Paytm bank's crisis continues, with an industry body asking merchants to look beyond the digital banking giant for online transactions. This comes after the reserve bank of India ordered a halt to most operations of Paytm's banking arm. Watch to know more!

Paytm Bank's Crisis: Traders urged to ditch Paytm in wake of RBI's decision

Canada has taken decisive action to combat its housing affordability crisis. The government announced a two-year extension on the ban on foreign ownership of Canadian housing. Canada is grappling with a housing affordability crisis attributed to increased migration and international student numbers. The surge in demand for homes, coupled with rising costs hindering construction, has created a pressing issue.

Canada extends ban on foreign ownership amid affordability crisis

<o:p></o:p>WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal<o:p></o:p>

Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/irans-covert-cash-trail-lloyds-santander-implicated-in-global-sanctions-evasion-scandal-687029">Read more here</a> <o:p></o:p>

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets<o:p></o:p>

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytms-peril-ceo-vijay-sharma-battles-regulatory-storm-as-valuation-plummets-687066">Read more here</a> <o:p></o:p>

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns<o:p></o:p>

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkeys-new-central-bank-chief-vows-to-maintain-tight-monetary-policy-amid-inflation-concerns-687074">Read more here</a> <o:p></o:p>

China's exporters on the brink as prolonged deflation threatens survival<o:p></o:p>

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-exporters-on-the-brink-as-prolonged-deflation-threatens-survival-687086">Read more here</a> <o:p></o:p>

Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report<o:p></o:p>

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/samsungs-lee-jae-yong-acquitted-in-stock-and-accounting-fraud-case-report-687108">Read more here</a> <o:p></o:p>

Meta Platforms shatters records with a $196 bn surge in stock market value<o:p></o:p>

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/meta-platforms-shatters-records-with-a-196-bn-surge-in-stock-market-value-687112">Read more here</a>

Canada extends ban on foreign ownership of housing amid housing affordability crisis<o:p></o:p>

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/canada-extends-ban-on-foreign-ownership-of-housing-amid-housing-affordability-crisis-687094">Read more here</a> <o:p></o:p>

Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025<o:p></o:p>

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/jeff-bezos-plans-to-offload-50-mn-amazon-shares-valued-at-86-bn-by-january-2025-687120">Read more here</a> <o:p></o:p>

Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy<o:p></o:p>

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/federal-reserve-chair-powell-signals-prudence-in-considering-rate-cuts-amid-strong-economy-687124">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. Read more here Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." Read more here Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. Read more here China's exporters on the brink as prolonged deflation threatens survival China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Read more here Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. Read more here Meta Platforms shatters records with a $196 bn surge in stock market value In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. Read more here Canada extends ban on foreign ownership of housing amid housing affordability crisis In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years. Read more here Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025 Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday. Read more here Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." Read more here

WION Business Wrap | Iran’s convert cash trail, Paytm’s regulatory storm and more

Meta platforms, the parent company of Facebook, has issued its first-ever dividend. The tech giant's stock witnessed a 14% surge after hours, propelling its market valuation by over $140 billion. Watch to know more!

Meta issues first dividend on Facebook's 20th anniversary

Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country.

The recall is prompted by concerns related to warning lights, posing potential safety risks due to difficulties in reading critical information on the instrument panel, as reported by the Wall Street Journal.

This recall, affecting approximately 2.19 million vehicles sold between 2012 and 2024, marks a substantial setback for Tesla, adding to a series of recent challenges for the automaker.

The National Highway Traffic Safety Administration (NHTSA) highlighted the safety issue, stating that warning lights with a smaller font size could impede the readability of critical safety information, consequently elevating the risk of accidents.

This recall represents Tesla's response to rectify the&nbsp;font size concern, aiming to enhance safety measures for vehicle occupants.

<a href="https://www.wionews.com/business-economy/elon-musk-loses-56-bn-pay-package-in-legal-battle-led-by-former-heavy-metal-drummer-686281">Also read |&nbsp;Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer</a>

<h2>Scope of recall</h2>

The recall encompasses a significant number of Tesla vehicles sold over a 12-year period, from 2012 to 2024. Approximately 2.19 million electric vehicles fall under the scope of this recall, making it the largest in Tesla's history.

The company plans to address the issue through an over-the-air software fix, demonstrating its commitment to resolving the problem efficiently.

As of now, Tesla has not provided an official statement in response to the recall. However, the automaker has outlined its strategy to address the problem by implementing an over-the-air software fix, said the Wall Street Journal report.

This recall adds to a series of safety challenges faced by Tesla. In December, the company initiated a recall of around two million vehicles to update the Autopilot software and incorporate new safeguards against driver misuse.

Subsequently, numerous complaints were lodged with US&nbsp;auto-safety regulators, particularly regarding excessive warnings triggered by routine tasks, leading to concerns about the effectiveness of the software update.

Also watch |&nbsp;Elon Musk suffers biggest legal loss in US history | Heavy metal drummer costs Tesla CEO $55.8 bn

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/elon-musk-suffers-biggest-legal-loss-in-us-history-heavy-metal-drummer-costs-tesla-ceo-558-bn-686259/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>Global impact: Largest recall in China and ongoing competition</h2>

Tesla's challenges extend beyond the US, as the company conducted its most extensive recall in China last month, addressing issues similar to those related to driver-assistance features.

This move came amidst heightened competition in the Chinese auto market, where Tesla competes with local rival BYD. In 2023, Tesla delivered approximately 1.8 million vehicles globally, emphasising the significant impact of these recalls on the company's operations and reputation.

(With inputs from agencies)

Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country. The recall is prompted by concerns related to warning lights, posing potential safety risks due to difficulties in reading critical information on the instrument panel, as reported by the Wall Street Journal.

Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country. The recall is prompted by concerns related to warning lights, posing potential safety risks due to difficulties in reading critical information on the instrument panel, as reported by the Wall Street Journal. This recall, affecting approximately 2.19 million vehicles sold between 2012 and 2024, marks a substantial setback for Tesla, adding to a series of recent challenges for the automaker. The National Highway Traffic Safety Administration (NHTSA) highlighted the safety issue, stating that warning lights with a smaller font size could impede the readability of critical safety information, consequently elevating the risk of accidents. This recall represents Tesla's response to rectify the font size concern, aiming to enhance safety measures for vehicle occupants. Also read | Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer Scope of recall The recall encompasses a significant number of Tesla vehicles sold over a 12-year period, from 2012 to 2024. Approximately 2.19 million electric vehicles fall under the scope of this recall, making it the largest in Tesla's history. The company plans to address the issue through an over-the-air software fix, demonstrating its commitment to resolving the problem efficiently. As of now, Tesla has not provided an official statement in response to the recall. However, the automaker has outlined its strategy to address the problem by implementing an over-the-air software fix, said the Wall Street Journal report. This recall adds to a series of safety challenges faced by Tesla. In December, the company initiated a recall of around two million vehicles to update the Autopilot software and incorporate new safeguards against driver misuse. Subsequently, numerous complaints were lodged with US auto-safety regulators, particularly regarding excessive warnings triggered by routine tasks, leading to concerns about the effectiveness of the software update. Also watch | Elon Musk suffers biggest legal loss in US history | Heavy metal drummer costs Tesla CEO $55.8 bn Global impact: Largest recall in China and ongoing competition Tesla's challenges extend beyond the US, as the company conducted its most extensive recall in China last month, addressing issues similar to those related to driver-assistance features. This move came amidst heightened competition in the Chinese auto market, where Tesla competes with local rival BYD. In 2023, Tesla delivered approximately 1.8 million vehicles globally, emphasising the significant impact of these recalls on the company's operations and reputation. (With inputs from agencies)

Tesla's largest ever recall: Electric vehicle giant issues recall of nearly all its US vehicles

An A-Z of budgetary terms, explained in layman’s language.&nbsp;

A:&nbsp;

Allocation:&nbsp;Amount of money set aside for specific programs or sectors.&nbsp;

Ayushman Bharat Yojana (ABY):&nbsp;Government health insurance scheme for low-income households.&nbsp;

Agriculture credit target:&nbsp;Annual target for loans provided to farmers by banks.&nbsp;

B:&nbsp;

Balanced Budget Act (BBA):&nbsp;Legislation setting fiscal deficit targets for the government.&nbsp;

Banking sector:&nbsp;Financial institutions accepting deposits and providing loans.&nbsp;

Bharat Net (BNET):&nbsp;Government scheme to provide broadband connectivity to villages.&nbsp;

C:&nbsp;

Capital expenditure (capex):&nbsp;Government spending on infrastructure and assets.&nbsp;

Central Plan Expenditure:&nbsp;A part of the budget that is allocated to specific economic and social development programs.&nbsp;

D:&nbsp;

Direct benefits transfer (DBT):&nbsp;A scheme&nbsp;to transfer subsidies directly to beneficiaries' bank accounts.&nbsp;

Direct taxes:&nbsp;Taxes levied directly on individuals and businesses, like income tax or corporate tax.&nbsp;

Deficit:&nbsp;The gap between government income and expenditure.&nbsp;

Developed Economy vs Developing Economy:&nbsp;A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes.

E:&nbsp;

Excise duty:&nbsp;Tax levied on goods produced domestically.&nbsp;

Economic Survey:&nbsp;Annual report published by the Ministry of Finance before the Budget presentation.&nbsp;

Expenditure Budget:&nbsp;Document detailing the government's planned spending for the year.&nbsp;

F:&nbsp;

Fiscal deficit:&nbsp;Difference between total government spending and total non-borrowed revenue.&nbsp;

Food Security Act (FSA):&nbsp;Law guaranteeing subsidized food grains to millions of people.&nbsp;

Finance Act:&nbsp;Legislation passed by Parliament to implement the Budget proposals.&nbsp;

G:&nbsp;

Goods and Services Tax (GST):&nbsp;Indirect tax applied to most goods and services in India.&nbsp;

Grants:&nbsp;Financial assistance provided by the government to individuals, institutions, or states.&nbsp;

Green Climate Fund (GCF):&nbsp;International fund to support developing countries in climate action.&nbsp;

H:&nbsp;

Human Development Index (HDI):&nbsp;Measure of a country's progress in health, education, and living standards.&nbsp;

Housing for All:&nbsp;Urban and rural housing schemes for low-income groups.&nbsp;

I:&nbsp;

Indirect taxes:&nbsp;Taxes levied on goods and services at various stages of production and distribution, like GST.&nbsp;

Interest rates:&nbsp;Rates charged by banks for loans or paid on investments.&nbsp;

J:&nbsp;

Jan Dhan Yojana:&nbsp;Financial inclusion scheme providing bank accounts to all households.&nbsp;

Job creation:&nbsp;Number of new jobs created in the economy during a specific period.&nbsp;

K:&nbsp;

Kisan Credit Card (KCC):&nbsp;Government scheme providing credit to farmers at subsidized interest rates.&nbsp;

Krishi Vikas Yojana (KVK):&nbsp;Scheme to provide agricultural extension services to farmers.&nbsp;

L:&nbsp;

Local Area Development (LAD) funds:&nbsp;Funds allocated to MPs for development projects in their constituencies.&nbsp;

MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act):&nbsp;Scheme guaranteeing 100 days of work per year to rural adults.&nbsp;

M:&nbsp;

Manufacturing sector:&nbsp;Industry involved in the production of goods.&nbsp;

Monetary policy:&nbsp;Government policies influencing the money supply and interest rates.&nbsp;

Micro, Small and Medium Enterprises (MSMEs):&nbsp;Sector comprising small businesses contributing to the economy.&nbsp;

N:&nbsp;

Net Domestic Product (NDP):&nbsp;Value of all final goods and services produced within a country's borders in a given year.&nbsp;

Non-tax revenue:&nbsp;Government income from sources other than taxes, like dividends or fees.&nbsp;

O:&nbsp;

Off-budget financing:&nbsp;Government financial activities not included in the official budget.&nbsp;

Open Government Platform (OGP):&nbsp;Initiative promoting transparency and citizen participation in government.&nbsp;

P:&nbsp;

Plan versus non-plan expenditure:&nbsp;Categorisation of spending based on whether it contributes to development plans.&nbsp;

Public debt:&nbsp;Total amount of money owed by the government to creditors.&nbsp;

Q:&nbsp;

Quasi-expenditure:&nbsp;Expenses not directly reflected in the budget but incurred through government guarantees or loans.&nbsp;

R:&nbsp;

Revenue deficit: The difference&nbsp;between the government's non-tax revenue and its non-debt expenditure.&nbsp;

Revenue Expenditure vs Capital Expenditure:&nbsp;Revenue expenditure refers to expenditure that occurs&nbsp;regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is&nbsp;used for the purchase of&nbsp;assets or for giving loans and advances.

S:&nbsp;

Sarva Shiksha Abhiyan (SSA):&nbsp;Government scheme for achieving universal elementary education.&nbsp;

Samagra Shiksha:&nbsp;Scheme for holistic development of school education.&nbsp;

Subsidies:&nbsp;Financial assistance provided by the government to producers or consumers to reduce the price of goods or services.&nbsp;

Sustainable Development Goals (SDGs):&nbsp;Global goals for environmental,&nbsp;economic,&nbsp;and social development.&nbsp;

T:&nbsp;

Tax incentives:&nbsp;Special tax benefits offered by the government to encourage certain activities.&nbsp;

Tariff:&nbsp;Tax levied on imported goods.&nbsp;

Transparency:&nbsp;Openness and accountability in government policies and spending.&nbsp;

U:&nbsp;

Union Budget:&nbsp;Annual statement of the government's finances including income,&nbsp;expenditure,&nbsp;and deficit.&nbsp;

Urban development:&nbsp;Government programs aimed at improving infrastructure and services in cities.&nbsp;

V:&nbsp;

Value Added Tax (VAT):&nbsp;Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST).&nbsp;

Village Health and Sanitation Scheme (VHSN):&nbsp;Program to improve public health and sanitation in rural areas.&nbsp;

W:&nbsp;

Women empowerment:&nbsp;Government initiatives to improve women's social and economic status.&nbsp;

X:&nbsp;

X-Factor:&nbsp;Unforeseen events or changes that might impact the budget projections.&nbsp;

Y:&nbsp;

Youth development:&nbsp;Government programs aimed at developing the skills and opportunities for young people.&nbsp;

Z:&nbsp;

Zero-based budgeting:&nbsp;Approach where each expense needs to be justified from scratch,&nbsp;rather than simply rolling over previous allocations.&nbsp;

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households.

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households. Agriculture credit target: Annual target for loans provided to farmers by banks. B: Balanced Budget Act (BBA): Legislation setting fiscal deficit targets for the government. Banking sector: Financial institutions accepting deposits and providing loans. Bharat Net (BNET): Government scheme to provide broadband connectivity to villages. C: Capital expenditure (capex): Government spending on infrastructure and assets. Central Plan Expenditure: A part of the budget that is allocated to specific economic and social development programs. D: Direct benefits transfer (DBT): A scheme to transfer subsidies directly to beneficiaries' bank accounts. Direct taxes: Taxes levied directly on individuals and businesses, like income tax or corporate tax. Deficit: The gap between government income and expenditure. Developed Economy vs Developing Economy: A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes. E: Excise duty: Tax levied on goods produced domestically. Economic Survey: Annual report published by the Ministry of Finance before the Budget presentation. Expenditure Budget: Document detailing the government's planned spending for the year. F: Fiscal deficit: Difference between total government spending and total non-borrowed revenue. Food Security Act (FSA): Law guaranteeing subsidized food grains to millions of people. Finance Act: Legislation passed by Parliament to implement the Budget proposals. G: Goods and Services Tax (GST): Indirect tax applied to most goods and services in India. Grants: Financial assistance provided by the government to individuals, institutions, or states. Green Climate Fund (GCF): International fund to support developing countries in climate action. H: Human Development Index (HDI): Measure of a country's progress in health, education, and living standards. Housing for All: Urban and rural housing schemes for low-income groups. I: Indirect taxes: Taxes levied on goods and services at various stages of production and distribution, like GST. Interest rates: Rates charged by banks for loans or paid on investments. J: Jan Dhan Yojana: Financial inclusion scheme providing bank accounts to all households. Job creation: Number of new jobs created in the economy during a specific period. K: Kisan Credit Card (KCC): Government scheme providing credit to farmers at subsidized interest rates. Krishi Vikas Yojana (KVK): Scheme to provide agricultural extension services to farmers. L: Local Area Development (LAD) funds: Funds allocated to MPs for development projects in their constituencies. MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act): Scheme guaranteeing 100 days of work per year to rural adults. M: Manufacturing sector: Industry involved in the production of goods. Monetary policy: Government policies influencing the money supply and interest rates. Micro, Small and Medium Enterprises (MSMEs): Sector comprising small businesses contributing to the economy. N: Net Domestic Product (NDP): Value of all final goods and services produced within a country's borders in a given year. Non-tax revenue: Government income from sources other than taxes, like dividends or fees. O: Off-budget financing: Government financial activities not included in the official budget. Open Government Platform (OGP): Initiative promoting transparency and citizen participation in government. P: Plan versus non-plan expenditure: Categorisation of spending based on whether it contributes to development plans. Public debt: Total amount of money owed by the government to creditors. Q: Quasi-expenditure: Expenses not directly reflected in the budget but incurred through government guarantees or loans. R: Revenue deficit: The difference between the government's non-tax revenue and its non-debt expenditure. Revenue Expenditure vs Capital Expenditure: Revenue expenditure refers to expenditure that occurs regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is used for the purchase of assets or for giving loans and advances. S: Sarva Shiksha Abhiyan (SSA): Government scheme for achieving universal elementary education. Samagra Shiksha: Scheme for holistic development of school education. Subsidies: Financial assistance provided by the government to producers or consumers to reduce the price of goods or services. Sustainable Development Goals (SDGs): Global goals for environmental, economic, and social development. T: Tax incentives: Special tax benefits offered by the government to encourage certain activities. Tariff: Tax levied on imported goods. Transparency: Openness and accountability in government policies and spending. U: Union Budget: Annual statement of the government's finances including income, expenditure, and deficit. Urban development: Government programs aimed at improving infrastructure and services in cities. V: Value Added Tax (VAT): Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST). Village Health and Sanitation Scheme (VHSN): Program to improve public health and sanitation in rural areas. W: Women empowerment: Government initiatives to improve women's social and economic status. X: X-Factor: Unforeseen events or changes that might impact the budget projections. Y: Youth development: Government programs aimed at developing the skills and opportunities for young people. Z: Zero-based budgeting: Approach where each expense needs to be justified from scratch, rather than simply rolling over previous allocations.

Business Jargon Buster: Budget edition 

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMAasia. This week on TRAILBLAZERS Gulbahar Taurani, MD & India CEO, Versuni Yatnesh Pandey, VP marketing, greenply industries Abhinav Upadhyay, CMO, Collegedekho Ashish Tiwari, CMO, Home Credit India

Brand leaders from businesses & brands discuss science of data driven marketing

Imagine this: Every second of your workday meticulously monitored by your employer. Sounds like something out of a sci-fi flick, right? Well, hold onto your hats because it's not fiction; it's the reality Amazon workers in france found themselves in, and it's raising some eyebrows.

Amazon's French warehouse fined $35million | World Business Watch

Terraform labs, the company behind the once-stable terra usd, has filed for chapter 11 bankruptcy. The collapse of terra usd in 2022 sent ripples through the crypto markets, causing a $40 billion fallout.

Singapore-based terraform labs faces bankruptcy

India's state-owned company, Khanij Bidesh India ltd or Kabil, has signed a $24 million lithium exploration pact in Argentina. Speaking to Wion's diplomatic correspondent Siddhant Sibal, argentina's envoy Hugo Javier Gobbi welcomed the lithium deal.

India-Argentina cooperation on lithium

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7. As we explore the repercussions through interviews recorded by AFP, we witness a region grappling with unprecedented challenges, where businesses that once flourished now face an uncertain future.

The human toll on local businesses

Hafeth Ghazawneh, owner of a famous falafel stall, shares his journey from prosperity to uncertainty. Before the conflict, his vibrant breakfast and lunch offerings attracted artisans from nearby workshops. In the aftermath of the attacks, his once-bustling stall sits abandoned, and his income has plunged from 7,000 to 2,000 shekels per month.

The ripple effect on the West Bank economy

Beyond the faltering stalls, the broader West Bank economy is in turmoil. The World Bank predicts a potential six per cent decline in GDP this year.

The International Labour Organization reports 32 per cent job loss. Israel's withdrawal of 130,000 work permits from Palestinians compounds the crisis, leaving many without a source of income and exacerbating an already dire situation.

Businesses struggle to stay afloat

Bishara Jubran, manager of a household products factory, provides insights into the challenges faced by businesses. With losses totalling $200,000 in the past year, his factory, once thriving on exports to Gaza, now struggles to find a market. Increased transport costs, checkpoints, and sealed-off towns further exacerbate the situation, with the West Bank's economy operating at only 50 per cent of its capacity.

Researcher Taher al-Labadi sheds light on the inherent fragility of the Palestinian economy. Hindered by Israel's control over borders and tax collection, the economic downturn has been compounded by unpaid taxes since the war outbreak. The Palestinian Authority, grappling with financial strain, has struggled to pay public servants, intensifying the economic challenges faced by the population.

Bottomline

As the West Bank grapples with the aftermath of the conflict, businesses and communities face an uphill battle. The fear of the unknown looms large, echoing the sentiments of Bishara Jubran: 'We don't know if we'll be able to go to work tomorrow.'&nbsp;

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7.

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7. As we explore the repercussions through interviews recorded by AFP, we witness a region grappling with unprecedented challenges, where businesses that once flourished now face an uncertain future. The human toll on local businesses Hafeth Ghazawneh, owner of a famous falafel stall, shares his journey from prosperity to uncertainty. Before the conflict, his vibrant breakfast and lunch offerings attracted artisans from nearby workshops. In the aftermath of the attacks, his once-bustling stall sits abandoned, and his income has plunged from 7,000 to 2,000 shekels per month. The ripple effect on the West Bank economy Beyond the faltering stalls, the broader West Bank economy is in turmoil. The World Bank predicts a potential six per cent decline in GDP this year. The International Labour Organization reports 32 per cent job loss. Israel's withdrawal of 130,000 work permits from Palestinians compounds the crisis, leaving many without a source of income and exacerbating an already dire situation. Businesses struggle to stay afloat Bishara Jubran, manager of a household products factory, provides insights into the challenges faced by businesses. With losses totalling $200,000 in the past year, his factory, once thriving on exports to Gaza, now struggles to find a market. Increased transport costs, checkpoints, and sealed-off towns further exacerbate the situation, with the West Bank's economy operating at only 50 per cent of its capacity. Researcher Taher al-Labadi sheds light on the inherent fragility of the Palestinian economy. Hindered by Israel's control over borders and tax collection, the economic downturn has been compounded by unpaid taxes since the war outbreak. The Palestinian Authority, grappling with financial strain, has struggled to pay public servants, intensifying the economic challenges faced by the population. Bottomline As the West Bank grapples with the aftermath of the conflict, businesses and communities face an uphill battle. The fear of the unknown looms large, echoing the sentiments of Bishara Jubran: 'We don't know if we'll be able to go to work tomorrow.'

Gaza's shockwaves: West Bank economy plunges, leaving livelihoods in limbo

U.S. Investment banking giant Goldman Sachs on tuesday reported strong performance in the October-December quarter, the strong performance came on the back of impressive results in the asset and wealth management divisions. Profit rose by about 51% to just over $2 billion, while revenue stood at $11.3 billion.

Goldman Sachs' profit rises by about 51% to just over $2 billion

A recent report by Oxfam shows the growing income inequality in the world. While the wealth of five richest men doubled since 2020, five billion people around world fell below the poverty line.

Oxfam report on inequality

Foreign portfolio investors navigate a cautious start in 2024, injecting over $458 million into indian equities amid rising global tensions. Additionally, india’s debt market sees a significant surge, credited to jpmorgan's influence.

Foreign inflows defy global concerns in India

Despite being a sought-after career choice, the tech services sector in india faces a persistent issue: low salaries for freshers. While top ceos in this sector enjoy substantial pay, entry-level salaries have stagnated around the $3000 - $4000 per annum range for years. Tcs and infosys, two tech giants, recently reported a decline in their headcount during the december quarter earnings.

Indian tech sector's pay gap in the spotlight

The world economic forum in Davos, Switzerland, is set to address the theme of "rebuilding trust" with an emphasis on the global connection for a thriving future. However, the spotlight is once again on the hypocrisy of political and business leaders arriving at the resort in private jets.

Decoding the hypocrisy of global elite at Davos

China's battered Real Estate industry to weigh on growth? Record waves of defaults by Chinese developers costs economy. Watch to know more!

China: Former official expects China's property woes to continue

Boeing is all set to face more regulatory scrutiny in the U.S. The federal aviation administration is all set to intensify oversight of the plane maker. The plane maker is in the eye of the storm after a panel broke off a new jet in mid-flight. The federal aviation administration sees the incident as part of the larger "manufacturing problems" at Boeing.

US Aviation watchdog to intensify oversight of plane maker

Indian Prime Minister Narendra Modi will be inaugurating the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar. The theme of the summit is "Gateway to the future" to celebrate "20 years of Vibrant Gujarat as the summit of success". Watch to know more!

Vibrant Gujarat Summit 2024: PM Modi leads roadshow ahead of 3-day mega business event

Apple has seen its worst start to the year by far, jeopardising its long-standing position as the most valuable stock in the world based on market capitalisation.

Apple just had its worst start to the year

In a week from now, the U.S. could approve bitcoin-based exchange traded funds for the first time. A Reuters report says that investment management firms, stock exchanges, & the U.S. Markets regulator have discussed final changes in their applications for bitcoin-based exchange-traded funds.

US All set to approve bitcoin-based exchange traded funds

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC. The study by High Pay Centre, the think tank, says that by lunchtime on Thursday (January 4) they had earned more than 34,963 pounds, the annual median wage of workers in Britain.

The centre says that top bosses will enjoy an average annual reward amount of 3.81 million pounds. This means that they are earning 1170 pounds per hour. This comes to 109 times what an average worker earns.

In order to surpass the yearly income of the average worker, lawyers in top cities in the country will have to wait a bit longer, but not too much. By the beginning of the next week, they will have crossed the mark.

When it comes to leading bankers, they will overtake the figure by January 17.

BBC reported that the High Pay Centre made the calculations based on salaries published by the companies in their annual reports.

The news outlet quoted the Trade Union Congress (TUC), which said there were "obscene levels of pay inequality".

There are reportedly occasional claims in the UK that top earners are not paid adequately in the UK.

"When politicians listen to these misguided views, it's unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population," said High Pay Centre director Luke Hildyard.

<h2>Counterview</h2>

BBC quoted an interesting opinion of Professor Len Shackleton from the free-market think tank, the Institute of Economic Affairs. Shackleton said that since high-earning individuals paid a higher proportion of taxes, a crackdown on their earnings would lead to increased tax bills for others.

"Top earners pay stonking amounts in taxes: the top 1% of all earners in this country pay almost 30% of income tax. If we somehow stopped these people earning large amounts, many of them would leave the country and we would all have to pay higher taxes to compensate," he said.

"A CEO can make, or break, a company and therefore it's unsurprising they are paid generously," he said.

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC.

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC. The study by High Pay Centre, the think tank, says that by lunchtime on Thursday (January 4) they had earned more than 34,963 pounds, the annual median wage of workers in Britain. The centre says that top bosses will enjoy an average annual reward amount of 3.81 million pounds. This means that they are earning 1170 pounds per hour. This comes to 109 times what an average worker earns. In order to surpass the yearly income of the average worker, lawyers in top cities in the country will have to wait a bit longer, but not too much. By the beginning of the next week, they will have crossed the mark. When it comes to leading bankers, they will overtake the figure by January 17. BBC reported that the High Pay Centre made the calculations based on salaries published by the companies in their annual reports. The news outlet quoted the Trade Union Congress (TUC), which said there were "obscene levels of pay inequality". There are reportedly occasional claims in the UK that top earners are not paid adequately in the UK. "When politicians listen to these misguided views, it's unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population," said High Pay Centre director Luke Hildyard. Counterview BBC quoted an interesting opinion of Professor Len Shackleton from the free-market think tank, the Institute of Economic Affairs. Shackleton said that since high-earning individuals paid a higher proportion of taxes, a crackdown on their earnings would lead to increased tax bills for others. "Top earners pay stonking amounts in taxes: the top 1% of all earners in this country pay almost 30% of income tax. If we somehow stopped these people earning large amounts, many of them would leave the country and we would all have to pay higher taxes to compensate," he said. "A CEO can make, or break, a company and therefore it's unsurprising they are paid generously," he said.

Top UK corporate bosses earn in four days what average worker earns in year: Study

Navigating the modern business landscape is an ever-shifting challenge, with trends evolving rapidly, consumer preferences in constant flux, and fortunes hanging in the balance. As business dive head-first to stay ahead of the curve in 2024, here are some trends that promise to shape the business terrain.

Can corporate giants compete with tech-first upstarts?

Emerging technologies will come with huge economic benefits, contributing 30 per cent to the global economy by 2030. Businesses are moving towards integrating these technologies, and we are likely to see certain adoption trends in 2024. We also speak to Raj Kapoor, founder, India Blockchain Alliance for more perspective.

Why companies need to embrace Tech for optimising their business

What is the tech outlook for businesses in 2024?

The United States' imposition of sanctions on Russia's Arctic LNG-2 project has triggered a geopolitical ripple effect. The project, slated to kick off production in early 2024, is now facing unexpected challenges. Amid these setbacks, Chinese Ministry of Foreign Affairs spokeswoman Mao Ning affirmed on Tuesday that the two nations will persist in their economic and trade cooperation.

China pushes back against US Sanctions on LNG project

Geopolitical tensions to impact the energy sector. Top energy sector outlook predictions for 2024 include a decline in global coal consumption. Watch our guest, Pulkit Agarwal, Head of India content, S&P Global Platts decode the 2024 energy outlook.

Energy Sector: What to expect in 2024?

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMA.asia. "The reason why consumers are there is because Social Media is innovating faster than other media channels," says Lalatendu Das CEO Performics India to Jasper Reid.

Lalatendu Das CEO Performics India speaks to WION

'We are trying to improve our customer experience through digital' ... says Nikhil Dhar, Associate VP- digital & marketing, Indigo.

Nikhil Dhar, Associate VP- digital & marketing, Indigo speaks to WION

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMAasia.

Jitender Dabas, Chief Operating Officer & CSO McCann WorldGroup India speaks to WION

2023 marks a remarkable year for short-seller Hindenburg. for activist US short seller Hindenburg research, bearish bets on the Adani group and ICAHN enterprises have concluded another incredible year. Hindenburg kicked off the year accusing Indian billionaire Gautam Adani's conglomerate of accounting fraud and stock manipulation. At one point, those accusations caused the market value of Adani group to decline by over $150 billion. Big bet on the Indian giant made Hindenburg famous. Seven of the group's 10 stocks are still down compared to before Hindenburg's damning report on January 24.

Hindenburg's prominent bets this year | World Business Watch

business

Business, News on Business, stories on Business, articles on Business, Business stories at Wion, Business news, Business latest news