Byju’s, once the poster child of India's booming Edtech industry, is now facing significant financial challenges. According to a recent update from the founders, the company has failed to disburse July salaries due to its bank account not being restored to the founders following a supreme court order. This adds to the growing woes of Byju’s, which says its founders infused close to one billion U.S. Dollars crore over the past 2.5 years just to keep the company operational. Byju Raveendran, the face of the troubled Ed tech platform claims he has personally contributed 1,600 crore rupees out of the 3,976 crores paid as employee salaries in the last two years. This financial burden comes after Raveendran sold stakes worth3,600 crore rupees between 2015 and 2022.

The lesson in Byju's rise & fall

We turn our focus to the central bankers gathering at the prestigious annual economic symposium in Jackson Hole this week. Central bankers are likely to discover they are more split than at any point since before the pandemic. Take a look at this next report to understand the growing divergence in global rate paths...

Jackson Hole symposium in focus

A group of five Secretaries of State from the US have called on Elon Musk to address misinformation spread by the AI chatbot Grok on the social media platform X formerly known as Twitter. Watch in for more details!

US: Election misinformation spread by Grok AI prompt's official response

Now, we look at how markets opened this morning. Stocks in Asia sank on fears investors are selling off some of their holdings ahead of a flurry of activity in the days ahead. This includes key economic data, decisions by central banks, and earnings reports from US megacap firms.

Asian shares decline as markets await key events

Is the US Federal reserve changing its tune on rates? FED chair Jerome Powell said that authorities are becoming more cautious about the risks to the labour market from high borrowing prices. He, however, added that the central bank was looking for additional indications that inflation is slowing down.

Rate cut bets rise after Powell's speech

Now, we turn our attention to an important debate brewing. Will India be able to create enough jobs? Economists at Citi group, in a report, said the country's unemployment is poised to rise even if the economy grows at 7 per cent annually as projected. However, the Indian government has refuted those claims and alleged that the Citi report failed to consider the positive trends and comprehensive data from official sources.

Citigroup claims India will struggle to create enough jobs

India's upcoming budget 2024-25 is expected to highlight the success of its production-linked incentives for electronics by announcing a new pli for sub-assemblies and components. This scheme, valued at approximately 500 million dollars, aims to create an ecosystem for higher local sourcing of components, according to sources.

India: New PLI scheme for electronics in budget?

Indian edtech giant Byju's is facing a wave of financial challenges. 62 former employees have come together demanding over $275 million in unpaid salaries. This comes amid complaints from over 1500 ex-employees, totaling over $530 million in outstanding dues.

Over 150 former Byju's employees file labour complaints

The US manufacturing sector is facing challenges as new data reveals a continued downturn in weak demand. According to a report released by the institute for supply management...

US manufacturing activity contracts again

Novo Nordisk.. Danish pharmaceutical company which is known for several medicines involving weight loss is all set to enter the Chinese market.. Watch in for more details!

Novo Nordisk introduces Wegovy amid soaring obesity rates

India's current account balance improvement in Q4 FY24, marked by a surplus of $5.7 billion, is largely due to two factors: A narrower merchandise trade deficit and an expanding services trade surplus.

India's account surplus hits 10-quarter high

British International Investment, the UK's development finance institution, plans to invest an additional 300 million dollar in India's electric vehicle ecosystem over the next three years according to reports. Having already invested around USD 300 million, including a significant 250 million dollar in Mahindra's EV platform, BII is poised to capitalise on the rapidly evolving Indian EV market.

India’s EV market gets $300 mn boost from BII

Watch top headlines of the hour: - Dagestan synagogues, churches attacked - Russia blames US for Crimea attacks - Netanyahu 'ready for a partial deal' - Gallant flies to US for 'critical' talks - Saudi Arabia registers 1,301 pilgrim deaths - First session of 18th Lok Sabha today

WION Headlines | Saudi Arabia registers 1,301 pilgrim deaths | Netanyahu 'ready for a partial deal'

Boeing CEO’s Senate hearing and the 'Boeing curse' relatives of the victims from two fatal 737 max crashes are urging the justice department to impose a fine of around $25 billion on the aircraft manufacturer. Meanwhile, Boeing Starliner is also 'stuck' in space. Leakages have hampered Boeing's space ambitions as safety fallout spills.

Gravitas: Families seek massive fine & criminal prosecution for Boeing

In a major development for india's troubled edtech giant byju's, the national company law tribunal has put a halt to their ongoing rights issue aimed at raising funds.

What's happening at Byju's now?

This week, global markets are poised for several key developments across major economies, influencing investor sentiment and economic policy decisions.

The week ahead: Risks & opportunities

Boeing has announced a three-month delay in reaching a key production milestone for its 737 jet family. Now targeting 42 units per month by september instead of June. This adjustment follows ongoing production challenges and heightened regulatory scrutiny after a January incident involving an Alaska Airlines jetliner.

Boeing faces turbulence in 737 rollout

Now, we look at the record rally in Indian stocks, marking a strong recovery from election results day loss. After near-400 billion-dollar wipe-out on the voting count day, Indian shares recovered those losses in just three days. That is the fastest pace of recovery in the last decade.

Indian stocks gain after record rally

We look at the challenges that India's new Renewable Energy Minister faces when the country is falling short of the adoption goals. Under Modi 3.0, Pralhad Joshi has been appointed Renewable Energy Minister, where he'll be tasked with speeding adoption of solar and wind.

Former Indian Coal Minister tasked with renewable goals

In this edition, we talk to chief commercial officer of archer aviation where we discuss their mission to revolutionize urban transportation with EVTOL aircraft. Prioritizing safety, archer aims to create smart cities and reduce noise pollution with affordable air taxis, focusing on India and partnerships with Interglobe. From medical evacuations to military applications, archer's commitment to safety marks a step towards a decarbonized aviation future. Stay tuned to WION for more insightful interactions…

WION exclusive with Nikhil Goel, CCO, Archer Aviation | WION Big Short Talk

Now, we look at what the US Federal reserve's latest policy means to the world. The US Federal reserve kept rates on hold, given the last leg of the inflation fight is not done. Their updated forecasts leave 2024 growth and unemployment unchanged. But inflation projections are higher than previously thought.

How does US Fed policy affect the rest of the world?

The International Energy Agency forecasts a major oil surplus by 2030. Global oil demand, including biofuels, is expected to plateau at around 106 million barrels per day, up from just over 102 million barrels per day in 2023.

IEA projects 8 million barrel per day oil surplus by 2030

Now, we turn our attention to market moves this morning. Asian stocks tracked US peers higher as the federal reserve's cautious outlook on interest rates did little to alter wall street bulls. Cooling US inflation also swayed traders' sentiment.

Asian stocks rise as traders shrug off hawkish FED

Saudi Arabia's sale of shares in oil giant aramco has garnered significant demand, surpassing the stock on offer within hours of its initiation. The deal, anticipated to raise up to $13.1 billion, serves as a pivotal test of international interest in the kingdom's assets. Scheduled to conclude institutional orders by Thursday, pricing of shares will ensue the following day, with trading expected to commence on Riyadh's Saudi exchange the subsequent Sunday.

Solid demand for Aramco's $12 billion stock offer

Now, we turn our attention to Indian markets after exit polls show a resounding victory for the ruling party. Benchmark stock indices opened strongly, with new highs in sight.

India's stock rally hinges on Modi bettering 303-seat tally

Airfare prices in Europe and Asia are showing signs of cooling down after a period of rapid increase. This next report explores what's driving this shift and how it impacts travellers around the world.

Airfares fall in Europe & Asia

Tesla is facing a shareholder showdown over CEO Elon Musk's controversial 56 billion dollar compensation plan. Proxy advisory firms ISS and Glass Lewis, who hold significant sway over investor votes, have both recommended rejecting the massive payout.

Tesla board scrambles for shareholder support

On today’s pollnomics, we focus on the changing economic landscape in India. Traditionally urban-driven manufacturing is decentralising, with rural areas now contributing over half the value addition in the sector. Take a look at this report for more.

Rural awakening key to achieving double-digit growth rates

India's housing market is experiencing a growth spurt, with average home prices expected to rise around 6 percent annually over the next few years. This surge is largely driven by a growing demand for luxury properties, which now account for nearly a third of total sales. Economic buoyancy, particularly among high-income earners, is fueling this trend.

India's home prices to climb 6% in 2024 and 2025

Ahead of India's election result announcement, S&P has upgraded India's sovereign rating outlook to "positive," citing the country's robust economic expansion. Analysts forecast GDP growth to remain near 7 percent annually for the next three years. This positive outlook is driven by several factors.

S&P cites India's robust GDP growth in positive rating outlook

Pakistan's new government is looking to revive its economy with the help of China's belt and road initiative. B-R-I is a massive development project involving infrastructure investments in many countries.

Pakistan pushes for China-Pakistan projects

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