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Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics.

Gross domestic product fell by 0.1 per cent in October, matching the 0.1 per cent decline recorded in September.

The decline puts the UK on recession watch, marking the first back-to-back monthly contraction since the covid lockdowns in 2020.

Weak performance in oil and gas extraction, retail, pubs, and restaurants weighed on overall output, despite slight gains in telecoms and logistics.

The contraction poses a challenge for the labour government, which marked its first 100 days in office.

Finance minister Rachel Reeves described the figures as 'disappointing' but emphasized policies aimed at long-term growth. She said and I quote,

"The numbers on GDP are disappointing, but it's not possible to turn around more than a decade of poor economic growth and stagnant living standards in just a few months. But you'll see from the plans we've been announcing - whether that is the energy reforms we've published today, the reforms to build one and a half million homes that we published yesterday, the pensions reforms, the creation of a national wealth fund - this government are getting on with the job in improving economic growth and driving up living standards."

The government’s October budget introduced significant tax hikes for businesses and higher borrowing for infrastructure investments.

However, the anticipation of these 'tough' measures is seen as dampening business sentiment, with households and companies delaying spending, hiring, and investment.

The services sector showed no growth in october, while production and construction both shrank.

Amid weak growth, analysts warn that Britain may already be experiencing a recession, with output per head declining for the second consecutive quarter.

The Bank of England, which cut interest rates by 25 basis points in November to 4.75 per cent, faces another critical decision on rates next week.

Prime Minister Keir Starmer’s earlier pledge to achieve the highest economic growth in the G7 has been downgraded to an 'aim.'

With GDP growth stalling, uncertainty over fiscal policies and rising taxes continue to cloud the UK’s economic outlook.

(With inputs from the agencies)

Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics. Gross domestic product fell by 0.

Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics. Gross domestic product fell by 0.1 per cent in October, matching the 0.1 per cent decline recorded in September. The decline puts the UK on recession watch, marking the first back-to-back monthly contraction since the covid lockdowns in 2020. Weak performance in oil and gas extraction, retail, pubs, and restaurants weighed on overall output, despite slight gains in telecoms and logistics. The contraction poses a challenge for the labour government, which marked its first 100 days in office. Finance minister Rachel Reeves described the figures as 'disappointing' but emphasized policies aimed at long-term growth. She said and I quote, "The numbers on GDP are disappointing, but it's not possible to turn around more than a decade of poor economic growth and stagnant living standards in just a few months. But you'll see from the plans we've been announcing - whether that is the energy reforms we've published today, the reforms to build one and a half million homes that we published yesterday, the pensions reforms, the creation of a national wealth fund - this government are getting on with the job in improving economic growth and driving up living standards." The government’s October budget introduced significant tax hikes for businesses and higher borrowing for infrastructure investments. However, the anticipation of these 'tough' measures is seen as dampening business sentiment, with households and companies delaying spending, hiring, and investment. The services sector showed no growth in october, while production and construction both shrank. Amid weak growth, analysts warn that Britain may already be experiencing a recession, with output per head declining for the second consecutive quarter. The Bank of England, which cut interest rates by 25 basis points in November to 4.75 per cent, faces another critical decision on rates next week. Prime Minister Keir Starmer’s earlier pledge to achieve the highest economic growth in the G7 has been downgraded to an 'aim.' With GDP growth stalling, uncertainty over fiscal policies and rising taxes continue to cloud the UK’s economic outlook. (With inputs from the agencies)

UK economy shrinks again in October, raising recession fears

New Delhi
Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics.
Gross domestic product fell by 0.1 per cent in October, matching the 0.1 per cent decline recorded in September.
The decline puts the UK on recession watch, marking the first back-to-back monthly contraction since the covid lockdowns in 2020.
Weak performance in oil and gas extraction, retail, pubs, and restaurants weighed on overall output, despite slight gains in telecoms and logistics.
The contraction poses a challenge for the labour government, which marked its first 100 days in office.
Finance minister Rachel Reeves described the figures as 'disappointing' but emphasized policies aimed at long-term growth. She said and I quote,
"The numbers on GDP are disappointing, but it's not possible to turn around more than a decade of poor economic growth and stagnant living standards in just a few months. But you'll see from the plans we've been announcing - whether that is the energy reforms we've published today, the reforms to build one and a half million homes that we published yesterday, the pensions reforms, the creation of a national wealth fund - this government are getting on with the job in improving economic growth and driving up living standards."
The government’s October budget introduced significant tax hikes for businesses and higher borrowing for infrastructure investments.
However, the anticipation of these 'tough' measures is seen as dampening business sentiment, with households and companies delaying spending, hiring, and investment.
The services sector showed no growth in october, while production and construction both shrank.
Amid weak growth, analysts warn that Britain may already be experiencing a recession, with output per head declining for the second consecutive quarter.
The Bank of England, which cut interest rates by 25 basis points in November to 4.75 per cent, faces another critical decision on rates next week.
Prime Minister Keir Starmer’s earlier pledge to achieve the highest economic growth in the G7 has been downgraded to an 'aim.'
With GDP growth stalling, uncertainty over fiscal policies and rising taxes continue to cloud the UK’s economic outlook.
(With inputs from the agencies)

Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics.



New Delhi Britain's economy contracted for the second consecutive month in October, according to official data from the Office for National Statistics. Gross domestic product fell by 0.1 per cent in October, matching the 0.1 per cent decline recorded in September. The decline puts the UK on recession watch, marking the first back-to-back monthly contraction since the covid lockdowns in 2020. Weak performance in oil and gas extraction, retail, pubs, and restaurants weighed on overall output, despite slight gains in telecoms and logistics. The contraction poses a challenge for the labour government, which marked its first 100 days in office. Finance minister Rachel Reeves described the figures as 'disappointing' but emphasized policies aimed at long-term growth. She said and I quote, "The numbers on GDP are disappointing, but it's not possible to turn around more than a decade of poor economic growth and stagnant living standards in just a few months. But you'll see from the plans we've been announcing - whether that is the energy reforms we've published today, the reforms to build one and a half million homes that we published yesterday, the pensions reforms, the creation of a national wealth fund - this government are getting on with the job in improving economic growth and driving up living standards." The government’s October budget introduced significant tax hikes for businesses and higher borrowing for infrastructure investments. However, the anticipation of these 'tough' measures is seen as dampening business sentiment, with households and companies delaying spending, hiring, and investment. The services sector showed no growth in october, while production and construction both shrank. Amid weak growth, analysts warn that Britain may already be experiencing a recession, with output per head declining for the second consecutive quarter. The Bank of England, which cut interest rates by 25 basis points in November to 4.75 per cent, faces another critical decision on rates next week. Prime Minister Keir Starmer’s earlier pledge to achieve the highest economic growth in the G7 has been downgraded to an 'aim.' With GDP growth stalling, uncertainty over fiscal policies and rising taxes continue to cloud the UK’s economic outlook. (With inputs from the agencies)

Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month.

However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff.

Boeing has cautiously restarted production of its best-selling 737 MAX after a lengthy work stoppage that lasted over a month.

While the assembly line at the Renton factory has begun to move again, Boeing's recovery is deliberate and measured.

The planemaker has not completed any new jets yet, as workers inspect half-constructed planes for flaws missed during the strike, and safety licenses are being renewed.

Boeing has set a target of producing 15 to 20 MAX jets in December,

However, some suppliers are hesitant to ramp up production, citing uncertainty around Boeing's long-term plans.

The impact of the strike and subsequent cautious approach by Boeing has created significant challenges in the supply chain.

Smaller suppliers, who reduced staff and hours during the strike, are reluctant to rehire workers, unsure of Boeing's production needs.

While Boeing's cautious restart has earned praise from regulators, there are still significant production delays.

Parts that used to take a day to process now take up to a week. The company is aiming to reach its target of 38 jets per month by year-end,

However, achieving this goal remains uncertain.

Boeing’s struggles to recover from the strike are not just about restarting the production lines but also about rebuilding trust with its suppliers.

Many smaller companies in Boeing's supply chain are holding back on new investments, fearing another shift in Boeing’s production rates.

Despite these challenges, Boeing is working closely with suppliers to stabilize its 737 MAX output.

However, experts predict that it will take longer to reach pre-strike production levels compared to past disruptions.

(With inputs from the agencies)

Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month. However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff.

Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month. However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff. Boeing has cautiously restarted production of its best-selling 737 MAX after a lengthy work stoppage that lasted over a month. While the assembly line at the Renton factory has begun to move again, Boeing's recovery is deliberate and measured. The planemaker has not completed any new jets yet, as workers inspect half-constructed planes for flaws missed during the strike, and safety licenses are being renewed. Boeing has set a target of producing 15 to 20 MAX jets in December, However, some suppliers are hesitant to ramp up production, citing uncertainty around Boeing's long-term plans. The impact of the strike and subsequent cautious approach by Boeing has created significant challenges in the supply chain. Smaller suppliers, who reduced staff and hours during the strike, are reluctant to rehire workers, unsure of Boeing's production needs. While Boeing's cautious restart has earned praise from regulators, there are still significant production delays. Parts that used to take a day to process now take up to a week. The company is aiming to reach its target of 38 jets per month by year-end, However, achieving this goal remains uncertain. Boeing’s struggles to recover from the strike are not just about restarting the production lines but also about rebuilding trust with its suppliers. Many smaller companies in Boeing's supply chain are holding back on new investments, fearing another shift in Boeing’s production rates. Despite these challenges, Boeing is working closely with suppliers to stabilize its 737 MAX output. However, experts predict that it will take longer to reach pre-strike production levels compared to past disruptions. (With inputs from the agencies)

Boeing struggles to meet 737 MAX production targets after strike

New Delhi
Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month.
However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff.
Boeing has cautiously restarted production of its best-selling 737 MAX after a lengthy work stoppage that lasted over a month.
While the assembly line at the Renton factory has begun to move again, Boeing's recovery is deliberate and measured.
The planemaker has not completed any new jets yet, as workers inspect half-constructed planes for flaws missed during the strike, and safety licenses are being renewed.
Boeing has set a target of producing 15 to 20 MAX jets in December,
However, some suppliers are hesitant to ramp up production, citing uncertainty around Boeing's long-term plans.
The impact of the strike and subsequent cautious approach by Boeing has created significant challenges in the supply chain.
Smaller suppliers, who reduced staff and hours during the strike, are reluctant to rehire workers, unsure of Boeing's production needs.
While Boeing's cautious restart has earned praise from regulators, there are still significant production delays.
Parts that used to take a day to process now take up to a week. The company is aiming to reach its target of 38 jets per month by year-end,
However, achieving this goal remains uncertain.
Boeing’s struggles to recover from the strike are not just about restarting the production lines but also about rebuilding trust with its suppliers.
Many smaller companies in Boeing's supply chain are holding back on new investments, fearing another shift in Boeing’s production rates.
Despite these challenges, Boeing is working closely with suppliers to stabilize its 737 MAX output.
However, experts predict that it will take longer to reach pre-strike production levels compared to past disruptions.
(With inputs from the agencies)

Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month. However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff.



New Delhi Boeing has cautiously resumed production of its 737 MAX jets following a prolonged work stoppage that lasted over a month. However, the recovery process has been hampered by supply chain delays and hesitancy from smaller suppliers to fully rehire staff. Boeing has cautiously restarted production of its best-selling 737 MAX after a lengthy work stoppage that lasted over a month. While the assembly line at the Renton factory has begun to move again, Boeing's recovery is deliberate and measured. The planemaker has not completed any new jets yet, as workers inspect half-constructed planes for flaws missed during the strike, and safety licenses are being renewed. Boeing has set a target of producing 15 to 20 MAX jets in December, However, some suppliers are hesitant to ramp up production, citing uncertainty around Boeing's long-term plans. The impact of the strike and subsequent cautious approach by Boeing has created significant challenges in the supply chain. Smaller suppliers, who reduced staff and hours during the strike, are reluctant to rehire workers, unsure of Boeing's production needs. While Boeing's cautious restart has earned praise from regulators, there are still significant production delays. Parts that used to take a day to process now take up to a week. The company is aiming to reach its target of 38 jets per month by year-end, However, achieving this goal remains uncertain. Boeing’s struggles to recover from the strike are not just about restarting the production lines but also about rebuilding trust with its suppliers. Many smaller companies in Boeing's supply chain are holding back on new investments, fearing another shift in Boeing’s production rates. Despite these challenges, Boeing is working closely with suppliers to stabilize its 737 MAX output. However, experts predict that it will take longer to reach pre-strike production levels compared to past disruptions. (With inputs from the agencies)

The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts.

A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt.

The International Monetary Fund’s independent watchdog has raised concerns over the IMF's handling of its largest bailouts over the past two decades.

The report highlights inconsistencies in loan decisions for countries like Argentina, Ukraine, and Egypt, attributing these to potential political pressures.

Argentina alone has received $44 billion since 2018 under the IMF’s exceptional access policy, designed for outsized loans exceeding normal limits.

The watchdog warns that these policies risk damaging the IMF’s credibility, delaying debt resolution, and failing to attract private investment as intended.

IMF chief Kristalina Georgieva acknowledged the need for a policy review but emphasised maintaining flexibility to avoid weakening market confidence.

The IMF’s exceptional access policy, introduced in 2002, was meant to regulate large, high-risk bailouts.

However, a review of cases from 2002 to 2023 shows mixed results. Argentina, currently seeking another $10 billion loan, is one of the IMF’s largest borrowers.

In, 2018 it tapped a $44 billion bailout, which it struggled to repay, even using a renminbi swap line with China.

Similarly, Ukraine’s IMF support is critical for financing its war effort, while Egypt's recent bailout aimed to stabilise its economy amid regional conflicts.

The watchdog found that these large loans often rest on assumptions rather than solid analysis, raising doubts about their effectiveness and fairness.

According to the IMF’s independent evaluation office, political pressures may be influencing major bailouts, compromising the fund's even-handedness.

The report notes that large shareholders, such as the US and China, often play a role in these high-stakes decisions.

The IMF has been criticised for approving large loans based on political assurances, such as promises of spending cuts, which are not always delivered. In some cases, these bailouts delay rather than solve debt issues.

While IMF reforms have reduced surcharge rates on large loans, the watchdog warns that inconsistent policies risk undermining trust in the fund.

Georgieva agreed to review the policies but cautioned against changes that could hurt market confidence.

(With inputs from the agencies)

The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts. A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt.

The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts. A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt. The International Monetary Fund’s independent watchdog has raised concerns over the IMF's handling of its largest bailouts over the past two decades. The report highlights inconsistencies in loan decisions for countries like Argentina, Ukraine, and Egypt, attributing these to potential political pressures. Argentina alone has received $44 billion since 2018 under the IMF’s exceptional access policy, designed for outsized loans exceeding normal limits. The watchdog warns that these policies risk damaging the IMF’s credibility, delaying debt resolution, and failing to attract private investment as intended. IMF chief Kristalina Georgieva acknowledged the need for a policy review but emphasised maintaining flexibility to avoid weakening market confidence. The IMF’s exceptional access policy, introduced in 2002, was meant to regulate large, high-risk bailouts. However, a review of cases from 2002 to 2023 shows mixed results. Argentina, currently seeking another $10 billion loan, is one of the IMF’s largest borrowers. In, 2018 it tapped a $44 billion bailout, which it struggled to repay, even using a renminbi swap line with China. Similarly, Ukraine’s IMF support is critical for financing its war effort, while Egypt's recent bailout aimed to stabilise its economy amid regional conflicts. The watchdog found that these large loans often rest on assumptions rather than solid analysis, raising doubts about their effectiveness and fairness. According to the IMF’s independent evaluation office, political pressures may be influencing major bailouts, compromising the fund's even-handedness. The report notes that large shareholders, such as the US and China, often play a role in these high-stakes decisions. The IMF has been criticised for approving large loans based on political assurances, such as promises of spending cuts, which are not always delivered. In some cases, these bailouts delay rather than solve debt issues. While IMF reforms have reduced surcharge rates on large loans, the watchdog warns that inconsistent policies risk undermining trust in the fund. Georgieva agreed to review the policies but cautioned against changes that could hurt market confidence. (With inputs from the agencies)

IMF criticised for inconsistent bailouts, calls for policy overhaul

New Delhi
The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts.
A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt.
The International Monetary Fund’s independent watchdog has raised concerns over the IMF's handling of its largest bailouts over the past two decades.
The report highlights inconsistencies in loan decisions for countries like Argentina, Ukraine, and Egypt, attributing these to potential political pressures.
Argentina alone has received $44 billion since 2018 under the IMF’s exceptional access policy, designed for outsized loans exceeding normal limits.
The watchdog warns that these policies risk damaging the IMF’s credibility, delaying debt resolution, and failing to attract private investment as intended.
IMF chief Kristalina Georgieva acknowledged the need for a policy review but emphasised maintaining flexibility to avoid weakening market confidence.
The IMF’s exceptional access policy, introduced in 2002, was meant to regulate large, high-risk bailouts.
However, a review of cases from 2002 to 2023 shows mixed results. Argentina, currently seeking another $10 billion loan, is one of the IMF’s largest borrowers.
In, 2018 it tapped a $44 billion bailout, which it struggled to repay, even using a renminbi swap line with China.
Similarly, Ukraine’s IMF support is critical for financing its war effort, while Egypt's recent bailout aimed to stabilise its economy amid regional conflicts.
The watchdog found that these large loans often rest on assumptions rather than solid analysis, raising doubts about their effectiveness and fairness.
According to the IMF’s independent evaluation office, political pressures may be influencing major bailouts, compromising the fund's even-handedness.
The report notes that large shareholders, such as the US and China, often play a role in these high-stakes decisions.
The IMF has been criticised for approving large loans based on political assurances, such as promises of spending cuts, which are not always delivered. In some cases, these bailouts delay rather than solve debt issues.
While IMF reforms have reduced surcharge rates on large loans, the watchdog warns that inconsistent policies risk undermining trust in the fund.
Georgieva agreed to review the policies but cautioned against changes that could hurt market confidence.
(With inputs from the agencies)

The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts. A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt.



New Delhi The International Monetary Fund is facing criticism from its independent watchdog over inconsistencies in its handling of major bailouts. A new report highlights concerns about political pressures influencing decisions on large loans to countries like Argentina, Ukraine, and Egypt. The International Monetary Fund’s independent watchdog has raised concerns over the IMF's handling of its largest bailouts over the past two decades. The report highlights inconsistencies in loan decisions for countries like Argentina, Ukraine, and Egypt, attributing these to potential political pressures. Argentina alone has received $44 billion since 2018 under the IMF’s exceptional access policy, designed for outsized loans exceeding normal limits. The watchdog warns that these policies risk damaging the IMF’s credibility, delaying debt resolution, and failing to attract private investment as intended. IMF chief Kristalina Georgieva acknowledged the need for a policy review but emphasised maintaining flexibility to avoid weakening market confidence. The IMF’s exceptional access policy, introduced in 2002, was meant to regulate large, high-risk bailouts. However, a review of cases from 2002 to 2023 shows mixed results. Argentina, currently seeking another $10 billion loan, is one of the IMF’s largest borrowers. In, 2018 it tapped a $44 billion bailout, which it struggled to repay, even using a renminbi swap line with China. Similarly, Ukraine’s IMF support is critical for financing its war effort, while Egypt's recent bailout aimed to stabilise its economy amid regional conflicts. The watchdog found that these large loans often rest on assumptions rather than solid analysis, raising doubts about their effectiveness and fairness. According to the IMF’s independent evaluation office, political pressures may be influencing major bailouts, compromising the fund's even-handedness. The report notes that large shareholders, such as the US and China, often play a role in these high-stakes decisions. The IMF has been criticised for approving large loans based on political assurances, such as promises of spending cuts, which are not always delivered. In some cases, these bailouts delay rather than solve debt issues. While IMF reforms have reduced surcharge rates on large loans, the watchdog warns that inconsistent policies risk undermining trust in the fund. Georgieva agreed to review the policies but cautioned against changes that could hurt market confidence. (With inputs from the agencies)

Jeff Bezos is expected to meet with the president-elect next week. For Bezos, the new administration will be necessary. This is for the&nbsp;space race against fellow billionaire Elon Musk.

Bezos was the object of Trump's criticisms though his first term had everything worked out as planned, Amazon's project Kuiper would have begun providing beta services to clients by now. 
 
Kuiper aims to compete with Musk's dominating Starlink satellite internet service. On the contrary, Kuiper is now behind schedule. 
 
Amazon is confronted with the possibility of a new White House administration beset by individuals with ties to Musk's SpaceX.

The first operational satellite launches from Kuiper have already been delayed twice in 2024. 
 
Rocket producer United Launch Alliance's latest delay was due to the necessity of prioritising two missions for the US Space Force. The schedule is uncertain. 
 
ULA — a joint venture of Boeing and Lockheed Martin — will not be able to complete those space force launches this year. This is because ULA is investigating a mishap on a flight in October.

In response to Trump's attacks on the Bezos-owned Washington Post during his first term in office, Amazon filed a lawsuit claiming that Trump had told the Pentagon to "screw Amazon" by excluding it from a bidding process. 
 
Bezos lately has adopted a more accommodating stance. The Amazon founder made an unusual appearance on X after Trump's election to offer his&nbsp;congratulations&nbsp;to the newly elected president. 
 
A representative for Amazon announced Thursday that the firm will be paying 1 million dollars to Trump's inaugural fund. 
 
This is in addition to efforts of meta platforms and other digital companies that are hoping to foster favourable relationships with the new government by contributing to the festivities.

(With inputs from the agencies)

Jeff Bezos is expected to meet with the president-elect next week. For Bezos, the new administration will be necessary. This is for the space race against fellow billionaire Elon Musk.

Jeff Bezos is expected to meet with the president-elect next week. For Bezos, the new administration will be necessary. This is for the space race against fellow billionaire Elon Musk. Bezos was the object of Trump's criticisms though his first term had everything worked out as planned, Amazon's project Kuiper would have begun providing beta services to clients by now. Kuiper aims to compete with Musk's dominating Starlink satellite internet service. On the contrary, Kuiper is now behind schedule. Amazon is confronted with the possibility of a new White House administration beset by individuals with ties to Musk's SpaceX. The first operational satellite launches from Kuiper have already been delayed twice in 2024. Rocket producer United Launch Alliance's latest delay was due to the necessity of prioritising two missions for the US Space Force. The schedule is uncertain. ULA — a joint venture of Boeing and Lockheed Martin — will not be able to complete those space force launches this year. This is because ULA is investigating a mishap on a flight in October. In response to Trump's attacks on the Bezos-owned Washington Post during his first term in office, Amazon filed a lawsuit claiming that Trump had told the Pentagon to "screw Amazon" by excluding it from a bidding process. Bezos lately has adopted a more accommodating stance. The Amazon founder made an unusual appearance on X after Trump's election to offer his congratulations to the newly elected president. A representative for Amazon announced Thursday that the firm will be paying 1 million dollars to Trump's inaugural fund. This is in addition to efforts of meta platforms and other digital companies that are hoping to foster favourable relationships with the new government by contributing to the festivities. (With inputs from the agencies)

Bezos prepares for new administration amid Kuiper delays

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year. That is according to analysts polled by Bloomberg News.

At their meeting on December 17–18, the Fed is likely to announce another quarter-point cut, bringing the key rate down to a range of 4.25 per cent to 4.50 per cent. That would make rates a full percentage point lower. The majority of analysts foresee just three cuts in 2025. This is due to concerns about inflation. 
 
As a result, rate cuts are expected to slow down next year by more than authorities projected three months ago.

Dennis Shen, an economist with scope ratings, said, “The case for further US rate cuts beyond this month has decreased meaningfully.” Shen added, “Inflation has remained sticky, the economy and financial markets are overheating, the slight rise in unemployment earlier this year has reversed, and the incoming trump administration threatens more near-term inflation risk.”

Economists predict the Fed will pause the rate cuts at its January meeting and cut again in March. June and September 2025 will see the other two rate cuts. Not long ago, many analysts predicted a more aggressive path of rate cuts in 2025, driven by concerns about a weaker labour market. 
 
However, predictions for the US economy and monetary policy have changed significantly.

(With inputs from the agencies)

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year.

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year. That is according to analysts polled by Bloomberg News. At their meeting on December 17–18, the Fed is likely to announce another quarter-point cut, bringing the key rate down to a range of 4.25 per cent to 4.50 per cent. That would make rates a full percentage point lower. The majority of analysts foresee just three cuts in 2025. This is due to concerns about inflation. As a result, rate cuts are expected to slow down next year by more than authorities projected three months ago. Dennis Shen, an economist with scope ratings, said, “The case for further US rate cuts beyond this month has decreased meaningfully.” Shen added, “Inflation has remained sticky, the economy and financial markets are overheating, the slight rise in unemployment earlier this year has reversed, and the incoming trump administration threatens more near-term inflation risk.” Economists predict the Fed will pause the rate cuts at its January meeting and cut again in March. June and September 2025 will see the other two rate cuts. Not long ago, many analysts predicted a more aggressive path of rate cuts in 2025, driven by concerns about a weaker labour market. However, predictions for the US economy and monetary policy have changed significantly. (With inputs from the agencies)

Fed to cut rates once more before slowing the pace in 2025

The predicted increase in demand for Broadcom's artificial intelligence processors led to a first-ever leap to a one trillion-dollar market capitalisation for the tech firm. 
 
Broadcom is the semiconductor supplier to Apple and other major tech companies. The company predicts sales of AI devices will increase by 65 per cent, which is significantly higher than the 10 per cent growth in overall semiconductor sales. 
 
Additionally, by fiscal 2027, the chipmaker anticipated that the addressable market for data centre operators' AI components it produces might reach 90 billion dollars. The semiconductor company is aiming to cash on the AI investment frenzy, much like Nvidia. 
 
Chief executive officer Hock Tan announced his business has secured clients from the largest data centre operators, known as hyperscalers. On Friday, the stock price increased by as much as 21 per cent, marking its largest share-price surge since March 2020. 
 
The hope for AI has attracted investors, who have flocked to Broadcom's shares this year. Demand for processors and networking components drove AI sales growth of 220 per cent over the year, according to Tan. 
 
Consistent with projections, total sales for the period ending in January will come at 14.6 billion dollars.

(With inputs from the agencies)

The predicted increase in demand for Broadcom's artificial intelligence processors led to a first-ever leap to a one trillion-dollar market capitalisation for the tech firm.

The predicted increase in demand for Broadcom's artificial intelligence processors led to a first-ever leap to a one trillion-dollar market capitalisation for the tech firm. Broadcom is the semiconductor supplier to Apple and other major tech companies. The company predicts sales of AI devices will increase by 65 per cent, which is significantly higher than the 10 per cent growth in overall semiconductor sales. Additionally, by fiscal 2027, the chipmaker anticipated that the addressable market for data centre operators' AI components it produces might reach 90 billion dollars. The semiconductor company is aiming to cash on the AI investment frenzy, much like Nvidia. Chief executive officer Hock Tan announced his business has secured clients from the largest data centre operators, known as hyperscalers. On Friday, the stock price increased by as much as 21 per cent, marking its largest share-price surge since March 2020. The hope for AI has attracted investors, who have flocked to Broadcom's shares this year. Demand for processors and networking components drove AI sales growth of 220 per cent over the year, according to Tan. Consistent with projections, total sales for the period ending in January will come at 14.6 billion dollars. (With inputs from the agencies)

Broadcom sees massive opportunity over the next three years

Deflation in China is becoming increasingly difficult to reverse.

If the world's second-biggest economy's prices continue to decrease for a seventh straight quarter, they will tie the record deflationary stretch set during the late 1990s Asian financial crisis.

Beijing gets ready for a trade battle with Trump's return to the white house. 
 
Chinese officials have used some of their most blunt rhetoric in years to commit to doing more to support growth and prevent price drops. 
 
A 60 per cent tax on Chinese goods, as promised by the US President-elect, would weigh heavily on both the countries.

So, what is deflation? 
 
When consumer prices decline broadly, this is known as a price slump. This is driven by a decline in demand. And that is what is happening in China. 
 
A real estate downturn has eroded consumer confidence and spending power. That, in turn, has weighed heavily on demand.

Why is it proving so hard for China to fix the demand problem this time around? 
 
President Xi Jinping has resolved to redirect the economy towards new development drivers like cutting-edge technology. 
 
Policymakers are hesitant to return to the tried-and-true methods of constructing infrastructure and manipulating the housing market. As a result, stimulus measures have been kept relatively modest. 
 
Investors still have a fairly gloomy view of the economic future. The record low yield on 10-year government bonds is an indication of the pessimism.

(With inputs from the agencies)

Deflation in China is becoming increasingly difficult to reverse. If the world's second-biggest economy's prices continue to decrease for a seventh straight quarter, they will tie the record deflationary stretch set during the late 1990s Asian financial crisis.

Deflation in China is becoming increasingly difficult to reverse. If the world's second-biggest economy's prices continue to decrease for a seventh straight quarter, they will tie the record deflationary stretch set during the late 1990s Asian financial crisis. Beijing gets ready for a trade battle with Trump's return to the white house. Chinese officials have used some of their most blunt rhetoric in years to commit to doing more to support growth and prevent price drops. A 60 per cent tax on Chinese goods, as promised by the US President-elect, would weigh heavily on both the countries. So, what is deflation? When consumer prices decline broadly, this is known as a price slump. This is driven by a decline in demand. And that is what is happening in China. A real estate downturn has eroded consumer confidence and spending power. That, in turn, has weighed heavily on demand. Why is it proving so hard for China to fix the demand problem this time around? President Xi Jinping has resolved to redirect the economy towards new development drivers like cutting-edge technology. Policymakers are hesitant to return to the tried-and-true methods of constructing infrastructure and manipulating the housing market. As a result, stimulus measures have been kept relatively modest. Investors still have a fairly gloomy view of the economic future. The record low yield on 10-year government bonds is an indication of the pessimism. (With inputs from the agencies)

China struggles with deflation and looming trade battle

Russia faces a triple threat, rising inflation, soaring defence spending, and tightening household budgets. With inflation expected to reach 9 per cent this year and interest rates climbing to 21 per cent, many Russians are struggling to afford daily necessities. 
 
Russia’s economy is facing severe inflation, driven by soaring defence expenditures linked to the ongoing conflict in Ukraine. Pensioners and low-income families are struggling the most, with essentials like medicine, meat, and clothing becoming unaffordable. 
 
Defence spending for 2024 is projected at $125 billion, representing over 6 per cent of the country’s GDP. This accounts for nearly 40 per cent of total state spending, a 70 per cent annual increase. 
 
To combat inflation, Russia’s central bank has raised its key interest rate to 21 per cent, the highest since 2003, making loans prohibitively expensive for consumers and businesses. 
 
In small towns like Dedovsk, 30 kilometres from Moscow, the effects of inflation are harshly felt. Pensioner Zinaida Kudriavtseva lives on just 16,000 roubles, or $150, per month. Rising prices mean she can no longer afford necessary medications or new clothes.

She told AFP and I quote, "I limit myself in many things now: I don't buy beef, it's expensive for me. I still buy chicken for soup, milk and bread. I rarely buy cottage cheese either, because everything is very expensive! I buy just enough so that I don't starve to death. I'm telling you honestly!"

Another resident, Viktor Markov, reports daily price hikes for basic groceries, with apples costing 150 roubles and coffee reaching 400 roubles. 
 
Defence spending has surged to support the conflict, but every day Russians are left paying the price. With inflation squeezing budgets and interest rates at record highs, many are forced to cut back on even basic necessities. 
 
He told AFP and I quote, "What can we expect? The war goes on. And war requires resources."

Russia’s war-driven economic policies are intensifying anxiety among its citizens.&nbsp; Defence outlays continue to rise, while inflation erodes living standards. For families like Viktor Markov's, traditional items such as red caviar—now costing 13,000 roubles per kilo—are out of reach for New Year celebrations. 
 
As Russia’s military spending expands, the cost of living continues to rise, deepening financial hardships for ordinary people.

(With inputs from AFP)

Russia faces a triple threat, rising inflation, soaring defence spending, and tightening household budgets. With inflation expected to reach 9 per cent this year and interest rates climbing to 21 per cent, many Russians are struggling to afford daily necessities.

Russia faces a triple threat, rising inflation, soaring defence spending, and tightening household budgets. With inflation expected to reach 9 per cent this year and interest rates climbing to 21 per cent, many Russians are struggling to afford daily necessities. Russia’s economy is facing severe inflation, driven by soaring defence expenditures linked to the ongoing conflict in Ukraine. Pensioners and low-income families are struggling the most, with essentials like medicine, meat, and clothing becoming unaffordable. Defence spending for 2024 is projected at $125 billion, representing over 6 per cent of the country’s GDP. This accounts for nearly 40 per cent of total state spending, a 70 per cent annual increase. To combat inflation, Russia’s central bank has raised its key interest rate to 21 per cent, the highest since 2003, making loans prohibitively expensive for consumers and businesses. In small towns like Dedovsk, 30 kilometres from Moscow, the effects of inflation are harshly felt. Pensioner Zinaida Kudriavtseva lives on just 16,000 roubles, or $150, per month. Rising prices mean she can no longer afford necessary medications or new clothes. She told AFP and I quote, "I limit myself in many things now: I don't buy beef, it's expensive for me. I still buy chicken for soup, milk and bread. I rarely buy cottage cheese either, because everything is very expensive! I buy just enough so that I don't starve to death. I'm telling you honestly!" Another resident, Viktor Markov, reports daily price hikes for basic groceries, with apples costing 150 roubles and coffee reaching 400 roubles. Defence spending has surged to support the conflict, but every day Russians are left paying the price. With inflation squeezing budgets and interest rates at record highs, many are forced to cut back on even basic necessities. He told AFP and I quote, "What can we expect? The war goes on. And war requires resources." Russia’s war-driven economic policies are intensifying anxiety among its citizens. Defence outlays continue to rise, while inflation erodes living standards. For families like Viktor Markov's, traditional items such as red caviar—now costing 13,000 roubles per kilo—are out of reach for New Year celebrations. As Russia’s military spending expands, the cost of living continues to rise, deepening financial hardships for ordinary people. (With inputs from AFP)

Russia faces inflation, rising defence spending, and tight budgets

Amid financial tightening in the market, an intense surge has been witnessed in the demand for gold loans as the gold prices keep rising and access to unsecured credit keeps getting tightened.

Amid financial tightening in the market, an intense surge has been witnessed in the demand for gold loans as the gold prices keep rising and access to unsecured credit keeps getting tightened. In India, gold loans soared by 51 per cent in the month of September, whereas personal loans grew by 11.4 per cent. In this uncertain financial climate, as borrowers continue to seek gold-backed loans, the question arises: how good is it as a collateral-based and reliable alternative? What drives gold loans towards popularity? Explaining this surge in demand for gold loans over personal loans, Founder of Radian Finserv Sumit Sharma said, "The surge in gold loans compared to personal loans can partly be attributed to a tightening of credit in the personal loan and credit card space. In such environments, consumers typically shift towards more accessible and collateral-backed options, with gold loans emerging as the preferred alternative, demonstrating a clear instance of credit migration." Also Read: Money-Wise: Planning to invest in gold? Here's why you should ditch physical and go for digital "Moreover, the recent increase in gold prices has played a key role in enhancing Loan-to-Value (LTV) ratios, which now ranges between 60-62%. This higher LTV provides a greater cushion for both lenders and borrowers, further making gold loans an attractive option," he said. Sharma said that the growth may also have been driven by the rise in the value of gold, as the remaining growth stemmed from an increase in loan volumes. Watch: Is Bitcoin Turning Into A Store Of Value Like Gold? "When access to microfinance or personal loans is limited due to tightened disbursements, individuals are more willing to leverage their available gold to unlock its value. This shift underscores the growing appeal of gold loans as a practical solution, offering borrowers the flexibility to meet their financial obligations while minimising the risks associated with unsecured borrowing," he said. How do gold loans benefit the borrowers? For those planning to seek gold loans in future, Sumit Sharma, Founder of Radian Finserv, explains how it can prove beneficial for borrowers and whether you should go for it or not. The collateral-backed nature of gold loans ensures greater security for both borrowers and lenders in these volatile times. Further, gold loan products are typically designed in a manner that the borrower pays only the interest component during the tenure of the loan, and the principal is paid at the end. This is preferred by borrowers where the cash flow favours this arrangement, as against also paying part of the principal on an ongoing basis. Gold loans provide a unique value proposition for consumers, particularly in uncertain financial climates. They offer immediate liquidity with the security of collateral, especially when traditional credit avenues are less accessible. For lenders, gold loans present a relatively low-risk offering backed by tangible assets, albeit an operationally complex and demanding one.

Money-Wise: Demand for gold loans sees a surge. Is it a good option?

At the fifth edition of its annual ‘Smbhav Summit’, Amazon announced a series of initiatives strengthening its commitment to ‘Viksit Bharat’. As part of this, Amazon has signed an MoU with DPIIT to accelerate the government's key priority of establishing India as a global manufacturing hub. &nbsp;

Amazon has earmarked $120 million from its Smbhav Venture Fund to invest in startups that digitise consumer goods manufacturing in India and cater to domestic and global demand, creating thousands of jobs. Amazon is also increasing its export commitment fourfold and plans to enable over $80 billion in cumulative exports from India by 2030.

At the event, Union Minister Shri Nitin Jairam Gadkari, Hon'ble Minister of Road Transport and Highways, Government of India, said, “Realising the Government’s vision of a Viksit Bharat requires the active contribution of all stakeholders. Amazon's initiatives in manufacturing, AI, and exports are greatly appreciated. We value Amazon's efforts to leverage its logistics expertise across India, empowering businesses from urban centres to rural areas. Such collaborative efforts by the private sector are instrumental in fostering innovation, driving exports, and strengthening logistics infrastructure, propelling India's journey toward becoming a global economic powerhouse.”&nbsp;

Small businesses are expected to drive India’s economic growth. Amazon’s focus is reflective of a broader trend in the Indian market. While big businesses drive value, small businesses create volumes needed for expansion. As E-commerce slowly becomes the norm, entrepreneurs are tuning in on platforms to sell their products directly to consumers. This has opened a new market for E-commerce players to tap into.

Digital entrepreneurs are also gaining attention. With ideas in their head, and platforms ready to execute those plans, entrepreneurs are finding it much easier to reach out to consumers. Women entrepreneurs, in particular, are registering to these platforms in large numbers. Amazon alone boasts of 1.8 million women entrepreneurs on its platform.

Samir Kumar, Country Manager, Amazon India, said, “Over the last four years, we have invested significant time and effort towards the pledges we announced at the inaugural Smbhav Summit in 2020. We are humbled to share that we have hit our pledge to digitize 10 million small businesses one year ahead of time and have enabled over 12 million small businesses to become a part of the digital economy. We have enabled nearly $13 billion in cumulative exports and have created nearly 1.4 million direct and indirect jobs in India.”

At the fifth edition of its annual ‘Smbhav Summit’, Amazon announced a series of initiatives strengthening its commitment to ‘Viksit Bharat’. As part of this, Amazon has signed an MoU with DPIIT to accelerate the government's key priority of establishing India as a global manufacturing hub.

At the fifth edition of its annual ‘Smbhav Summit’, Amazon announced a series of initiatives strengthening its commitment to ‘Viksit Bharat’. As part of this, Amazon has signed an MoU with DPIIT to accelerate the government's key priority of establishing India as a global manufacturing hub. Amazon has earmarked $120 million from its Smbhav Venture Fund to invest in startups that digitise consumer goods manufacturing in India and cater to domestic and global demand, creating thousands of jobs. Amazon is also increasing its export commitment fourfold and plans to enable over $80 billion in cumulative exports from India by 2030. At the event, Union Minister Shri Nitin Jairam Gadkari, Hon'ble Minister of Road Transport and Highways, Government of India, said, “Realising the Government’s vision of a Viksit Bharat requires the active contribution of all stakeholders. Amazon's initiatives in manufacturing, AI, and exports are greatly appreciated. We value Amazon's efforts to leverage its logistics expertise across India, empowering businesses from urban centres to rural areas. Such collaborative efforts by the private sector are instrumental in fostering innovation, driving exports, and strengthening logistics infrastructure, propelling India's journey toward becoming a global economic powerhouse.” Small businesses are expected to drive India’s economic growth. Amazon’s focus is reflective of a broader trend in the Indian market. While big businesses drive value, small businesses create volumes needed for expansion. As E-commerce slowly becomes the norm, entrepreneurs are tuning in on platforms to sell their products directly to consumers. This has opened a new market for E-commerce players to tap into. Digital entrepreneurs are also gaining attention. With ideas in their head, and platforms ready to execute those plans, entrepreneurs are finding it much easier to reach out to consumers. Women entrepreneurs, in particular, are registering to these platforms in large numbers. Amazon alone boasts of 1.8 million women entrepreneurs on its platform. Samir Kumar, Country Manager, Amazon India, said, “Over the last four years, we have invested significant time and effort towards the pledges we announced at the inaugural Smbhav Summit in 2020. We are humbled to share that we have hit our pledge to digitize 10 million small businesses one year ahead of time and have enabled over 12 million small businesses to become a part of the digital economy. We have enabled nearly $13 billion in cumulative exports and have created nearly 1.4 million direct and indirect jobs in India.”

Amazon signs an MOU with DPIIT to propel India’s manufacturing ambitions

International trade settlements are becoming more and more delayed, leading to an accumulation of proceeds from Russian exports abroad. This is driven by US pressure on financial institutions in nations that are still favourable to the Kremlin.

New data from the Bank of Russia shows that foreign financial assets jumped over 60 billion dollars in the first eleven months of 2024, up from 43 billion dollars last year, the November data marks the rise in Russia's foreign assets for the third consecutive month. 
 
Russian firms' accounts receivable have accumulated, and the central bank blamed the delay in payments for overseas trade on the buildup. The volume of Russian trade with other countries has not decreased and remains unchanged from last year. 
 
This is despite payments to and from trading partners becoming more difficult and delayed. Exports totalled 386 billion dollars in the first eleven months. Between January and November, imports fell 3 per cent to 267.5 billion dollars. 
 
However, imports have been steadily climbing back up, with a 6.6 per cent increase in November following a 17.5 per cent rise in October. After starting its full-scale invasion of Ukraine in February 2022, Russia dramatically shifted its foreign trade towards the east. 
 
In November, the US hit the last remaining channels for Russian commercial payments abroad by fining some fifty Russian banks that maintained links to the international monetary system.

As a result, the rouble fell by almost 10 per cent in November, while trade was relatively unchanged. Russia's primary commercial partners have mostly seen a stop in direct payments. 
 
Still, using middlemen and often exchanging roubles, Russia's commodities trade is booming even today.

(With inputs from the agencies)

International trade settlements are becoming more and more delayed, leading to an accumulation of proceeds from Russian exports abroad. This is driven by US pressure on financial institutions in nations that are still favourable to the Kremlin.

International trade settlements are becoming more and more delayed, leading to an accumulation of proceeds from Russian exports abroad. This is driven by US pressure on financial institutions in nations that are still favourable to the Kremlin. New data from the Bank of Russia shows that foreign financial assets jumped over 60 billion dollars in the first eleven months of 2024, up from 43 billion dollars last year, the November data marks the rise in Russia's foreign assets for the third consecutive month. Russian firms' accounts receivable have accumulated, and the central bank blamed the delay in payments for overseas trade on the buildup. The volume of Russian trade with other countries has not decreased and remains unchanged from last year. This is despite payments to and from trading partners becoming more difficult and delayed. Exports totalled 386 billion dollars in the first eleven months. Between January and November, imports fell 3 per cent to 267.5 billion dollars. However, imports have been steadily climbing back up, with a 6.6 per cent increase in November following a 17.5 per cent rise in October. After starting its full-scale invasion of Ukraine in February 2022, Russia dramatically shifted its foreign trade towards the east. In November, the US hit the last remaining channels for Russian commercial payments abroad by fining some fifty Russian banks that maintained links to the international monetary system. As a result, the rouble fell by almost 10 per cent in November, while trade was relatively unchanged. Russia's primary commercial partners have mostly seen a stop in direct payments. Still, using middlemen and often exchanging roubles, Russia's commodities trade is booming even today. (With inputs from the agencies)

Russia faces delays in trade settlements caused by US pressure

China indicated a change in policy focus towards consumption for 2025 - increasing state borrowing and spending. The country stepped up its stimulus efforts to recharge the economy next year in anticipation of impending US tariffs.

Top officials led by President Xi Jinping announced their intention to increase the fiscal deficit target for next year. This is based on a report by China Central Television after the two-day huddle of the central economic work conference in Beijing. 
 
The Politiburo pledged to ease monetary policy, including interest rates, "at an appropriate time." Expectations show that China may deliver the biggest rate cuts in a decade in 2025.

The announcements come as part of Beijing's efforts to address ongoing deflation and slowing economic growth. This marks a departure from the "prudent" monetary policy that has been in place for 14 years. 
 
The state media said that China will prioritise "lifting consumption vigorously" and other targets to promote overall domestic demand in 2025. Despite the meeting's generally upbeat tone, it fails to outline any concrete measures to increase consumption. 
 
While the specifics of fiscal spending and borrowing will be revealed in March 2025, the direction is clear. This comes when China's economy faces several challenges, including its longest streak of deflation this century. This has put pressure on corporate profits and investment and added doubts about whether the country can achieve its 5 per cent growth target. 
 
Exports are unlikely to continue being a key engine of development in the wake of Donald Trump's re-election. This raises the prospect of a fresh trade war with the United States. There are also increasing domestic difficulties. There has been no indication that the home market slump would soon end. 
 
In response, politburo has committed to lifting domestic consumption as a top priority for 2025.

(With inputs from the agencies)

China indicated a change in policy focus towards consumption for 2025 - increasing state borrowing and spending. The country stepped up its stimulus efforts to recharge the economy next year in anticipation of impending US tariffs.

China indicated a change in policy focus towards consumption for 2025 - increasing state borrowing and spending. The country stepped up its stimulus efforts to recharge the economy next year in anticipation of impending US tariffs. Top officials led by President Xi Jinping announced their intention to increase the fiscal deficit target for next year. This is based on a report by China Central Television after the two-day huddle of the central economic work conference in Beijing. The Politiburo pledged to ease monetary policy, including interest rates, "at an appropriate time." Expectations show that China may deliver the biggest rate cuts in a decade in 2025. The announcements come as part of Beijing's efforts to address ongoing deflation and slowing economic growth. This marks a departure from the "prudent" monetary policy that has been in place for 14 years. The state media said that China will prioritise "lifting consumption vigorously" and other targets to promote overall domestic demand in 2025. Despite the meeting's generally upbeat tone, it fails to outline any concrete measures to increase consumption. While the specifics of fiscal spending and borrowing will be revealed in March 2025, the direction is clear. This comes when China's economy faces several challenges, including its longest streak of deflation this century. This has put pressure on corporate profits and investment and added doubts about whether the country can achieve its 5 per cent growth target. Exports are unlikely to continue being a key engine of development in the wake of Donald Trump's re-election. This raises the prospect of a fresh trade war with the United States. There are also increasing domestic difficulties. There has been no indication that the home market slump would soon end. In response, politburo has committed to lifting domestic consumption as a top priority for 2025. (With inputs from the agencies)

China steps up stimulus to recharge growth ahead of US tariffs

Nvidia has hired hundreds of Chinese nationals this year to strengthen its research capacities and concentrate on new autonomous driving technology.

A Bloomberg report quoting sources showed from an initial staff of around 3,000 in early 2024, the world's second most valuable firm is expected to grow to over 4,000 by the end of the year. 
 
Nvidia has strengthened its team of self-driving researchers in Beijing by adding over 200 employees as part of this development. 
 
According to a Bloomberg source, the American firm has also strengthened its teams responsible for developing networking software and after-sales support. 
 
In response to insatiable demand for its AI processors, Nvidia is increasing its workforce worldwide. 
 
Despite Nvidia being unable to sell its most sophisticated transistors in China due to US trade restrictions, the country nonetheless managed to generate 5.4 billion dollars in sales last quarter.

China is still a major market and research centre for the American chip designer. 
 
Despite Nvidia's efforts to keep relations with Beijing cordial, China’s antitrust agency revealed an investigation into Nvidia's acquisition of Mellanox in 2020. 
 
A deal that the authorities had previously conditionally allowed.

The investigation started shortly after CEO Jensen Huang praised China’s technological achievements on a trip to Hong Kong just a few weeks ago.

(With inputs from the agencies)

Nvidia has hired hundreds of Chinese nationals this year to strengthen its research capacities and concentrate on new autonomous driving technology. A Bloomberg report quoting sources showed from an initial staff of around 3,000 in early 2024, the world's second most valuable firm is expected to grow to over 4,000 by the end of the year.

Nvidia has hired hundreds of Chinese nationals this year to strengthen its research capacities and concentrate on new autonomous driving technology. A Bloomberg report quoting sources showed from an initial staff of around 3,000 in early 2024, the world's second most valuable firm is expected to grow to over 4,000 by the end of the year. Nvidia has strengthened its team of self-driving researchers in Beijing by adding over 200 employees as part of this development. According to a Bloomberg source, the American firm has also strengthened its teams responsible for developing networking software and after-sales support. In response to insatiable demand for its AI processors, Nvidia is increasing its workforce worldwide. Despite Nvidia being unable to sell its most sophisticated transistors in China due to US trade restrictions, the country nonetheless managed to generate 5.4 billion dollars in sales last quarter. China is still a major market and research centre for the American chip designer. Despite Nvidia's efforts to keep relations with Beijing cordial, China’s antitrust agency revealed an investigation into Nvidia's acquisition of Mellanox in 2020. A deal that the authorities had previously conditionally allowed. The investigation started shortly after CEO Jensen Huang praised China’s technological achievements on a trip to Hong Kong just a few weeks ago. (With inputs from the agencies)

Nvidia expands workforce in China amid growth plans

Asian stocks fell on Friday as traders were disappointed by the absence of specifics from a Chinese economic conference. 
 
Additionally, risk appetite was lower ahead of next week's federal reserve policy meeting.

Stocks and government bonds were hammered overnight, driven by a deep sell-off on Wall Street. This led to a slump in Japanese and Australian benchmarks. 
 
Shares in both Hong Kong and China fell in early trade due to a lack of policy specifics and new measures in the readout from China's central economic work conference. 
 
South Korean stocks fell Friday, and the won was steady amid ongoing political uncertainties. 
 
Traders also weighed red-hot producer price inflation against higher-than-expected US jobless claims, causing the S&amp;P 500 to close lower.

The dollar remained mostly unchanged, holding onto the gains made during the past five sessions. 
 
In commodities, oil is headed for a weekly increase. This comes as the possibility of tougher US sanctions on Russia and Iran offset continued worries about a large global excess next year. 
 
Brent was steady above 73 dollars a barrel, up around 3 per cent so far this week.

Gold remained on track for a weekly increase of nearly 2 per cent. Bullion traded near 2,680 dollars an ounce — after falling 1.4 per cent on Thursday. 
 
The yellow metal was still on pace to end the week higher on bets the fed will cut rates next week. Lower borrowing costs typically aid the precious metal, as it doesn't pay interest.

(With inputs from the agencies)

Asian stocks fell on Friday as traders were disappointed by the absence of specifics from a Chinese economic conference. Additionally, risk appetite was lower ahead of next week's federal reserve policy meeting.

Asian stocks fell on Friday as traders were disappointed by the absence of specifics from a Chinese economic conference. Additionally, risk appetite was lower ahead of next week's federal reserve policy meeting. Stocks and government bonds were hammered overnight, driven by a deep sell-off on Wall Street. This led to a slump in Japanese and Australian benchmarks. Shares in both Hong Kong and China fell in early trade due to a lack of policy specifics and new measures in the readout from China's central economic work conference. South Korean stocks fell Friday, and the won was steady amid ongoing political uncertainties. Traders also weighed red-hot producer price inflation against higher-than-expected US jobless claims, causing the S&P 500 to close lower. The dollar remained mostly unchanged, holding onto the gains made during the past five sessions. In commodities, oil is headed for a weekly increase. This comes as the possibility of tougher US sanctions on Russia and Iran offset continued worries about a large global excess next year. Brent was steady above 73 dollars a barrel, up around 3 per cent so far this week. Gold remained on track for a weekly increase of nearly 2 per cent. Bullion traded near 2,680 dollars an ounce — after falling 1.4 per cent on Thursday. The yellow metal was still on pace to end the week higher on bets the fed will cut rates next week. Lower borrowing costs typically aid the precious metal, as it doesn't pay interest. (With inputs from the agencies)

Asian markets slide on China's economic outlook

To further isolate the Russian military and economic infrastructure in the weeks leading up to Donald Trump's inauguration, the Biden administration is considering additional, more severe penalties on Russia's profitable oil trade.

A Bloomberg report quoting sources showed President Joe Biden’s team was mulling sanctions targetting Russian oil shipments. 
 
The specific details of these proposed measures are still being finalised. Biden had long opposed the move on concerns that it may cause energy prices to skyrocket, particularly in the months leading up to November's election. 
 
However, the administration is now prepared to take more assertive measures in response to falling oil prices caused by a global surplus. This comes amid mounting concerns that Trump would rush a settlement between Russia and Ukraine to end their almost three-year war.

Given the mixed outcomes of past attempts to limit the Kremlin's energy earnings, and the fact that average us fuel prices have reached their lowest level since mid-2021, the deliberations show that the administration is more prepared to take risks in confronting Russia. 
 
The Biden team has taken steps in the last few weeks to increase military and financial aid to Ukraine. The new plan includes a fresh embargo on shipments from the world's leading oil producer, targetting specific countries. 
 
This move would reverse policies put in place almost two years ago following Russia's full-scale invasion of Ukraine in February 2022. The administration is also considering further penalties against Russia's oil tanker fleet. 
 
In the next few weeks, new restrictions are likely to be placed on the so-called shadow fleet.

(With inputs from the agencies)

To further isolate the Russian military and economic infrastructure in the weeks leading up to Donald Trump's inauguration, the Biden administration is considering additional, more severe penalties on Russia's profitable oil trade.

To further isolate the Russian military and economic infrastructure in the weeks leading up to Donald Trump's inauguration, the Biden administration is considering additional, more severe penalties on Russia's profitable oil trade. A Bloomberg report quoting sources showed President Joe Biden’s team was mulling sanctions targetting Russian oil shipments. The specific details of these proposed measures are still being finalised. Biden had long opposed the move on concerns that it may cause energy prices to skyrocket, particularly in the months leading up to November's election. However, the administration is now prepared to take more assertive measures in response to falling oil prices caused by a global surplus. This comes amid mounting concerns that Trump would rush a settlement between Russia and Ukraine to end their almost three-year war. Given the mixed outcomes of past attempts to limit the Kremlin's energy earnings, and the fact that average us fuel prices have reached their lowest level since mid-2021, the deliberations show that the administration is more prepared to take risks in confronting Russia. The Biden team has taken steps in the last few weeks to increase military and financial aid to Ukraine. The new plan includes a fresh embargo on shipments from the world's leading oil producer, targetting specific countries. This move would reverse policies put in place almost two years ago following Russia's full-scale invasion of Ukraine in February 2022. The administration is also considering further penalties against Russia's oil tanker fleet. In the next few weeks, new restrictions are likely to be placed on the so-called shadow fleet. (With inputs from the agencies)

US weighing new, harsher sanctions on Russia's lucrative oil trade

In anticipation of a potential trade war between the US and China, President Xi Jinping has shown a new arsenal of measures in response to any trade threat. 
 
China showcased a new range of measures it is ready to employ if Trump follows through on his promise to impose tariffs on the world's second-largest economy. Beijing gave the world a sneak peek into its trade war objectives. 
 
This came after the Biden administration restricted China's access to critical components for artificial intelligence (AI) chips earlier this month. Xi restricted the shipment of many rare minerals with military uses and began an investigation into Nvidia days after the bans. 
 
Important parts required to construct drones have also seen reduced Chinese shipments to the United States and Europe. Beijing mimicked the actions of the us and EU by expanding its export control regime to cover all businesses. Not just those in China but also banning businesses outside its border from the sale of certain items to the US.

The retaliation seems to be carefully timed so it could scare the US without causing a rift in the already delicate bilateral relationship, this was done to avoid any significant economic impact on China. After previous restrictions, exports of the impacted metals to the United States essentially dried this year. 
 
Chinese businesses are already making moves to source chips domestically, so most of the swipes appeared to be symbolic.

Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong, said, "The Chinese government is essentially creating bargaining chips against the US, especially with the anti-trust probe of Nvidia," 
 
Beddor added, "It doesn't mean they're going use those chips just yet, but they're preparing for negotiations."

(With inputs from the agencies)

In anticipation of a potential trade war between the US and China, President Xi Jinping has shown a new arsenal of measures in response to any trade threat. China showcased a new range of measures it is ready to employ if Trump follows through on his promise to impose tariffs on the world's second-largest economy.

In anticipation of a potential trade war between the US and China, President Xi Jinping has shown a new arsenal of measures in response to any trade threat. China showcased a new range of measures it is ready to employ if Trump follows through on his promise to impose tariffs on the world's second-largest economy. Beijing gave the world a sneak peek into its trade war objectives. This came after the Biden administration restricted China's access to critical components for artificial intelligence (AI) chips earlier this month. Xi restricted the shipment of many rare minerals with military uses and began an investigation into Nvidia days after the bans. Important parts required to construct drones have also seen reduced Chinese shipments to the United States and Europe. Beijing mimicked the actions of the us and EU by expanding its export control regime to cover all businesses. Not just those in China but also banning businesses outside its border from the sale of certain items to the US. The retaliation seems to be carefully timed so it could scare the US without causing a rift in the already delicate bilateral relationship, this was done to avoid any significant economic impact on China. After previous restrictions, exports of the impacted metals to the United States essentially dried this year. Chinese businesses are already making moves to source chips domestically, so most of the swipes appeared to be symbolic. Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong, said, "The Chinese government is essentially creating bargaining chips against the US, especially with the anti-trust probe of Nvidia," Beddor added, "It doesn't mean they're going use those chips just yet, but they're preparing for negotiations." (With inputs from the agencies)

China gets a head start on a looming trade war with the US

The war-torn nation of Myanmar is already struggling under the weight of high inflation, a falling currency, and power and labour shortages. The World Bank predicts that the country's gross domestic product will contract this fiscal year.

In a study released on Wednesday by the World Bank, the situation is predicted to worsen in the aftermath of typhoon Yagi in September. The bank predicts a one per cent contraction in Myanmar's GDP for the current fiscal year ending in March 2025. 
 
That is down from an earlier projection of 1 per cent growth. The military junta projected a 3.8 per cent growth rate. The World Bank estimates that by 2025, the country's GDP will have contracted by 11 per cent from 2019 levels. 
 
Shocks from a 2021 military coup that sparked a civil war in the Southeast Asian nation are to blame for the drops. 
 
The study showed manufacturing, agriculture, and service sectors are being negatively impacted. This is weighed down by the ongoing power outages and shortages of imported raw supplies.

The World Bank said, "A further escalation in conflict, including in the run-up to possible elections in 2025, or another severe natural disaster could depress output across a range of sectors." 
 
The bank added, "If that happens, longer and broader disruptions may follow and plunge households deeper into poverty."

Additionally, the report claimed that supply lines and border trade have been disrupted. This is due to the current warfare that is affecting more than half of Myanmar's 330 townships. Part of the reason for the gloomy forecast is the internal scarcity of human capital. 
 
Labour shortages have been driven by the increasing outbound migration from Myanmar in the past several years. According to the United Nations, approximately 6 per cent of the population, or 3.5 million individuals, have been displaced since October 2023.

(With the inputs from the agencies)

The war-torn nation of Myanmar is already struggling under the weight of high inflation, a falling currency, and power and labour shortages. The World Bank predicts that the country's gross domestic product will contract this fiscal year.

The war-torn nation of Myanmar is already struggling under the weight of high inflation, a falling currency, and power and labour shortages. The World Bank predicts that the country's gross domestic product will contract this fiscal year. In a study released on Wednesday by the World Bank, the situation is predicted to worsen in the aftermath of typhoon Yagi in September. The bank predicts a one per cent contraction in Myanmar's GDP for the current fiscal year ending in March 2025. That is down from an earlier projection of 1 per cent growth. The military junta projected a 3.8 per cent growth rate. The World Bank estimates that by 2025, the country's GDP will have contracted by 11 per cent from 2019 levels. Shocks from a 2021 military coup that sparked a civil war in the Southeast Asian nation are to blame for the drops. The study showed manufacturing, agriculture, and service sectors are being negatively impacted. This is weighed down by the ongoing power outages and shortages of imported raw supplies. The World Bank said, "A further escalation in conflict, including in the run-up to possible elections in 2025, or another severe natural disaster could depress output across a range of sectors." The bank added, "If that happens, longer and broader disruptions may follow and plunge households deeper into poverty." Additionally, the report claimed that supply lines and border trade have been disrupted. This is due to the current warfare that is affecting more than half of Myanmar's 330 townships. Part of the reason for the gloomy forecast is the internal scarcity of human capital. Labour shortages have been driven by the increasing outbound migration from Myanmar in the past several years. According to the United Nations, approximately 6 per cent of the population, or 3.5 million individuals, have been displaced since October 2023. (With the inputs from the agencies)

World Bank predicts Myanmar's economy to contract this year

The estimated net worth of billionaire and SpaceX CEO Elon Musk crossed $400 billion,&nbsp;as per an estimate by Bloomberg News. By crossing this mark, Musk became the first person in the world to reach the milestone.

In recent months, the value of shares of the Musk-owned Tesla electric car company soared high. It was Musk's privately held stake in SpaceX which has helped push his wealth beyond the threshold of $400 billion.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/elon-musk-attends-notre-dame-reopening-ceremony-in-paris-with-donald-trump-782382">Elon Musk the surprise guest attends Notre Dame reopening in Paris with Donald Trump</a>

Musk has time and again held the position of the wealthiest person and seen a stumble down sometimes as the share price of Tesla remained turbulent. Since May, Musk has continued to hold the No. 1 slot.&nbsp;

<h2>What led to Musk's surge in wealth</h2>

As reported by Bloomberg, Musk's $20 billion jump in wealth has been because of a shoot-up in the valuation of his rocket company SpaceX to roughly $350 billion after the finalisation of a deal.

SpaceX and its investors&nbsp;took the decision to purchase around $1.25 billion of insider shares.

The fortune of Musk increased by 77 per cent since the victory of Donald Trump in the US elections. With the new growth in Trump's net worth, the wealth of the 500 richest people in the world now exceeds $10 trillion.&nbsp;

Watch:&nbsp;US: Elon Musk And Vivek Ramaswamy Bring Trump’s DOGE To Capitol Hill&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-elon-musk-and-vivek-ramaswamy-bring-trumps-doge-to-capitol-hill-race-to-power-782108/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

This year, Musk spent a quarter of a billion dollars on the election campaigns of US President-elect Donald Trump.&nbsp;

Musk is the chief executive of SpaceX and Tesla and is the owner of X. He is the CEO of other ventures like the Boring Company, Neuralink and xAI.&nbsp;

Musk, along with Vivek Ramaswamy, will now head the new “Department of Government Efficiency” (DOGE) in the US government. The new department has been named after a memecoin.

As per Forbes, the net worth of Musk is around $369 billion. In the billionaire index, Amazon founder Jeff Bezos stands at No. 2 and Oracle co-founder Larry Ellison holds No. 3 position.&nbsp;

(With inputs from agencies)

The estimated net worth of billionaire and SpaceX CEO Elon Musk crossed $400 billion, as per an estimate by Bloomberg News. By crossing this mark, Musk became the first person in the world to reach the milestone.

The estimated net worth of billionaire and SpaceX CEO Elon Musk crossed $400 billion, as per an estimate by Bloomberg News. By crossing this mark, Musk became the first person in the world to reach the milestone. In recent months, the value of shares of the Musk-owned Tesla electric car company soared high. It was Musk's privately held stake in SpaceX which has helped push his wealth beyond the threshold of $400 billion. Also Read: Elon Musk the surprise guest attends Notre Dame reopening in Paris with Donald Trump Musk has time and again held the position of the wealthiest person and seen a stumble down sometimes as the share price of Tesla remained turbulent. Since May, Musk has continued to hold the No. 1 slot. What led to Musk's surge in wealth As reported by Bloomberg, Musk's $20 billion jump in wealth has been because of a shoot-up in the valuation of his rocket company SpaceX to roughly $350 billion after the finalisation of a deal. SpaceX and its investors took the decision to purchase around $1.25 billion of insider shares. The fortune of Musk increased by 77 per cent since the victory of Donald Trump in the US elections. With the new growth in Trump's net worth, the wealth of the 500 richest people in the world now exceeds $10 trillion. Watch: US: Elon Musk And Vivek Ramaswamy Bring Trump’s DOGE To Capitol Hill This year, Musk spent a quarter of a billion dollars on the election campaigns of US President-elect Donald Trump. Musk is the chief executive of SpaceX and Tesla and is the owner of X. He is the CEO of other ventures like the Boring Company, Neuralink and xAI. Musk, along with Vivek Ramaswamy, will now head the new “Department of Government Efficiency” (DOGE) in the US government. The new department has been named after a memecoin. As per Forbes, the net worth of Musk is around $369 billion. In the billionaire index, Amazon founder Jeff Bezos stands at No. 2 and Oracle co-founder Larry Ellison holds No. 3 position. (With inputs from agencies)

Elon Musk becomes world's first person to reach net worth of $400bn

A US&nbsp;judge blocked the pending $25-billion merger of US&nbsp;grocery chains Kroger&nbsp;and Albertsons, opens new tab on Tuesday, in a win for the Federal Trade Commission that Kroger has said would likely scuttle the deal.

The FTC argued at a three-week trial in Portland, Oregon, that the merger would eliminate head-to-head competition between the top two traditional grocery chains, leading to higher prices for shoppers and reduced bargaining leverage for unionized workers.

The ruling, which could be appealed, is a big victory for FTC Chair Lina Khan and President Joe Biden's administration in their bid to counter inflation at the checkout. Americans' discontent over a lingering rise in grocery prices since the pandemic was a key theme in the run-up to President-elect Donald Trump's win in November.

US&nbsp;District Judge Adrienne Nelson agreed the merger was likely to remove direct competition between the two grocers, making it unlawful.

Separately on Tuesday, a Washington state court judge in Seattle also ruled to block the merger in a case brought by Attorney General Bob Ferguson, who had estimated half of all supermarkets there are owned by one of the two chains.

Albertsons shares closed down 2.3%. Kroger shares closed up 5.1%.

The White House said after the ruling they were "proud to stand up against big corporate mergers that increase prices, undermine workers, and hurt small businesses."

FTC spokesperson Douglas Farrar said the win "makes it clear that strong, reality-based antitrust enforcement delivers real results for consumers, workers, and small businesses."

Spokespeople for Kroger and Albertsons said the companies are disappointed in the rulings and considering their options.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-court-rejects-the-onions-flawed-auction-bid-for-infowars-783233">US court rejects The Onion’s ‘flawed’ auction bid for Infowars</a>

"We believe we clearly outlined during the proceedings how the proposed merger would expand competition, lower prices, increase associate wages, protect union jobs, and enhance customers' shopping experience," the Albertsons spokesperson said.

<h2>Grocery costs</h2>

The deal became a symbol of surging grocery costs. US&nbsp;food prices have risen by 25% over the last four years, and while food inflation is showing signs of cooling in 2024, grocery bills remain a growing concern for shoppers.

The FTC sued along with attorneys general from eight states and the District of Columbia. Colorado, like Washington, sued on its own to block the deal.

Kroger defended the deal, saying it would bring prices down at Albertsons stores, where it said prices are 10-12% higher than its own. The merged company would fund price cuts through cost savings it expects from a larger operation, and a larger customer base to drive revenue for Kroger's data consulting business.

Nelson, who Biden appointed to the federal bench in 2023, rejected those arguments, saying the efficiencies were not verifiable or specific to the deal. Kroger's promises to invest in lower prices and better benefits for employees would not be enforceable, she wrote.

"Despite defendants' best intentions to follow through on their promises at this moment, the business realities on the ground after the merger may change what defendants are able to invest or what is in their best interest to invest," she said.

The FTC had also sought to block the deal on the theory that it would decrease competition for unionized grocery labour and cut bargaining power for workers.

The agency did not present enough evidence to prove the theory, the judge said, but added that the FTC had presented a "compelling and logical case."

Had the deal proceeded, Kroger would own approximately 5,000 stores across the US&nbsp;The companies argued at trial that they needed to merge to compete with global companies such as Walmart, opens new tab and Amazon.com, opens new tab.

Kroger and Albertsons had said that selling 579 of the stores, particularly in western US&nbsp;states where Kroger and Albertsons are located near each other, would preserve competition.

Nelson disagreed, raising doubts the proposed buyer, C&amp;S Wholesale Grocers, could become a successful competitor.

Grocery workers' unions criticized the merger, saying it would likely lead to job losses.

Six United Food and Commercial Workers International Union locals representing more than 100,000 grocery store employees at both companies called on the two to abandon the deal and "turn their focus back where it belongs: operating grocery stores."

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

A US judge blocked the pending $25-billion merger of US grocery chains Kroger and Albertsons, opens new tab on Tuesday, in a win for the Federal Trade Commission that Kroger has said would likely scuttle the deal.

A US judge blocked the pending $25-billion merger of US grocery chains Kroger and Albertsons, opens new tab on Tuesday, in a win for the Federal Trade Commission that Kroger has said would likely scuttle the deal. The FTC argued at a three-week trial in Portland, Oregon, that the merger would eliminate head-to-head competition between the top two traditional grocery chains, leading to higher prices for shoppers and reduced bargaining leverage for unionized workers. The ruling, which could be appealed, is a big victory for FTC Chair Lina Khan and President Joe Biden's administration in their bid to counter inflation at the checkout. Americans' discontent over a lingering rise in grocery prices since the pandemic was a key theme in the run-up to President-elect Donald Trump's win in November. US District Judge Adrienne Nelson agreed the merger was likely to remove direct competition between the two grocers, making it unlawful. Separately on Tuesday, a Washington state court judge in Seattle also ruled to block the merger in a case brought by Attorney General Bob Ferguson, who had estimated half of all supermarkets there are owned by one of the two chains. Albertsons shares closed down 2.3%. Kroger shares closed up 5.1%. The White House said after the ruling they were "proud to stand up against big corporate mergers that increase prices, undermine workers, and hurt small businesses." FTC spokesperson Douglas Farrar said the win "makes it clear that strong, reality-based antitrust enforcement delivers real results for consumers, workers, and small businesses." Spokespeople for Kroger and Albertsons said the companies are disappointed in the rulings and considering their options. Also read | US court rejects The Onion’s ‘flawed’ auction bid for Infowars "We believe we clearly outlined during the proceedings how the proposed merger would expand competition, lower prices, increase associate wages, protect union jobs, and enhance customers' shopping experience," the Albertsons spokesperson said. Grocery costs The deal became a symbol of surging grocery costs. US food prices have risen by 25% over the last four years, and while food inflation is showing signs of cooling in 2024, grocery bills remain a growing concern for shoppers. The FTC sued along with attorneys general from eight states and the District of Columbia. Colorado, like Washington, sued on its own to block the deal. Kroger defended the deal, saying it would bring prices down at Albertsons stores, where it said prices are 10-12% higher than its own. The merged company would fund price cuts through cost savings it expects from a larger operation, and a larger customer base to drive revenue for Kroger's data consulting business. Nelson, who Biden appointed to the federal bench in 2023, rejected those arguments, saying the efficiencies were not verifiable or specific to the deal. Kroger's promises to invest in lower prices and better benefits for employees would not be enforceable, she wrote. "Despite defendants' best intentions to follow through on their promises at this moment, the business realities on the ground after the merger may change what defendants are able to invest or what is in their best interest to invest," she said. The FTC had also sought to block the deal on the theory that it would decrease competition for unionized grocery labour and cut bargaining power for workers. The agency did not present enough evidence to prove the theory, the judge said, but added that the FTC had presented a "compelling and logical case." Had the deal proceeded, Kroger would own approximately 5,000 stores across the US The companies argued at trial that they needed to merge to compete with global companies such as Walmart, opens new tab and Amazon.com, opens new tab. Kroger and Albertsons had said that selling 579 of the stores, particularly in western US states where Kroger and Albertsons are located near each other, would preserve competition. Nelson disagreed, raising doubts the proposed buyer, C&S Wholesale Grocers, could become a successful competitor. Grocery workers' unions criticized the merger, saying it would likely lead to job losses. Six United Food and Commercial Workers International Union locals representing more than 100,000 grocery store employees at both companies called on the two to abandon the deal and "turn their focus back where it belongs: operating grocery stores." Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Albertsons calls off its $25 billion merger with Kroger after US judge blocks deal 

Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project.

In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year".

"The project will be financed through the company's internal accruals and capital management plan," the firm said. "We have withdrawn our request for financing from the International Development Finance Corporation (DFC)".

The US IDF had in November last year agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka.

The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA).

DFC financing was part of the US government's broader efforts to counter China's growing influence in the region and was seen as an endorsement of Adani's ability to develop world-class infrastructure.

However, the loan process stalled after the DFC asked that the agreement between Adani and the SLPA be amended to align with their conditions, which then went under review by Sri Lanka's Attorney General.

As the project is nearing completion, Adani Ports, which holds 51 per cent of the venture, chose to proceed with the project without funding from the DFC, officials privy to the process explained.

The US agency had recently stated that it was "actively assessing the ramifications" of the bribery allegations against the Adani group executives. It had so far not disbursed any money to the ports-to-energy conglomerate.

Last month, the US Department of Justice charged the Adani group's founder chairman Gautam Adani, and seven others over allegedly conspiring to pay USD 265 million in bribes to Indian officials to secure lucrative solar power supply contracts that were expected to yield USD 2 billion in profits over 20 years.

Adani Group has denied all charges as baseless and vowed to pursue all possible legal recourse.

The Port of Colombo is the largest and busiest transhipment port in the Indian Ocean. It has been operating at more than 90 per cent utilisation since 2021, signalling its need for additional capacity.

The geopolitically sensitive port project in Sri Lanka is as much of a move by the US to counter Chinese influence in the island nation.

Phase 1 of the project is scheduled to become commercially operational by Q1 2025.

The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka's prime position on major shipping routes and its proximity to these expanding markets.

Also read:&nbsp;<a data-ved="2ahUKEwiqn-7Px5-KAxWVxjgGHQQmG08QxfQBKAB6BAgHEAE" href="https://www.wionews.com/india-news/opposition-mps-protest-over-adani-issue-stage-mock-interview-in-parliament-782662" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/opposition-mps-protest-over-adani-issue-stage-mock-interview-in-parliament-782662&amp;ved=2ahUKEwiqn-7Px5-KAxWVxjgGHQQmG08QxfQBKAB6BAgHEAE">Opposition MPs protest over Adani issue, stage mock 'interview' in parliament</a>

The CWIT project was initiated in September 2021, when Adani Ports signed an agreement with the Sri Lanka Ports Authority and Sri Lankan conglomerate John Keells Holdings, pledging over USD 700 million to expand the capabilities of Colombo Port.

The CWIT will be Sri Lanka's largest and deepest container terminal, with a quay length of 1,400 metres and an alongside depth of 20 metres. When complete, the terminal will be able to handle Ultra Large Container Vessels (ULCVs) with capacities of 24,000 TEUs and is expected to have an annual handling capacity of over 3.2 million TEUs.

Also read:&nbsp;<a data-ved="2ahUKEwiqn-7Px5-KAxWVxjgGHQQmG08QxfQBKAB6BAgMEAE" href="https://www.wionews.com/india-news/both-houses-of-parliament-adjourned-after-opposition-stages-protests-over-adani-issue-782678" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/both-houses-of-parliament-adjourned-after-opposition-stages-protests-over-adani-issue-782678&amp;ved=2ahUKEwiqn-7Px5-KAxWVxjgGHQQmG08QxfQBKAB6BAgMEAE">India: Both Houses of Parliament adjourned after opposition stages protests over Adani issue</a>

As of September 30, 2024, Adani Ports had approximately USD 1.1 billion (Rs 8,893 crore) in cash reserves and generated an operating profit of USD 2.3 billion (Rs 18,846 crore) in the past 12 months.

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.

Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project.

Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said. "We have withdrawn our request for financing from the International Development Finance Corporation (DFC)". The US IDF had in November last year agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka. The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA). DFC financing was part of the US government's broader efforts to counter China's growing influence in the region and was seen as an endorsement of Adani's ability to develop world-class infrastructure. However, the loan process stalled after the DFC asked that the agreement between Adani and the SLPA be amended to align with their conditions, which then went under review by Sri Lanka's Attorney General. As the project is nearing completion, Adani Ports, which holds 51 per cent of the venture, chose to proceed with the project without funding from the DFC, officials privy to the process explained. The US agency had recently stated that it was "actively assessing the ramifications" of the bribery allegations against the Adani group executives. It had so far not disbursed any money to the ports-to-energy conglomerate. Last month, the US Department of Justice charged the Adani group's founder chairman Gautam Adani, and seven others over allegedly conspiring to pay USD 265 million in bribes to Indian officials to secure lucrative solar power supply contracts that were expected to yield USD 2 billion in profits over 20 years. Adani Group has denied all charges as baseless and vowed to pursue all possible legal recourse. The Port of Colombo is the largest and busiest transhipment port in the Indian Ocean. It has been operating at more than 90 per cent utilisation since 2021, signalling its need for additional capacity. The geopolitically sensitive port project in Sri Lanka is as much of a move by the US to counter Chinese influence in the island nation. Phase 1 of the project is scheduled to become commercially operational by Q1 2025. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka's prime position on major shipping routes and its proximity to these expanding markets. Also read: Opposition MPs protest over Adani issue, stage mock 'interview' in parliament The CWIT project was initiated in September 2021, when Adani Ports signed an agreement with the Sri Lanka Ports Authority and Sri Lankan conglomerate John Keells Holdings, pledging over USD 700 million to expand the capabilities of Colombo Port. The CWIT will be Sri Lanka's largest and deepest container terminal, with a quay length of 1,400 metres and an alongside depth of 20 metres. When complete, the terminal will be able to handle Ultra Large Container Vessels (ULCVs) with capacities of 24,000 TEUs and is expected to have an annual handling capacity of over 3.2 million TEUs. Also read: India: Both Houses of Parliament adjourned after opposition stages protests over Adani issue As of September 30, 2024, Adani Ports had approximately USD 1.1 billion (Rs 8,893 crore) in cash reserves and generated an operating profit of USD 2.3 billion (Rs 18,846 crore) in the past 12 months. 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.

Adani ditches $553mn US loan for its Colombo Port project

Protests over the election results in Mozambique caused South Africa to temporarily halt operations at its border crossing with the Southeast African country. Mozambique is an important hub for exporting coal and chrome.&nbsp;

The highway that handles over a thousand lorries daily on route to Maputo's port was stopped by Mozambican demonstrators. They were enraged at the outcome of the country's elections on October 9.&nbsp;

Protestors attacked additional critical infrastructure over the weekend and succeeded in forcing the authorities to shut down two power plants. South Africa's border management authority announced Monday that the Lebombo border port of entry has temporarily suspended operations for passenger movements and general cargo processing.&nbsp;

Jane Thupana, Acting Commissioner at South Africa's Border Management Authority, said, "Transporters are urged not to dispatch new vehicles to the port until further notice."&nbsp;

While vehicles could enter Mozambique before, the current standstill indicates an increase in the number of blockages at the border. According to the Road Freight Association, South Africa is projected to incur a daily cost of 10 million rand or over $560,000 due to the shutdown.&nbsp;

As a result of the closure, another important source of foreign currency for Mozambique will be cut off.

Protests over the election results in Mozambique caused South Africa to temporarily halt operations at its border crossing with the Southeast African country. Mozambique is an important hub for exporting coal and chrome.

Protests over the election results in Mozambique caused South Africa to temporarily halt operations at its border crossing with the Southeast African country. Mozambique is an important hub for exporting coal and chrome. The highway that handles over a thousand lorries daily on route to Maputo's port was stopped by Mozambican demonstrators. They were enraged at the outcome of the country's elections on October 9. Protestors attacked additional critical infrastructure over the weekend and succeeded in forcing the authorities to shut down two power plants. South Africa's border management authority announced Monday that the Lebombo border port of entry has temporarily suspended operations for passenger movements and general cargo processing. Jane Thupana, Acting Commissioner at South Africa's Border Management Authority, said, "Transporters are urged not to dispatch new vehicles to the port until further notice." While vehicles could enter Mozambique before, the current standstill indicates an increase in the number of blockages at the border. According to the Road Freight Association, South Africa is projected to incur a daily cost of 10 million rand or over $560,000 due to the shutdown. As a result of the closure, another important source of foreign currency for Mozambique will be cut off.

Key South African trade route to Mozambique shut as protests flare

After raising almost $2 billion in the tech sector's largest IPO this year, Talabat Holding surged in its Dubai market debut. Talabat Holdings is an active operator in the UAE, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq, and Bahrain. After acquiring the UAE meal delivery operation of Indian firm Zomato in 2019 and the online grocery platform InstaShop in 2020, Talabat's Delivery Hero further solidified its position in the region.&nbsp;

Shares of delivery hero rose to 1.72 dirhams, or $0.47, up 7.5 per cent from the highest point of the IPO marketing range. The offer price was 1.6 dirhams per share. As a result of the rise on debut, the company's market value hit around 40 billion dirhams.&nbsp;

Delivery hero was able to raise about 7.5 billion dirhams, thanks to substantial demand from anchor orders. The firm increased the number of shares on offer from 15 per cent to 20 per cent of the unit. Bloomberg also indicates that the tech IPO was the biggest in the Gulf region for this year.&nbsp;

Companies in the Persian Gulf have raised almost $12 billion through IPOs this year as part of their attempts to broaden and deepen their capital markets. Regional governments have attracted a large number of private sector enterprises from industries as diverse as retail, healthcare, and finance. Businesses catering to consumers have benefited from the increased population in major hubs like Dubai.&nbsp;

After raising almost $2 billion in the tech sector's largest IPO this year, Talabat Holding surged in its Dubai market debut. Talabat Holdings is an active operator in the UAE, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq, and Bahrain.

After raising almost $2 billion in the tech sector's largest IPO this year, Talabat Holding surged in its Dubai market debut. Talabat Holdings is an active operator in the UAE, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq, and Bahrain. After acquiring the UAE meal delivery operation of Indian firm Zomato in 2019 and the online grocery platform InstaShop in 2020, Talabat's Delivery Hero further solidified its position in the region. Shares of delivery hero rose to 1.72 dirhams, or $0.47, up 7.5 per cent from the highest point of the IPO marketing range. The offer price was 1.6 dirhams per share. As a result of the rise on debut, the company's market value hit around 40 billion dirhams. Delivery hero was able to raise about 7.5 billion dirhams, thanks to substantial demand from anchor orders. The firm increased the number of shares on offer from 15 per cent to 20 per cent of the unit. Bloomberg also indicates that the tech IPO was the biggest in the Gulf region for this year. Companies in the Persian Gulf have raised almost $12 billion through IPOs this year as part of their attempts to broaden and deepen their capital markets. Regional governments have attracted a large number of private sector enterprises from industries as diverse as retail, healthcare, and finance. Businesses catering to consumers have benefited from the increased population in major hubs like Dubai.

Gulf's biggest IPO for 2024 marks successful Dubai debut

According to knight Frank, property values in Dubai are expected to continue their relentless comeback following the pandemic, in addition to the 20 per cent surge in 2024. The real estate firm predicted that home prices will increase by 8 per cent market-wide and 5 per cent on average for high-end houses in the coming year.&nbsp;

Many homeowners have become accidental millionaires due to the price surge in the emirates. Knight frank's survey projected that out of the 530,000 properties sold in Dubai since 2002, at least 95,000 are currently valued at more than $1 million.&nbsp;

That is, one in five houses in Dubai is above the million-dollar mark. Faisal Durrani, head of West Asia research at Knight Frank, said, "These days a million-dollar home is really the average price of a single-family home, which highlights how much values have increased in the past four and half years."&nbsp;

The government's response to the pandemic and its relaxed immigration rules enticed a large number of international purchasers, driving up demand for real estate in Dubai. An inflow of rich investors has boosted the Emirate's luxury real estate market, which includes waterfront homes on the city's man-made palm-shaped islands.&nbsp;

Some of the investors include billionaires from Russia, crypto winners, and wealthy Indians and Asians looking for second homes. Dubai has seen significant boom and bust cycles in the past.&nbsp;

However, according to Durrani, the majority of buyers now are end users, and regulations have increased down payments. So, he believes this time there are fewer risks to the boom. Durrani said, "The drivers are very different in this cycle, and we don’t see speculative activity." He added, "There is nothing in the data to suggest we are approaching a cliff-edge moment."&nbsp;

According to knight Frank, property values in Dubai are expected to continue their relentless comeback following the pandemic, in addition to the 20 per cent surge in 2024.

According to knight Frank, property values in Dubai are expected to continue their relentless comeback following the pandemic, in addition to the 20 per cent surge in 2024. The real estate firm predicted that home prices will increase by 8 per cent market-wide and 5 per cent on average for high-end houses in the coming year. Many homeowners have become accidental millionaires due to the price surge in the emirates. Knight frank's survey projected that out of the 530,000 properties sold in Dubai since 2002, at least 95,000 are currently valued at more than $1 million. That is, one in five houses in Dubai is above the million-dollar mark. Faisal Durrani, head of West Asia research at Knight Frank, said, "These days a million-dollar home is really the average price of a single-family home, which highlights how much values have increased in the past four and half years." The government's response to the pandemic and its relaxed immigration rules enticed a large number of international purchasers, driving up demand for real estate in Dubai. An inflow of rich investors has boosted the Emirate's luxury real estate market, which includes waterfront homes on the city's man-made palm-shaped islands. Some of the investors include billionaires from Russia, crypto winners, and wealthy Indians and Asians looking for second homes. Dubai has seen significant boom and bust cycles in the past. However, according to Durrani, the majority of buyers now are end users, and regulations have increased down payments. So, he believes this time there are fewer risks to the boom. Durrani said, "The drivers are very different in this cycle, and we don’t see speculative activity." He added, "There is nothing in the data to suggest we are approaching a cliff-edge moment."

Dubai home prices set to rise again in 2025: Knight Frank