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In today's time, it is very common to earn income from overseas. However, such income bring with them the complexity of tax calculation on the earned amount. Let's first understand when is an income considered to have been earned from a foreign source.

In today's time, it is very common to earn income from overseas. However, such income bring with them the complexity of tax calculation on the earned amount. Let's first understand when is an income considered to have been earned from a foreign source. An overseas income means an income earned by an individual like interest, royalties, fees, or dividends from sources which are outside the country. How is income tax calculated on overseas income in India? The income is considered to have been earned from overseas when the activity of the ultimate beneficiary is happening outside the country even though the individual is providing services while being in India. Also Read: Money-Wise: Planning to save taxes on interests earned? Here's how you can in India Generally, two rules are followed by the countries to calculate tax on income earned from overseas. First, is the source rule, as per which the government taxes the income in the country it is earned, regardless of who is earning the income. Second is the residence rule, which says that all the income earned by residents is taxed by their country, no matter where they are earning it. The taxability over an income is dependent on what type of residential status an individual has in India. Simplifying the complication involved in this calculation of tax, Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited said to WION, "As per the Income Tax Act, an individual is either a Resident, Non-resident, or Resident but Not Ordinarily Resident (RNOR status) and this essentially determines the scope of one’s global income tax liabilities." Watch: Indian Cabinet Approves PAN 2.0 So, the global income of ordinary residents in India is entirely taxable even if they pay tax on the income in the country where they are earning it. In the case of the Not Ordinary Residents/Non-Residents, the income becomes taxable only if it is accrued or received in India. How can you save tax on overseas income? Our expert, Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited, shares thumb rules on managing tax on overseas income. For residents living in India, global income is regarded as taxable in India, however, there are certain exceptions specified such as Double Taxation Avoidance Agreements (DTAAs) with various countries. Determination of Residential status is done on the basis of the number of days an individual stays in the territory of India during the course of the financial year and there are tax obligations associated with certain thresholds. Any income earned from foreign sources has to be declared and includes salary, capital gains after selling an asset, dividends after investing in shares and rental income. However, such a strategic tax plan can also include taking advantage of the available provisions for non-residents in a DTT, which can alleviate double taxation and lower total taxes. A taxpayer can claim offset due to foreign taxes, and certain exemption thresholds, consolidate sources of revenue and endorse tax efficiency. International tax specialist has to be consulted and strong records have to be kept to deal with this complex web of taxes and comply with the country as well as the foreign tax laws.

Money-Wise: Worried about taxes on your overseas income? Here's how you can save them

Canada's Competition Bureau has filed a lawsuit against Alphabet's Google, alleging that the tech giant engaged in anti-competitive behaviour in the online advertising sector.

The application filed by the Bureau before the Competition Tribunal is seeking a court order compelling Google to divest two of its key ad technology tools. The watchdog is also seeking a penalty to ensure Google complies with Canada's competition laws.

Google responded to this claim, saying that the suit "overlooks the incredibly competitive nature of the ad-buying market, with a large number of willing buyers and sellers."

According to Google, "our ad tech tools help websites and apps pay for their content, and help businesses of all sizes connect with new customers." Google VP of Global Ads Dan Taylor said in response to the complaint that he and the company look forward to the opportunity to explain its position in court.

The Competition Bureau initiated investigations into Google in 2020. The agency of competition probed whether or not the company had ever indulged in anti-competitive practices in the advertisement business line online.

The research expanded early this year as it went beyond Google's merely search business to its advertisement technology services. The agency stated that Google has controlled the majority share of the nation's ad tech market with the aid of its allegedly anticompetitive methods, said the Bureau.

This lawsuit comes in tandem with similar antitrust initiatives launched by the US Department of Justice that alleged Google is monopolising the market for publisher ad servers and advertiser ad networks.

Google defended its activities and said the US case was selective as it focused only on one portion of the online advertisement business while ignoring competition in other sectors.

It said the decisions made for its business are legitimate, and that there is competition in the marketplace.

Reuters earlier this year reported Google trying to end an antitrust investigation in the European Union by offering to sell an ad exchange platform. It said European publishers rejected this offer as insufficient to remedy the issues raised by a competition probe.

(With inputs from Reuters)

Canada's Competition Bureau has filed a lawsuit against Alphabet's Google, alleging that the tech giant engaged in anti-competitive behaviour in the online advertising sector.

Canada's Competition Bureau has filed a lawsuit against Alphabet's Google, alleging that the tech giant engaged in anti-competitive behaviour in the online advertising sector. The application filed by the Bureau before the Competition Tribunal is seeking a court order compelling Google to divest two of its key ad technology tools. The watchdog is also seeking a penalty to ensure Google complies with Canada's competition laws. Google responded to this claim, saying that the suit "overlooks the incredibly competitive nature of the ad-buying market, with a large number of willing buyers and sellers." According to Google, "our ad tech tools help websites and apps pay for their content, and help businesses of all sizes connect with new customers." Google VP of Global Ads Dan Taylor said in response to the complaint that he and the company look forward to the opportunity to explain its position in court. The Competition Bureau initiated investigations into Google in 2020. The agency of competition probed whether or not the company had ever indulged in anti-competitive practices in the advertisement business line online. The research expanded early this year as it went beyond Google's merely search business to its advertisement technology services. The agency stated that Google has controlled the majority share of the nation's ad tech market with the aid of its allegedly anticompetitive methods, said the Bureau. This lawsuit comes in tandem with similar antitrust initiatives launched by the US Department of Justice that alleged Google is monopolising the market for publisher ad servers and advertiser ad networks. Google defended its activities and said the US case was selective as it focused only on one portion of the online advertisement business while ignoring competition in other sectors. It said the decisions made for its business are legitimate, and that there is competition in the marketplace. Reuters earlier this year reported Google trying to end an antitrust investigation in the European Union by offering to sell an ad exchange platform. It said European publishers rejected this offer as insufficient to remedy the issues raised by a competition probe. (With inputs from Reuters)

Canada sues Google over alleged anti-competitive practices in ads

India is on the cusp of a digital revolution, and data centres are at the heart of this transformation. By 2025, the country is poised to become a global hub for data storage and processing, driven by policy support, technological advancements, and the growing digital economy. Here’s a look at the trends shaping the future of data centres in India.&nbsp; 
&nbsp; 
1. India as a Data Center Hub&nbsp;

India's data centre market is experiencing exponential growth, with projections indicating it could reach a value of $10 billion by 2025. Factors such as increasing internet penetration, rapid adoption of 5G, and the growing need for cloud services are driving this boom. Metros like Mumbai, Chennai, Hyderabad, and Bengaluru are emerging as prime data centre locations due to their robust infrastructure, availability of skilled talent, and proximity to undersea cable landing stations.&nbsp;

2. Impact of data localisation laws&nbsp;

The Indian government’s push for data localization, under policies like the Digital Personal Data Protection Act, has accelerated the establishment of data centres. Global players such as AWS, Microsoft, and Google are investing heavily in complying with these regulations, while Indian companies like Jio and Yotta Infrastructure are scaling up their capacities. This trend ensures that sensitive user data stays within Indian borders, promoting both data security and economic growth.&nbsp;

3. Green Data Centres on the rise&nbsp;

Sustainability is a key focus for Indian data centres in 2025. Operators are investing in renewable energy sources like solar and wind to power facilities, with states such as Rajasthan and Gujarat leading in renewable energy adoption. Innovative cooling technologies, including liquid cooling and the use of natural resources for temperature management, are becoming standard practices to enhance energy efficiency.&nbsp;

4. Edge computing and regional growth&nbsp;

India’s shift towards edge computing is transforming data centre architecture. With the rollout of 5G and the proliferation of IoT devices, smaller edge data centres are being established closer to users in Tier 2 and Tier 3 cities. This decentralization reduces latency and enhances the user experience for applications like autonomous vehicles, smart cities, and real-time analytics. It also drives regional economic growth, spreading digital infrastructure beyond metropolitan areas.&nbsp;

5. Expansion of colocation and hyperscale facilities&nbsp;

By 2025, colocation and hyperscale data centres will dominate the Indian market. Colocation facilities, which allow multiple organizations to share infrastructure, are becoming the preferred choice for startups and small businesses due to cost efficiency. On the other hand, hyperscale data centres, built to support massive data volumes for global giants like Amazon and Google, are rapidly expanding to cater to India's growing digital needs.&nbsp;

6. Advances in security and automation&nbsp;

With increasing cyber threats, Indian data centres are integrating advanced security measures such as Zero Trust Architecture, AI-powered threat detection, and biometric access controls. Automation is playing a vital role in optimizing operations. AI systems are managing energy consumption, predicting maintenance needs, and ensuring seamless uptime, reducing operational costs while improving efficiency.&nbsp;

7. Government support and policy initiatives&nbsp;

The Indian government’s initiatives, such as the National Policy on Software Products and state-level incentives, are creating a favourable ecosystem for data centre growth. Many states are offering subsidies on land, power tariffs, and taxes to attract data centre investments. Additionally, the rollout of 5G and advancements in digital infrastructure are bolstering the demand for data centres.&nbsp;

8. Opportunities in tier 2 and tier 3 cities&nbsp;

As data consumption grows beyond urban centres, data centre operators are expanding into Tier 2 and Tier 3 cities. These locations offer lower operational costs, ample land availability, and growing demand for digital services, making them attractive for future investments.&nbsp;

Conclusion

By 2025, India is set to be one of the most dynamic data centre markets in the world. The combination of regulatory support, technological innovation, and the country’s vast digital ecosystem is propelling this growth. From edge computing to green energy solutions, the future of data centres in India is vibrant and poised to support the nation’s digital aspirations. As these trends unfold, India’s data centre ecosystem will not only cater to domestic demand but also play a crucial role in the global digital economy.&nbsp;

India is on the cusp of a digital revolution, and data centres are at the heart of this transformation. By 2025, the country is poised to become a global hub for data storage and processing, driven by policy support, technological advancements, and the growing digital economy.

India is on the cusp of a digital revolution, and data centres are at the heart of this transformation. By 2025, the country is poised to become a global hub for data storage and processing, driven by policy support, technological advancements, and the growing digital economy. Here’s a look at the trends shaping the future of data centres in India. 1. India as a Data Center Hub India's data centre market is experiencing exponential growth, with projections indicating it could reach a value of $10 billion by 2025. Factors such as increasing internet penetration, rapid adoption of 5G, and the growing need for cloud services are driving this boom. Metros like Mumbai, Chennai, Hyderabad, and Bengaluru are emerging as prime data centre locations due to their robust infrastructure, availability of skilled talent, and proximity to undersea cable landing stations. 2. Impact of data localisation laws The Indian government’s push for data localization, under policies like the Digital Personal Data Protection Act, has accelerated the establishment of data centres. Global players such as AWS, Microsoft, and Google are investing heavily in complying with these regulations, while Indian companies like Jio and Yotta Infrastructure are scaling up their capacities. This trend ensures that sensitive user data stays within Indian borders, promoting both data security and economic growth. 3. Green Data Centres on the rise Sustainability is a key focus for Indian data centres in 2025. Operators are investing in renewable energy sources like solar and wind to power facilities, with states such as Rajasthan and Gujarat leading in renewable energy adoption. Innovative cooling technologies, including liquid cooling and the use of natural resources for temperature management, are becoming standard practices to enhance energy efficiency. 4. Edge computing and regional growth India’s shift towards edge computing is transforming data centre architecture. With the rollout of 5G and the proliferation of IoT devices, smaller edge data centres are being established closer to users in Tier 2 and Tier 3 cities. This decentralization reduces latency and enhances the user experience for applications like autonomous vehicles, smart cities, and real-time analytics. It also drives regional economic growth, spreading digital infrastructure beyond metropolitan areas. 5. Expansion of colocation and hyperscale facilities By 2025, colocation and hyperscale data centres will dominate the Indian market. Colocation facilities, which allow multiple organizations to share infrastructure, are becoming the preferred choice for startups and small businesses due to cost efficiency. On the other hand, hyperscale data centres, built to support massive data volumes for global giants like Amazon and Google, are rapidly expanding to cater to India's growing digital needs. 6. Advances in security and automation With increasing cyber threats, Indian data centres are integrating advanced security measures such as Zero Trust Architecture, AI-powered threat detection, and biometric access controls. Automation is playing a vital role in optimizing operations. AI systems are managing energy consumption, predicting maintenance needs, and ensuring seamless uptime, reducing operational costs while improving efficiency. 7. Government support and policy initiatives The Indian government’s initiatives, such as the National Policy on Software Products and state-level incentives, are creating a favourable ecosystem for data centre growth. Many states are offering subsidies on land, power tariffs, and taxes to attract data centre investments. Additionally, the rollout of 5G and advancements in digital infrastructure are bolstering the demand for data centres. 8. Opportunities in tier 2 and tier 3 cities As data consumption grows beyond urban centres, data centre operators are expanding into Tier 2 and Tier 3 cities. These locations offer lower operational costs, ample land availability, and growing demand for digital services, making them attractive for future investments. Conclusion By 2025, India is set to be one of the most dynamic data centre markets in the world. The combination of regulatory support, technological innovation, and the country’s vast digital ecosystem is propelling this growth. From edge computing to green energy solutions, the future of data centres in India is vibrant and poised to support the nation’s digital aspirations. As these trends unfold, India’s data centre ecosystem will not only cater to domestic demand but also play a crucial role in the global digital economy.

Data Centers in 2025: What’s driving the boom in India? 

The professional landscape is evolving at an unprecedented pace, and 2025 will demand a unique blend of skills to stay ahead. Whether you're an experienced professional or just starting your career, mastering these top skillsets will position you for success in the rapidly changing world of work.&nbsp; 
&nbsp; 
Artificial Intelligence (AI) and Generative AI (GenAI)&nbsp; 
&nbsp; 
AI is transforming industries by automating processes, predicting trends, and personalising interactions. GenAI tools like ChatGPT and DALL-E are enhancing creativity, and professionals skilled in integrating these technologies into workflows are in high demand. As Jeff Hawkins, Founder of Numenta, said, "The key to artificial intelligence has always been the representation." According to a 2023 PwC survey, 70% of business leaders believe AI will be central to operations in the coming years, with the AI market projected to grow to $190.61 billion by 2025 at a 37.3% CAGR. Professionals who can navigate and leverage these tools will be essential to staying competitive in the workforce.&nbsp; 
&nbsp; 
Data analysis and predictive analytics&nbsp; 
&nbsp; 
Data is a crucial asset, and businesses rely on professionals who can analyse data to extract actionable insights. Proficiency in tools like SQL, Power BI, Python, and machine learning is essential for data-driven decisions and trend forecasting. A 2023 LinkedIn report forecasts that the number of data-related jobs will increase by 28% in the next five years. As data continues to drive business success, skilled professionals in data analysis and predictive analytics will be in high demand.&nbsp; 
&nbsp; 
Cloud computing&nbsp; 
&nbsp; 
Cloud platforms like Oracle, AWS, Azure, and Google Cloud are central to modern business operations, especially in remote and hybrid work environments. Expertise in managing cloud infrastructure, optimising costs, and ensuring data security is highly sought after. According to a 2023 Gartner report, global spending on public cloud services is expected to reach $600 billion by 2025, up from $480 billion in 2022. A 2023 LinkedIn report highlights a 26% year-over-year increase in demand for cloud computing skills, making it one of the fastest-growing tech skillsets.&nbsp; 
&nbsp; 
&nbsp; 
Cybersecurity&nbsp; 
&nbsp; 
As technology adoption grows, so do cybersecurity threats. Professionals with skills in identifying vulnerabilities, managing risks, and implementing security frameworks like Zero Trust are crucial for safeguarding data and ensuring business continuity. According to a 2023 Cybersecurity Ventures report, global cybersecurity spending is projected to exceed $1.75 trillion from 2021 to 2025. With increasing threats, skilled cybersecurity professionals are essential for protecting businesses from evolving risks.&nbsp; 
&nbsp; 
Emotional intelligence (EQ) and adaptability&nbsp; 
&nbsp; 
While technical skills matter, emotional intelligence (EQ) sets professionals apart. The ability to empathise, communicate effectively, and build meaningful relationships is key in a hybrid work era. Coupled with adaptability, this skill ensures you can navigate challenges with resilience and stay solution-oriented, even in uncertain circumstances.&nbsp; 
&nbsp; 
Creativity and problem-solving&nbsp; 
&nbsp; 
Automation may handle routine tasks, but creativity remains uniquely human. Companies are seeking individuals who can think outside the box, solve complex problems, and innovate. Design thinking—a structured approach to solving challenges creatively—is becoming increasingly valuable.&nbsp; 
&nbsp; 
Sustainability and ethical thinking&nbsp; 
&nbsp; 
As organisations embrace environmental, social, and governance (ESG) principles, professionals with knowledge of sustainability are in high demand. Understanding green technologies, ensuring ethical AI usage, and aligning business practices with global sustainability goals will be prized skills. The ability to make decisions that prioritise transparency and long-term impact is critical.&nbsp; 
&nbsp; 
Preparing for 2025&nbsp; 
&nbsp; 
The top skillsets for 2025 blend technical expertise with human-centric abilities. By mastering these skills, you can carve a meaningful career path in an ever-changing world. The future belongs to those who are ready to learn, unlearn, and grow.&nbsp;

The professional landscape is evolving at an unprecedented pace, and 2025 will demand a unique blend of skills to stay ahead. Whether you're an experienced professional or just starting your career, mastering these top skillsets will position you for success in the rapidly changing world of work.

The professional landscape is evolving at an unprecedented pace, and 2025 will demand a unique blend of skills to stay ahead. Whether you're an experienced professional or just starting your career, mastering these top skillsets will position you for success in the rapidly changing world of work. Artificial Intelligence (AI) and Generative AI (GenAI) AI is transforming industries by automating processes, predicting trends, and personalising interactions. GenAI tools like ChatGPT and DALL-E are enhancing creativity, and professionals skilled in integrating these technologies into workflows are in high demand. As Jeff Hawkins, Founder of Numenta, said, "The key to artificial intelligence has always been the representation." According to a 2023 PwC survey, 70% of business leaders believe AI will be central to operations in the coming years, with the AI market projected to grow to $190.61 billion by 2025 at a 37.3% CAGR. Professionals who can navigate and leverage these tools will be essential to staying competitive in the workforce. Data analysis and predictive analytics Data is a crucial asset, and businesses rely on professionals who can analyse data to extract actionable insights. Proficiency in tools like SQL, Power BI, Python, and machine learning is essential for data-driven decisions and trend forecasting. A 2023 LinkedIn report forecasts that the number of data-related jobs will increase by 28% in the next five years. As data continues to drive business success, skilled professionals in data analysis and predictive analytics will be in high demand. Cloud computing Cloud platforms like Oracle, AWS, Azure, and Google Cloud are central to modern business operations, especially in remote and hybrid work environments. Expertise in managing cloud infrastructure, optimising costs, and ensuring data security is highly sought after. According to a 2023 Gartner report, global spending on public cloud services is expected to reach $600 billion by 2025, up from $480 billion in 2022. A 2023 LinkedIn report highlights a 26% year-over-year increase in demand for cloud computing skills, making it one of the fastest-growing tech skillsets. Cybersecurity As technology adoption grows, so do cybersecurity threats. Professionals with skills in identifying vulnerabilities, managing risks, and implementing security frameworks like Zero Trust are crucial for safeguarding data and ensuring business continuity. According to a 2023 Cybersecurity Ventures report, global cybersecurity spending is projected to exceed $1.75 trillion from 2021 to 2025. With increasing threats, skilled cybersecurity professionals are essential for protecting businesses from evolving risks. Emotional intelligence (EQ) and adaptability While technical skills matter, emotional intelligence (EQ) sets professionals apart. The ability to empathise, communicate effectively, and build meaningful relationships is key in a hybrid work era. Coupled with adaptability, this skill ensures you can navigate challenges with resilience and stay solution-oriented, even in uncertain circumstances. Creativity and problem-solving Automation may handle routine tasks, but creativity remains uniquely human. Companies are seeking individuals who can think outside the box, solve complex problems, and innovate. Design thinking—a structured approach to solving challenges creatively—is becoming increasingly valuable. Sustainability and ethical thinking As organisations embrace environmental, social, and governance (ESG) principles, professionals with knowledge of sustainability are in high demand. Understanding green technologies, ensuring ethical AI usage, and aligning business practices with global sustainability goals will be prized skills. The ability to make decisions that prioritise transparency and long-term impact is critical. Preparing for 2025 The top skillsets for 2025 blend technical expertise with human-centric abilities. By mastering these skills, you can carve a meaningful career path in an ever-changing world. The future belongs to those who are ready to learn, unlearn, and grow.

In-Demand skillsets for 2025 

The US Federal Trade Commission has opened a sweeping antitrust probe of Microsoft, examining the technology giant's software licensing and cloud computing business, said people familiar with the matter.

It approved the probe days before the expected exit of Chairman Lina Khan, which some anticipate will lead to the FTC chair being replaced by a Republican under a new administration that could change the way the investigation plays out.

The FTC is investigating allegations that Microsoft is using its market power in the productivity software space to enforce restrictive licensing terms, particularly designed to prevent customers from migrating data from its Azure cloud service to competing platforms.

This issue was highlighted earlier this month, with competitors and other industry players raising concerns over the company's practices.

Along with scrutinising Microsoft's cloud services, the FTC is looking into the company's cybersecurity and AI products. The software giant has faced criticism on practices that critics argue lock customers into its ecosystem, particularly for Azure and the integration of AI tools into Office and Outlook.

NetChoice, a lobbying group that represents tech giants like Amazon and Google, attacked Microsoft's licensing practices, pointing out the company's dual dominance in both productivity software and operating systems. "The scale and consequences of its licensing decisions are extraordinary," the group said.

Google has raised similar concerns with the European Commission lately, accusing Microsoft of excessive fees and restrictive security updates for customers running Windows Server on rival cloud platforms. According to Google, such practices by Microsoft resulted in a 400 per cent price markup and delayed, limited security patches for these customers.

The investigation by the FTC spans wide-ranging practices, as the agency requires detailed information from Microsoft. This is following previous scrutiny of the company's involvement in artificial intelligence, such as the $650 million acquisition of AI startup Inflection AI.

The FTC had already investigated competition in the cloud computing market and the relationship of Microsoft with OpenAI, where it raised concerns about how the company might impact competition in the emerging AI sector.

While Microsoft has traditionally been less affected by US antitrust enforcement compared to other Big Tech firms, such as Facebook owner Meta Platforms, Apple, and Amazon, it has experienced legal challenges in the past.

Alphabet's Google is also currently involved in two major anti-competitive behaviour lawsuits, one of which resulted in a judge ruling the company illegally stifled competition in the online search engine market.

The timing of the FTC's investigation raises questions about the future of antitrust enforcement under the next US administration. "Changes in administration can lead to evolving enforcement priorities and shifts in how aggressively certain types of conduct are scrutinised," said Andre Barlow, an attorney at Doyle Barlow &amp; Mazard. It is unclear whether a change in leadership under President-elect Donald Trump will ease the scrutiny on Big Tech firms.

Despite these, Microsoft has previously benefited from some Trump administration policies. For instance, in 2019, the Pentagon awarded Microsoft a $10 billion cloud computing contract. The award was challenged by Amazon, which accused Trump of influencing the award process.

(With inputs from agencies)<o:p></o:p>

The US Federal Trade Commission has opened a sweeping antitrust probe of Microsoft, examining the technology giant's software licensing and cloud computing business, said people familiar with the matter.

The US Federal Trade Commission has opened a sweeping antitrust probe of Microsoft, examining the technology giant's software licensing and cloud computing business, said people familiar with the matter. It approved the probe days before the expected exit of Chairman Lina Khan, which some anticipate will lead to the FTC chair being replaced by a Republican under a new administration that could change the way the investigation plays out. The FTC is investigating allegations that Microsoft is using its market power in the productivity software space to enforce restrictive licensing terms, particularly designed to prevent customers from migrating data from its Azure cloud service to competing platforms. This issue was highlighted earlier this month, with competitors and other industry players raising concerns over the company's practices. Along with scrutinising Microsoft's cloud services, the FTC is looking into the company's cybersecurity and AI products. The software giant has faced criticism on practices that critics argue lock customers into its ecosystem, particularly for Azure and the integration of AI tools into Office and Outlook. NetChoice, a lobbying group that represents tech giants like Amazon and Google, attacked Microsoft's licensing practices, pointing out the company's dual dominance in both productivity software and operating systems. "The scale and consequences of its licensing decisions are extraordinary," the group said. Google has raised similar concerns with the European Commission lately, accusing Microsoft of excessive fees and restrictive security updates for customers running Windows Server on rival cloud platforms. According to Google, such practices by Microsoft resulted in a 400 per cent price markup and delayed, limited security patches for these customers. The investigation by the FTC spans wide-ranging practices, as the agency requires detailed information from Microsoft. This is following previous scrutiny of the company's involvement in artificial intelligence, such as the $650 million acquisition of AI startup Inflection AI. The FTC had already investigated competition in the cloud computing market and the relationship of Microsoft with OpenAI, where it raised concerns about how the company might impact competition in the emerging AI sector. While Microsoft has traditionally been less affected by US antitrust enforcement compared to other Big Tech firms, such as Facebook owner Meta Platforms, Apple, and Amazon, it has experienced legal challenges in the past. Alphabet's Google is also currently involved in two major anti-competitive behaviour lawsuits, one of which resulted in a judge ruling the company illegally stifled competition in the online search engine market. The timing of the FTC's investigation raises questions about the future of antitrust enforcement under the next US administration. "Changes in administration can lead to evolving enforcement priorities and shifts in how aggressively certain types of conduct are scrutinised," said Andre Barlow, an attorney at Doyle Barlow & Mazard. It is unclear whether a change in leadership under President-elect Donald Trump will ease the scrutiny on Big Tech firms. Despite these, Microsoft has previously benefited from some Trump administration policies. For instance, in 2019, the Pentagon awarded Microsoft a $10 billion cloud computing contract. The award was challenged by Amazon, which accused Trump of influencing the award process. (With inputs from agencies)

FTC opens antitrust investigation against Microsoft's business practice

The US Federal Trade Commission (FTC) is investigating Uber's flagship subscription service, Uber One, amid complaints from customers that they were signed up to the program without their consent and that it is also tough to cancel. The probe started earlier in 2024.

Uber&nbsp;One discounts rides and food deliveries for a yearly membership fee. The company claims 25 million subscribers. Uber said the FTC has reached out to them about the program and that they are cooperating with the review.

A spokesperson for Uber, Noah Edwardsen, said in a statement that cancellations of Uber One can be easily done within the app and most cancellations take less than 20 seconds. The FTC has not commented on the investigation.

The FTC enforces consumer protection laws and has recently sued companies like Amazon and Adobe for allegedly making it difficult to cancel subscriptions.

The agency often seeks settlements with monetary penalties because winning fines in court can be challenging. The FTC recently passed a rule requiring businesses to simplify subscription cancellation processes, but this rule is currently being contested in court.

As reported by Bloomberg, enforcement agencies sometimes try to finalise the investigations before a new administration begins.

In this case, the FTC reportedly sent Uber a proposed settlement just days after the November election. Uber's lawyers said the FTC's settlement offer demanded excessive money and that the agency was rushing the negotiations before the new president's inauguration.

Uber's attorneys also claimed that the staff of the FTC rejected the counteroffer and accused them of trying to close the case before the change in administration.

Holyoak, a Republican commissioner at the FTC, complained about the charges and asked the FTC staff to provide her with information on all cases that have reached the final stages.

Holyoak is reported to be one of three candidates being considered for the FTC Chair position along with another Republican commissioner and multiple outside candidates. The new president has not yet nominated another head for FTC.

(With inputs from Bloomberg)

The US Federal Trade Commission (FTC) is investigating Uber's flagship subscription service, Uber One, amid complaints from customers that they were signed up to the program without their consent and that it is also tough to cancel.

The US Federal Trade Commission (FTC) is investigating Uber's flagship subscription service, Uber One, amid complaints from customers that they were signed up to the program without their consent and that it is also tough to cancel. The probe started earlier in 2024. Uber One discounts rides and food deliveries for a yearly membership fee. The company claims 25 million subscribers. Uber said the FTC has reached out to them about the program and that they are cooperating with the review. A spokesperson for Uber, Noah Edwardsen, said in a statement that cancellations of Uber One can be easily done within the app and most cancellations take less than 20 seconds. The FTC has not commented on the investigation. The FTC enforces consumer protection laws and has recently sued companies like Amazon and Adobe for allegedly making it difficult to cancel subscriptions. The agency often seeks settlements with monetary penalties because winning fines in court can be challenging. The FTC recently passed a rule requiring businesses to simplify subscription cancellation processes, but this rule is currently being contested in court. As reported by Bloomberg, enforcement agencies sometimes try to finalise the investigations before a new administration begins. In this case, the FTC reportedly sent Uber a proposed settlement just days after the November election. Uber's lawyers said the FTC's settlement offer demanded excessive money and that the agency was rushing the negotiations before the new president's inauguration. Uber's attorneys also claimed that the staff of the FTC rejected the counteroffer and accused them of trying to close the case before the change in administration. Holyoak, a Republican commissioner at the FTC, complained about the charges and asked the FTC staff to provide her with information on all cases that have reached the final stages. Holyoak is reported to be one of three candidates being considered for the FTC Chair position along with another Republican commissioner and multiple outside candidates. The new president has not yet nominated another head for FTC. (With inputs from Bloomberg)

Uber under fire: FTC probes subscription service complaints

Volkswagen on Wednesday (Nov. 27) said that it will close its exiting plant in China's Xinjiang region after the company and its Chinese partner agreed to sell the asset to a Shanghai government-owned buyer, two people familiar with the issue said.&nbsp;

The German automaker had a joint venture assembly plant in Urumqi, the capital of Xinjiang.&nbsp;

Moreover, it also had two test tracks in the region, maintaining the largest and most visible presence in Xinjiang of any multinational company.&nbsp;

Volkswagen and SAID will now sell the plant to Shanghai Motor Vehicle Inspection Certification (SMVIC), a subsidiary of the state-owned Shanghai Lingang Development Group, the sources said.

<a href="https://www.wionews.com/business-economy/cost-cutting-necessary-after-decades-of-structural-problems-volkswagen-ceo-773100">Also read:&nbsp;Cost cutting necessary after 'decades of structural problems: Volkswagen CEO</a>

The company's presence in the country had attracted condemnation from human rights groups&nbsp;that alleged abuses, including mass forced labour in detention camps in the region.&nbsp;

Beijing, however, denies these claims. The Chinese government has also put pressure on global companies to keep doing business in Xinjiang.&nbsp;

Watch |&nbsp;China slammed for treatment of Xinjiang Uighurs

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Earlier in September, the Ministry of Commerce began investigating whether PVH, the corporate parent of the clothing brands Calvin Klein and Tommy Hilfiger, had taken "discriminatory measures" for not buying products from Xinjiang.&nbsp;

Notably, for Volkswagen, the only issue was not just the political liability but also because it was losing money as it was designed to make gasoline-powered cars. But China has now swiftly adopted electric vehicles in the last four years.&nbsp;

Moreover, half of the cars sold in China are now either battery-electric or plug-in hybrid cars.&nbsp;

(With inputs from agencies)

Volkswagen on Wednesday (Nov. 27) said that it will close its exiting plant in China's Xinjiang region after the company and its Chinese partner agreed to sell the asset to a Shanghai government-owned buyer, two people familiar with the issue said.

Volkswagen on Wednesday (Nov. 27) said that it will close its exiting plant in China's Xinjiang region after the company and its Chinese partner agreed to sell the asset to a Shanghai government-owned buyer, two people familiar with the issue said. The German automaker had a joint venture assembly plant in Urumqi, the capital of Xinjiang. Moreover, it also had two test tracks in the region, maintaining the largest and most visible presence in Xinjiang of any multinational company. Volkswagen and SAID will now sell the plant to Shanghai Motor Vehicle Inspection Certification (SMVIC), a subsidiary of the state-owned Shanghai Lingang Development Group, the sources said. Also read: Cost cutting necessary after 'decades of structural problems: Volkswagen CEO The company's presence in the country had attracted condemnation from human rights groups that alleged abuses, including mass forced labour in detention camps in the region. Beijing, however, denies these claims. The Chinese government has also put pressure on global companies to keep doing business in Xinjiang. Watch | China slammed for treatment of Xinjiang Uighurs × Earlier in September, the Ministry of Commerce began investigating whether PVH, the corporate parent of the clothing brands Calvin Klein and Tommy Hilfiger, had taken "discriminatory measures" for not buying products from Xinjiang. Notably, for Volkswagen, the only issue was not just the political liability but also because it was losing money as it was designed to make gasoline-powered cars. But China has now swiftly adopted electric vehicles in the last four years. Moreover, half of the cars sold in China are now either battery-electric or plug-in hybrid cars. (With inputs from agencies)

Volkswagen to close China's Xinjiang plant amid concerns for human rights abuses

JPMorgan's annual outlook warns that emerging markets face a turbulent 2025, with significant uncertainty stemming from policy shifts in the United States and ongoing challenges in China.

The bank predicts that growth across emerging markets will slow to 3.4 per cent in 2025, down from 4.1 per cent this year.

Excluding China, growth is expected to moderate further to 3.0 per cent, from 3.4 per cent in 2024.

The outlook highlights how us policy changes could trigger a negative supply shock, creating ripple effects across emerging economies.

With a stronger dollar and higher rates on the horizon, emerging-market bond funds are projected to face outflows between $5 billion and $15 billion in 2025.

JPMorgan's report outlines a challenging year for emerging-market fixed income.

The return of a Republican-led us government under Donald Trump is anticipated to bring tariff policies, geopolitical shifts, and domestic changes that could strengthen the dollar and elevate interest rates.

These factors will weigh heavily on sentiment towards emerging markets, particularly their sovereign debt.

Despite these risks, the bank forecasts a 4.3 per cent return for hard-currency sovereign debt by the end of 2025, a decline from the 6.9 per cent return expected for 2024.

The bank's debt issuance forecast shows a slight decline in hard-currency sovereign gross issuance to just below the 2024 level. However, rising debt amortizations mean net financing will drop significantly.

On the market-specific front, JPMorgan has removed its overweight recommendation on the Dominican Republic's sovereign debt, Although it expects the country to attain investment-grade status within four years.

Additionally, the bank has turned underweight on Indonesia's local rates, signalling caution as emerging markets navigate a challenging year ahead.

(With inputs from agencies)

JPMorgan's annual outlook warns that emerging markets face a turbulent 2025, with significant uncertainty stemming from policy shifts in the United States and ongoing challenges in China.

JPMorgan's annual outlook warns that emerging markets face a turbulent 2025, with significant uncertainty stemming from policy shifts in the United States and ongoing challenges in China. The bank predicts that growth across emerging markets will slow to 3.4 per cent in 2025, down from 4.1 per cent this year. Excluding China, growth is expected to moderate further to 3.0 per cent, from 3.4 per cent in 2024. The outlook highlights how us policy changes could trigger a negative supply shock, creating ripple effects across emerging economies. With a stronger dollar and higher rates on the horizon, emerging-market bond funds are projected to face outflows between $5 billion and $15 billion in 2025. JPMorgan's report outlines a challenging year for emerging-market fixed income. The return of a Republican-led us government under Donald Trump is anticipated to bring tariff policies, geopolitical shifts, and domestic changes that could strengthen the dollar and elevate interest rates. These factors will weigh heavily on sentiment towards emerging markets, particularly their sovereign debt. Despite these risks, the bank forecasts a 4.3 per cent return for hard-currency sovereign debt by the end of 2025, a decline from the 6.9 per cent return expected for 2024. The bank's debt issuance forecast shows a slight decline in hard-currency sovereign gross issuance to just below the 2024 level. However, rising debt amortizations mean net financing will drop significantly. On the market-specific front, JPMorgan has removed its overweight recommendation on the Dominican Republic's sovereign debt, Although it expects the country to attain investment-grade status within four years. Additionally, the bank has turned underweight on Indonesia's local rates, signalling caution as emerging markets navigate a challenging year ahead. (With inputs from agencies)

JPMorgan warns of tough year ahead for emerging markets in 2025

The United States is threatening a significant shake-up in its trade relations with Canada and Mexico. President-Elect Trump has proposed imposing tariffs of up to 25 per cent on key imports.

A Reuters report highlights that it includes crude oil, automobiles, and agricultural goods. This move comes amid escalating disputes over border security and trade imbalances.

For Canada, the potential tariffs on crude oil could severely impact the nation’s economy, given that over 80 per cent of its oil exports are destined for the US.

Meanwhile, Mexico, which relies heavily on automobile and agricultural exports to its northern neighbour, could face severe economic repercussions.

Mexican president Claudia Sheinbaum during a press conference highlighted and I quote “to one tariff will come another and so on, until we put our common businesses at risk. For example, Mexico’s main exporters to the United States are General Motors, Stellantis and Ford Motor Company, which came to Mexico 80 years ago, why put a tax on them that puts them at risk? It is not acceptable and would cause the US and Mexico inflation and job losses.”

The proposed tariffs would have far-reaching consequences.

Canadian crude oil exports, valued at over $90 billion annually, are a key target.

For Mexico, auto exports worth nearly $55 billion and agricultural exports exceeding $25 billion annually face risks.

Analysts warn that such tariffs could raise prices for American consumers, disrupt supply chains, and create uncertainty for businesses.

Trade-dependent sectors, including manufacturing and agriculture, could see job losses and reduced investments in all three countries.

Experts are also raising concerns about the broader impact on North American economic growth, which relies heavily on smooth cross-border trade.

Steven Ricchiuto, Mizuho Securities USA, chief economist, comments and I quote, "Clearly, there's a lot of automobile-related activity that goes on between the United States, Mexico and the United States and Canada. That's why I was saying it depends on how that's done, what's carved out, what's not carved out in terms of the tariffs. So, again, until you see the actual details, it's hard to make an assessment as to where we're actually going with this.”

This latest tariff proposal also carries political ramifications. Both nations are major trading partners for the US, with combined annual trade exceeding $1.5 trillion. Economists caution that disrupting these ties could weaken the region’s global competitiveness.

Meanwhile, the us administration defends the move, citing the need to address longstanding trade imbalances and border security concerns. As negotiations continue, the stakes remain high for North&nbsp;America’s economic and diplomatic future.

(With inputs from Reuters)

The United States is threatening a significant shake-up in its trade relations with Canada and Mexico. President-Elect Trump has proposed imposing tariffs of up to 25 per cent on key imports.

The United States is threatening a significant shake-up in its trade relations with Canada and Mexico. President-Elect Trump has proposed imposing tariffs of up to 25 per cent on key imports. A Reuters report highlights that it includes crude oil, automobiles, and agricultural goods. This move comes amid escalating disputes over border security and trade imbalances. For Canada, the potential tariffs on crude oil could severely impact the nation’s economy, given that over 80 per cent of its oil exports are destined for the US. Meanwhile, Mexico, which relies heavily on automobile and agricultural exports to its northern neighbour, could face severe economic repercussions. Mexican president Claudia Sheinbaum during a press conference highlighted and I quote “to one tariff will come another and so on, until we put our common businesses at risk. For example, Mexico’s main exporters to the United States are General Motors, Stellantis and Ford Motor Company, which came to Mexico 80 years ago, why put a tax on them that puts them at risk? It is not acceptable and would cause the US and Mexico inflation and job losses.” The proposed tariffs would have far-reaching consequences. Canadian crude oil exports, valued at over $90 billion annually, are a key target. For Mexico, auto exports worth nearly $55 billion and agricultural exports exceeding $25 billion annually face risks. Analysts warn that such tariffs could raise prices for American consumers, disrupt supply chains, and create uncertainty for businesses. Trade-dependent sectors, including manufacturing and agriculture, could see job losses and reduced investments in all three countries. Experts are also raising concerns about the broader impact on North American economic growth, which relies heavily on smooth cross-border trade. Steven Ricchiuto, Mizuho Securities USA, chief economist, comments and I quote, "Clearly, there's a lot of automobile-related activity that goes on between the United States, Mexico and the United States and Canada. That's why I was saying it depends on how that's done, what's carved out, what's not carved out in terms of the tariffs. So, again, until you see the actual details, it's hard to make an assessment as to where we're actually going with this.” This latest tariff proposal also carries political ramifications. Both nations are major trading partners for the US, with combined annual trade exceeding $1.5 trillion. Economists caution that disrupting these ties could weaken the region’s global competitiveness. Meanwhile, the us administration defends the move, citing the need to address longstanding trade imbalances and border security concerns. As negotiations continue, the stakes remain high for North America’s economic and diplomatic future. (With inputs from Reuters)

US threatens tariffs on Canada and Mexico, sparking trade crisis

Asian stocks fell on Tuesday following US President-elect Donald Trump’s threat to increase trade tariffs on China and other countries, sparking concerns of a trade war. Watch this report for more details!

Asian Stocks Tumble Amid Trade Woes

US President-elect Donald Trump has announced plans to impose sweeping tariffs on imports from China, Mexico, and Canada. Citing the need to combat illegal drugs and migration, trump proposed a 10% tariff on all goods from China and a 25% tariff on products from Mexico and Canada.

China, Mexico and Canada Face New Tariff Hikes Under Donald Trump

Limitations often breed resilience and women in Taliban-ruled Afghanistan testify to that fact. Despite losing jobs, women in Afghanistan are turning to entrepreneurship to sustain themselves and their families.

After the Taliban’s return to power in 2021, Afghan women faced severe restrictions, including a ban on secondary education and a sharp decline in employment opportunities.

Prior to the takeover, women accounted for 26 per cent of public sector workers, a number that has since dwindled to near zero.

Amid this economic and social turmoil, many Afghan women have turned to entrepreneurship as a way to support their families and regain independence.

For example, Zainab Ferozi, who invested her savings into a carpet weaving business in Herat, now employs a dozen women who lost jobs or were forced to abandon their education due to Taliban policies.

Qamar Qasimi, a worker at carpet weaving company talked to AFP and I quote, “When I worked in a beauty salon, it was very good. The pay was also good, for example, we could earn 3,000 to 5,000, 6,000 or 7,000 ($100) afghanis for a single bride, but here, if we work for a whole month, we don't earn that much. For example, if we work a lot, we earn 5,000 afghanis a month, no more. There's absolutely no comparison."

Sumaya Ahmadi, a worker also shares her insights with AFP and said, "When I was at home, I was very depressed and angry. I couldn't stay at home. When Mrs. Ferozi (the manager of the company she works for) set up this workshop, I came here and was able to work. (now) I'm very happy and I no longer have any mental health problems. I'm happier and I feel better."

The rise in female entrepreneurship is notable.

The Afghanistan women’s chamber of commerce and industry reports a dramatic increase in businesses since the Taliban’s takeover, with registered businesses growing from 600 to 10,000, many of them small, home-based operations.

Women like Touba Zahid, who started making jams and pickles after being forced to abandon her university education, are not only creating job opportunities but also contributing to the economy.

While these businesses offer financial relief, the challenges remain.

For instance, salaries for women working in these enterprises are often low, ranging from 5,000 to 13,000 afghanis per month, insufficient to cover all living costs.

Fariba Noori, the chairperson of board of Afghan women chamber of commerce told AFP, "The market for women is not good, we don't have any saleswomen who could go to the bazaar to work for other women and do marketing for women so that their products sell. Before the return (of the Taliban to power), women used to do marketing and sell their products. But that's no longer the case."

Yet, the work has provided these women with more than just a financial lifeline. Many reports gaining a sense of purpose and mental well-being, as work has become a way to support their families and contribute to the future of younger generations.

(With inputs from AFP)

Limitations often breed resilience and women in Taliban-ruled Afghanistan testify to that fact. Despite losing jobs, women in Afghanistan are turning to entrepreneurship to sustain themselves and their families.

Limitations often breed resilience and women in Taliban-ruled Afghanistan testify to that fact. Despite losing jobs, women in Afghanistan are turning to entrepreneurship to sustain themselves and their families. After the Taliban’s return to power in 2021, Afghan women faced severe restrictions, including a ban on secondary education and a sharp decline in employment opportunities. Prior to the takeover, women accounted for 26 per cent of public sector workers, a number that has since dwindled to near zero. Amid this economic and social turmoil, many Afghan women have turned to entrepreneurship as a way to support their families and regain independence. For example, Zainab Ferozi, who invested her savings into a carpet weaving business in Herat, now employs a dozen women who lost jobs or were forced to abandon their education due to Taliban policies. Qamar Qasimi, a worker at carpet weaving company talked to AFP and I quote, “When I worked in a beauty salon, it was very good. The pay was also good, for example, we could earn 3,000 to 5,000, 6,000 or 7,000 ($100) afghanis for a single bride, but here, if we work for a whole month, we don't earn that much. For example, if we work a lot, we earn 5,000 afghanis a month, no more. There's absolutely no comparison." Sumaya Ahmadi, a worker also shares her insights with AFP and said, "When I was at home, I was very depressed and angry. I couldn't stay at home. When Mrs. Ferozi (the manager of the company she works for) set up this workshop, I came here and was able to work. (now) I'm very happy and I no longer have any mental health problems. I'm happier and I feel better." The rise in female entrepreneurship is notable. The Afghanistan women’s chamber of commerce and industry reports a dramatic increase in businesses since the Taliban’s takeover, with registered businesses growing from 600 to 10,000, many of them small, home-based operations. Women like Touba Zahid, who started making jams and pickles after being forced to abandon her university education, are not only creating job opportunities but also contributing to the economy. While these businesses offer financial relief, the challenges remain. For instance, salaries for women working in these enterprises are often low, ranging from 5,000 to 13,000 afghanis per month, insufficient to cover all living costs. Fariba Noori, the chairperson of board of Afghan women chamber of commerce told AFP, "The market for women is not good, we don't have any saleswomen who could go to the bazaar to work for other women and do marketing for women so that their products sell. Before the return (of the Taliban to power), women used to do marketing and sell their products. But that's no longer the case." Yet, the work has provided these women with more than just a financial lifeline. Many reports gaining a sense of purpose and mental well-being, as work has become a way to support their families and contribute to the future of younger generations. (With inputs from AFP)

Afghan women turn to entrepreneurship amid Taliban restrictions

Energy bills in Great Britain are set to rise again in January 2025, with the average annual cost for gas and electricity increasing to $2,190.

This follows a 10 per cent rise in energy costs for the last quarter of 2024, further squeezing household budgets amid rising inflation and mortgage costs.

The new price cap, set by the energy regulator OFGEM, marks a 1.2 per cent increase, adding about $26 to the typical yearly bill.

Although the January increase is modest, bills remain far higher than before the energy crisis caused by the Russia-Ukraine war, when bills had soared past $5,000.

The price cap ensures that energy suppliers can’t charge consumers more than a set amount per unit of gas or electricity.

While the increase will impact most households, it’s particularly tough for lower-income families, including many pensioners, as the government has cut the winter fuel allowance this year.

This means many older people will face higher costs without the usual help, pushing some into poverty.

There are calls for targeted government support to help those most vulnerable during the cold months, especially families and people with lower incomes who may struggle to pay for heating.

Experts are urging consumers to shop around for better energy deals, as switching tariffs could save households up to $176 annually.

Switching to a fixed energy tariff may also provide some protection from future price hikes.

While the price cap has decreased compared to last year, it remains higher than before the energy crisis.

Many are concerned that the volatile energy market will continue, leaving consumers with an uncertain future when it comes to their energy costs.

(With inputs from agencies)

Energy bills in Great Britain are set to rise again in January 2025, with the average annual cost for gas and electricity increasing to $2,190. This follows a 10 per cent rise in energy costs for the last quarter of 2024, further squeezing household budgets amid rising inflation and mortgage costs.

Energy bills in Great Britain are set to rise again in January 2025, with the average annual cost for gas and electricity increasing to $2,190. This follows a 10 per cent rise in energy costs for the last quarter of 2024, further squeezing household budgets amid rising inflation and mortgage costs. The new price cap, set by the energy regulator OFGEM, marks a 1.2 per cent increase, adding about $26 to the typical yearly bill. Although the January increase is modest, bills remain far higher than before the energy crisis caused by the Russia-Ukraine war, when bills had soared past $5,000. The price cap ensures that energy suppliers can’t charge consumers more than a set amount per unit of gas or electricity. While the increase will impact most households, it’s particularly tough for lower-income families, including many pensioners, as the government has cut the winter fuel allowance this year. This means many older people will face higher costs without the usual help, pushing some into poverty. There are calls for targeted government support to help those most vulnerable during the cold months, especially families and people with lower incomes who may struggle to pay for heating. Experts are urging consumers to shop around for better energy deals, as switching tariffs could save households up to $176 annually. Switching to a fixed energy tariff may also provide some protection from future price hikes. While the price cap has decreased compared to last year, it remains higher than before the energy crisis. Many are concerned that the volatile energy market will continue, leaving consumers with an uncertain future when it comes to their energy costs. (With inputs from agencies)

UK Energy bills to rise again in January 2025, straining household budgets

At COP29 in Azerbaijan, a global climate conference designed to combat climate change, hypocrisy took centre stage.

Over 65 private jets—double the number from last year—ferried attendees to the event, including wealthy celebrities and corporate moguls.

This isn’t just ironic; it’s a stark display of the gaping disconnect between the climate crisis and the elites who perpetuate it.

As world leaders and activists discuss reducing emissions, those attending such events are increasing theirs by the minute, flying private jets emit up to 500 times more carbon dioxide per person than commercial flights.

The global aviation industry, notorious for its massive carbon footprint, is one of the largest contributors to climate change.

Yet, the private jet sector, representing just 0.003 per cent of the world’s population, accounts for an outsized portion of those emissions.

The rich are flying in their carbon-intensive planes, using the same platform that calls for urgent action on global warming.

From high-profile events like a COP to the 2022 FIFA World Cup, the pattern is clear: major international gatherings attract private jet fleets, fuelling the very environmental destruction they purport to address.

In a world where cutting emissions by 42 per cent by 2030 is deemed essential to limiting warming, the irony is nauseating. Celebrities like Taylor Swift, and Kylie Jenner, and even corporate giants like Jeff Bezos are under fire for their extravagant carbon footprints.

The business of climate activism is booming, yet the real movers—those benefiting from such events—remain firmly detached from the reality they claim to be solving.

&nbsp;The hypocrisy is glaring.

At a time when businesses and governments are scrambling to reduce emissions, the so-called climate champions continue to live lavishly, fuelling the fire they vow to extinguish.

Until the elites take genuine action, the fight against climate change remains a well-funded farce.

(With inputs from agencies)

At COP29 in Azerbaijan, a global climate conference designed to combat climate change, hypocrisy took centre stage. Over 65 private jets—double the number from last year—ferried attendees to the event, including wealthy celebrities and corporate moguls.

At COP29 in Azerbaijan, a global climate conference designed to combat climate change, hypocrisy took centre stage. Over 65 private jets—double the number from last year—ferried attendees to the event, including wealthy celebrities and corporate moguls. This isn’t just ironic; it’s a stark display of the gaping disconnect between the climate crisis and the elites who perpetuate it. As world leaders and activists discuss reducing emissions, those attending such events are increasing theirs by the minute, flying private jets emit up to 500 times more carbon dioxide per person than commercial flights. The global aviation industry, notorious for its massive carbon footprint, is one of the largest contributors to climate change. Yet, the private jet sector, representing just 0.003 per cent of the world’s population, accounts for an outsized portion of those emissions. The rich are flying in their carbon-intensive planes, using the same platform that calls for urgent action on global warming. From high-profile events like a COP to the 2022 FIFA World Cup, the pattern is clear: major international gatherings attract private jet fleets, fuelling the very environmental destruction they purport to address. In a world where cutting emissions by 42 per cent by 2030 is deemed essential to limiting warming, the irony is nauseating. Celebrities like Taylor Swift, and Kylie Jenner, and even corporate giants like Jeff Bezos are under fire for their extravagant carbon footprints. The business of climate activism is booming, yet the real movers—those benefiting from such events—remain firmly detached from the reality they claim to be solving. The hypocrisy is glaring. At a time when businesses and governments are scrambling to reduce emissions, the so-called climate champions continue to live lavishly, fuelling the fire they vow to extinguish. Until the elites take genuine action, the fight against climate change remains a well-funded farce. (With inputs from agencies)

Private jets and hypocrisy take centre stage at COP29

Adani group is under scrutiny after US Authorities filed bribery charges against Gautam Adani, his nephew, and six others.

The fallout has been swift, with the group’s market capitalisation suffering a sharp decline.

Globally, the repercussions are visible.

Kenya has cancelled multimillion-dollar airport expansion and energy deals with the group.

Industry experts suggest that addressing reputational risks will be crucial as the group navigates this storm.

Adani Group's global footprint includes several high-stakes projects.

In Israel, Adani holds a 70 per cent stake in Haifa port, acquired for $1.2 billion, contributing 3 per cent to its annual cargo volume.

Meanwhile, in Australia, the Carmichael coal mine faces challenges with its limited 10-million-tonne output and allegations of workplace racism.

In Sri Lanka, Adani’s $553 million Colombo port terminal, set to open in 2024, strengthens regional connectivity.

However, Bangladesh’s Godda power plant operations are strained, with $800 million in unpaid bills creating financial risks.

Adani’s ambitions extend to renewable energy and infrastructure development.

The group plans to invest in 10 gigawatts of hydroelectric projects across regions like Nepal, Bhutan, and Kenya, while a $39.5 million partnership in Tanzania modernises East African ports.

In Vietnam, Adani has committed $3 billion for airports and renewable energy projects, tapping into Southeast Asia’s growth potential.

However, these ventures now face heightened scrutiny amid bribery allegations.

Moving forward, financial prudence and strategic partnerships will be critical to sustaining growth while mitigating global risks.

(With inputs from agencies)

Adani group is under scrutiny after US Authorities filed bribery charges against Gautam Adani, his nephew, and six others. The fallout has been swift, with the group’s market capitalisation suffering a sharp decline.

Adani group is under scrutiny after US Authorities filed bribery charges against Gautam Adani, his nephew, and six others. The fallout has been swift, with the group’s market capitalisation suffering a sharp decline. Globally, the repercussions are visible. Kenya has cancelled multimillion-dollar airport expansion and energy deals with the group. Industry experts suggest that addressing reputational risks will be crucial as the group navigates this storm. Adani Group's global footprint includes several high-stakes projects. In Israel, Adani holds a 70 per cent stake in Haifa port, acquired for $1.2 billion, contributing 3 per cent to its annual cargo volume. Meanwhile, in Australia, the Carmichael coal mine faces challenges with its limited 10-million-tonne output and allegations of workplace racism. In Sri Lanka, Adani’s $553 million Colombo port terminal, set to open in 2024, strengthens regional connectivity. However, Bangladesh’s Godda power plant operations are strained, with $800 million in unpaid bills creating financial risks. Adani’s ambitions extend to renewable energy and infrastructure development. The group plans to invest in 10 gigawatts of hydroelectric projects across regions like Nepal, Bhutan, and Kenya, while a $39.5 million partnership in Tanzania modernises East African ports. In Vietnam, Adani has committed $3 billion for airports and renewable energy projects, tapping into Southeast Asia’s growth potential. However, these ventures now face heightened scrutiny amid bribery allegations. Moving forward, financial prudence and strategic partnerships will be critical to sustaining growth while mitigating global risks. (With inputs from agencies)

Bribery allegations rock Adani group: global projects in the spotlight

Monday marked a good day for stocks across the us and Asia. US equities and treasuries advance, with traders welcoming Donald Trump’s pick of Scott Bessent for treasury secretary as a measured choice. &nbsp;They believe it would inject more stability into the US economy and financial markets. &nbsp;

Bessent has stated that he will support Trump's efforts to lower taxes and impose tariffs, but investors anticipate that he will put market and economic stability ahead of political points. Concerns about the incoming president's protectionist policies, which threatened to increase market volatility, intensify trade tensions, and fuel inflation, have subsided as a result of the nomination.&nbsp;

Meanwhile, a gauge of Asian stocks rose about 1 per cent, led by gains in Japan, South Korea and Australia.&nbsp;&nbsp;&nbsp;

Indian stocks also reported gains, with Sensex surging over 1200 points. Market optimism and political outcomes in Maharashtra add to investor confidence.&nbsp;

However, Chinese stocks have defied the regional trend, indicating that investors are still dissatisfied with the lack of more robust fiscal policies to boost the second-largest economy in the world. &nbsp;

(With inputs from agencies)

Monday marked a good day for stocks across the us and Asia. US equities and treasuries advance, with traders welcoming Donald Trump’s pick of Scott Bessent for treasury secretary as a measured choice.

Monday marked a good day for stocks across the us and Asia. US equities and treasuries advance, with traders welcoming Donald Trump’s pick of Scott Bessent for treasury secretary as a measured choice. They believe it would inject more stability into the US economy and financial markets. Bessent has stated that he will support Trump's efforts to lower taxes and impose tariffs, but investors anticipate that he will put market and economic stability ahead of political points. Concerns about the incoming president's protectionist policies, which threatened to increase market volatility, intensify trade tensions, and fuel inflation, have subsided as a result of the nomination. Meanwhile, a gauge of Asian stocks rose about 1 per cent, led by gains in Japan, South Korea and Australia. Indian stocks also reported gains, with Sensex surging over 1200 points. Market optimism and political outcomes in Maharashtra add to investor confidence. However, Chinese stocks have defied the regional trend, indicating that investors are still dissatisfied with the lack of more robust fiscal policies to boost the second-largest economy in the world. (With inputs from agencies)

Global markets roundup: India leads market gains amid bullish outlook 

The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries.

In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina.

“The National Review committee on ministry of power, energy and mineral resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of sheikh hasina from 2009 to 2024,” <a href="https://x.com/ChiefAdviserGoB/status/1860583536694296666?t=Soxj3Um0SzcnJiedV4LrKg&amp;s=19">read a statement.&nbsp;</a>

Among these agreements is the $2 billion Godda thermal power plant deal with the Adani group, part of a broader network of energy projects under review.

The committee has gathered evidence suggesting that several of these contracts could be reconsidered or scrapped due to legal and procedural irregularities.

The committee has called for the appointment of international legal and investigative agencies to assist in this review.

This investigation follows a broader pattern of allegations of corruption tied to the Adani group, which is also under investigation for alleged bribery in the United States.

The US Securities and Exchange Commission is investigating the Adani group over allegations of bribery to secure solar contracts in India, which has led to a downgrade of the credit outlook for several Adani companies.

Along with Bangladesh, Sri Lanka is also examining Adani’s involvement in the energy sector.

According to The Morning, the company’s wind power projects in Mannar and Pooneryn, valued at $500 million, have raised concerns over a lack of competitive bidding and inflated pricing.

The wind energy contracts, awarded without a competitive process, have faced backlash over a revised tariff rate, which is higher than the initial recommendation.

This has sparked concerns about the financial implications for Sri Lanka, which is already grappling with an economic crisis.

The Sri Lankan cabinet is now set to review the financial and environmental feasibility of these projects, and activists are calling for greater transparency.

These concerns have only intensified as the global investigation into Adani’s practices casts a long shadow over its international operations.

Similarly, in Kenya, the Adani group’s energy contracts were cancelled recently.

These developments add to growing international scrutiny of the Adani group’s business practices, particularly in emerging economies.

(With inputs from agencies)

The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries. In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina.

The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries. In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina. “The National Review committee on ministry of power, energy and mineral resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of sheikh hasina from 2009 to 2024,” read a statement. Among these agreements is the $2 billion Godda thermal power plant deal with the Adani group, part of a broader network of energy projects under review. The committee has gathered evidence suggesting that several of these contracts could be reconsidered or scrapped due to legal and procedural irregularities. The committee has called for the appointment of international legal and investigative agencies to assist in this review. This investigation follows a broader pattern of allegations of corruption tied to the Adani group, which is also under investigation for alleged bribery in the United States. The US Securities and Exchange Commission is investigating the Adani group over allegations of bribery to secure solar contracts in India, which has led to a downgrade of the credit outlook for several Adani companies. Along with Bangladesh, Sri Lanka is also examining Adani’s involvement in the energy sector. According to The Morning, the company’s wind power projects in Mannar and Pooneryn, valued at $500 million, have raised concerns over a lack of competitive bidding and inflated pricing. The wind energy contracts, awarded without a competitive process, have faced backlash over a revised tariff rate, which is higher than the initial recommendation. This has sparked concerns about the financial implications for Sri Lanka, which is already grappling with an economic crisis. The Sri Lankan cabinet is now set to review the financial and environmental feasibility of these projects, and activists are calling for greater transparency. These concerns have only intensified as the global investigation into Adani’s practices casts a long shadow over its international operations. Similarly, in Kenya, the Adani group’s energy contracts were cancelled recently. These developments add to growing international scrutiny of the Adani group’s business practices, particularly in emerging economies. (With inputs from agencies)

Adani group's energy contracts under review amid corruption allegations

The US SEC, which served notices to Gautam Adani and his nephew Sagar Adani, will have to serve the summons through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly, news agency PTI reported citing sources.

The US SEC, which served notices to Gautam Adani and his nephew Sagar Adani, will have to serve the summons through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly, news agency PTI reported citing sources. The SEC seeks clarification from Adanis regarding allegations of bribery to secure profitable solar power contracts. However, two sources familiar with the matter told PTI that the request will have to follow the established protocol, including routing it through the Indian Embassy in the United States and complying with other diplomatic formalities. Earlier PTI reported that Gautam Adani, chairman of the Adani Group, and his nephew Sagar Adani have been summoned to address allegations by the US Securities and Exchange Commission (SEC) accusing them of paying $265 million (Rs 2,200 crore) in bribes to state government officials in India to secure solar power contracts. Summons were delivered to their Ahmedabad residences, requiring a response within 21 days, PTI reported, citing a notice issued on November 21 by the New York Eastern District Court. The notice warns that if the Adanis fail to respond in time, a default judgment will be issued against them. "Within 21 days after service of this summons on you (not counting the day you received it)... you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said the US SEC notice of November 21 notice being set through New York Eastern District Court. Also read: After Maharashtra victory, PM Modi urges youth to enter politics It adds, “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court.” As per the allegations levelled against Gautam Adani, 62, and seven others, including his nephew Sagar Adani, a director at Adani Green Energy Ltd., they paid $265 million in bribes to Indian government officials between 2020 and 2024 to secure solar energy contracts. The contracts were expected to yield $2 billion in profits over 20 years, as per an indictment unsealed in a New York court. In addition to the US Department of Justice indictment, the SEC has also charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive at Azure Power Global, for their roles in what it described as a “conduct arising out of a massive bribery scheme.” The Adani Group has rejected all allegations and said it will pursue legal options. In a statement, the group said, “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation fully compliant with all laws." (With inputs from agencies)

Adani bribery case: US SEC has no jurisdiction to summon foreigners, says report

The Adani group's Chief Financial Officer said the conglomerate will respond to the US bribery charges after a legal review and post seeking permission to talk on the allegations as this is now under litigation.

<a href="https://twitter.com/jugeshinder/status/1860161768397435283">Adani group CFO Jugeshinder Singh, in a post on X </a>on Saturday, said, "We will respond in fullness of time once we review in detail the matter as presented in the legal filing." He added that none of the group's eleven firms or issuers' been indicted.

On Wednesday, US authorities accused Gautam Adani and other top executives of conspiring to bribe Indian government officials to the tune of $250 million to get solar energy contracts.

The group allegedly intended to hide this scheme while they solicited funds from US investors.

In a five-count indictment, the prosecutors levied charges of US law violations against Gautam, Sagar Adani, the billionaire's nephew, and several other top executives.

According to Singh's post on X, the charges pertain to a single contract with Adani Green, accounting for around 10 per cent of the firm's total business. He also said the organisation was made aware of the "specificity" of the claims just two days ago.

Adani Group has pledged to pursue all legal options to defend itself. The Adani Green firm has denied any wrongdoing. However, the company cancelled Thursday's bond issuance of $600 million. Adani Green Energy had planned to use the bond sale's proceeds to repay foreign-currency loans.

Following a $27 billion drop in the conglomerate's market value on Wednesday due to bribery accusations the day before, Most Adani group stocks recovered some of those losses on Friday, with the cement businesses leading the way.

The Adani group's Chief Financial Officer said the conglomerate will respond to the US bribery charges after a legal review and post seeking permission to talk on the allegations as this is now under litigation.

The Adani group's Chief Financial Officer said the conglomerate will respond to the US bribery charges after a legal review and post seeking permission to talk on the allegations as this is now under litigation. Adani group CFO Jugeshinder Singh, in a post on X on Saturday, said, "We will respond in fullness of time once we review in detail the matter as presented in the legal filing." He added that none of the group's eleven firms or issuers' been indicted. On Wednesday, US authorities accused Gautam Adani and other top executives of conspiring to bribe Indian government officials to the tune of $250 million to get solar energy contracts. The group allegedly intended to hide this scheme while they solicited funds from US investors. In a five-count indictment, the prosecutors levied charges of US law violations against Gautam, Sagar Adani, the billionaire's nephew, and several other top executives. According to Singh's post on X, the charges pertain to a single contract with Adani Green, accounting for around 10 per cent of the firm's total business. He also said the organisation was made aware of the "specificity" of the claims just two days ago. Adani Group has pledged to pursue all legal options to defend itself. The Adani Green firm has denied any wrongdoing. However, the company cancelled Thursday's bond issuance of $600 million. Adani Green Energy had planned to use the bond sale's proceeds to repay foreign-currency loans. Following a $27 billion drop in the conglomerate's market value on Wednesday due to bribery accusations the day before, Most Adani group stocks recovered some of those losses on Friday, with the cement businesses leading the way.

Adani to respond to US bribery charges after legal review

The 'Trump Trade' is still at play in global markets despite some jitters last week. Wall Street stocks rose last week as bitcoin proved naysayers wrong, and the dollar extended its advances into the eighth straight week, the longest in 2024.

As the major tech winners of the year faltered, blue chips and small caps pushed Wall Street higher on Friday. The S&amp;P 500 ended in the green. An equal-weighted version of the S&amp;P 500 index, which accounts for companies like Walgreens Boots Alliance and Nvidia, jumped, putting it on pace for a record-breaking closing high.

The Dow Jones index gained one per cent, and the Russell's 2000 index rose nearly two per cent. An index of bank stocks reached its highest level in almost two years. Although major tech companies lagged, the small-cap index rose 4.5 per cent last week. Analysts predict the rally to continue into the year-end.

FundStrat's managing partner, Thomas Lee, said, "When sentiment reaches a 'bullish extreme' is when we see equities priced to 'perfection'." He added, "By several measures, we are not there at that point yet."

The dollar registered its longest streak of weekly wins since September 2023. Peter Mclean, Head of Multi-Asset Portfolio Solutions at Stonehage Fleming, said, "The US dollar's run can continue." Mclean added, "We also have those geopolitical tensions, which are escalating at the moment. It's natural for investors to seek refuge in the dollar."

In the commodities market, bouts of volatility, driven by escalations in the war in Ukraine, eased on Friday. The ongoing conflict helped to push crude closer to 75 dollars a barrel from about $71 on Monday last week.

Gold, too, rose to trade at over $2,700 an ounce, marking its best week since March 2023. The yellow metal rose from a low of below $2,580 an ounce at the start of last week.

Crypto speculators have driven Bitcoin towards $100,000. The OG token has rallied since Trump's victory to new record highs repeatedly, barring a dip last weekend. SEC Chair Gary Gensler's decision to step down in January was the latest development, which boosted the digital assets market. Enforcement actions against cryptos were rampant during his administration, but they are expected to ease under Trump.

Pro-Crypto President-Elect Trump has sparked a chart-bursting rally. Bitcoin entered the weekend just shy of the landmark $100,000 level, Disappointing fans' expectations that the largest token would break beyond that psychological and financially crucial threshold. The OG token prices dipped just below $99,000 dollars on Sunday morning.

On Friday, the token was just $300 shy of the $100,000 mark. The cryptocurrency market has exploded, adding about $1 trillion to its value.

The 'Trump Trade' is still at play in global markets despite some jitters last week. Wall Street stocks rose last week as bitcoin proved naysayers wrong, and the dollar extended its advances into the eighth straight week, the longest in 2024.

The 'Trump Trade' is still at play in global markets despite some jitters last week. Wall Street stocks rose last week as bitcoin proved naysayers wrong, and the dollar extended its advances into the eighth straight week, the longest in 2024. As the major tech winners of the year faltered, blue chips and small caps pushed Wall Street higher on Friday. The S&P 500 ended in the green. An equal-weighted version of the S&P 500 index, which accounts for companies like Walgreens Boots Alliance and Nvidia, jumped, putting it on pace for a record-breaking closing high. The Dow Jones index gained one per cent, and the Russell's 2000 index rose nearly two per cent. An index of bank stocks reached its highest level in almost two years. Although major tech companies lagged, the small-cap index rose 4.5 per cent last week. Analysts predict the rally to continue into the year-end. FundStrat's managing partner, Thomas Lee, said, "When sentiment reaches a 'bullish extreme' is when we see equities priced to 'perfection'." He added, "By several measures, we are not there at that point yet." The dollar registered its longest streak of weekly wins since September 2023. Peter Mclean, Head of Multi-Asset Portfolio Solutions at Stonehage Fleming, said, "The US dollar's run can continue." Mclean added, "We also have those geopolitical tensions, which are escalating at the moment. It's natural for investors to seek refuge in the dollar." In the commodities market, bouts of volatility, driven by escalations in the war in Ukraine, eased on Friday. The ongoing conflict helped to push crude closer to 75 dollars a barrel from about $71 on Monday last week. Gold, too, rose to trade at over $2,700 an ounce, marking its best week since March 2023. The yellow metal rose from a low of below $2,580 an ounce at the start of last week. Crypto speculators have driven Bitcoin towards $100,000. The OG token has rallied since Trump's victory to new record highs repeatedly, barring a dip last weekend. SEC Chair Gary Gensler's decision to step down in January was the latest development, which boosted the digital assets market. Enforcement actions against cryptos were rampant during his administration, but they are expected to ease under Trump. Pro-Crypto President-Elect Trump has sparked a chart-bursting rally. Bitcoin entered the weekend just shy of the landmark $100,000 level, Disappointing fans' expectations that the largest token would break beyond that psychological and financially crucial threshold. The OG token prices dipped just below $99,000 dollars on Sunday morning. On Friday, the token was just $300 shy of the $100,000 mark. The cryptocurrency market has exploded, adding about $1 trillion to its value.

Dollar notches an eight-week winning streak, longest of the year

US Prosecutors have charged Gautam Adani with collaborating with executives of a $265 million plan to bribe Indian authorities to advance the solar energy company's solar power projects. The accused companies were based in New York. Adani Group has called the accusations "baseless" and said they will take legal advice and respond.

What are the federal indictment's charges?

Prosecutors in the US have accused six individuals, including Gautam Adani and his nephew Sagar Adani, the director of Adani Green. The indictment and arrest warrant against Gautam Adani and the executives are based on bribery and fraud charges in connection with renewable energy projects in India.

The indictment says these projects benefited both Adani Green and Azure Power, an Indian business listed on the NYSE until 2023.

According to the unsealed indictment, the executives of Adani Green and Azure "knowingly and wilfully conspired" and agreed to "corruptly" propose, approve and pay bribes to government authorities in India to "obtain or retain business advantages."

While seeking funding from American investors and lenders, Adani and his executives allegedly made false and deceptive claims about the company's anti-bribery pledges and policies.

Adani raised more than $3 billion in loans and bonds between 2021 and 2024, with some of the investors being Americans.

Another key charge in the indictment showed that the Adani's allegedly deceived Indian stock exchanges and investors earlier this year, even though they were informed about the US probe in 2023.

As per the Indian markets regulator - the SEBI - rules, this amounts to deceiving Indian investors. Leading business journalists have called on the SEBI to probe this particular allegation.

Separately, the US Securities and Exchange Commission filed a civil case and said, "Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from US investors.

The SEC added, “The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading."

A Bloomberg report showed that the market crash in Adani group stocks once again caught ESG fund managers off guard.

Shares of Adani Green Energy, which are held by around 770 ESG funds globally, saw a 25 per cent decline in value following the US indictment.

While the group stocks recovered some of their losses, the wipe-out in Adani firms' market value is still above $25 billion.

US Prosecutors have charged Gautam Adani with collaborating with executives of a $265 million plan to bribe Indian authorities to advance the solar energy company's solar power projects.

US Prosecutors have charged Gautam Adani with collaborating with executives of a $265 million plan to bribe Indian authorities to advance the solar energy company's solar power projects. The accused companies were based in New York. Adani Group has called the accusations "baseless" and said they will take legal advice and respond. What are the federal indictment's charges? Prosecutors in the US have accused six individuals, including Gautam Adani and his nephew Sagar Adani, the director of Adani Green. The indictment and arrest warrant against Gautam Adani and the executives are based on bribery and fraud charges in connection with renewable energy projects in India. The indictment says these projects benefited both Adani Green and Azure Power, an Indian business listed on the NYSE until 2023. According to the unsealed indictment, the executives of Adani Green and Azure "knowingly and wilfully conspired" and agreed to "corruptly" propose, approve and pay bribes to government authorities in India to "obtain or retain business advantages." While seeking funding from American investors and lenders, Adani and his executives allegedly made false and deceptive claims about the company's anti-bribery pledges and policies. Adani raised more than $3 billion in loans and bonds between 2021 and 2024, with some of the investors being Americans. Another key charge in the indictment showed that the Adani's allegedly deceived Indian stock exchanges and investors earlier this year, even though they were informed about the US probe in 2023. As per the Indian markets regulator - the SEBI - rules, this amounts to deceiving Indian investors. Leading business journalists have called on the SEBI to probe this particular allegation. Separately, the US Securities and Exchange Commission filed a civil case and said, "Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from US investors. The SEC added, “The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading." A Bloomberg report showed that the market crash in Adani group stocks once again caught ESG fund managers off guard. Shares of Adani Green Energy, which are held by around 770 ESG funds globally, saw a 25 per cent decline in value following the US indictment. While the group stocks recovered some of their losses, the wipe-out in Adani firms' market value is still above $25 billion.

Overview of the allegations revealed in the US indictment against Adani

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office.

After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick.

According to Trump's allies, the president-elect was looking for a candidate who could win over Wall Street and an electorate that was ready for him to impose massive tariffs, accept cryptocurrency, and end illegal immigration.

Bessent beat out other prominent contenders, including Howard Lutnick, who was appointed to head the commerce department. Others in the fray were Marc Rowan, an executive at Apollo Global Management, Bill Hagerty, a senator from Tennessee, and Kevin Warsh, a former governor of the Federal Reserve.

Trump, in a statement on Friday, after the $28 trillion market for US treasuries was already closed for the week, said, "Scott has long been a strong advocate of the America First agenda." He added, "On the eve of our great country's 250th anniversary, he will help me usher in a new golden age for the United States as we fortify our position as the world's leading economy."

If confirmed by the Senate, Bessent will join an economic team that will begin to take shape just weeks after Trump wins a second presidential term. Investors and strategists are awaiting more details on Bessent's views on fiscal policy and his next steps.

Wall Street broadly considers Bessent a 'fiscal hawk.' Glen Capelo, Managing Director at Mischler Financial Group, said, "Scott is a fiscal hawk, and he definitely will be positive overall for the economy and the markets.” He added, "he wants to rein in spending. Bessent wants to get the secretary of the treasury back in line with the markets."

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office. After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick.

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office. After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick. According to Trump's allies, the president-elect was looking for a candidate who could win over Wall Street and an electorate that was ready for him to impose massive tariffs, accept cryptocurrency, and end illegal immigration. Bessent beat out other prominent contenders, including Howard Lutnick, who was appointed to head the commerce department. Others in the fray were Marc Rowan, an executive at Apollo Global Management, Bill Hagerty, a senator from Tennessee, and Kevin Warsh, a former governor of the Federal Reserve. Trump, in a statement on Friday, after the $28 trillion market for US treasuries was already closed for the week, said, "Scott has long been a strong advocate of the America First agenda." He added, "On the eve of our great country's 250th anniversary, he will help me usher in a new golden age for the United States as we fortify our position as the world's leading economy." If confirmed by the Senate, Bessent will join an economic team that will begin to take shape just weeks after Trump wins a second presidential term. Investors and strategists are awaiting more details on Bessent's views on fiscal policy and his next steps. Wall Street broadly considers Bessent a 'fiscal hawk.' Glen Capelo, Managing Director at Mischler Financial Group, said, "Scott is a fiscal hawk, and he definitely will be positive overall for the economy and the markets.” He added, "he wants to rein in spending. Bessent wants to get the secretary of the treasury back in line with the markets."

US Treasury pick Bessent 'is a fiscal hawk'

Israeli Prime Minister Benjamin Netanyahu made a rare visit to the city on Tuesday (Nov. 19) and said that Hamas will never rule again in Gaza. He also announced a $5 million reward for the return of each hostage.

Netanyahu also repeated his pledge to "destroy" the Palestinian militant group and claimed that Israeli forces have destroyed Hamas' military capabilities.

Netanyahu published a video on his X account in which he is seen wearing a battle vest and a ballistic helmet, as he says in Hebrew, "Hamas shall not return."&nbsp;

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&nbsp;

The Israeli PM also talked about the Israeli hostages in Gaza and said the search for 101 hostages is continuing.&nbsp;

In a big move, Netanyahu even announced a sum of $5 million as a reward for the return of each hostage.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/trump-appoints-wall-street-investor-howard-lutnick-as-us-commerce-secretary-777661">Trump appoints Wall Street investor Howard Lutnick as US commerce secretary</a>

"Whoever brings us a hostage will find a safe way. We will also give them a reward of $5 million for each hostage. So, the choice is yours, but the result will be the same. We'll get them (hostages) all back," he further added.&nbsp;

After offering a reward and assuring a safe way out, Netanyahu issued a warning&nbsp;without mincing any words and said,&nbsp;"Anyone who dares to harm our hostages will have blood on their head. We will hunt you down and get you."

Netanyahu reportedly visited Gaza to get first-hand updates on Israeli operations in the territory.

The video also showed Netanyahu accompanied by Israeli Defence Minister Israel Katz.&nbsp;

Netanyahu's Gaza visit came a day after he slammed the Biden administration for its policies against Israel.&nbsp;

In his first address in the Knesset after the US election, the Israeli PM said, “The US had reservations and suggested that we not enter Gaza. It had reservations about entering Gaza City, Khan Younis, and, most critically, strongly opposed entry into Rafah.”

The Times of Israel reported on November 18 that&nbsp;Netanyahu also revealed in his speech in the Israeli parliament that he was told by the US to not react after Iran attacked Israel.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/another-billionaire-in-team-trump-20-marc-rowan-a-top-contender-for-treasury-secretary-777659">Another billionaire in Team Trump 2.0? Marc Rowan a top contender for treasury secretary</a>

He further claimed that the counterattack by Israel on Iran in October damaged "specific components" of the Islamic nation's nuclear programme.

“It’s not a secret, it has been published&nbsp;that a certain component of their nuclear programme was hit in this attack," Netanyahu told the Israeli parliament.

(With inputs from agencies)

Israeli Prime Minister Benjamin Netanyahu made a rare visit to the city on Tuesday (Nov. 19) and said that Hamas will never rule again in Gaza. He also announced a $5 million reward for the return of each hostage.

Israeli Prime Minister Benjamin Netanyahu made a rare visit to the city on Tuesday (Nov. 19) and said that Hamas will never rule again in Gaza. He also announced a $5 million reward for the return of each hostage. Netanyahu also repeated his pledge to "destroy" the Palestinian militant group and claimed that Israeli forces have destroyed Hamas' military capabilities. Netanyahu published a video on his X account in which he is seen wearing a battle vest and a ballistic helmet, as he says in Hebrew, "Hamas shall not return." החמאס לא ישלוט בעזה. מי שיעז לפגוע בחטופינו - דמו בראשו. אנחנו נרדוף אתכם, ואנחנו נשיג אתכם. pic.twitter.com/6Coj7l410O — Benjamin Netanyahu - בנימין נתניהו (@netanyahu) November 19, 2024 × The Israeli PM also talked about the Israeli hostages in Gaza and said the search for 101 hostages is continuing. In a big move, Netanyahu even announced a sum of $5 million as a reward for the return of each hostage. Also read | Trump appoints Wall Street investor Howard Lutnick as US commerce secretary "Whoever brings us a hostage will find a safe way. We will also give them a reward of $5 million for each hostage. So, the choice is yours, but the result will be the same. We'll get them (hostages) all back," he further added. After offering a reward and assuring a safe way out, Netanyahu issued a warning without mincing any words and said, "Anyone who dares to harm our hostages will have blood on their head. We will hunt you down and get you." Netanyahu reportedly visited Gaza to get first-hand updates on Israeli operations in the territory. The video also showed Netanyahu accompanied by Israeli Defence Minister Israel Katz. Netanyahu's Gaza visit came a day after he slammed the Biden administration for its policies against Israel. In his first address in the Knesset after the US election, the Israeli PM said, “The US had reservations and suggested that we not enter Gaza. It had reservations about entering Gaza City, Khan Younis, and, most critically, strongly opposed entry into Rafah.” The Times of Israel reported on November 18 that Netanyahu also revealed in his speech in the Israeli parliament that he was told by the US to not react after Iran attacked Israel. Also read | Another billionaire in Team Trump 2.0? Marc Rowan a top contender for treasury secretary He further claimed that the counterattack by Israel on Iran in October damaged "specific components" of the Islamic nation's nuclear programme. “It’s not a secret, it has been published that a certain component of their nuclear programme was hit in this attack," Netanyahu told the Israeli parliament. (With inputs from agencies)

After Adani's indictment rocks his empire, what comes next?

Elon Musk and Donald Trump's alliance has Gulf wealth funds that are eyeing more US deals. Many wealth funds from the Gulf nations have business ties to Musk, and executives there are hopeful Musk's presence will help drive more deals.

A prominent member of the UAE royal family met with Elon Musk in the weeks ahead of the US presidential election. A few days after the election results, the leaders of Saudi Arabia's Public Investment Fund, Trump and Musk, were pictured together.

A Bloomberg report quoting sources showed Saudi Arabia's Yasir Al Rumayyan and the United Arab Emirates' Sheikh Tahnoon Bin Zayed Al Nahyan, among others in the gulf nation's upper echelons of finance, see Musk's membership in Trump's inner circle as a huge opportunity.

Trump, who had deep economic links to the oil-rich area before becoming president, saw US relations with the region strengthened during his first term. According to Bloomberg sources, Gulf funds are becoming more and more hopeful that having Musk on board would increase their chances of winning agreements in the US.

This is especially true in politically delicate sectors like technology and AI, where the Biden administration imposed stringent regulations. Wealth funds in Gulf nations control $4 trillion in assets.

The connections between Musk and his upcoming role as a co-chair of Trump's Department of Government Efficiency is a major factor. The $925 billion dollar PIF, headed by Al Rumayyan, was one of Musk's xAI investors in an earlier round of funding. That investment has not been made public. A more recent round also received funding from Qatar's wealth fund.

When Musk took over Twitter and separately financed xAI, Prince Alwaleed Bin Talal's business, Kingdom Holding, was one of the top investors. Investors in the Twitter acquisition included the $510 billion Qatar Investment Authority.

In 2020, Sheikh Tahnoon's $245 billion company acquired a majority interest in a fund that supported Musk's SpaceX.

Elon Musk and Donald Trump's alliance has Gulf wealth funds that are eyeing more US deals. Many wealth funds from the Gulf nations have business ties to Musk, and executives there are hopeful Musk's presence will help drive more deals.

Elon Musk and Donald Trump's alliance has Gulf wealth funds that are eyeing more US deals. Many wealth funds from the Gulf nations have business ties to Musk, and executives there are hopeful Musk's presence will help drive more deals. A prominent member of the UAE royal family met with Elon Musk in the weeks ahead of the US presidential election. A few days after the election results, the leaders of Saudi Arabia's Public Investment Fund, Trump and Musk, were pictured together. A Bloomberg report quoting sources showed Saudi Arabia's Yasir Al Rumayyan and the United Arab Emirates' Sheikh Tahnoon Bin Zayed Al Nahyan, among others in the gulf nation's upper echelons of finance, see Musk's membership in Trump's inner circle as a huge opportunity. Trump, who had deep economic links to the oil-rich area before becoming president, saw US relations with the region strengthened during his first term. According to Bloomberg sources, Gulf funds are becoming more and more hopeful that having Musk on board would increase their chances of winning agreements in the US. This is especially true in politically delicate sectors like technology and AI, where the Biden administration imposed stringent regulations. Wealth funds in Gulf nations control $4 trillion in assets. The connections between Musk and his upcoming role as a co-chair of Trump's Department of Government Efficiency is a major factor. The $925 billion dollar PIF, headed by Al Rumayyan, was one of Musk's xAI investors in an earlier round of funding. That investment has not been made public. A more recent round also received funding from Qatar's wealth fund. When Musk took over Twitter and separately financed xAI, Prince Alwaleed Bin Talal's business, Kingdom Holding, was one of the top investors. Investors in the Twitter acquisition included the $510 billion Qatar Investment Authority. In 2020, Sheikh Tahnoon's $245 billion company acquired a majority interest in a fund that supported Musk's SpaceX.

Trump's win has UAE royals eyeing US deals

South African Reserve Bank, or SARB, Governor Lesetja Kganyago expects only a few additional interest-rate cuts next year. The Governor repeated his emphasis on the uncertainty of the rate path.

Following a 25 basis point cut to 7.75 per cent on Thursday, the central bank said that its model indicated additional easing.

The SARB expects rates to stabilise a little above 7 per cent. However, the bank stressed that the estimate was only a broad policy guidance. Between one and three more 25 basis point cuts are seen next year.

Governor Kganyago said, "Decisions will be made on a meeting-by-meeting basis, with no forward guidance and no pre-commitment to any specific rate path.” Although inflation has slowed, he did note that Trump's policies might add to price pressures next year.

Andrew Matheny, an economist at the Goldman Sachs Group, noted, "Along with its characterisation of a ‘more challenging’ external environment, the SARB’s communication was therefore incrementally hawkish.”

With an annual rate of 2.8 per cent in October, South Africa's inflation fell short of the central bank's goal range of 3 per cent to 6 per cent. Still, the SARB increased its inflation prediction for late 2025 and 2026 by a small amount and warned that risks to the outlook "require a cautious approach."

Kganyago said that more trade protectionism may affect interest rates, even though he avoided addressing the US. Election explicitly in his last monetary policy news conference of the year.

The Governor said, "There is a concern that the protectionism we are seeing could impact global trade.” He added, “If it does become inflationary, you would expect that globally, central banks will react, and that changes the dynamic, and that is the uncertain environment within which we operate."

South African Reserve Bank, or SARB, Governor Lesetja Kganyago expects only a few additional interest-rate cuts next year. The Governor repeated his emphasis on the uncertainty of the rate path.

South African Reserve Bank, or SARB, Governor Lesetja Kganyago expects only a few additional interest-rate cuts next year. The Governor repeated his emphasis on the uncertainty of the rate path. Following a 25 basis point cut to 7.75 per cent on Thursday, the central bank said that its model indicated additional easing. The SARB expects rates to stabilise a little above 7 per cent. However, the bank stressed that the estimate was only a broad policy guidance. Between one and three more 25 basis point cuts are seen next year. Governor Kganyago said, "Decisions will be made on a meeting-by-meeting basis, with no forward guidance and no pre-commitment to any specific rate path.” Although inflation has slowed, he did note that Trump's policies might add to price pressures next year. Andrew Matheny, an economist at the Goldman Sachs Group, noted, "Along with its characterisation of a ‘more challenging’ external environment, the SARB’s communication was therefore incrementally hawkish.” With an annual rate of 2.8 per cent in October, South Africa's inflation fell short of the central bank's goal range of 3 per cent to 6 per cent. Still, the SARB increased its inflation prediction for late 2025 and 2026 by a small amount and warned that risks to the outlook "require a cautious approach." Kganyago said that more trade protectionism may affect interest rates, even though he avoided addressing the US. Election explicitly in his last monetary policy news conference of the year. The Governor said, "There is a concern that the protectionism we are seeing could impact global trade.” He added, “If it does become inflationary, you would expect that globally, central banks will react, and that changes the dynamic, and that is the uncertain environment within which we operate."

South Africa's Central Bank to cut rates sparingly in 2025

US President-elect Donald Trump and his administration are set to come into power for the second time in 2025 and this change in power has rattled not just the global but also the domestic market and left Indian investors jittery over what's next.

US President-elect Donald Trump and his administration are set to come into power for the second time in 2025 and this change in power has rattled not just the global but also the domestic market and left Indian investors jittery over what's next. With Trump coming to power, India is expected to witness a shift in the foreign direct investments (FDI) inflows while some speculate that pharmaceutical companies are likely to benefit from Trump 2.0. Explaining how Trump's new administration can impact the Indian market, Viram Shah, Co-founder & CEO, Vested Finance told WION, "The focus will likely be on potential shifts in US trade policy. Increased tariffs on Chinese goods, for example, could lead to disruptions in global supply chains, affecting companies in India that rely on imports for manufacturing." "Moreover, the possibility of a stronger US dollar due to protectionist measures could make US assets more attractive, potentially leading to capital outflows from emerging markets like India," Shah added. Also Read: Money-Wise: Stock market rattles, Rupee dips as Trump 2.0 dawns. Here's what you should know as investor For Indian investors, this could signal the need to adjust their portfolios to manage these risks, particularly if the value of the Indian rupee weakens in response to a stronger dollar," he further stated. So, how can Indian investors plan better for a more secure financial future? This column of Money-Wise tried to understand from a market expert what should be the main focus of investors and what should they be aware of when planning their investments. Watch: US Elections: Stocks Making The Biggest Moves | 'Trump Trades' See-Saw On Voting Day What can Indian investors do? Expert Viram Shah, Co-founder & CEO of Vested Finance, explains how Indian investors should strategise Remain focused on long-term goals rather than reacting impulsively to short-term fluctuations. A prudent approach to portfolio diversification and risk management will be vital. Balance exposure to domestic assets with careful consideration of global trends. Sectors that benefit from global trade and a weaker rupee might offer investment opportunities, while those that depend on global stability could face challenges. Sectors like IT and pharmaceuticals, which are significant exporters to the US, might benefit from a weaker rupee if the US dollar strengthens as expected. If inflation persists and Trump’s administration continues to push for policies that support the economy at home, the Federal Reserve may hike rates to prevent overheating. This shift could cause bond yields in the US to climb, making US Treasury bonds more attractive to global investors. There is also the possibility of reduced foreign investment in Indian equities, as capital flows move towards the safer returns offered by US bonds.

Money-Wise: With Trump administration announced, here's how Indian investors should plan their years ahead