria's new rulers have appointed Maysaa Sabrine, formerly a deputy governor of the Syrian central bank, to lead the institution as the first woman to do so in its more than 70-year history, a senior Syrian official said.
Sabrine, a longtime central bank official mostly focused on oversight of the country's banking sector, did not immediately respond to a request for comment.
She replaces Mohammed Issam Hazime who was appointed governor in 2021 by then-President Bashar al-Assad and remained on after Assad was ousted by a lightning rebel offensive on Dec 8.
Also read | <a href="https://www.wionews.com/world/syrias-new-leader-ahmed-al-sharaa-says-need-to-rewrite-constitution-before-elections-happen-urges-us-to-lift-sanctions-8576403" rel="dofollow">Syria's new leader Ahmed al-Sharaa urges US to lift sanctions, blames Assad regime for them</a>
Since the rebel takeover, the bank has taken steps to liberalise an economy that was heavily controlled by the state, including by cancelling the need for pre-approvals for imports and exports and tight controls on the use of foreign currency.
But Syria and the bank itself remain under strict US sanctions.
The bank has also taken stock of the country's assets after Assad's fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached, Reuters reported.
The vault holds nearly 26 tons of gold, the same amount it had at the start of its civil war in 2011, sources told Reuters, but foreign currency reserves had dwindled from around $18 billion before the war to around $200 million, they said.
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

World News: Maysaa Sabrine, a former deputy governor, is the first woman to lead the Syrian central bank in its more than 70-year history. She replaces Mohammed Issam Hazime.

Syria's new rulers have appointed Maysaa Sabrine, formerly a deputy governor of the Syrian central bank, to lead the institution as the first woman to do so in its more than 70-year history, a senior Syrian official said. Sabrine, a longtime central bank official mostly focused on oversight of the country's banking sector, did not immediately respond to a request for comment. She replaces Mohammed Issam Hazime who was appointed governor in 2021 by then-President Bashar al-Assad and remained on after Assad was ousted by a lightning rebel offensive on Dec 8. Also read | Syria's new leader Ahmed al-Sharaa urges US to lift sanctions, blames Assad regime for them Since the rebel takeover, the bank has taken steps to liberalise an economy that was heavily controlled by the state, including by cancelling the need for pre-approvals for imports and exports and tight controls on the use of foreign currency. But Syria and the bank itself remain under strict US sanctions. The bank has also taken stock of the country's assets after Assad's fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached, Reuters reported. The vault holds nearly 26 tons of gold, the same amount it had at the start of its civil war in 2011, sources told Reuters, but foreign currency reserves had dwindled from around $18 billion before the war to around $200 million, they said. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Maysaa Sabrine becomes first woman to lead Syria's central bank

US President-elect Donald Trump on Friday (Dec 27) urged the Supreme Court to pause the looming TikTok ban, which is set to take effect the day before his January 20 inauguration unless ByteDance, the popular short video app's Chinese owner, divests it. &nbsp;
In a legal brief, Trump's team argued for "more breathing space".
Also read | <a href="https://www.wionews.com/world/can-trump-overturn-bidens-pardons-president-elect-vows-to-pursue-death-penalty-vigorously-786624" aria-label="Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously'">Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously'</a>
"In light of the novelty and difficulty of this case, the court should consider staying the statutory deadline to grant more breathing space to address these issues," Trump's legal team wrote, urging the court to give him "the opportunity to pursue a political resolution."
In his filing, Trump's attorney emphasised that the president-elect is not taking a position on the case's legal merits but is seeking flexibility for his administration to address the matter politically. &nbsp;
"President Trump takes no position on the underlying merits of this dispute," wrote John Sauer in the amicus curiae brief.
"Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025, while it considers the merits of this case, thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case."
<h2>Donald Trump's changing TikTok stance</h2>
Trump had previously attempted to ban TikTok on national security grounds during his first term.&nbsp;
At the time, he cited fears of data misuse and propaganda from the Chinese government. These concerns, echoed by Democrats, led his successor, Joe Biden, to sign a law banning the app.
However, Trump recently shifted his perspective and has since softened his stance.&nbsp;
Also read | <a href="https://www.wionews.com/world/tiktok-ban-in-america-us-federal-court-rejects-relief-request-783857" aria-label="TikTok ban in America: US Federal Court rejects appeal to temporarily block ban">TikTok ban in America: US Federal Court rejects appeal to temporarily block ban</a>
Last week, he expressed newfound support for the app, citing the need for competition against platforms like Facebook and Instagram, both owned by Meta.
"Now (that) I'm thinking about it. I'm for TikTok, because you need competition."
"If you don't have TikTok, you have Facebook and Instagram -- and that's, you know, that's Zuckerberg," he told Bloomberg. &nbsp;&nbsp; The shift follows a meeting between Trump and TikTok CEO Shou Zi Chew at Mar-a-Lago, where Trump hinted at re-evaluating the app's potential ban. &nbsp;
<h2>TikTok's legal stand</h2>
A law, set to take effect on January 19, mandates TikTok's sale to a non-Chinese owner or a full ban in the US. After the deadline, US-based app stores and internet providers could face significant fines for hosting TikTok unless it complies with the forced sale.&nbsp;
TikTok has challenged the law in court, arguing that the Protecting Americans from Foreign Adversary Controlled Applications Act violates its First Amendment rights. Last week, the Supreme Court agreed to hear the app's appeal, with oral arguments set for January 10, leaving little time for resolution before the deadline. &nbsp;
Also read | <a href="https://www.wionews.com/world/who-are-the-three-death-row-inmates-joe-biden-didnt-pardon-heres-all-you-need-to-know-786345" aria-label="Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know">Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know</a>
Free speech groups, including the ACLU, have also filed briefs opposing the ban, warning of potential censorship and disruption to users&rsquo; rights.
"Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online," said rights group ACLU in its filing.
(With inputs from agencies)

US President-elect Donald Trump's legal team argues for a stay on the TikTok divestment deadline, highlighting the case's complexities and the need for the new administration's involvement.

US President-elect Donald Trump on Friday (Dec 27) urged the Supreme Court to pause the looming TikTok ban, which is set to take effect the day before his January 20 inauguration unless ByteDance, the popular short video app's Chinese owner, divests it. In a legal brief, Trump's team argued for "more breathing space". Also read | Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously' "In light of the novelty and difficulty of this case, the court should consider staying the statutory deadline to grant more breathing space to address these issues," Trump's legal team wrote, urging the court to give him "the opportunity to pursue a political resolution." In his filing, Trump's attorney emphasised that the president-elect is not taking a position on the case's legal merits but is seeking flexibility for his administration to address the matter politically. "President Trump takes no position on the underlying merits of this dispute," wrote John Sauer in the amicus curiae brief. "Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025, while it considers the merits of this case, thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case." Donald Trump's changing TikTok stance Trump had previously attempted to ban TikTok on national security grounds during his first term. At the time, he cited fears of data misuse and propaganda from the Chinese government. These concerns, echoed by Democrats, led his successor, Joe Biden, to sign a law banning the app. However, Trump recently shifted his perspective and has since softened his stance. Also read | TikTok ban in America: US Federal Court rejects appeal to temporarily block ban Last week, he expressed newfound support for the app, citing the need for competition against platforms like Facebook and Instagram, both owned by Meta. "Now (that) I'm thinking about it. I'm for TikTok, because you need competition." "If you don't have TikTok, you have Facebook and Instagram -- and that's, you know, that's Zuckerberg," he told Bloomberg. The shift follows a meeting between Trump and TikTok CEO Shou Zi Chew at Mar-a-Lago, where Trump hinted at re-evaluating the app's potential ban. TikTok's legal stand A law, set to take effect on January 19, mandates TikTok's sale to a non-Chinese owner or a full ban in the US. After the deadline, US-based app stores and internet providers could face significant fines for hosting TikTok unless it complies with the forced sale. TikTok has challenged the law in court, arguing that the Protecting Americans from Foreign Adversary Controlled Applications Act violates its First Amendment rights. Last week, the Supreme Court agreed to hear the app's appeal, with oral arguments set for January 10, leaving little time for resolution before the deadline. Also read | Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know Free speech groups, including the ACLU, have also filed briefs opposing the ban, warning of potential censorship and disruption to users’ rights. "Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online," said rights group ACLU in its filing. (With inputs from agencies)

Trump urges US Supreme Court to pause TikTok ban ahead of inauguration

In this WION exclusive, Henri Arslanian, author and co-founder of a crypto hedge fund, shares insights into the evolving world of digital assets. Arslanian also delves into the debate between crypto and gold, as well as the role of young leaders in driving crypto adoption. Listen in to this insightful conversation.

‘Bitcoin is similar to gold’: WION’s exclusive with Henri Arslanian

A Reuters report quoting government sources showed the Indian government is considering cutting personal income tax for the middle class to boost consumption.
However, the sources said the discussions are ongoing and no concrete decisions have been taken yet.
The announcement will come in the budget on February 1.
Even if the government does decide to go ahead with tax cuts, it would be under the new regime introduced in 2020.
According to the discussions, individuals with earnings up to ₹1.5 million will not pay any tax.
Currently, for income between ₹300,000 and ₹1.5 million the tax rate is 5 to 20 &nbsp;per cent, while higher income is taxed at 30 &nbsp;per cent.
Under the new regime, though, there are no exemptions allowed, compared to the older regime, which allows exemptions on housing rentals, home loan interest and principal repayment, and insurance.
However, filing tax returns under the 2020 regime is less complicated.
<h2>Default and options</h2>
The new regime was the default tax structure, with Indians given a choice to opt for the old regime.
While some murmurs are floating the government will mandate the new regime, reports suggest India will continue with both regime options similar to the current fiscal year's choices.
Individuals have the option of choosing the old regime, although, they cannot alter their choice once the new regime is opted for.
<h2>New vs old regime</h2>
Individuals need to look at the tax burden based on both regime's based on their investment choices for the year and make choice.
Take a look at the tax rates under both regimes for comparison and making the choice.
<figure class="image"><img alt="Taxation regimes" src="https://img-cdn.thepublive.com/fit-in/1920x1080/filters:format(webp)/wion/media/media_files/2024/12/27/TTGSHhgt4mDpmcgUHpJ8.jpg" style="width: 1920px;">
<figcaption>Taxation regimes Photograph: (WION)</figcaption>
</figure>
<h2>Government's plan to stimulate growth</h2>
Sources reveal that this move aims to provide relief to the middle class and stimulate consumption in response to the country&rsquo;s slowing economy.
The tax cuts would primarily impact city dwellers, who are facing high living costs, and could encourage more taxpaye₹to opt for the newer 2020 tax system.
The potential tax reductions could make the simplified 2020 system more attractive to taxpayers, as it removes many exemptions but offe₹lower rates.
India&rsquo;s central government sources quoted by Reute₹indicate that such tax reforms could encourage wider adoption of this system,
Especially in the face of rising food inflation and weaker consumer demand.
The government has not yet specified the exact revenue loss from any cuts, but the goal is to stimulate economic activity amid sluggish growth.
India&rsquo;s economy has faced a significant slowdown, with growth dropping to its slowest pace in seven quarters between July and September unexpectedly.
Despite this, the government is optimistic that rural demand will continue to show resilience, and urban demand is expected to pick up.
The country&rsquo;s growth forecast for the fiscal year 2024/25 stands at 6.5 percent, at the lower end of its projected range.
With challenges such as high inflation and global uncertainties, including a stronger US dollar, India&rsquo;s tax reforms could play a critical role in boosting domestic consumption and supporting the middle class, which remains politically vocal about high tax burdens.
<h2>Changes to tax structure this year</h2>
Modifications to the income tax system occurred midway through the year 2024.
The reason behind this is that the government announced the Union Budget 2024 in July, following the general elections that took place between April and June of that year.
The income tax law amendments that were revealed in July 2024 may have slipped the minds of many taxpayers due to the budget's mid-year presentation.
Beginning with the fiscal year 2024&ndash;25, the majority of the income tax adjustments that were announced in July 2024 go into effect.
When you file your income tax return (ITR) in July 2025, you'll be able to claim different tax deductions and exemptions because of these changes.
The government adjusted the income tax brackets under the new tax system.
<a href="https://www.wionews.com/india-news/major-relief-for-indian-middle-class-govt-considering-tax-cut-amid-rising-economic-challenges-reports-8569145">Major relief for Indian middle class? Govt mulls tax cuts amid economic challenges: Reports</a>
For the current fiscal year 2024&ndash;25, taxpayers will benefit from increased savings due to the reduced income tax brackets of the new tax system.
The government raised the standard deduction limit and modified the income tax brackets under the new tax system.
<h2>Standard deduction changes</h2>
The standard deduction for people filing under the new tax regime for FY 2024-25 is ₹75,000, an increase from ₹50,000 in the prior regime.
The revised tax structure raises the standard deduction for family pensioners from ₹15,000 to ₹25,000.
For the fiscal year 2024&ndash;25 (modified for 2025&ndash;26), the standard deduction limit stays constant for individuals opting to utilise the prior tax framework.
<a href="https://www.wionews.com/videos/india-considers-income-tax-cuts-to-boost-consumption">India considers income tax cuts to boost consumption</a>
The old tax system provided a standard deduction of ₹50,000 for salaried and pensioner individuals, and ₹15,000 for family pensioners.
Salary earners and retirees can reduce their tax liability via the new regime's increased standard deduction, which they can use to their advantage.
Salary, pension, or family pension recipients are eligible to take a standard deduction from their gross income before determining their tax liability.
Funds paid out by insurance firms cannot be claimed as a standard deduction.
<h2>National Pension Scheme changes</h2>
An individual can get a bigger break on their employer's National Pension System (NPS) contribution if they choose the new tax system in FY 2024-25.
Under the new system, worke₹can deduct their employers' NPS contributions up to 14 per cent of their base income.
Up to 10 per cent of a worker's base income can be deducted in the past.
To determine taxable income, this deduction is taken from gross income in accordance with Section 80CCD (2) of the Income Tax Act, 1961.&nbsp;
This deduction is the sole one available under the new tax system, aside from the standard deduction.
The previous tax system allowed for an additional deduction of ₹50,000 for NPS investments made under Section 80CCD (1b) and a Section 80C deduction of ₹1.5 lakh.
Under the older tax system, the maximum amount that an employer may deduct from their NPS contributions for tax reasons remained unchanged.
People who want to pay less tax under the new system will be able to do so thanks to a larger deduction offered under the new system compared to the previous one.
Keep in mind that you would be responsible for paying taxes on employer contributions to EPF, NPS, and Superannuation funds if their combined value exceeds ₹7.5 lakh in a given fiscal year.
Additionally, taxes will be withheld on both the interest and return that is generated on the excess contribution.
<h2>Tax on capital gains changes</h2>
In the fiscal year 2024&ndash;25, the government will enforce new laws on capital gains taxes. The objective of the amendments was to optimise the framework for taxing capital gains.
A 20 per cent tax will be imposed on all short-term capital gains derived from shares and equity-oriented mutual funds. This has been increased from 15 per cent to 20 per cent.
Income tax brackets applicable to earnings will be imposed on short-term capital gains derived from diverse assets, such as real estate, gold, and other non-financial holdings.
The taxation rate for long-term capital gains is 12.5 per cent, irrespective of the asset type. The long-term capital gains tax rates will now be standardised across all asset classes.
Long-term capital gains (LTCG) on investments in stocks and equity-oriented mutual funds are now exempt from taxes up to ₹1.25 lakh every fiscal year, an increase from the previous threshold of ₹1 lakh.
The income tax on long-term capital gains (LTCG) on the sale of residential property is no longer entirely indexable.
If an individual acquires a residence on or before July 22, 2024, and then divests it, they will incur taxation on long-term capital gains (LTCG) in two manners, as stipulated by the new regulations.
Two methodologies exist:
(a) LTCG tax with indexation, calculated at 20 per cent, and
(b) LTCG tax without indexation, calculated at 12.5 per cent. In the absence of indexation benefits, long-term capital gains (LTCG) on the sale of a house acquired on or after July 23, 2024, will be subject to a tax rate of 12.5 per cent.
Only residents and Hindu Undivided Families (HUFs) may elect the LTCG taxation option for homes acquired before July 23, 2024.
Other taxable entities, including non-residents, will be obligated to remit 12.5 per cent without indexation.
The revised capital gains tax framework simplifies the method by which individuals ascertain their taxable income from capital gains.
In the past, various capital assets were subject to separate regulations for determining capital gains tax.
<h2>Capital gains holding period changes</h2>
The government has modified the time period for capital assets to further categorise capital gains as long-term or short-term.
The new criteria stipulate two holding periods for capital assets to determine whether earnings are classified as short-term or long-term.
Profits from the sale of any listed investment held for twelve months are classified as long-term capital gains.
Conversely, for capital gains on non-listed assets to qualify as long-term, the holding period for these securities must be 24 months.
Adjusting the holding period will facilitate taxpayers in monitoring the duration for which they must retain specific assets prior to sale, ensuring that their capital gains qualify as long-term capital gains.

Sources reveal that this move aims to provide relief to the middle class and stimulate consumption in response to the country’s slowing economy. 

A Reuters report quoting government sources showed the Indian government is considering cutting personal income tax for the middle class to boost consumption. However, the sources said the discussions are ongoing and no concrete decisions have been taken yet. The announcement will come in the budget on February 1. Even if the government does decide to go ahead with tax cuts, it would be under the new regime introduced in 2020. According to the discussions, individuals with earnings up to ₹1.5 million will not pay any tax. Currently, for income between ₹300,000 and ₹1.5 million the tax rate is 5 to 20 per cent, while higher income is taxed at 30 per cent. Under the new regime, though, there are no exemptions allowed, compared to the older regime, which allows exemptions on housing rentals, home loan interest and principal repayment, and insurance. However, filing tax returns under the 2020 regime is less complicated. Default and options The new regime was the default tax structure, with Indians given a choice to opt for the old regime. While some murmurs are floating the government will mandate the new regime, reports suggest India will continue with both regime options similar to the current fiscal year's choices. Individuals have the option of choosing the old regime, although, they cannot alter their choice once the new regime is opted for. New vs old regime Individuals need to look at the tax burden based on both regime's based on their investment choices for the year and make choice. Take a look at the tax rates under both regimes for comparison and making the choice. Taxation regimes Photograph: (WION) Government's plan to stimulate growth Sources reveal that this move aims to provide relief to the middle class and stimulate consumption in response to the country’s slowing economy. The tax cuts would primarily impact city dwellers, who are facing high living costs, and could encourage more taxpaye₹to opt for the newer 2020 tax system. The potential tax reductions could make the simplified 2020 system more attractive to taxpayers, as it removes many exemptions but offe₹lower rates. India’s central government sources quoted by Reute₹indicate that such tax reforms could encourage wider adoption of this system, Especially in the face of rising food inflation and weaker consumer demand. The government has not yet specified the exact revenue loss from any cuts, but the goal is to stimulate economic activity amid sluggish growth. India’s economy has faced a significant slowdown, with growth dropping to its slowest pace in seven quarters between July and September unexpectedly. Despite this, the government is optimistic that rural demand will continue to show resilience, and urban demand is expected to pick up. The country’s growth forecast for the fiscal year 2024/25 stands at 6.5 percent, at the lower end of its projected range. With challenges such as high inflation and global uncertainties, including a stronger US dollar, India’s tax reforms could play a critical role in boosting domestic consumption and supporting the middle class, which remains politically vocal about high tax burdens. Changes to tax structure this year Modifications to the income tax system occurred midway through the year 2024. The reason behind this is that the government announced the Union Budget 2024 in July, following the general elections that took place between April and June of that year. The income tax law amendments that were revealed in July 2024 may have slipped the minds of many taxpayers due to the budget's mid-year presentation. Beginning with the fiscal year 2024–25, the majority of the income tax adjustments that were announced in July 2024 go into effect. When you file your income tax return (ITR) in July 2025, you'll be able to claim different tax deductions and exemptions because of these changes. The government adjusted the income tax brackets under the new tax system. Major relief for Indian middle class? Govt mulls tax cuts amid economic challenges: Reports For the current fiscal year 2024–25, taxpayers will benefit from increased savings due to the reduced income tax brackets of the new tax system. The government raised the standard deduction limit and modified the income tax brackets under the new tax system. Standard deduction changes The standard deduction for people filing under the new tax regime for FY 2024-25 is ₹75,000, an increase from ₹50,000 in the prior regime. The revised tax structure raises the standard deduction for family pensioners from ₹15,000 to ₹25,000. For the fiscal year 2024–25 (modified for 2025–26), the standard deduction limit stays constant for individuals opting to utilise the prior tax framework. India considers income tax cuts to boost consumption The old tax system provided a standard deduction of ₹50,000 for salaried and pensioner individuals, and ₹15,000 for family pensioners. Salary earners and retirees can reduce their tax liability via the new regime's increased standard deduction, which they can use to their advantage. Salary, pension, or family pension recipients are eligible to take a standard deduction from their gross income before determining their tax liability. Funds paid out by insurance firms cannot be claimed as a standard deduction. National Pension Scheme changes An individual can get a bigger break on their employer's National Pension System (NPS) contribution if they choose the new tax system in FY 2024-25. Under the new system, worke₹can deduct their employers' NPS contributions up to 14 per cent of their base income. Up to 10 per cent of a worker's base income can be deducted in the past. To determine taxable income, this deduction is taken from gross income in accordance with Section 80CCD (2) of the Income Tax Act, 1961. This deduction is the sole one available under the new tax system, aside from the standard deduction. The previous tax system allowed for an additional deduction of ₹50,000 for NPS investments made under Section 80CCD (1b) and a Section 80C deduction of ₹1.5 lakh. Under the older tax system, the maximum amount that an employer may deduct from their NPS contributions for tax reasons remained unchanged. People who want to pay less tax under the new system will be able to do so thanks to a larger deduction offered under the new system compared to the previous one. Keep in mind that you would be responsible for paying taxes on employer contributions to EPF, NPS, and Superannuation funds if their combined value exceeds ₹7.5 lakh in a given fiscal year. Additionally, taxes will be withheld on both the interest and return that is generated on the excess contribution. Tax on capital gains changes In the fiscal year 2024–25, the government will enforce new laws on capital gains taxes. The objective of the amendments was to optimise the framework for taxing capital gains. A 20 per cent tax will be imposed on all short-term capital gains derived from shares and equity-oriented mutual funds. This has been increased from 15 per cent to 20 per cent. Income tax brackets applicable to earnings will be imposed on short-term capital gains derived from diverse assets, such as real estate, gold, and other non-financial holdings. The taxation rate for long-term capital gains is 12.5 per cent, irrespective of the asset type. The long-term capital gains tax rates will now be standardised across all asset classes. Long-term capital gains (LTCG) on investments in stocks and equity-oriented mutual funds are now exempt from taxes up to ₹1.25 lakh every fiscal year, an increase from the previous threshold of ₹1 lakh. The income tax on long-term capital gains (LTCG) on the sale of residential property is no longer entirely indexable. If an individual acquires a residence on or before July 22, 2024, and then divests it, they will incur taxation on long-term capital gains (LTCG) in two manners, as stipulated by the new regulations. Two methodologies exist: (a) LTCG tax with indexation, calculated at 20 per cent, and (b) LTCG tax without indexation, calculated at 12.5 per cent. In the absence of indexation benefits, long-term capital gains (LTCG) on the sale of a house acquired on or after July 23, 2024, will be subject to a tax rate of 12.5 per cent. Only residents and Hindu Undivided Families (HUFs) may elect the LTCG taxation option for homes acquired before July 23, 2024. Other taxable entities, including non-residents, will be obligated to remit 12.5 per cent without indexation. The revised capital gains tax framework simplifies the method by which individuals ascertain their taxable income from capital gains. In the past, various capital assets were subject to separate regulations for determining capital gains tax. Capital gains holding period changes The government has modified the time period for capital assets to further categorise capital gains as long-term or short-term. The new criteria stipulate two holding periods for capital assets to determine whether earnings are classified as short-term or long-term. Profits from the sale of any listed investment held for twelve months are classified as long-term capital gains. Conversely, for capital gains on non-listed assets to qualify as long-term, the holding period for these securities must be 24 months. Adjusting the holding period will facilitate taxpayers in monitoring the duration for which they must retain specific assets prior to sale, ensuring that their capital gains qualify as long-term capital gains.

Explainer : India considers income tax cuts, all you need to know

A Reuters report quoting government sources showed the Indian government is considering cutting personal income tax for the middle class to boost consumption. However, the sources said the discussions are ongoing and no concrete decisions have been taken yet.

A Reuters report quoting government sources showed the Indian government is considering cutting personal income tax for the middle class to boost consumption. However, the sources said the discussions are ongoing and no concrete decisions have been taken yet. The announcement will come in the budget on February 1. Even if the government does decide to go ahead with tax cuts, it would be under the new regime introduced in 2020. According to the discussions, individuals with earnings up to ₹1.5 million will not pay any tax. Currently, for income between ₹300,000 and ₹1.5 million the tax rate is 5 to 20 per cent, while higher income is taxed at 30 per cent. Under the new regime, though, there are no exemptions allowed, compared to the older regime, which allows exemptions on housing rentals, home loan interest and principal repayment, and insurance. However, filing tax returns under the 2020 regime is less complicated. Default & options The new regime was the default tax structure, with Indians given a choice to opt for the old regime. While some murmurs are floating the government will mandate the new regime, reports suggest India will continue with both regime options similar to the current fiscal year's choices. Individuals have the option of choosing the old regime, although, they cannot alter their choice once the new regime is opted for. New vs old regime Individuals need to look at the tax burden based on both regime's based on their investment choices for the year and make choice. Take a look at the tax rates under both regimes for comparison and making the choice. OLD TAX REGIME INCOME TAX SLAB INCOME TAX RATE UPTO ₹2,50,000 NIL ₹2,50,001 TO ₹500,000 5% (₹12,500) ₹5,00,001 TO ₹10,00,000 20% (₹12,500 + ₹1,00,000) ABOVE ₹10,00,000 30% (₹1,12,000 + 30% ABOVE ₹10,00,000) NEW TAX REGIME INCOME TAX SLAB INCOME TAX RATE UPTO ₹3,00,000 NIL ₹3,00,001 TO ₹6,00,000 5% (₹15,000) ₹6,00,001 TO ₹9,00,000 10% (₹15,000 + ₹30,000) ₹9,00,001 TO ₹12,00,000 15% (₹45,000 + ₹45,000) ₹12,00,001 TO ₹15,00,001 20% (₹90,000 + ₹60,000) ABOVE ₹15,00,000 30% (₹1,50,000 + 30% ABOVE ₹15,00,000) Government's plan to stimulate growth Sources reveal that this move aims to provide relief to the middle class and stimulate consumption in response to the country’s slowing economy. The tax cuts would primarily impact city dwellers, who are facing high living costs, and could encourage more taxpaye₹to opt for the newer 2020 tax system. The potential tax reductions could make the simplified 2020 system more attractive to taxpayers, as it removes many exemptions but offe₹lower rates. India’s central government sources quoted by Reute₹indicate that such tax reforms could encourage wider adoption of this system, Especially in the face of rising food inflation and weaker consumer demand. The government has not yet specified the exact revenue loss from any cuts, but the goal is to stimulate economic activity amid sluggish growth. India’s economy has faced a significant slowdown, with growth dropping to its slowest pace in seven quarters between July and September unexpectedly. Despite this, the government is optimistic that rural demand will continue to show resilience, and urban demand is expected to pick up. The country’s growth forecast for the fiscal year 2024/25 stands at 6.5 percent, at the lower end of its projected range. With challenges such as high inflation and global uncertainties, including a stronger US dollar, India’s tax reforms could play a critical role in boosting domestic consumption and supporting the middle class, which remains politically vocal about high tax burdens. Changes to tax structure this year Modifications to the income tax system occurred midway through the year 2024. The reason behind this is that the government announced the Union Budget 2024 in July, following the general elections that took place between April and June of that year. The income tax law amendments that were revealed in July 2024 may have slipped the minds of many taxpayers due to the budget's mid-year presentation. Beginning with the fiscal year 2024–25, the majority of the income tax adjustments that were announced in July 2024 go into effect. When you file your income tax return (ITR) in July 2025, you'll be able to claim different tax deductions and exemptions because of these changes. The government adjusted the income tax brackets under the new tax system. For the current fiscal year 2024–25, taxpayers will benefit from increased savings due to the reduced income tax brackets of the new tax system. The government raised the standard deduction limit and modified the income tax brackets under the new tax system. Standard deduction changes The standard deduction for people filing under the new tax regime for FY 2024-25 is ₹75,000, an increase from ₹50,000 in the prior regime. The revised tax structure raises the standard deduction for family pensioners from ₹15,000 to ₹25,000. For the fiscal year 2024–25 (modified for 2025–26), the standard deduction limit stays constant for individuals opting to utilise the prior tax framework. The old tax system provided a standard deduction of ₹50,000 for salaried and pensioner individuals, and ₹15,000 for family pensioners. Salary earners and retirees can reduce their tax liability via the new regime's increased standard deduction, which they can use to their advantage. Salary, pension, or family pension recipients are eligible to take a standard deduction from their gross income before determining their tax liability. Funds paid out by insurance firms cannot be claimed as a standard deduction. National Pension Scheme changes An individual can get a bigger break on their employer's National Pension System (NPS) contribution if they choose the new tax system in FY 2024-25. Under the new system, worke₹can deduct their employers' NPS contributions up to 14 per cent of their base income. Up to 10 per cent of a worker's base income can be deducted in the past. To determine taxable income, this deduction is taken from gross income in accordance with Section 80CCD (2) of the Income Tax Act, 1961. This deduction is the sole one available under the new tax system, aside from the standard deduction. The previous tax system allowed for an additional deduction of ₹50,000 for NPS investments made under Section 80CCD (1b) and a Section 80C deduction of ₹1.5 lakh. Under the older tax system, the maximum amount that an employer may deduct from their NPS contributions for tax reasons remained unchanged. People who want to pay less tax under the new system will be able to do so thanks to a larger deduction offered under the new system compared to the previous one. Keep in mind that you would be responsible for paying taxes on employer contributions to EPF, NPS, and Superannuation funds if their combined value exceeds ₹7.5 lakh in a given fiscal year. Additionally, taxes will be withheld on both the interest and return that is generated on the excess contribution. Tax on capital gains changes In the fiscal year 2024–25, the government will enforce new laws on capital gains taxes. The objective of the amendments was to optimise the framework for taxing capital gains. A 20 per cent tax will be imposed on all short-term capital gains derived from shares and equity-oriented mutual funds. This has been increased from 15 per cent to 20 per cent. Income tax brackets applicable to earnings will be imposed on short-term capital gains derived from diverse assets, such as real estate, gold, and other non-financial holdings. The taxation rate for long-term capital gains is 12.5 per cent, irrespective of the asset type. The long-term capital gains tax rates will now be standardised across all asset classes. Long-term capital gains (LTCG) on investments in stocks and equity-oriented mutual funds are now exempt from taxes up to ₹1.25 lakh every fiscal year, an increase from the previous threshold of ₹1 lakh. The income tax on long-term capital gains (LTCG) on the sale of residential property is no longer entirely indexable. If an individual acquires a residence on or before July 22, 2024, and then divests it, they will incur taxation on long-term capital gains (LTCG) in two manners, as stipulated by the new regulations. Two methodologies exist: (a) LTCG tax with indexation, calculated at 20 per cent, and (b) LTCG tax without indexation, calculated at 12.5 per cent. In the absence of indexation benefits, long-term capital gains (LTCG) on the sale of a house acquired on or after July 23, 2024, will be subject to a tax rate of 12.5 per cent. Only residents and Hindu Undivided Families (HUFs) may elect the LTCG taxation option for homes acquired before July 23, 2024. Other taxable entities, including non-residents, will be obligated to remit 12.5 per cent without indexation. The revised capital gains tax framework simplifies the method by which individuals ascertain their taxable income from capital gains. In the past, various capital assets were subject to separate regulations for determining capital gains tax. Capital gains holding period changes The government has modified the time period for capital assets to further categorise capital gains as long-term or short-term. The new criteria stipulate two holding periods for capital assets to determine whether earnings are classified as short-term or long-term. Profits from the sale of any listed investment held for twelve months are classified as long-term capital gains. Conversely, for capital gains on non-listed assets to qualify as long-term, the holding period for these securities must be 24 months. Adjusting the holding period will facilitate taxpayers in monitoring the duration for which they must retain specific assets prior to sale, ensuring that their capital gains qualify as long-term capital gains.

India considers income tax cuts: Explainer

‘AI is the key technology shaping our future,’ says Margarete Schramböck, Austria's former minister of digital and economic affairs, in this WION’s exclusive interview. Schramböck stresses the need for collaboration among trade stakeholders and underscores India's rise as a pivotal digital hub in the global economy. Listen to the full conversation.

‘58% of Engineers in Saudi are females’: WION’s exclusive with Margarete Schramböck

‘58% Of Engineers In Saudi Are Females’: WION’s Exclusive With Margarete Schramböck

Andrew Dressler, Managing Director, FDI, Berlin, Discusses The Evolving Landscape Of Foreign Direct Investment (FDI) In This WION’s Exclusive Interview. From The Heightened Global Interest In Attracting FDI To The Growing Influence Of Geopolitics On Industrial Policies, Dressler Highlights Key Trends. The Interview Also Explores The Role Of OECD Countries As Major FDI Sources And The Impact Of Political Uncertainty, Including The Decline Of FDI To The U.S. During Trump’s First Term. Watch in for more details!

‘FDI Is Now Flowing To Emerging Markets’: WION’s Exclusive With Andrew Dressler

New Delhi
Honda and Nissan, Japan's second and third largest automakers, are inching closer to a historic merger. This news has ignited discussions across the board on the feasibility of this acquisition and who stands to gain or lose from this arrangement.
Key highlights of the merger
It is anticipated that the firms will finalise a corporate integration agreement, including the share transfer plan, by June 2025, and that the share transfer will take place by August 2026. According to Mitsubishi, it is considering its role in the merger and plans to make a decision by January 2025.
Nissan's Chief Executive, Makoto Uchida, at a press conference said, “Although it is a simple calculation, the total sales scale of the two companies is more than 30 trillion yen ($191.3 billion). The total number of four-wheeled vehicles will be 7.5 million, and if the business integration is realised, it will make the company one of the largest among global automakers.” 
What it means for both companies &amp; the broader market
Honda and Nissan will try to consolidate their activities under a joint holding company, according to Toshihiro Mibe, President of Honda. The new management will be led by Honda, who will uphold each company's values and brands. According to him, they want to finalise the deal and list the holding company on the Tokyo Stock Exchange by August 2026, with a formal merger agreement expected by June.
Mibe also warned of the looming 'China' angle. He said, "There is a rise of Chinese power and emerging forces (in the automobile industry), and the structure of the automobile industry is changing. What this means is that, I believe that the value itself in terms of automobiles and mobility will change.”
According to Sam Fiorani, vice president of AutoForecast Solutions, Nissan offers huge SUVs with truck-based body-on-frame models, such the Armada and Infiniti QX80, that Honda does not have. These vehicles have good off-road performance and large towing capacity. He added that Nissan's years of experience in producing electric cars, batteries, and gas-electric hybrid powertrains may aid Honda in creating its own EVs and the next generation of hybrids. According to automotive industry analyst Sam Abuelsamid, who works in the Detroit area, "Nissan does have some product segments where Honda doesn't currently play," which a merger or alliance may help with. 
The 2 companies will join a long list of legacy automakers teaming up to enable next-gen vehicles that require collaboration &amp; pooling of resources to gain competitive advantage.  Mergers have occurred ever since General Motors (GM) was established in the first decade of the 20th century through the acquisition of several brands. However, they may struggle to successfully bring disparate partners together. In 1998, the German carmaker Daimler-Benz consented to purchase Chrysler Corp., but ten years later, the merged company was divided. Within two years, the newly independent Chrysler went bankrupt and needed a federal rescue. In the past year, Chrysler's most recent merger, with Europe's PSA Group in 2001 to establish Stellantis, has had its own set of issues, including declining sales and earnings. 
Impact on US markets
US-listed shares of Honda Motor reacted positively to the merger news. Analysts believe it would indicate the auto industry's much-needed consolidation. Honda's stock surged over 16 per cent, marking the largest one-day percentage gain since the record 19.6 per cent run-up on October 28, 2008.
Investor optimism was boosted by Honda's announcement that it would buy back up to $7 billion (1.1 trillion yen) of its own shares in order to increase shareholder returns. This, along with implementing a flexible capital strategy, and improving the "efficiency of its capital structure," which fueled the stock jump. The buybacks would start on January 6, 2025, and continue for the majority of the following year.
In a recent note to clients, UBS analyst Joseph Spak stated that in order to increase capital efficiency, the industry's rapid changes necessitate consolidation, partnerships, or other actions.
Impact on Indian markets
Given their separate large production setups and the fact that Nissan has an alliance partner in France, the Japanese companies Honda and Nissan's plans to combine operations in response to difficult business challenges could have a significant impact on both their global operations and their ability to operate in India. The entire plan is further complicated by the almost nonexistent activities of Mitsubishi in India, another party to the proposed Honda-Nissan merger. In India, Mitsubishi is sold in collaboration with the C K Birla group; however, the latter has since partnered with the French PSA group to produce Citroen automobiles.  
Take into account how complicated Nissan and Honda's operations are in India: Nissan now operates in India through a manufacturing joint venture with its global alliance partner Renault, having previously had a joint venture with Ashok Leyland. The alliance in India, which is estimated to have a joint installed capacity of 4 lakh units at the Oragadam factory outside Chennai, has been having trouble with sales.
In India, Nissan and Renault have both had sporadic success and have not taken advantage of any promising leads. With an export-oriented business model, Nissan specifically attempted to balance operations, but even this has proven difficult. If Renault does not participate in the Nissan-Honda global deal, it is still unclear what will happen to the Chennai factory. As the situation develops, it will be necessary to find out on what terms the Nissan or, for that matter, Renault vehicles would be manufactured at the Chennai plant.
Honda, one of the larger participants in the proposed global merger, is having a very difficult time. Although the company was once thought to be a powerful force, it has failed to live up to its reputation and has been losing market share to more established competitors like Hyundai, Toyota, Maruti Suzuki, and even regional brands like Tata Motors and Mahindra &amp; Mahindra. This year, Honda anticipates almost negligible growth in sales in India (approximately 87,000 units). Due to low demand, the company's Greater Noida manufacturing facility has been closed for many years. 
Industry reactions
Industry reactions to this news have been mixed. While some tout the merger idea as a 'game-changer', former Nissan CEO Carlos Ghosn, who fled to Japan in 2019 following corruption allegations, questioned whether a possible Honda-Nissan merger would succeed, stating that the latter's plans "do not make sense." He said, "The first thing that you look at when you want to envision an alliance or a partnership is a complementarity between the two partners. Well, I look at the complementarity between Honda and Nissan and I see none. There is no complementarity. The two companies are two Japanese companies. They are strong in the same fields. They are weak in the same fields. Both of them have very developed technologies. Again, from an industrial point of view, there is duplication everywhere. So, industrially, for me, that doesn't make sense."
As the merger talks progress and new information is revealed, the global auto industry is bracing for a major shift.

It is anticipated that the firms will finalise a corporate integration agreement, including the share transfer plan, by June 2025, and that the share transfer will take place by August 2026. According to Mitsubishi, it is considering its role in the merger and plans to make a decision by January 2025.



New Delhi Honda and Nissan, Japan's second and third largest automakers, are inching closer to a historic merger. This news has ignited discussions across the board on the feasibility of this acquisition and who stands to gain or lose from this arrangement. Key highlights of the merger It is anticipated that the firms will finalise a corporate integration agreement, including the share transfer plan, by June 2025, and that the share transfer will take place by August 2026. According to Mitsubishi, it is considering its role in the merger and plans to make a decision by January 2025. Nissan's Chief Executive, Makoto Uchida, at a press conference said, “Although it is a simple calculation, the total sales scale of the two companies is more than 30 trillion yen ($191.3 billion). The total number of four-wheeled vehicles will be 7.5 million, and if the business integration is realised, it will make the company one of the largest among global automakers.” What it means for both companies & the broader market Honda and Nissan will try to consolidate their activities under a joint holding company, according to Toshihiro Mibe, President of Honda. The new management will be led by Honda, who will uphold each company's values and brands. According to him, they want to finalise the deal and list the holding company on the Tokyo Stock Exchange by August 2026, with a formal merger agreement expected by June. Mibe also warned of the looming 'China' angle. He said, "There is a rise of Chinese power and emerging forces (in the automobile industry), and the structure of the automobile industry is changing. What this means is that, I believe that the value itself in terms of automobiles and mobility will change.” According to Sam Fiorani, vice president of AutoForecast Solutions, Nissan offers huge SUVs with truck-based body-on-frame models, such the Armada and Infiniti QX80, that Honda does not have. These vehicles have good off-road performance and large towing capacity. He added that Nissan's years of experience in producing electric cars, batteries, and gas-electric hybrid powertrains may aid Honda in creating its own EVs and the next generation of hybrids. According to automotive industry analyst Sam Abuelsamid, who works in the Detroit area, "Nissan does have some product segments where Honda doesn't currently play," which a merger or alliance may help with. The 2 companies will join a long list of legacy automakers teaming up to enable next-gen vehicles that require collaboration & pooling of resources to gain competitive advantage. Mergers have occurred ever since General Motors (GM) was established in the first decade of the 20th century through the acquisition of several brands. However, they may struggle to successfully bring disparate partners together. In 1998, the German carmaker Daimler-Benz consented to purchase Chrysler Corp., but ten years later, the merged company was divided. Within two years, the newly independent Chrysler went bankrupt and needed a federal rescue. In the past year, Chrysler's most recent merger, with Europe's PSA Group in 2001 to establish Stellantis, has had its own set of issues, including declining sales and earnings. Impact on US markets US-listed shares of Honda Motor reacted positively to the merger news. Analysts believe it would indicate the auto industry's much-needed consolidation. Honda's stock surged over 16 per cent, marking the largest one-day percentage gain since the record 19.6 per cent run-up on October 28, 2008. Investor optimism was boosted by Honda's announcement that it would buy back up to $7 billion (1.1 trillion yen) of its own shares in order to increase shareholder returns. This, along with implementing a flexible capital strategy, and improving the "efficiency of its capital structure," which fueled the stock jump. The buybacks would start on January 6, 2025, and continue for the majority of the following year. In a recent note to clients, UBS analyst Joseph Spak stated that in order to increase capital efficiency, the industry's rapid changes necessitate consolidation, partnerships, or other actions. Impact on Indian markets Given their separate large production setups and the fact that Nissan has an alliance partner in France, the Japanese companies Honda and Nissan's plans to combine operations in response to difficult business challenges could have a significant impact on both their global operations and their ability to operate in India. The entire plan is further complicated by the almost nonexistent activities of Mitsubishi in India, another party to the proposed Honda-Nissan merger. In India, Mitsubishi is sold in collaboration with the C K Birla group; however, the latter has since partnered with the French PSA group to produce Citroen automobiles. Take into account how complicated Nissan and Honda's operations are in India: Nissan now operates in India through a manufacturing joint venture with its global alliance partner Renault, having previously had a joint venture with Ashok Leyland. The alliance in India, which is estimated to have a joint installed capacity of 4 lakh units at the Oragadam factory outside Chennai, has been having trouble with sales. In India, Nissan and Renault have both had sporadic success and have not taken advantage of any promising leads. With an export-oriented business model, Nissan specifically attempted to balance operations, but even this has proven difficult. If Renault does not participate in the Nissan-Honda global deal, it is still unclear what will happen to the Chennai factory. As the situation develops, it will be necessary to find out on what terms the Nissan or, for that matter, Renault vehicles would be manufactured at the Chennai plant. Honda, one of the larger participants in the proposed global merger, is having a very difficult time. Although the company was once thought to be a powerful force, it has failed to live up to its reputation and has been losing market share to more established competitors like Hyundai, Toyota, Maruti Suzuki, and even regional brands like Tata Motors and Mahindra & Mahindra. This year, Honda anticipates almost negligible growth in sales in India (approximately 87,000 units). Due to low demand, the company's Greater Noida manufacturing facility has been closed for many years. Industry reactions Industry reactions to this news have been mixed. While some tout the merger idea as a 'game-changer', former Nissan CEO Carlos Ghosn, who fled to Japan in 2019 following corruption allegations, questioned whether a possible Honda-Nissan merger would succeed, stating that the latter's plans "do not make sense." He said, "The first thing that you look at when you want to envision an alliance or a partnership is a complementarity between the two partners. Well, I look at the complementarity between Honda and Nissan and I see none. There is no complementarity. The two companies are two Japanese companies. They are strong in the same fields. They are weak in the same fields. Both of them have very developed technologies. Again, from an industrial point of view, there is duplication everywhere. So, industrially, for me, that doesn't make sense." As the merger talks progress and new information is revealed, the global auto industry is bracing for a major shift.

Honda-Nissan merger: What you need to know

Washington, United States
The US Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have said that a North Korean hacking group, TraderTraitor, stole cryptocurrency worth $308 million from Japan-based exchange DMM Bitcoin earlier this year in May.
TraderTraitor, known to be a part of Lazarus Group, targets multiple employees from the same organisation at the same time. The infamous Lazarus Group is allegedly linked to Pyongyang authorities and has been accused of hacking into Sony Pictures for mocking North Korean leader Kim Jong Un in the film The Interview.
Also read | <a href="https://www.wionews.com/world/luxury-brands-to-consider-accepting-crypto-payments-as-bitcoin-soars-785112">Luxury brands to consider accepting crypto payments as bitcoin soars</a>
“The theft of cryptocurrency worth $308 million US dollars from the Japan-based cryptocurrency company DMM by North Korean cyber actors,” the FBI stated in a statement on Monday (Dec 23).
The North Korean cyber actors facilitated a “targeted social engineering” operation in which they pretended to be LinkedIn recruiters and contacted an employee at a Japan-based enterprise cryptocurrency wallet software company Ginco in late March.
They then sent a malicious code under the guise of a pre-employment test on a GitHub page, which allowed hackers to gain access to their system and impersonate the employee.
Also read | <a href="https://www.wionews.com/business-economy/honda-nissan-merger-what-you-need-to-know-786402">Honda-Nissan merger: What you need to know</a>
In late May, the hackers manipulated a legitimate transaction request by a DMM employee. According to the FBI, the attack led to losses of 4,502.9 BTC, worth $308 million, which were transferred to TraderTraitor-controlled wallets.
“The FBI, National Police Agency of Japan, and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities—including cybercrime and cryptocurrency theft—to generate revenue for the regime,” the FBI added in its statement. 
According to a 2020 US military report, North Korea’s cyber-warfare agency, Bureau 121, has over 6,000 members operating from several countries. The program can be tracked back to at least the mid-1990s.
(With inputs from agencies)

The North Korean cyber actors facilitated a “targeted social engineering” operation in which they pretended to be LinkedIn recruiters and contacted an employee at a Japan-based enterprise cryptocurrency wallet software company Ginco in late March



Washington, United States The US Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have said that a North Korean hacking group, TraderTraitor, stole cryptocurrency worth $308 million from Japan-based exchange DMM Bitcoin earlier this year in May. TraderTraitor, known to be a part of Lazarus Group, targets multiple employees from the same organisation at the same time. The infamous Lazarus Group is allegedly linked to Pyongyang authorities and has been accused of hacking into Sony Pictures for mocking North Korean leader Kim Jong Un in the film The Interview. Also read | Luxury brands to consider accepting crypto payments as bitcoin soars “The theft of cryptocurrency worth $308 million US dollars from the Japan-based cryptocurrency company DMM by North Korean cyber actors,” the FBI stated in a statement on Monday (Dec 23). The North Korean cyber actors facilitated a “targeted social engineering” operation in which they pretended to be LinkedIn recruiters and contacted an employee at a Japan-based enterprise cryptocurrency wallet software company Ginco in late March. They then sent a malicious code under the guise of a pre-employment test on a GitHub page, which allowed hackers to gain access to their system and impersonate the employee. Also read | Honda-Nissan merger: What you need to know In late May, the hackers manipulated a legitimate transaction request by a DMM employee. According to the FBI, the attack led to losses of 4,502.9 BTC, worth $308 million, which were transferred to TraderTraitor-controlled wallets. “The FBI, National Police Agency of Japan, and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities—including cybercrime and cryptocurrency theft—to generate revenue for the regime,” the FBI added in its statement. According to a 2020 US military report, North Korea’s cyber-warfare agency, Bureau 121, has over 6,000 members operating from several countries. The program can be tracked back to at least the mid-1990s. (With inputs from agencies)

North Korean cyber actors behind $308 million cryptocurrency heist, say US and Japan

Honda and Nissan, Japan's second and third largest automakers, are inching closer to a historic merger. This news has ignited discussions across the board on the feasibility of this acquisition and who stands to gain or lose from this arrangement.

Key highlights of the merger

It is anticipated that the firms will finalise a corporate integration agreement, including the share transfer plan, by June 2025, and that the share transfer will take place by August 2026. According to Mitsubishi, it is considering its role in the merger and plans to make a decision by January 2025.

Nissan's Chief Executive, Makoto Uchida, at a press conference said, “Although it is a simple calculation, the total sales scale of the two companies is more than 30 trillion yen ($191.3 billion). The total number of four-wheeled vehicles will be 7.5 million, and if the business integration is realised, it will make the company one of the largest among global automakers.”&nbsp;

What it means for both companies &amp; the broader market

Honda and Nissan will try to consolidate their activities under a joint holding company, according to Toshihiro Mibe, President of Honda. The new management will be led by Honda, who will uphold each company's values and brands. According to him, they want to finalise the deal and list the holding company on the Tokyo Stock Exchange by August 2026, with a formal merger agreement expected by June.

Mibe also warned of the looming 'China' angle. He said, "There is a rise of Chinese power and emerging forces (in the automobile industry), and the structure of the automobile industry is changing. What this means is that, I believe that the value itself in terms of automobiles and mobility will change.”

According to Sam Fiorani, vice president of AutoForecast Solutions, Nissan offers huge SUVs with truck-based body-on-frame models, such the Armada and Infiniti QX80, that Honda does not have. These vehicles have good off-road performance and large towing capacity. He added that Nissan's years of experience in producing electric cars, batteries, and gas-electric hybrid powertrains may aid Honda in creating its own EVs and the next generation of hybrids. According to automotive industry analyst Sam Abuelsamid, who works in the Detroit area, "Nissan does have some product segments where Honda doesn't currently play," which a merger or alliance may help with.&nbsp;

The 2 companies will join a long list of legacy automakers teaming up to enable next-gen vehicles that require collaboration &amp; pooling of resources to gain competitive advantage. &nbsp;Mergers have occurred ever since General Motors (GM) was established in the first decade of the 20th century through the acquisition of several brands. However, they may struggle to successfully bring disparate partners together. In 1998, the German carmaker Daimler-Benz consented to purchase Chrysler Corp., but ten years later, the merged company was divided. Within two years, the newly independent Chrysler went bankrupt and needed a federal rescue. In the past year, Chrysler's most recent merger, with Europe's PSA Group in 2001 to establish Stellantis, has had its own set of issues, including declining sales and earnings.&nbsp;

Impact on US markets

US-listed shares of Honda Motor reacted positively to the merger news. Analysts believe it would indicate the auto industry's much-needed consolidation. Honda's stock surged over 16 per cent, marking the largest one-day percentage gain since the record 19.6 per cent run-up on October 28, 2008.

Investor optimism was boosted by Honda's announcement that it would buy back up to $7 billion (1.1 trillion yen) of its own shares in order to increase shareholder returns. This, along with implementing a flexible capital strategy, and improving the "efficiency of its capital structure," which fueled the stock jump. The buybacks would start on January 6, 2025, and continue for the majority of the following year.

In a recent note to clients, UBS analyst Joseph Spak stated that in order to increase capital efficiency, the industry's rapid changes necessitate consolidation, partnerships, or other actions.

Impact on Indian markets

Given their separate large production setups and the fact that Nissan has an alliance partner in France, the Japanese companies Honda and Nissan's plans to combine operations in response to difficult business challenges could have a significant impact on both their global operations and their ability to operate in India. The entire plan is further complicated by the almost nonexistent activities of Mitsubishi in India, another party to the proposed Honda-Nissan merger. In India, Mitsubishi is sold in collaboration with the C K Birla group; however, the latter has since partnered with the French PSA group to produce Citroen automobiles. &nbsp;

Take into account how complicated Nissan and Honda's operations are in India: Nissan now operates in India through a manufacturing joint venture with its global alliance partner Renault, having previously had a joint venture with Ashok Leyland. The alliance in India, which is estimated to have a joint installed capacity of 4 lakh units at the Oragadam factory outside Chennai, has been having trouble with sales.

In India, Nissan and Renault have both had sporadic success and have not taken advantage of any promising leads. With an export-oriented business model, Nissan specifically attempted to balance operations, but even this has proven difficult. If Renault does not participate in the Nissan-Honda global deal, it is still unclear what will happen to the Chennai factory. As the situation develops, it will be necessary to find out on what terms the Nissan or, for that matter, Renault vehicles would be manufactured at the Chennai plant.

Honda, one of the larger participants in the proposed global merger, is having a very difficult time. Although the company was once thought to be a powerful force, it has failed to live up to its reputation and has been losing market share to more established competitors like Hyundai, Toyota, Maruti Suzuki, and even regional brands like Tata Motors and Mahindra &amp; Mahindra. This year, Honda anticipates almost negligible growth in sales in India (approximately 87,000 units). Due to low demand, the company's Greater Noida manufacturing facility has been closed for many years.&nbsp;

Industry reactions

Industry reactions to this news have been mixed. While some tout the merger idea as a 'game-changer', former Nissan CEO Carlos Ghosn, who fled to Japan in 2019 following corruption allegations, questioned whether a possible Honda-Nissan merger would succeed, stating that the latter's plans "do not make sense." He said, "The first thing that you look at when you want to envision an alliance or a partnership is a complementarity between the two partners. Well, I look at the complementarity between Honda and Nissan and I see none. There is no complementarity. The two companies are two Japanese companies. They are strong in the same fields. They are weak in the same fields. Both of them have very developed technologies. Again, from an industrial point of view, there is duplication everywhere. So, industrially, for me, that doesn't make sense."

As the merger talks progress and new information is revealed, the global auto industry is bracing for a major shift.

Honda and Nissan, Japan's second and third largest automakers, are inching closer to a historic merger. This news has ignited discussions across the board on the feasibility of this acquisition and who stands to gain or lose from this arrangement.

Honda and Nissan, Japan's second and third largest automakers, are inching closer to a historic merger. This news has ignited discussions across the board on the feasibility of this acquisition and who stands to gain or lose from this arrangement. Key highlights of the merger It is anticipated that the firms will finalise a corporate integration agreement, including the share transfer plan, by June 2025, and that the share transfer will take place by August 2026. According to Mitsubishi, it is considering its role in the merger and plans to make a decision by January 2025. Nissan's Chief Executive, Makoto Uchida, at a press conference said, “Although it is a simple calculation, the total sales scale of the two companies is more than 30 trillion yen ($191.3 billion). The total number of four-wheeled vehicles will be 7.5 million, and if the business integration is realised, it will make the company one of the largest among global automakers.” What it means for both companies & the broader market Honda and Nissan will try to consolidate their activities under a joint holding company, according to Toshihiro Mibe, President of Honda. The new management will be led by Honda, who will uphold each company's values and brands. According to him, they want to finalise the deal and list the holding company on the Tokyo Stock Exchange by August 2026, with a formal merger agreement expected by June. Mibe also warned of the looming 'China' angle. He said, "There is a rise of Chinese power and emerging forces (in the automobile industry), and the structure of the automobile industry is changing. What this means is that, I believe that the value itself in terms of automobiles and mobility will change.” According to Sam Fiorani, vice president of AutoForecast Solutions, Nissan offers huge SUVs with truck-based body-on-frame models, such the Armada and Infiniti QX80, that Honda does not have. These vehicles have good off-road performance and large towing capacity. He added that Nissan's years of experience in producing electric cars, batteries, and gas-electric hybrid powertrains may aid Honda in creating its own EVs and the next generation of hybrids. According to automotive industry analyst Sam Abuelsamid, who works in the Detroit area, "Nissan does have some product segments where Honda doesn't currently play," which a merger or alliance may help with. The 2 companies will join a long list of legacy automakers teaming up to enable next-gen vehicles that require collaboration & pooling of resources to gain competitive advantage. Mergers have occurred ever since General Motors (GM) was established in the first decade of the 20th century through the acquisition of several brands. However, they may struggle to successfully bring disparate partners together. In 1998, the German carmaker Daimler-Benz consented to purchase Chrysler Corp., but ten years later, the merged company was divided. Within two years, the newly independent Chrysler went bankrupt and needed a federal rescue. In the past year, Chrysler's most recent merger, with Europe's PSA Group in 2001 to establish Stellantis, has had its own set of issues, including declining sales and earnings. Impact on US markets US-listed shares of Honda Motor reacted positively to the merger news. Analysts believe it would indicate the auto industry's much-needed consolidation. Honda's stock surged over 16 per cent, marking the largest one-day percentage gain since the record 19.6 per cent run-up on October 28, 2008. Investor optimism was boosted by Honda's announcement that it would buy back up to $7 billion (1.1 trillion yen) of its own shares in order to increase shareholder returns. This, along with implementing a flexible capital strategy, and improving the "efficiency of its capital structure," which fueled the stock jump. The buybacks would start on January 6, 2025, and continue for the majority of the following year. In a recent note to clients, UBS analyst Joseph Spak stated that in order to increase capital efficiency, the industry's rapid changes necessitate consolidation, partnerships, or other actions. Impact on Indian markets Given their separate large production setups and the fact that Nissan has an alliance partner in France, the Japanese companies Honda and Nissan's plans to combine operations in response to difficult business challenges could have a significant impact on both their global operations and their ability to operate in India. The entire plan is further complicated by the almost nonexistent activities of Mitsubishi in India, another party to the proposed Honda-Nissan merger. In India, Mitsubishi is sold in collaboration with the C K Birla group; however, the latter has since partnered with the French PSA group to produce Citroen automobiles. Take into account how complicated Nissan and Honda's operations are in India: Nissan now operates in India through a manufacturing joint venture with its global alliance partner Renault, having previously had a joint venture with Ashok Leyland. The alliance in India, which is estimated to have a joint installed capacity of 4 lakh units at the Oragadam factory outside Chennai, has been having trouble with sales. In India, Nissan and Renault have both had sporadic success and have not taken advantage of any promising leads. With an export-oriented business model, Nissan specifically attempted to balance operations, but even this has proven difficult. If Renault does not participate in the Nissan-Honda global deal, it is still unclear what will happen to the Chennai factory. As the situation develops, it will be necessary to find out on what terms the Nissan or, for that matter, Renault vehicles would be manufactured at the Chennai plant. Honda, one of the larger participants in the proposed global merger, is having a very difficult time. Although the company was once thought to be a powerful force, it has failed to live up to its reputation and has been losing market share to more established competitors like Hyundai, Toyota, Maruti Suzuki, and even regional brands like Tata Motors and Mahindra & Mahindra. This year, Honda anticipates almost negligible growth in sales in India (approximately 87,000 units). Due to low demand, the company's Greater Noida manufacturing facility has been closed for many years. Industry reactions Industry reactions to this news have been mixed. While some tout the merger idea as a 'game-changer', former Nissan CEO Carlos Ghosn, who fled to Japan in 2019 following corruption allegations, questioned whether a possible Honda-Nissan merger would succeed, stating that the latter's plans "do not make sense." He said, "The first thing that you look at when you want to envision an alliance or a partnership is a complementarity between the two partners. Well, I look at the complementarity between Honda and Nissan and I see none. There is no complementarity. The two companies are two Japanese companies. They are strong in the same fields. They are weak in the same fields. Both of them have very developed technologies. Again, from an industrial point of view, there is duplication everywhere. So, industrially, for me, that doesn't make sense." As the merger talks progress and new information is revealed, the global auto industry is bracing for a major shift.

The US&nbsp;Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have said that a North Korean hacking group, TraderTraitor, stole&nbsp;cryptocurrency worth $308 million from Japan-based exchange DMM Bitcoin earlier this year in May.

TraderTraitor, known to be a part of Lazarus Group, targets multiple employees from the same organisation at the same time. The infamous Lazarus Group is allegedly linked to Pyongyang authorities and has been accused of hacking into Sony Pictures for mocking North Korean leader Kim Jong Un in the film The Interview.

Also read |&nbsp;<a href="https://www.wionews.com/world/luxury-brands-to-consider-accepting-crypto-payments-as-bitcoin-soars-785112">Luxury brands to consider accepting crypto payments as bitcoin soars</a>

“The theft of cryptocurrency worth $308 million US dollars from the Japan-based cryptocurrency company DMM by North Korean cyber actors,” the FBI stated in a statement on Monday (Dec 23).

The North Korean cyber actors facilitated a “targeted social engineering” operation in which they pretended to be LinkedIn recruiters and contacted an employee at a Japan-based enterprise cryptocurrency wallet software company Ginco in late March.

They then sent a malicious code under the guise of a pre-employment test on a GitHub page, which allowed hackers to gain access to their system and impersonate the employee.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/honda-nissan-merger-what-you-need-to-know-786402">Honda-Nissan merger: What you need to know</a>

In late May, the hackers manipulated a legitimate transaction request by a DMM employee. According to the FBI, the attack led to losses of 4,502.9 BTC, worth $308 million, which were transferred to TraderTraitor-controlled wallets.

“The FBI, National Police Agency of Japan, and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities—including cybercrime and cryptocurrency theft—to generate revenue for the regime,” the FBI added in its statement.&nbsp;

According to a 2020 US military report, North Korea’s cyber-warfare agency, Bureau 121, has over 6,000 members operating from several countries. The program can be tracked back to at least the mid-1990s.

(With inputs from agencies)

The US Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have said that a North Korean hacking group, TraderTraitor, stole cryptocurrency worth $308 million from Japan-based exchange DMM Bitcoin earlier this year in May.

The US Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have said that a North Korean hacking group, TraderTraitor, stole cryptocurrency worth $308 million from Japan-based exchange DMM Bitcoin earlier this year in May. TraderTraitor, known to be a part of Lazarus Group, targets multiple employees from the same organisation at the same time. The infamous Lazarus Group is allegedly linked to Pyongyang authorities and has been accused of hacking into Sony Pictures for mocking North Korean leader Kim Jong Un in the film The Interview. Also read | Luxury brands to consider accepting crypto payments as bitcoin soars “The theft of cryptocurrency worth $308 million US dollars from the Japan-based cryptocurrency company DMM by North Korean cyber actors,” the FBI stated in a statement on Monday (Dec 23). The North Korean cyber actors facilitated a “targeted social engineering” operation in which they pretended to be LinkedIn recruiters and contacted an employee at a Japan-based enterprise cryptocurrency wallet software company Ginco in late March. They then sent a malicious code under the guise of a pre-employment test on a GitHub page, which allowed hackers to gain access to their system and impersonate the employee. Also read | Honda-Nissan merger: What you need to know In late May, the hackers manipulated a legitimate transaction request by a DMM employee. According to the FBI, the attack led to losses of 4,502.9 BTC, worth $308 million, which were transferred to TraderTraitor-controlled wallets. “The FBI, National Police Agency of Japan, and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities—including cybercrime and cryptocurrency theft—to generate revenue for the regime,” the FBI added in its statement. According to a 2020 US military report, North Korea’s cyber-warfare agency, Bureau 121, has over 6,000 members operating from several countries. The program can be tracked back to at least the mid-1990s. (With inputs from agencies)

Washington
The United States said Monday it is opening an investigation into China's policies for its semiconductor industry, over concerns that Beijing is turning to "extensive anticompetitive and non-market means" to undermine other economies.
The probe centres on foundational semiconductors -- which go into everything from cars to medical devices -- and whether China's actions create burdens for US commerce, said the US Trade Representative's (USTR) office.
The fear is that Beijing's practices undermine "the competitiveness of American industry and workers, critical US supply chains, and US economic security," the USTR's office added.
Beijing slammed the move as "protectionist," vowing to defend its interests and urging Washington to halt its "wrong practices."
The investigation falls under Section 301 of the Trade Act, the same tool used during President-elect Donald Trump's first administration to justify tariff hikes on Chinese products.
"We have seen time and again, a pattern of harmful impact from nonmarket policies and practices across industries that the PRC has targeted for worldwide market dominance," said USTR Katherine Tai, referring to the People's Republic of China.
Previous instances included steel, aluminum, solar cells, electric vehicles, and now semiconductors, Tai told reporters on Sunday.
"This is enabling its companies to rapidly expand capacity and to offer artificially lower-priced chips that threaten to significantly harm and potentially eliminate fair, market-oriented competition," Tai added.
<h2>Sector dominance</h2>
In a notice, USTR said China "nearly doubled its global share of foundational logic semiconductors production capacity" in just six years.
China's share is set to reach about half the world's capacity by 2029, based on announced new fabrication plants, and this expansion "is already discouraging investment by market-oriented actors," USTR added.
Commerce Secretary Gina Raimondo said an analysis of the US semiconductor supply chain found two-thirds of US products contain Chinese-made foundational chips.
"About half of companies didn't know whether they had Chinese chips in their products," she added.
In recent years, President Joe Biden has sought to shore up US chipmaking capabilities to reduce reliance on other countries. 
The latest probe will initially focus on China's foundational semiconductors production, including the extent these are used in other products like medical devices and vehicles.
The probe is also expected to consider whether Beijing's policies on inputs for semiconductor fabrication contribute to "burden or restriction on US commerce," the USTR's office said.
"This investigation is part of our broader strategy to strengthen the resilience of our supply chains and revitalize domestic manufacturing," said National Economic Advisor Lael Brainard.
Officials will have a year to handle the investigation and decide on responses.
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The probe centers on foundational semiconductors -- which go into everything from cars to medical devices -- and whether China's actions create burdens for US commerce, said the US Trade Representative's (USTR) office.



Washington The United States said Monday it is opening an investigation into China's policies for its semiconductor industry, over concerns that Beijing is turning to "extensive anticompetitive and non-market means" to undermine other economies. The probe centres on foundational semiconductors -- which go into everything from cars to medical devices -- and whether China's actions create burdens for US commerce, said the US Trade Representative's (USTR) office. The fear is that Beijing's practices undermine "the competitiveness of American industry and workers, critical US supply chains, and US economic security," the USTR's office added. Beijing slammed the move as "protectionist," vowing to defend its interests and urging Washington to halt its "wrong practices." The investigation falls under Section 301 of the Trade Act, the same tool used during President-elect Donald Trump's first administration to justify tariff hikes on Chinese products. "We have seen time and again, a pattern of harmful impact from nonmarket policies and practices across industries that the PRC has targeted for worldwide market dominance," said USTR Katherine Tai, referring to the People's Republic of China. Previous instances included steel, aluminum, solar cells, electric vehicles, and now semiconductors, Tai told reporters on Sunday. "This is enabling its companies to rapidly expand capacity and to offer artificially lower-priced chips that threaten to significantly harm and potentially eliminate fair, market-oriented competition," Tai added. Sector dominance In a notice, USTR said China "nearly doubled its global share of foundational logic semiconductors production capacity" in just six years. China's share is set to reach about half the world's capacity by 2029, based on announced new fabrication plants, and this expansion "is already discouraging investment by market-oriented actors," USTR added. Commerce Secretary Gina Raimondo said an analysis of the US semiconductor supply chain found two-thirds of US products contain Chinese-made foundational chips. "About half of companies didn't know whether they had Chinese chips in their products," she added. In recent years, President Joe Biden has sought to shore up US chipmaking capabilities to reduce reliance on other countries. The latest probe will initially focus on China's foundational semiconductors production, including the extent these are used in other products like medical devices and vehicles. The probe is also expected to consider whether Beijing's policies on inputs for semiconductor fabrication contribute to "burden or restriction on US commerce," the USTR's office said. "This investigation is part of our broader strategy to strengthen the resilience of our supply chains and revitalize domestic manufacturing," said National Economic Advisor Lael Brainard. Officials will have a year to handle the investigation and decide on responses. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US to probe China's chip industry over THIS concern

New Delhi
The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.
Key points
What's cheaper now?
- fortified rice kernels
- gene therapy
- food preparations for free distribution
- systems for long range surface-to-air missile assembly
- inspection equipment for atomic energy
- pepper &amp; raisins supplied by agriculturists

what's expensive now?
- old &amp; used vehicle (including EVs)
- ready-to-eat popcorn
- autoclaved aerated concrete blocks
- sponsorship services by corporates
- penalty-only appeals

Popcorns
For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.
Health Insurance
While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.
Automotives &amp; EVs
The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.
Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.
Adjustments on luxury &amp; essential goods
The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.
Aviation Fuel
According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".
Construction and agricultural goods
ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.
Also read: <a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman.



New Delhi The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

55th GST council meeting: key discussion points

The United States said Monday it is opening an investigation into China's policies for its semiconductor industry, over concerns that Beijing is turning to "extensive anticompetitive and non-market means" to undermine other economies.

The probe centres on foundational semiconductors -- which go into everything from cars to medical devices -- and whether China's actions create burdens for US commerce, said the US Trade Representative's (USTR) office.

The fear is that Beijing's practices undermine "the competitiveness of American industry and workers, critical US supply chains, and US economic security," the USTR's office added.

Beijing slammed the move as "protectionist," vowing to defend its interests and urging Washington to halt its "wrong practices."

The investigation falls under Section 301 of the Trade Act, the same tool used during President-elect Donald Trump's first administration to justify tariff hikes on Chinese products.

"We have seen time and again, a pattern of harmful impact from nonmarket policies and practices across industries that the PRC has targeted for worldwide market dominance," said USTR Katherine Tai, referring to the People's Republic of China.

Previous instances included steel, aluminum, solar cells, electric vehicles, and now semiconductors, Tai told reporters on Sunday.

"This is enabling its companies to rapidly expand capacity and to offer artificially lower-priced chips that threaten to significantly harm and potentially eliminate fair, market-oriented competition," Tai added.

<h2>Sector dominance</h2>

In a notice, USTR said China "nearly doubled its global share of foundational logic semiconductors production capacity" in just six years.

China's share is set to reach about half the world's capacity by 2029, based on announced new fabrication plants, and this expansion "is already discouraging investment by market-oriented actors," USTR added.

Commerce Secretary Gina Raimondo said an analysis of the US semiconductor supply chain found two-thirds of US products contain Chinese-made foundational chips.

"About half of companies didn't know whether they had Chinese chips in their products," she added.

In recent years, President Joe Biden has sought to shore up US chipmaking capabilities to reduce reliance on other countries.&nbsp;

The latest probe will initially focus on China's foundational semiconductors production, including the extent these are used in other products like medical devices and vehicles.

The probe is also expected to consider whether Beijing's policies on inputs for semiconductor fabrication contribute to "burden or restriction on US commerce," the USTR's office said.

"This investigation is part of our broader strategy to strengthen the resilience of our supply chains and revitalize domestic manufacturing," said National Economic Advisor Lael Brainard.

Officials will have a year to handle the investigation and decide on responses.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

The United States said Monday it is opening an investigation into China's policies for its semiconductor industry, over concerns that Beijing is turning to "extensive anticompetitive and non-market means" to undermine other economies.

The United States said Monday it is opening an investigation into China's policies for its semiconductor industry, over concerns that Beijing is turning to "extensive anticompetitive and non-market means" to undermine other economies. The probe centres on foundational semiconductors -- which go into everything from cars to medical devices -- and whether China's actions create burdens for US commerce, said the US Trade Representative's (USTR) office. The fear is that Beijing's practices undermine "the competitiveness of American industry and workers, critical US supply chains, and US economic security," the USTR's office added. Beijing slammed the move as "protectionist," vowing to defend its interests and urging Washington to halt its "wrong practices." The investigation falls under Section 301 of the Trade Act, the same tool used during President-elect Donald Trump's first administration to justify tariff hikes on Chinese products. "We have seen time and again, a pattern of harmful impact from nonmarket policies and practices across industries that the PRC has targeted for worldwide market dominance," said USTR Katherine Tai, referring to the People's Republic of China. Previous instances included steel, aluminum, solar cells, electric vehicles, and now semiconductors, Tai told reporters on Sunday. "This is enabling its companies to rapidly expand capacity and to offer artificially lower-priced chips that threaten to significantly harm and potentially eliminate fair, market-oriented competition," Tai added. Sector dominance In a notice, USTR said China "nearly doubled its global share of foundational logic semiconductors production capacity" in just six years. China's share is set to reach about half the world's capacity by 2029, based on announced new fabrication plants, and this expansion "is already discouraging investment by market-oriented actors," USTR added. Commerce Secretary Gina Raimondo said an analysis of the US semiconductor supply chain found two-thirds of US products contain Chinese-made foundational chips. "About half of companies didn't know whether they had Chinese chips in their products," she added. In recent years, President Joe Biden has sought to shore up US chipmaking capabilities to reduce reliance on other countries. The latest probe will initially focus on China's foundational semiconductors production, including the extent these are used in other products like medical devices and vehicles. The probe is also expected to consider whether Beijing's policies on inputs for semiconductor fabrication contribute to "burden or restriction on US commerce," the USTR's office said. "This investigation is part of our broader strategy to strengthen the resilience of our supply chains and revitalize domestic manufacturing," said National Economic Advisor Lael Brainard. Officials will have a year to handle the investigation and decide on responses. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Asian markets started the holiday-shortened Christmas week on a positive note. Investors focused on the potential merger between Japanese automakers Honda and Nissan, with reports revealing that both companies are entering discussions for business integration, with a final agreement expected in June 2025.

Honda-Nissan Merger on Investors Radar

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

Key points

What's cheaper now?

- fortified rice kernels

- gene therapy

- food preparations for free distribution

- systems for long range surface-to-air missile assembly

- inspection equipment for atomic energy

- pepper &amp; raisins supplied by agriculturists

&nbsp;

what's expensive now?

- old &amp; used vehicle (including EVs)

- ready-to-eat popcorn

- autoclaved aerated concrete blocks

- sponsorship services by corporates

- penalty-only appeals

&nbsp;

Popcorns

For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn&nbsp;(mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect&nbsp;Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.

Health Insurance

While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.

Automotives &amp; EVs

The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller&nbsp;modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.

Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.

Adjustments on luxury &amp; essential goods

The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore&nbsp;annually. Meanwhile,&nbsp;the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.

Aviation Fuel

According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".

Construction and agricultural&nbsp;goods

ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

As Bitcoin’s value continues to soar, luxury brands are seizing the opportunity to tap into this new pool of wealth. 
 
French luxury department store Printemps has partnered with the world’s largest crypto exchange, Binance, and financial tech company Lyzi to accept Bitcoin and Ethereum in its stores. 
 
This makes Printemps the first European department store to accept cryptocurrency payments.

With other luxury retailers like Gucci and Balenciaga already offering crypto payment options, the trend is gaining momentum, especially as more brands show interest in joining the movement. 
 
The luxury industry’s embrace of cryptocurrency is driven by the desire to innovate and appeal to a younger, tech-savvy clientele. 
 
Brands are expanding their payment options, allowing crypto payments in select stores. 
 
In fact, Gucci has been accepting Bitcoin and other cryptocurrencies for its products in the US since 2022.

This shift comes as high volatility and regulatory concerns around cryptocurrencies persist, but the growing support from figures like US President-elect Donald Trump is offering optimism for more stable e-currency regulation. 
 
Luxury goods like designer handbags and high-end watches are becoming attractive investment options for crypto investors. 
 
While cryptocurrency payments remain largely symbolic for many retailers, they serve as a branding tool for companies eager to position themselves as innovative. 
 
With younger and wealthier customers looking for ways to diversify their portfolios, Bitcoin has emerged as a viable method for purchasing luxury items. 
 
This signals a shift in both consumer behaviour and how brands are meeting the demands of a changing market.

(With inputs from the agencies)

As Bitcoin’s value continues to soar, luxury brands are seizing the opportunity to tap into this new pool of wealth. French luxury department store Printemps has partnered with the world’s largest crypto exchange, Binance, and financial tech company Lyzi to accept Bitcoin and Ethereum in its stores.

As Bitcoin’s value continues to soar, luxury brands are seizing the opportunity to tap into this new pool of wealth. French luxury department store Printemps has partnered with the world’s largest crypto exchange, Binance, and financial tech company Lyzi to accept Bitcoin and Ethereum in its stores. This makes Printemps the first European department store to accept cryptocurrency payments. With other luxury retailers like Gucci and Balenciaga already offering crypto payment options, the trend is gaining momentum, especially as more brands show interest in joining the movement. The luxury industry’s embrace of cryptocurrency is driven by the desire to innovate and appeal to a younger, tech-savvy clientele. Brands are expanding their payment options, allowing crypto payments in select stores. In fact, Gucci has been accepting Bitcoin and other cryptocurrencies for its products in the US since 2022. This shift comes as high volatility and regulatory concerns around cryptocurrencies persist, but the growing support from figures like US President-elect Donald Trump is offering optimism for more stable e-currency regulation. Luxury goods like designer handbags and high-end watches are becoming attractive investment options for crypto investors. While cryptocurrency payments remain largely symbolic for many retailers, they serve as a branding tool for companies eager to position themselves as innovative. With younger and wealthier customers looking for ways to diversify their portfolios, Bitcoin has emerged as a viable method for purchasing luxury items. This signals a shift in both consumer behaviour and how brands are meeting the demands of a changing market. (With inputs from the agencies)

Luxury brands embrace cryptocurrency payments as Bitcoin surges

The tech conflict between China and the United States is reaching a boiling point. This is leaving Bytedance with fewer and fewer choices for TikTok in the US.

The new reality, where more firms will be squeezed from both sides, is laid clear by mutual distrust and tit-for-tat hatred. 
 
As part of an investigation into a deal that Beijing authorised many years ago, Nvidia is now the focus of China's authorities. Washington strengthened chip sanctions on China this week. 
 
In response, Beijing stopped exports of certain minerals with tech uses to the US. This latest measure against Nvidia follows previous recent escalations. 
 
A key component of Ukraine's defence, drones are also being shut off from the US and Europe by China.

Last week, a federal appeals court in the United States upheld a statute that would have banned TikTok unless the company divested itself from its Chinese parent, Bytedance. 
 
That shows how supply chains are still linked. This makes Nvidia an intriguing new target for Beijing.

According to reports, Bytedance is apparently putting all of its eggs in the AI basket to find a growth engine to replace TikTok. This comes as Bytedance becomes Nvidia's biggest customer in China. 
 
To be relevant, Bytedance has expanded its focus beyond its short-form video platform. Now that the us drama has continued for years, the Chinese firm is in a hopeless situation.

Tech businesses with global ambitions will likely have to choose sides and stay in their lane now that the pandora's box is opened. The latest conflict sends a scary message to not become too big in the US. 
 
This comes at a time when other Chinese tech companies are seeking expansion overseas due to domestic spending cuts.

(With inputs from the agencies)

The tech conflict between China and the United States is reaching a boiling point. This is leaving Bytedance with fewer and fewer choices for TikTok in the US. The new reality, where more firms will be squeezed from both sides, is laid clear by mutual distrust and tit-for-tat hatred.

The tech conflict between China and the United States is reaching a boiling point. This is leaving Bytedance with fewer and fewer choices for TikTok in the US. The new reality, where more firms will be squeezed from both sides, is laid clear by mutual distrust and tit-for-tat hatred. As part of an investigation into a deal that Beijing authorised many years ago, Nvidia is now the focus of China's authorities. Washington strengthened chip sanctions on China this week. In response, Beijing stopped exports of certain minerals with tech uses to the US. This latest measure against Nvidia follows previous recent escalations. A key component of Ukraine's defence, drones are also being shut off from the US and Europe by China. Last week, a federal appeals court in the United States upheld a statute that would have banned TikTok unless the company divested itself from its Chinese parent, Bytedance. That shows how supply chains are still linked. This makes Nvidia an intriguing new target for Beijing. According to reports, Bytedance is apparently putting all of its eggs in the AI basket to find a growth engine to replace TikTok. This comes as Bytedance becomes Nvidia's biggest customer in China. To be relevant, Bytedance has expanded its focus beyond its short-form video platform. Now that the us drama has continued for years, the Chinese firm is in a hopeless situation. Tech businesses with global ambitions will likely have to choose sides and stay in their lane now that the pandora's box is opened. The latest conflict sends a scary message to not become too big in the US. This comes at a time when other Chinese tech companies are seeking expansion overseas due to domestic spending cuts. (With inputs from the agencies)

From TikTok to Nvidia, the US-China tech war is getting uglier

A Systematic Investment Plan or SIP has become one of the key investments in people's planning for their financial future and is believed to speed up the journey towards financial goals.&nbsp;

However, how simple an investment in SIP may sound, in reality, it involves some rules which can really up the game for the investors.&nbsp;

In this week's Money-Wise, we try to understand the golden rules for investing in SIP for building long-term wealth.&nbsp;

<h2>Rules of SIP</h2>

<h3>Rule 555</h3>

This triple 5 rule is best for planning retirement savings. The rule states that the investor should retire five years before stipulated retirement, increase SIP by 5 per cent every year, and aim to create a fund of Rs 52.8 million (approx. $620661) by the age of 55.

<h3>15x5x3 Rule</h3>

As per this rule, the principal amount should be invested in SIP for 15 years, and it should be then extended for the next 5 years and again extended for 3 years to churn a good profit.

<h3>18x15x12 Rule</h3>

This rule should be implemented when you are doing financial planning for your child. The rules say that the investment should be done before your child turns 18. The monthly SIP deduction ideally should be Rs 15,000 (approx. $176.32) and the investor should target a 12 per cent return.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-sip-or-lumpsum-what-is-a-better-mutual-fund-investment-776245">Money-Wise | SIP or lumpsum: What is a better mutual fund investment?</a>

<h3>10x20x15 Rule</h3>

This rule advocates investing a monthly SIP of Rs 10,000 for 20 years and aiming for a 15 per cent return.

<h3>15x15x15 Rule</h3>

As per this rule, investors should invest in SIPs across 15 years an amount of Rs 15,000 monthly and target an annualised return of 15 per cent.&nbsp;

<h3>8-4-3 Rule</h3>

The 8-4-3&nbsp;rule demonstrates how a SIP grows through the years because of the power of compounding.&nbsp;

The rule says that the investments see steady growth in the first eight years and are likely to bring an average annual return of 12 per cent.&nbsp;

From the ninth to the twelfth year, the investment doubles and sees the same growth which took place in the last eight years because of the power of compounding.

Watch:&nbsp;Asian Stocks Edge Higher as Investors Focus on Fed's Next Move

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/asian-stocks-edge-higher-as-investors-focus-on-feds-next-move-784904/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

After the last three years, the SIP investment achieves exponential growth and once again doubles.

<h3>7-5-3-1 Rule&nbsp;</h3>

This rule says that equity investments generally perform well in seven years, and their profit-churning capacity can be further enhanced by distributing funds in five categories, which also mitigates concentrated risks.

Diversification of funds is important to bring stability to the investment and ensure growth in investment portfolios.&nbsp;

The investor can diversify funds in these categories: High-Quality Stocks (Large Cap Stocks), Value Stocks, GARP Stocks (Growth at Reasonable Price), Midcap or Small Cap Stocks and Global Stocks.&nbsp;

The number "3" stands for patience in dealing with low returns, minimum returns, and at times even negative returns when the market turns volatile.&nbsp;

And "1" refers to increasing the SIP amount for fighting the increasing inflation. A small increase in monthly SIP deductions can bring a big difference in profits.

A Systematic Investment Plan or SIP has become one of the key investments in people's planning for their financial future and is believed to speed up the journey towards financial goals.

A Systematic Investment Plan or SIP has become one of the key investments in people's planning for their financial future and is believed to speed up the journey towards financial goals. However, how simple an investment in SIP may sound, in reality, it involves some rules which can really up the game for the investors. In this week's Money-Wise, we try to understand the golden rules for investing in SIP for building long-term wealth. Rules of SIP Rule 555 This triple 5 rule is best for planning retirement savings. The rule states that the investor should retire five years before stipulated retirement, increase SIP by 5 per cent every year, and aim to create a fund of Rs 52.8 million (approx. $620661) by the age of 55. 15x5x3 Rule As per this rule, the principal amount should be invested in SIP for 15 years, and it should be then extended for the next 5 years and again extended for 3 years to churn a good profit. 18x15x12 Rule This rule should be implemented when you are doing financial planning for your child. The rules say that the investment should be done before your child turns 18. The monthly SIP deduction ideally should be Rs 15,000 (approx. $176.32) and the investor should target a 12 per cent return. Also Read: Money-Wise | SIP or lumpsum: What is a better mutual fund investment? 10x20x15 Rule This rule advocates investing a monthly SIP of Rs 10,000 for 20 years and aiming for a 15 per cent return. 15x15x15 Rule As per this rule, investors should invest in SIPs across 15 years an amount of Rs 15,000 monthly and target an annualised return of 15 per cent. 8-4-3 Rule The 8-4-3 rule demonstrates how a SIP grows through the years because of the power of compounding. The rule says that the investments see steady growth in the first eight years and are likely to bring an average annual return of 12 per cent. From the ninth to the twelfth year, the investment doubles and sees the same growth which took place in the last eight years because of the power of compounding. Watch: Asian Stocks Edge Higher as Investors Focus on Fed's Next Move After the last three years, the SIP investment achieves exponential growth and once again doubles. 7-5-3-1 Rule This rule says that equity investments generally perform well in seven years, and their profit-churning capacity can be further enhanced by distributing funds in five categories, which also mitigates concentrated risks. Diversification of funds is important to bring stability to the investment and ensure growth in investment portfolios. The investor can diversify funds in these categories: High-Quality Stocks (Large Cap Stocks), Value Stocks, GARP Stocks (Growth at Reasonable Price), Midcap or Small Cap Stocks and Global Stocks. The number "3" stands for patience in dealing with low returns, minimum returns, and at times even negative returns when the market turns volatile. And "1" refers to increasing the SIP amount for fighting the increasing inflation. A small increase in monthly SIP deductions can bring a big difference in profits.

Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

New Delhi, India
A Systematic Investment Plan or SIP has become one of the key investments in people's planning for their financial future and is believed to speed up the journey towards financial goals. 
However, how simple an investment in SIP may sound, in reality, it involves some rules which can really up the game for the investors. 
In this week's Money-Wise, we try to understand the golden rules for investing in SIP for building long-term wealth. 
<h2>Rules of SIP</h2>
<h3>Rule 555</h3>
This triple 5 rule is best for planning retirement savings. The rule states that the investor should retire five years before stipulated retirement, increase SIP by 5 per cent every year, and aim to create a fund of Rs 52.8 million (approx. $620661) by the age of 55.
<h3>15x5x3 Rule</h3>
As per this rule, the principal amount should be invested in SIP for 15 years, and it should be then extended for the next 5 years and again extended for 3 years to churn a good profit.
<h3>18x15x12 Rule</h3>
This rule should be implemented when you are doing financial planning for your child. The rules say that the investment should be done before your child turns 18. The monthly SIP deduction ideally should be Rs 15,000 (approx. $176.32) and the investor should target a 12 per cent return.
Also Read: <a href="https://www.wionews.com/business-economy/money-wise-sip-or-lumpsum-what-is-a-better-mutual-fund-investment-776245">Money-Wise | SIP or lumpsum: What is a better mutual fund investment?</a>
<h3>10x20x15 Rule</h3>
This rule advocates investing a monthly SIP of Rs 10,000 for 20 years and aiming for a 15 per cent return.
<h3>15x15x15 Rule</h3>
As per this rule, investors should invest in SIPs across 15 years an amount of Rs 15,000 monthly and target an annualised return of 15 per cent. 
<h3>8-4-3 Rule</h3>
The 8-4-3 rule demonstrates how a SIP grows through the years because of the power of compounding. 
The rule says that the investments see steady growth in the first eight years and are likely to bring an average annual return of 12 per cent. 
From the ninth to the twelfth year, the investment doubles and sees the same growth which took place in the last eight years because of the power of compounding.
Watch: Asian Stocks Edge Higher as Investors Focus on Fed's Next Move
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://cdn.thepublive.com/wion/static/kaltura_player/wion_video_player_iframe.html?thumbnail=wion/media/post_attachments/files/2024/12/18/1802_wion_OIL_11AM-1734507616-00000003.jpg&videourl=https://vodakm.zeenews.com/vod/WION/1802_wion_OIL_11AM.mp4/index.m3u8&duration=141&tags=Asian Stocks,investors,stocks,business" style="width:100%;max-width:560px;" width="560"></iframe></div>
After the last three years, the SIP investment achieves exponential growth and once again doubles.
<h3>7-5-3-1 Rule </h3>
This rule says that equity investments generally perform well in seven years, and their profit-churning capacity can be further enhanced by distributing funds in five categories, which also mitigates concentrated risks.
Diversification of funds is important to bring stability to the investment and ensure growth in investment portfolios. 
The investor can diversify funds in these categories: High-Quality Stocks (Large Cap Stocks), Value Stocks, GARP Stocks (Growth at Reasonable Price), Midcap or Small Cap Stocks and Global Stocks. 
The number "3" stands for patience in dealing with low returns, minimum returns, and at times even negative returns when the market turns volatile. 
And "1" refers to increasing the SIP amount for fighting the increasing inflation. A small increase in monthly SIP deductions can bring a big difference in profits.

There are some golden rules in SIP investment which have the power to accelerate an investor's financial journey and reap more profits 

 



New Delhi, India A Systematic Investment Plan or SIP has become one of the key investments in people's planning for their financial future and is believed to speed up the journey towards financial goals. However, how simple an investment in SIP may sound, in reality, it involves some rules which can really up the game for the investors. In this week's Money-Wise, we try to understand the golden rules for investing in SIP for building long-term wealth. Rules of SIP Rule 555 This triple 5 rule is best for planning retirement savings. The rule states that the investor should retire five years before stipulated retirement, increase SIP by 5 per cent every year, and aim to create a fund of Rs 52.8 million (approx. $620661) by the age of 55. 15x5x3 Rule As per this rule, the principal amount should be invested in SIP for 15 years, and it should be then extended for the next 5 years and again extended for 3 years to churn a good profit. 18x15x12 Rule This rule should be implemented when you are doing financial planning for your child. The rules say that the investment should be done before your child turns 18. The monthly SIP deduction ideally should be Rs 15,000 (approx. $176.32) and the investor should target a 12 per cent return. Also Read: Money-Wise | SIP or lumpsum: What is a better mutual fund investment? 10x20x15 Rule This rule advocates investing a monthly SIP of Rs 10,000 for 20 years and aiming for a 15 per cent return. 15x15x15 Rule As per this rule, investors should invest in SIPs across 15 years an amount of Rs 15,000 monthly and target an annualised return of 15 per cent. 8-4-3 Rule The 8-4-3 rule demonstrates how a SIP grows through the years because of the power of compounding. The rule says that the investments see steady growth in the first eight years and are likely to bring an average annual return of 12 per cent. From the ninth to the twelfth year, the investment doubles and sees the same growth which took place in the last eight years because of the power of compounding. Watch: Asian Stocks Edge Higher as Investors Focus on Fed's Next Move After the last three years, the SIP investment achieves exponential growth and once again doubles. 7-5-3-1 Rule This rule says that equity investments generally perform well in seven years, and their profit-churning capacity can be further enhanced by distributing funds in five categories, which also mitigates concentrated risks. Diversification of funds is important to bring stability to the investment and ensure growth in investment portfolios. The investor can diversify funds in these categories: High-Quality Stocks (Large Cap Stocks), Value Stocks, GARP Stocks (Growth at Reasonable Price), Midcap or Small Cap Stocks and Global Stocks. The number "3" stands for patience in dealing with low returns, minimum returns, and at times even negative returns when the market turns volatile. And "1" refers to increasing the SIP amount for fighting the increasing inflation. A small increase in monthly SIP deductions can bring a big difference in profits.

Washington
The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.
The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.
This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment.
Also read | <a href="https://www.wionews.com/business-economy/uk-economy-shrinks-again-in-october-raising-recession-fears-784109">UK economy shrinks again in October, raising recession fears</a>
In the second quarter, GDP growth was 3.0 per cent.
The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation.
Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market.
"Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday.
A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com.
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.



Washington The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged. The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said. This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment. Also read | UK economy shrinks again in October, raising recession fears In the second quarter, GDP growth was 3.0 per cent. The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation. Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market. "Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday. A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US economy expanded faster in third quarter than originally estimated: Data