Law has finally caught up with auto maker Nikola's founder Trevor Milton. He was sentenced to four years in jail on Monday for lying about the company's products. The 41-year-old will also pay a fine of 1 million dollars.

Nikola founder Trevor Milton sentenced for four years | World News | WION

International investors have finally bought into India's growth story in the final trading sessions of 2023. After reversing their selling trend in november, foreign portfolio investors (F.P.I.S) have invested rs 42,733 crore, or nearly $52 billion, in indian shares in the first 15 days of december.

Foreign investors reverse their november selling streak

In a big set back for crypto firms in the united states, the US Securities and exchange commission has denied a petition by coinbase, which sought new rules for the digital asset sector. The crypto exchange is all set to challenge this decision in court.

US Securities regulator says no to crypto rules

We delve into the heart of the world's diamond industry as g7 countries announce a ban on russian gems. India, home to 90% of the global diamond cutting and polishing sector, expects little disruption. That’s because it predominantly processes smaller russian diamonds, cushioning the blow of the upcoming restrictions.

India's diamond dominance eases blow from G7 restrictions on Russia| World Business Watch

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally<o:p></o:p>

There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-41000-spot-etf-approval-and-market-dynamics-drive-the-rally-666249">Read more here</a><o:p></o:p>

Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts<o:p></o:p>

A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tokyos-inflation-slows-boj-faces-decisive-policy-crossroads-amid-economic-shifts-666275">Read more here</a><o:p></o:p>

Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025<o:p></o:p>

&nbsp;

Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-pledges-to-enlist-10-million-merchants-on-government-backed-ondc-platform-by-2025-666292">Read more here</a><o:p></o:p>

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally<o:p></o:p>

El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values.

<a href="https://www.wionews.com/business-economy/el-salvadors-bitcoin-investments-surge-bukele-confirms-profit-amid-cryptocurrency-rally-666310">Read more here</a><o:p></o:p>

Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment<o:p></o:p>

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/barclay-family-reclaims-telegraph-newspaper-after-abu-dhabi-aids-with-debt-repayment-666339">Read more here</a><o:p></o:p>

Ancestry website 23andMe confirms recent data breach affected 6.9 million users&nbsp;<o:p></o:p>

Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident.<o:p></o:p>

<a href="https://www.wionews.com/world/ancestry-website-23andme-confirms-recent-data-breach-affected-69-million-users-666347">Read more here </a><o:p></o:p>

Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions<o:p></o:p>

Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region.

<a href="https://www.wionews.com/business-economy/extreme-weather-halts-iphone-production-in-india-foxconn-and-pegatron-grapple-with-disruptions-666357">Read more here</a><o:p></o:p>

Israeli authorities probe suspected insider trading linked to Hamas attack<o:p></o:p>

Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7.

<a href="https://www.wionews.com/business-economy/israeli-authorities-probe-suspected-insider-trading-linked-to-hamas-attack-666374">Read more here </a><o:p></o:p>

Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial<o:p></o:p>

In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial.<o:p></o:p>

<a href="https://www.wionews.com/technology/landmark-stability-ai-vs-getty-images-copyright-lawsuit-to-move-ahead-to-trial-666377">Read more here</a><o:p></o:p>

UK discloses immigration reforms: Stricter visas aim to curb soaring migration<o:p></o:p>

Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-discloses-immigration-reforms-stricter-visas-aim-to-curb-soaring-migration-666389">Read more here </a><o:p></o:p>

Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US<o:p></o:p>

A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4.

<a href="https://www.wionews.com/technology/intel-succeeds-in-overturning-218bn-patent-verdict-one-of-the-largest-in-us-666197">Read more here </a><o:p></o:p>

<iframeamp;muteaccelerometer; autoplay=""></iframeamp;muteaccelerometer;>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022. Read more here Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased. Read more here Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025 Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025. Read more here El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values. Read more here Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. Read more here Ancestry website 23andMe confirms recent data breach affected 6.9 million users Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident. Read more here Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region. Read more here Israeli authorities probe suspected insider trading linked to Hamas attack Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7. Read more here Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial. Read more here UK discloses immigration reforms: Stricter visas aim to curb soaring migration Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally. Read more here Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4. Read more here WATCH WION LIVE HERE

WION Business Wrap | Bitcoin surges past $41,000, Paytm pledges to enlist 10 mn merchants & more

Pakistan’s stock market is witnessing a red-hot surge as foreign investors flock to the country amid easing financial & political tensions

Pakistan's stocks emerge as top choice in emerging markets

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023<o:p></o:p>

Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/navigating-the-net-zero-frontier-insights-from-the-world-economic-forums-industry-tracker-2023-664521">Read more here</a><a href="https://www.wionews.com/business-economy/navigating-the-net-zero-frontier-insights-from-the-world-economic-forums-industry-tracker-2023-664521"> </a>

Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit<o:p></o:p>

Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/legal-kickoff-ronaldos-role-in-binance-nft-push-sparks-investor-lawsuit-664545">Read more here </a>

AI-Driven Hearing: A symphony of adaptability in noisy environments<o:p></o:p>

Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ai-driven-hearing-a-symphony-of-adaptability-in-noisy-environments-664549">Read more here </a>

Pakistan's stock rally ignited by f736mnn investors hits four-year high<o:p></o:p>

The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/pakistans-stock-rally-ignited-by-foreign-investors-hits-four-year-high-664525">Read more here</a> 

Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO <o:p></o:p>

With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/dubai-taxi-breaks-records-with-41-bn-in-orders-for-315-mn-ipo-664557">Read more here</a>

Uber aims to mend ties with London's black cabs in new initiative<o:p></o:p>

Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uber-aims-to-mend-ties-with-londons-black-cabs-in-new-initiative-664575">Read more here</a>

China's manufacturing sector faces second consecutive month of contraction. Here are the details<o:p></o:p>

A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583">Read more here</a><a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583"> </a>

India unveils $141 billion plan to extend free food grains program<o:p></o:p>

According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion).

<o:p></o:p><a href="https://www.wionews.com/business-economy/india-unveils-141-billion-plan-to-extend-free-food-grains-program-664593">Read more here</a>

Angolan woman billionaire battles $736mn asset freeze, alleges political persecution<o:p></o:p>

In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression".<o:p></o:p>

<a href="https://www.wionews.com/business-economy/angolan-woman-billionaire-battles-736m-asset-freeze-alleges-political-persecution-664597">Read more here </a>

Walmart is preferring import from India than China, data shows<o:p></o:p>

Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438">Read more here</a><a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438"> </a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions. Read more here Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world. Read more here AI-Driven Hearing: A symphony of adaptability in noisy environments Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene. Read more here Pakistan's stock rally ignited by f736mnn investors hits four-year high The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June. Read more here Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date. Read more here Uber aims to mend ties with London's black cabs in new initiative Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs. Read more here China's manufacturing sector faces second consecutive month of contraction. Here are the details A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month. Read more here India unveils $141 billion plan to extend free food grains program According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion). Read more here Angolan woman billionaire battles $736mn asset freeze, alleges political persecution In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression". Read more here Walmart is preferring import from India than China, data shows Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Navigating the Net-Zero frontier, Ronaldo’s investor lawsuit, AI-driven hearing & more

Micron, the largest US chip maker, saw its shares tumble the most in two months. The decline comes after the company's warning that operating costs are surging more than predicted. The stock price dropped 4.6%, its worst since september 28. As of monday's closing, it had risen 55% for the year, boosted by hopes that the chip sector recovered from a slump. Micron announced $990 million in adjusted operating expenditures for the quarter. That was higher than the market prediction of $900 million.

Micron's optimistic market view

According to the Confederation of All India Traders (CAIT), the stage is set for a remarkable business surge, with projections reaching an impressive $63 billion. This comes as 3.8 million weddings are expected to unfold across the nation, commencing from dev Uthan Ekadashi and continuing until December 15.

Business worth $63 bn anticipated in upcoming wedding season

Alibaba founder Jack Ma has decided to delay plans to reduce his stake in the Chinese e-commerce giant. The move follows a series of events, including the cancellation of the spin-off of Alibaba's $11 billion cloud business and a $22 billion drop in market value in a single day.

Alibaba founder delays plans to reduce his stake in company

Parul Goel, the Territory Head of ZEE Europe, has been awarded the Media Personality of the Year at the Asian Business Awards 2023. Goel, who has been instrumental in expanding ZEE Entertainment's presence across the United Kingdom, received the award in the presence of United Kingdom Deputy PM Oliver Dowden, London Mayor Sadiq Khan, and top representatives of the business world.

"I am grateful and filled with gratitude and would like to thank Kalpesh Solanki and Shailesh Solanki (of the Asian Media Group), for this prestigious award. The journey has never been easy, and it continues to present its challenges. With the unwavering support of my family and my wife, I strive to do my best and learn each day," said Goel.

A brainchild of the Solanki family, the Asian Business Awards celebrates and recognises the outstanding achievements of entrepreneurs and businesses within the Asian community. &nbsp;

Under Goel stewardship, ZEE Entertainment achieved a significant milestone in 2023: the company launched four captivating channels via Freeview, the United Kingdom's sole digital terrestrial television platform. This expansion, featuring Zee Zest, Zing, Zee World, and Zee Punjabi, aimed to provide a diverse range of content accessible through Freeview's extensive platform.

This strategic move aligns with Goel's commitment to catering to the multicultural fabric of the United Kingdom, offering a wide array of content spanning lifestyle, entertainment, drama, and regional programming.

But Goel's entrepreneurial vision goes much beyond the UK. In September this year, Zee Entertainment re-launched Zee One, a Bollywood-centric channel uniquely tailored for German viewers through a groundbreaking partnership with Samsung TV Plus.

Parul Goel, the Territory Head of ZEE Europe, has been awarded the Media Personality of the Year at the Asian Business Awards 2023. Goel, who has been instrumental in expanding ZEE Entertainment's presence across the United Kingdom, received the award in the presence of United Kingdom Deputy PM Oliver Dowden, London Mayor Sadiq Khan, and top representatives of the business world.

Parul Goel, the Territory Head of ZEE Europe, has been awarded the Media Personality of the Year at the Asian Business Awards 2023. Goel, who has been instrumental in expanding ZEE Entertainment's presence across the United Kingdom, received the award in the presence of United Kingdom Deputy PM Oliver Dowden, London Mayor Sadiq Khan, and top representatives of the business world. "I am grateful and filled with gratitude and would like to thank Kalpesh Solanki and Shailesh Solanki (of the Asian Media Group), for this prestigious award. The journey has never been easy, and it continues to present its challenges. With the unwavering support of my family and my wife, I strive to do my best and learn each day," said Goel. A brainchild of the Solanki family, the Asian Business Awards celebrates and recognises the outstanding achievements of entrepreneurs and businesses within the Asian community. Under Goel stewardship, ZEE Entertainment achieved a significant milestone in 2023: the company launched four captivating channels via Freeview, the United Kingdom's sole digital terrestrial television platform. This expansion, featuring Zee Zest, Zing, Zee World, and Zee Punjabi, aimed to provide a diverse range of content accessible through Freeview's extensive platform. This strategic move aligns with Goel's commitment to catering to the multicultural fabric of the United Kingdom, offering a wide array of content spanning lifestyle, entertainment, drama, and regional programming. But Goel's entrepreneurial vision goes much beyond the UK. In September this year, Zee Entertainment re-launched Zee One, a Bollywood-centric channel uniquely tailored for German viewers through a groundbreaking partnership with Samsung TV Plus.

Zee Europe's Parul Goel awarded Media Personality of the Year at Asian Business Awards 2023

In WION's "Billion Dollar Idea" show, we cover the inspiring story of a maverick enabling entrepreneurs and empowering businesses. Saurabh Nanda, an accomplished Founder with a proven track record in the marketing and advertising sector, is making significant contributions to the evolution of the startup ecosystem. His impact extends beyond personal success, as he becomes a guiding figure for aspiring entrepreneurs. Join Jasper Reid as he delves into the success narrative of this seasoned businessman, who has achieved a god-like status among entrepreneurs.

Billion Dollar Idea | Episode 10 | Combonation

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Turkey and turnaround: Thanksgiving's economic upswing

As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.&nbsp;

<a href="https://www.wionews.com/business-economy/turkey-and-turnaround-thanksgivings-economic-upswing-661858">Read more here</a>

OpenAI researchers warned of potent AI discovery before Sam Altman's ouster&nbsp;&nbsp; &nbsp;

Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-researchers-warned-of-potent-ai-discovery-before-sam-altmans-ouster-661793">Read more here</a>

Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns

Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud. &nbsp;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/lawmakers-urge-sec-probe-into-musks-neuralink-amid-safety-concerns-661790">Read more here</a>

Zomato, Swiggy hit with GST demand notice, face tax troubles: Report&nbsp;&nbsp; &nbsp;

India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers.

<a href="https://www.wionews.com/business-economy/zomato-swiggy-hit-with-gst-demand-notice-face-tax-troubles-report-661795">Read more here</a>

Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom

Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. &nbsp;&nbsp;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/nvidia-soars-beyond-wall-street-estimates-in-q3-but-china-concerns-loom-661797">Read more here</a>

Brazil approves $65 million Amazon fund to combat rainforest crimes&nbsp;

Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest.&nbsp;

<a href="https://www.wionews.com/business-economy/brazil-approves-65-million-amazon-fund-to-combat-rainforest-crimes-661827">Read more here</a>

India's stock market predicted to hit record highs amid global caution

According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

<a href="https://www.wionews.com/business-economy/indias-stock-market-predicted-to-hit-record-highs-amid-global-caution-661801">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. Read more here OpenAI researchers warned of potent AI discovery before Sam Altman's ouster Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity. Read more here Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud. Read more here Zomato, Swiggy hit with GST demand notice, face tax troubles: Report India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers. Read more here Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. Read more here Brazil approves $65 million Amazon fund to combat rainforest crimes Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest. Read more here India's stock market predicted to hit record highs amid global caution According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024. Read more here

Wion Business Wrap | OpenAI mystery deepens, India's stock boom & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles 

Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

<a href="https://www.wionews.com/business-economy/sam-altman-confirms-his-return-to-openai-as-ceo-661426">Read more here</a>

Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph  

Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.  

<a href="https://www.wionews.com/business-economy/baidu-unfazed-by-us-chip-curbs-reveals-chip-stockpile-amid-q3-revenue-triumph-661356">Read more here</a>

Richard Teng is new Binance CEO amid regulatory changes

As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.&nbsp; 
      
<a href="https://www.wionews.com/business-economy/richard-teng-is-new-binance-ceo-amid-regulatory-changes-661363">Read more here</a>

Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues  

Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.   

<a href="https://www.wionews.com/business-economy/microsoft-cto-offers-matching-compensation-to-openai-employees-amid-leadership-issues-661399">Read more here</a>

OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-microsoft-face-lawsuits-over-unauthorized-use-of-authors-work-in-ai-training-661473">Read more here</a>

Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza  

Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza. &nbsp; 

<a href="https://www.wionews.com/business-economy/elon-musk-to-donate-ad-revenue-from-x-to-israeli-hospitals-relief-work-in-gaza-661432">Read more here</a>

Argentina's black market peso plummets as libertarian Milei secures presidential win 

Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday. &nbsp;     

<a href="https://www.wionews.com/business-economy/argentinas-black-market-peso-plummets-as-libertarian-milei-secures-presidential-win-661403">Read more here</a>

Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost   

Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. &nbsp;

<a href="https://www.wionews.com/business-economy/canadas-fiscal-update-higher-deficits-slower-debt-reduction-and-housing-boost-661441">Read more here</a>

China's state banks drive yuan rally amidst dollar weakness: Report  

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar. &nbsp;   

<a href="https://www.wionews.com/business-economy/chinas-state-banks-drive-yuan-rally-amidst-dollar-weakness-report-661466">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles  Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company. Read more here Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph   Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.   Read more here Richard Teng is new Binance CEO amid regulatory changes As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.       Read more here Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues   Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.    Read more here OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. Read more here Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza   Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.   Read more here Argentina's black market peso plummets as libertarian Milei secures presidential win  Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday.       Read more here Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost    Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. Read more here China's state banks drive yuan rally amidst dollar weakness: Report   China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar.     Read more here

Wion Business Wrap | Sam Altman's dramatic comeback, Binance's troubles & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum

The leading manufacturer of AI chips, Nvidia, is expected to release&nbsp;strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing&nbsp;limitations on the sale of its premium chips to China, which has raised serious concerns among investors.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-high-stakes-dance-ai-triumphs-amidst-china-conundrum-660974">Read more here</a>

Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices

Desperation in Toronto's housing market is evident with sky-high&nbsp;prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed.

<a href="https://www.wionews.com/business-economy/torontos-housing-desperation-half-a-bed-for-c-900-a-month-amid-soaring-prices-660985">Read more here</a>

French diplomat heads to China amid EV tensions. Here are the details

France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs).

<a href="https://www.wionews.com/business-economy/french-diplomat-heads-to-china-amid-ev-tensions-here-are-the-details-661011">Read more here</a>

Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces

Amid the upheaval surrounding OpenAI, Microsoft has taken&nbsp;advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation.

<a href="https://www.wionews.com/business-economy/microsofts-valuation-soars-as-openai-turmoil-unfurls-ceo-and-key-staff-join-forces-661032">Read more here</a>

Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report

Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs,&nbsp;igniting a new hype cycle.

<a href="https://www.wionews.com/business-economy/wall-street-awaits-100-bn-crypto-boom-with-bitcoin-etfs-report-661050">Read more here</a>

Japan's wage boom paves the way for BOJ exit, boosts inflation battle

The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented&nbsp;for the past ten years, as the country prepares for a second year of large salary increases.

<a href="https://www.wionews.com/business-economy/japans-wage-boom-paves-the-way-for-boj-exit-boosts-inflation-battle-661062">Read more here</a> 

Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired

After CEO Sam Altman was abruptly fired, investors at OpenAI, consider&nbsp;suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives.

<a href="https://www.wionews.com/business-economy/investor-uproar-at-openai-legal-battle-looms-after-ceo-sam-altman-fired-661069">Read more here</a> 

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing limitations on the sale of its premium chips to China, which has raised serious concerns among investors. Read more here Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices Desperation in Toronto's housing market is evident with sky-high prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed. Read more here French diplomat heads to China amid EV tensions. Here are the details France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs). Read more here Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces Amid the upheaval surrounding OpenAI, Microsoft has taken advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation. Read more here Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs, igniting a new hype cycle. Read more here Japan's wage boom paves the way for BOJ exit, boosts inflation battle The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented for the past ten years, as the country prepares for a second year of large salary increases. Read more here Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired After CEO Sam Altman was abruptly fired, investors at OpenAI, consider suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Nvidia's AI chip revenue, Toronto's housing desperation & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match&nbsp;

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. &nbsp;

<a href="https://www.wionews.com/business-economy/disney-hotstar-smashes-streaming-records-with-53-mn-views-during-india-new-zealand-match-659545">Read more here</a>

Starbucks employees walkout on Red Cup Day, demand improved conditions&nbsp;

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday.

<a href="https://www.wionews.com/business-economy/starbucks-employees-walkout-on-red-cup-day-demand-improved-conditions-659568">Read more here</a>

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

<a href="https://www.wionews.com/business-economy/general-motors-workers-ratify-labour-deal-uaw-eyes-similar-outcomes-at-ford-and-stellantis-659577">Read more here</a>

Alibaba cancels cloud computing spinoff amid US-China chip war&nbsp;

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market&nbsp;leader. &nbsp;

<a href="https://www.wionews.com/business-economy/alibaba-cancels-cloud-computing-spinoff-amid-us-china-chip-war-659601">Read more here</a>

RBI bulletin highlights inflation challenge despite boost in consumption

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".&nbsp;

<a href="https://www.wionews.com/business-economy/rbi-bulletin-highlights-inflation-challenge-despite-boost-in-consumption-659632">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. Read more here Starbucks employees walkout on Red Cup Day, demand improved conditions Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday. Read more here General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. Read more here Alibaba cancels cloud computing spinoff amid US-China chip war Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. Read more here RBI bulletin highlights inflation challenge despite boost in consumption The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet". Read more here

Wion Business Wrap | Disney + Hotstar's record, RBI's warning & more

A massive leak of documents exposes how PWC Cyprus rushed to assist Russian oligarchs in moving assets out of their names during the early days of the Ukraine invasion. The leaked documents reveal frantic email exchanges and urgent approvals as PWC Cyprus partners facilitated transfers, even before transaction prices were finalized.

Cyprus - leaked documents expose PWC's role in oligarch asset shift

The European Central Bank has issued a stark warning as eurozone banks face a tech crisis. The ECB's survey reveals a 360% surge in losses in 2022, signalling a critical need for immediate action.

Euro banks face cyber meltdown

In a major environmental triumph, the European Union has not only met but surpassed its climate goals. A 5.3% reduction in greenhouse gas emissions has been recorded in the second quarter of 2023.

EU sees 5.3% plunge in Q2 greenhouse gas emissions

In this ever-evolving realm of global economics, few challenges are as formidable as inflation impacting nation's economies and our daily lives.

India: Retail down to 5.02% in September 2023

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge&nbsp;

Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year.&nbsp;

<a href="https://www.wionews.com/business-economy/metas-meteoric-rise-wall-street-enthusiasts-rally-behind-facebooks-metaverse-push-as-shares-surge-658645">Read more here</a>&nbsp;

Russia's rouble rises as cash inflow surges amidst oil export recovery&nbsp;

Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble.

<a href="https://www.wionews.com/business-economy/russias-rouble-rises-as-cash-inflow-surges-amidst-oil-export-recovery-658655">Read more here&nbsp;</a>

Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record

Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-spectacular-surge-200-bln-added-in-10-day-winning-streak-matching-2016-record-658668">Read more here</a>&nbsp;

China unveils $137 bln plan to revitalise property market amid economic challenges&nbsp;

In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects.

<a href="https://www.wionews.com/business-economy/china-unveils-137-bln-plan-to-revitalise-property-market-amid-economic-challenges-658687">Read more here&nbsp;</a>

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation.

<a href="https://www.wionews.com/business-economy/slowing-us-inflation-fuels-optimism-as-fed-rate-hike-concerns-subside-report-658723">Read more here</a>

Huawei surge propels China's smartphone market to 11pc growth in October

According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an&nbsp;83 per cent spike in sales for Huawei.

<a href="https://www.wionews.com/business-economy/huawei-surge-propels-chinas-smartphone-market-to-11pc-growth-in-october-658736">Read more here</a>

US House passes crucial spending bill to avert government shutdown

A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators.

<a href="https://www.wionews.com/business-economy/us-house-passes-crucial-spending-bill-to-avert-government-shutdown-658742">Read more here&nbsp;</a>

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine.

<a href="https://www.wionews.com/business-economy/pwc-cyprus-helped-russian-oligarch-move-12-billion-after-ukraine-invasion-despite-sanctions-report-658707">Read more here</a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year. Read more here Russia's rouble rises as cash inflow surges amidst oil export recovery Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble. Read more here Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016. Read more here China unveils $137 bln plan to revitalise property market amid economic challenges In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects. Read more here Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation. Read more here Huawei surge propels China's smartphone market to 11pc growth in October According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an 83 per cent spike in sales for Huawei. Read more here US House passes crucial spending bill to avert government shutdown A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators. Read more here PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Meta's meteoric rise, China's property market challenges & more 

The US Economy has embarked on a new phase in the last two weeks, prompting a closer look at data to validate this narrative. The Federal Reserve's potential completion of its rate-hiking cycle is gaining momentum, with the upcoming week expected to provide more confirming data. Notably, there's a growing likelihood of rate reductions in 2024, marking a crucial aspect to watch.

Five key points to monitor this week in US economy

Asian markets are under pressure after US Federal Reserve hinted that interest rates may need to rise further.

Global markets roundup | Asian markets under pressure

Troubled edtech giant Byju’s has laid off nearly 600 employees from its content and marketing teams. Meanwhile, Byju’s lenders win the battle over $1.2 billion term loan.

Byju’s slashes 600 jobs

Softbank's financial report takes a hit as the company records a $5.2 billion loss for the quarter, marking its fourth consecutive period in the red. WeWork's bankruptcy is a significant contributor to this setback.

WeWork's collapse drains Softbank

The recent cost of living crisis globally has everyone anticipating a real income rise. While income struggles to keep up with inflation in major economies, India is bucking this trend

India to lead global real wage growth in 2024

In WION's "Billion Dollar Idea" show, we cover the business featured as one of "Fortune India's Next 500 companies." LogiNext is one of India’s most used software services for online delivery. In less than a decade the company has touched a billion businesses in the market. Let's join Jasper Reid, who unravels the success story of Dhruvil Sanghvi, a young entrepreneur who made your every day delivery services easy and faster than ever.

Billion Dollar Idea I Episode 9 I LOGINEXT

Highest individual tax rates. Watch our report to know more.

Highest individual tax rates

Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed. &nbsp;

This optimism outpaces the global average of 49 per cent, showcasing India's economic potential and confidence in its future prospects.

Technology investments propel growth

The report indicates that 88 per cent of Indian businesses are preparing to increase their resources for technological developments in the second half of 2023, making technology investments the driving force behind this spending spree.

This technology-focused strategy is primarily driven by the need to increase productivity, satisfy the growing demand for digital products, and improve payment efficiency and speed.

Business travel and professional services on the rise

Interestingly, 72 per cent of Indian businesses foresee more travel, entertainment, and cost budgets, highlighting the critical role that business travel plays. In order to network, learn about the industry, and consider possible collaborations, firms are increasingly taking part in industry events. &nbsp;

To broaden their horizons, make contacts, and take advantage of fresh prospects, Indian businesses are also allocating larger resources for both local and international business travel.

68 per cent of Indian enterprises anticipate increasing their spending in business and professional services, underscoring the importance of these services. For the purpose of fully utilising technical breakthroughs, IT and technology consulting services account for 61 per cent of total investments. Even more, up to 59 per cent are looking for more accounting and financial guidance to deal with possible restructuring and other financial difficulties.

Additionally, 79 per cent of businesses seek to increase their marketing and advertising budgets to target international markets, promote new products and services, and pursue new marketing channels.

Optimism and automation in payments

Apart from their anticipated expenditure, Indian businesses are also hopeful about their organisations' future performance in the upcoming year. Of them, 88 per cent are positive, which is higher than the global Trendex average of 77 per cent.

Manish Kapoor, Vice President and Head of Global Commercial Services (GCS) at American Express Banking Corp., India, highlighted the growing trend of payment automation among Indian businesses. He stated, "It's noteworthy that a substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes. As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount."

92 per cent of Indian businesses said that enhancing payment security is their top priority, indicating a greater understanding of the significance of safe financial transactions. Additionally, during the previous year, 90 per cent of organisations acknowledged the growing importance of managing cash flow and working capital.

The Path Forward: Increased Automation

The poll also shows that payment automation is increasing, with 84 per cent of Indian businesses reporting at least partially automated supplier payments and 39 per cent reporting full automation. Companies that have embraced automation report 58 per cent faster and more accurate billing and 54 per cent fewer errors made by humans.

Future projections indicate that 86 per cent of Indian businesses want to start automation for the process of collecting payments from customers. 83 per cent want to increase the level of automation they now use for payments to suppliers while 34 per cent of those who have not yet automated their payments are actively looking for partners to help them streamline their payment procedures.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed.

Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed. This optimism outpaces the global average of 49 per cent, showcasing India's economic potential and confidence in its future prospects. Technology investments propel growth The report indicates that 88 per cent of Indian businesses are preparing to increase their resources for technological developments in the second half of 2023, making technology investments the driving force behind this spending spree. This technology-focused strategy is primarily driven by the need to increase productivity, satisfy the growing demand for digital products, and improve payment efficiency and speed. Business travel and professional services on the rise Interestingly, 72 per cent of Indian businesses foresee more travel, entertainment, and cost budgets, highlighting the critical role that business travel plays. In order to network, learn about the industry, and consider possible collaborations, firms are increasingly taking part in industry events. To broaden their horizons, make contacts, and take advantage of fresh prospects, Indian businesses are also allocating larger resources for both local and international business travel. 68 per cent of Indian enterprises anticipate increasing their spending in business and professional services, underscoring the importance of these services. For the purpose of fully utilising technical breakthroughs, IT and technology consulting services account for 61 per cent of total investments. Even more, up to 59 per cent are looking for more accounting and financial guidance to deal with possible restructuring and other financial difficulties. Additionally, 79 per cent of businesses seek to increase their marketing and advertising budgets to target international markets, promote new products and services, and pursue new marketing channels. Optimism and automation in payments Apart from their anticipated expenditure, Indian businesses are also hopeful about their organisations' future performance in the upcoming year. Of them, 88 per cent are positive, which is higher than the global Trendex average of 77 per cent. Manish Kapoor, Vice President and Head of Global Commercial Services (GCS) at American Express Banking Corp., India, highlighted the growing trend of payment automation among Indian businesses. He stated, "It's noteworthy that a substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes. As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount." 92 per cent of Indian businesses said that enhancing payment security is their top priority, indicating a greater understanding of the significance of safe financial transactions. Additionally, during the previous year, 90 per cent of organisations acknowledged the growing importance of managing cash flow and working capital. The Path Forward: Increased Automation The poll also shows that payment automation is increasing, with 84 per cent of Indian businesses reporting at least partially automated supplier payments and 39 per cent reporting full automation. Companies that have embraced automation report 58 per cent faster and more accurate billing and 54 per cent fewer errors made by humans. Future projections indicate that 86 per cent of Indian businesses want to start automation for the process of collecting payments from customers. 83 per cent want to increase the level of automation they now use for payments to suppliers while 34 per cent of those who have not yet automated their payments are actively looking for partners to help them streamline their payment procedures. WATCH WION LIVE HERE

Indian businesses outshine global peers, anticipate 72pc surge in B2B spending in 2023

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Italy grapples with billions in losses from severe flooding and extreme weather&nbsp;

This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas. The government is counting the hefty cost of these catastrophes. The top insurance firms are already dealing with claims over €3 billion ($3.2 billion) from floods and hurricanes that affected Emilia Romagna and Veneto earlier this year. &nbsp;

<a href="https://www.wionews.com/business-economy/italy-grapples-with-billions-in-losses-from-severe-flooding-and-extreme-weather-655567">Read more here.</a>

Saudi Arabia’s non-oil business activity surges to four-month high on new orders&nbsp;

According to a recent poll, the non-oil business sector in Saudi Arabia has experienced a strong development trend. The survey also revealed that the Kingdom's economy has been growing for the second consecutive month in October. Seasonally adjusted, the Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.4 last month from 57.2 in September, according to Reuters.&nbsp;

<a href="https://www.wionews.com/business-economy/saudi-arabias-non-oil-business-activity-surges-to-four-month-high-on-new-orders-655586">Read more here.</a>

Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions&nbsp;

Even as geopolitical concerns in West Asia continue to upset global oil markets, Saudi Arabia and Russia have reaffirmed their agreement towards maintaining reductions in oil output of more than one million barrels per day until the end of the year.

<a href="https://www.wionews.com/business-economy/saudi-arabia-and-russia-hold-steady-on-oil-production-cuts-amid-west-asia-tensions-655597">Read more here. &nbsp;</a>

China faces persistent deflation challenges as economic fragility persists&nbsp;

As 2023 draws to a close, China's ongoing battle against deflationary pressures raises concerns about the stability of its economic recovery. According to a Bloomberg survey of economists, the data, which is expected on Thursday, could indicate that consumer prices in China experienced deflation again in October.&nbsp;

<a href="https://www.wionews.com/business-economy/china-faces-persistent-deflation-challenges-as-economic-fragility-persists-655617">Read more here.</a>

Foxconn sees decline in sales amid Chinese investigation: Report&nbsp;

The largest iPhone assembler in the world, Hon Hai Precision Industry Co. (also known as Foxconn), had a 4.6 per cent drop in revenue in October, which has investors worried about the company's survival in the midst of a Chinese probe.

<a href="https://www.wionews.com/business-economy/foxconn-sees-decline-in-sales-amid-chinese-investigation-report-655627">Read more here.</a>

India extends free food grains program to tackle rising cereal prices: Report&nbsp;

Prime Minister Narendra Modi disclosed on Saturday that India has announced a five-year extension of its free food grains programme in an effort to protect people from the skyrocketing prices of cereals and in anticipation of the forthcoming general election early next year. &nbsp;

<a href="https://www.wionews.com/business-economy/india-extends-free-food-grains-program-to-tackle-rising-cereal-prices-report-655659">Read more here.</a>

China to boost imports and market access despite criticism at Trade Expo&nbsp;

Reaffirming its commitment to opening up its economy, China's Premier, Li Qiang, declared on Sunday at the annual China International Import Expo in Shanghai that the nation will increase imports and further extend market access. Li told Reuters that China hopes to import $17 trillion worth of goods and services over the course of the next five years.&nbsp;

<a href="https://www.wionews.com/business-economy/china-to-boost-imports-and-market-access-despite-criticism-at-trade-expo-655683">Read more here.</a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Italy grapples with billions in losses from severe flooding and extreme weather This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Italy grapples with billions in losses from severe flooding and extreme weather This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas. The government is counting the hefty cost of these catastrophes. The top insurance firms are already dealing with claims over €3 billion ($3.2 billion) from floods and hurricanes that affected Emilia Romagna and Veneto earlier this year. Read more here. Saudi Arabia’s non-oil business activity surges to four-month high on new orders According to a recent poll, the non-oil business sector in Saudi Arabia has experienced a strong development trend. The survey also revealed that the Kingdom's economy has been growing for the second consecutive month in October. Seasonally adjusted, the Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.4 last month from 57.2 in September, according to Reuters. Read more here. Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions Even as geopolitical concerns in West Asia continue to upset global oil markets, Saudi Arabia and Russia have reaffirmed their agreement towards maintaining reductions in oil output of more than one million barrels per day until the end of the year. Read more here. China faces persistent deflation challenges as economic fragility persists As 2023 draws to a close, China's ongoing battle against deflationary pressures raises concerns about the stability of its economic recovery. According to a Bloomberg survey of economists, the data, which is expected on Thursday, could indicate that consumer prices in China experienced deflation again in October. Read more here. Foxconn sees decline in sales amid Chinese investigation: Report The largest iPhone assembler in the world, Hon Hai Precision Industry Co. (also known as Foxconn), had a 4.6 per cent drop in revenue in October, which has investors worried about the company's survival in the midst of a Chinese probe. Read more here. India extends free food grains program to tackle rising cereal prices: Report Prime Minister Narendra Modi disclosed on Saturday that India has announced a five-year extension of its free food grains programme in an effort to protect people from the skyrocketing prices of cereals and in anticipation of the forthcoming general election early next year. Read more here. China to boost imports and market access despite criticism at Trade Expo Reaffirming its commitment to opening up its economy, China's Premier, Li Qiang, declared on Sunday at the annual China International Import Expo in Shanghai that the nation will increase imports and further extend market access. Li told Reuters that China hopes to import $17 trillion worth of goods and services over the course of the next five years. Read more here. WATCH WION LIVE HERE

WION Business Wrap | Italy’s losses from extreme weather, Foxconn’s sales decline & more 

The ongoing war in Gaza has hurt Egypt’s tourism sector, especially in the southern Sinai region along the Red Sea. Now, in a bid to shore up its falling revenue, Egypt is all set to offer several incentives for the sector.

Egypt's tourism sector struggles

business

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