In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border.&nbsp;

According to Reuters, the Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year.&nbsp;

Amid concerns about potential challenges like gang violence and supply chain disruptions, the allure of nearshoring has captivated both local and foreign businesses, many of which are keen to capitalise on evolving production trends.&nbsp;

&nbsp;"Many companies are already talking about this - about nearshoring and the economic benefits," Reuters quoted Gerardo Copca, an analyst at consultancy MetAnalisis, as saying, emphasising the growing buzz around the concept. However, he cautioned that while it holds potential, the transition will take time.&nbsp;

In the first half of 2023, Mexico attracted around $29 billion in foreign direct investment, representing a 5.6 per cent increase from 2022, with over half of this investment being directed into the industrial sector.&nbsp;

One notable example: the reported $5 billion investment by electric vehicle manufacturer Tesla in a new factory in northern Mexico. This initiative has attracted $1 billion in Chinese investments to neighbouring industries. Mexican gross fixed investment has surged, marking the most substantial annual growth since 1997, with a year-on-year increase of 31.5 per cent in seasonally adjusted terms recorded in August, as per the latest data.&nbsp;

Real estate investment trust Fibra Uno in Mexico is planning to launch a trust that enables investors to benefit from the anticipated growth in industrial assets. CEO Andre El-Mann of Fibra Uno envisions the momentum of Mexico's nearshoring to continue for the next 15 years.&nbsp;

Rising demand and opportunities in the industrial sector&nbsp;

The expected demand for manufacturing properties in 2023-24 is estimated at 2.5 million square meters, marking an 80 per cent increase from the previous year, according to the industrial parks association AMPIP. This heightened demand is particularly pronounced in the automotive, electronics, and machinery sectors.&nbsp;

Reuters quoted&nbsp;Lorenzo Berho, the head of construction firm Vesta, as saying that&nbsp;the potential benefits not only for northern Mexico but also for the central car making region known as El Bajio, which is deemed an attractive location for multinationals. This region, encompassing states like Queretaro, Guanajuato, and Jalisco, has a strong labour force and robust logistics infrastructure.&nbsp;

Enrique Navarro, the CFO at Banco Regional told Reuters that he foresees substantial growth in northern, western, and central Mexico driven by the relocation of manufacturing capacities from Asia. Mexico's strategic location adjacent to the United States, the world's largest economy, and its participation in various trade agreements, including USMCA (United States-Mexico-Canada Agreement), are significant advantages.&nbsp;

Additionally, Mexico's lower labour costs and the escalating economic tensions between the U.S. and China are attractive factors for businesses seeking to reshore their operations. However, some challenges persist, such as President Andres Manuel Lopez Obrador's efforts to tighten state control over the energy sector, raising concerns about the adequacy of infrastructure investment. Swiss bank UBS warned about bottlenecks caused by electricity instability, water scarcity, and limited industrial space.&nbsp;

Nonetheless, the impact of nearshoring is becoming tangible in the real economy. GCC, a cement company, reported that between July and September, the increased demand for cement stemmed from the construction of industrial projects in Chihuahua state, bordering Texas. Total Mexican construction output exhibited growth of nearly 46 per cent in August year-on-year, with northern states showing increased performance.&nbsp;

(With inputs from Reuters)&nbsp;

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In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.

In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. According to Reuters, the Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year. Amid concerns about potential challenges like gang violence and supply chain disruptions, the allure of nearshoring has captivated both local and foreign businesses, many of which are keen to capitalise on evolving production trends. "Many companies are already talking about this - about nearshoring and the economic benefits," Reuters quoted Gerardo Copca, an analyst at consultancy MetAnalisis, as saying, emphasising the growing buzz around the concept. However, he cautioned that while it holds potential, the transition will take time. In the first half of 2023, Mexico attracted around $29 billion in foreign direct investment, representing a 5.6 per cent increase from 2022, with over half of this investment being directed into the industrial sector. One notable example: the reported $5 billion investment by electric vehicle manufacturer Tesla in a new factory in northern Mexico. This initiative has attracted $1 billion in Chinese investments to neighbouring industries. Mexican gross fixed investment has surged, marking the most substantial annual growth since 1997, with a year-on-year increase of 31.5 per cent in seasonally adjusted terms recorded in August, as per the latest data. Real estate investment trust Fibra Uno in Mexico is planning to launch a trust that enables investors to benefit from the anticipated growth in industrial assets. CEO Andre El-Mann of Fibra Uno envisions the momentum of Mexico's nearshoring to continue for the next 15 years. Rising demand and opportunities in the industrial sector The expected demand for manufacturing properties in 2023-24 is estimated at 2.5 million square meters, marking an 80 per cent increase from the previous year, according to the industrial parks association AMPIP. This heightened demand is particularly pronounced in the automotive, electronics, and machinery sectors. Reuters quoted Lorenzo Berho, the head of construction firm Vesta, as saying that the potential benefits not only for northern Mexico but also for the central car making region known as El Bajio, which is deemed an attractive location for multinationals. This region, encompassing states like Queretaro, Guanajuato, and Jalisco, has a strong labour force and robust logistics infrastructure. Enrique Navarro, the CFO at Banco Regional told Reuters that he foresees substantial growth in northern, western, and central Mexico driven by the relocation of manufacturing capacities from Asia. Mexico's strategic location adjacent to the United States, the world's largest economy, and its participation in various trade agreements, including USMCA (United States-Mexico-Canada Agreement), are significant advantages. Additionally, Mexico's lower labour costs and the escalating economic tensions between the U.S. and China are attractive factors for businesses seeking to reshore their operations. However, some challenges persist, such as President Andres Manuel Lopez Obrador's efforts to tighten state control over the energy sector, raising concerns about the adequacy of infrastructure investment. Swiss bank UBS warned about bottlenecks caused by electricity instability, water scarcity, and limited industrial space. Nonetheless, the impact of nearshoring is becoming tangible in the real economy. GCC, a cement company, reported that between July and September, the increased demand for cement stemmed from the construction of industrial projects in Chihuahua state, bordering Texas. Total Mexican construction output exhibited growth of nearly 46 per cent in August year-on-year, with northern states showing increased performance. (With inputs from Reuters) WATCH WION LIVE HERE

Mexican 'nearshoring' fosters optimism in business landscape 

Mexico's economic landscape is undergoing a dynamic transformation, driven by a phenomenon known as 'nearshoring.' Nearshoring is a business practice that relocates manufacturing closer to the target market, and it's changing the game for Mexican businesses, particularly in real estate and construction.

Mexico embraces nearshoring

After a year-long delay due to governance issues, indian education startup byju said that losses at its parent company narrowed only marginally amid a pandemic-era economic boom. That highlights the firm's issues with creditors over a 1.2 billion dollar debt. Bengaluru-based online teaching service think & learn reported an operational loss of 271 million dollars in 2021-2022, down 6% from 292 million dollars a year earlier.

Byju's reports operational loss of $271 million in 2021-22

Shipping giant Maersk is all set to cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. The decision comes after the company reported a steep drop in profit and revenue in the July-September quarter.

Shipping giant likely to cut at least 10000 jobs

Walt Disney Company, on Wednesday (Nov 1) has agreed to buy 33 per cent of Comcast’s stake in Hulu which will give Disney full ownership of the streaming service and freedom to incorporate it into Disney+ streaming service.&nbsp;

<h2>What did Disney say about the deal?</h2>

NBCUniversal, which controls the service, had first agreed in 2019 to sell its stake to Disney. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” said the company in a short statement.&nbsp;

Disney said it is expected to pay Comcast’s NBCU about $8.61 billion by December 1 as a part of the deal, which represents NBCU’s percentage of the $27.5 billion guaranteed floor value for Hulu set in 2019 minus the anticipated outstanding capital call contributions payable by NBCU to Disney.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/disney-raises-streaming-prices-prioritises-cost-management-to-reassure-investors-624078">Disney+ loses 11.7mn subscribers, streaming fee hike and password crackdown awaits</a>

As a part of the deal struck around four years ago, either NBCU or Disney could initiate the transaction as soon as November 1.&nbsp;

Disney said that Hulu’s equity value will be assessed as of September 30. If the value is determined to be greater than the guaranteed floor value, Disney will pay NBCU the difference.

The entertainment giant also said that while the timing of the appraisal process is uncertain, it believes that it should be completed by next year.&nbsp;

<h2>Disney's plan&nbsp;</h2>

In August, Disney Chief Executive Bob Iger told investors the company was making extensive Hulu content available to bundle subscribers, with the company moving closer to having one app in the United States which would combine Hulu’s general entertainment content with content from Disney’s other brands and franchises.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/after-netflixs-success-disney-to-start-cracking-down-on-password-sharing-soon-641954">After Netflix, Disney+ to start cracking down on password sharing soon</a>

In the same month, Disney reported that its streaming platform lost more than 10 million subscribers in the recently ended quarter, mostly in India after the entertainment giant lost rights to stream popular Premier League cricket matches.

Disney had first gained a controlling interest in Hulu as part of its $71 billion acquisition of 21st Century Fox’s film and television assets, which helped the studio gain a competitive leg up in the streaming wars.&nbsp;

Hulu was founded in 2007 as a joint venture between News Corporation and NBC Universal.

(With inputs from agencies)

Walt Disney Company, on Wednesday (Nov 1) has agreed to buy 33 per cent of Comcast’s stake in Hulu which will give Disney full ownership of the streaming service and freedom to incorporate it into Disney+ streaming service.

Walt Disney Company, on Wednesday (Nov 1) has agreed to buy 33 per cent of Comcast’s stake in Hulu which will give Disney full ownership of the streaming service and freedom to incorporate it into Disney+ streaming service. What did Disney say about the deal? NBCUniversal, which controls the service, had first agreed in 2019 to sell its stake to Disney. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” said the company in a short statement. Disney said it is expected to pay Comcast’s NBCU about $8.61 billion by December 1 as a part of the deal, which represents NBCU’s percentage of the $27.5 billion guaranteed floor value for Hulu set in 2019 minus the anticipated outstanding capital call contributions payable by NBCU to Disney. ALSO READ | Disney+ loses 11.7mn subscribers, streaming fee hike and password crackdown awaits As a part of the deal struck around four years ago, either NBCU or Disney could initiate the transaction as soon as November 1. Disney said that Hulu’s equity value will be assessed as of September 30. If the value is determined to be greater than the guaranteed floor value, Disney will pay NBCU the difference. The entertainment giant also said that while the timing of the appraisal process is uncertain, it believes that it should be completed by next year. Disney's plan In August, Disney Chief Executive Bob Iger told investors the company was making extensive Hulu content available to bundle subscribers, with the company moving closer to having one app in the United States which would combine Hulu’s general entertainment content with content from Disney’s other brands and franchises. ALSO READ | After Netflix, Disney+ to start cracking down on password sharing soon In the same month, Disney reported that its streaming platform lost more than 10 million subscribers in the recently ended quarter, mostly in India after the entertainment giant lost rights to stream popular Premier League cricket matches. Disney had first gained a controlling interest in Hulu as part of its $71 billion acquisition of 21st Century Fox’s film and television assets, which helped the studio gain a competitive leg up in the streaming wars. Hulu was founded in 2007 as a joint venture between News Corporation and NBC Universal. (With inputs from agencies)

Disney to buy remaining stake and take over Hulu in $8.6 billion deal

Australia has abandoned negotiations with the European Union (EU) in pursuit of a free trade agreement. While there was general agreement on most points, several outstanding agricultural concerns threatened to destroy the whole accord that the two parties had been working on for more than five years.

Australia walks out of EU trade talks over agriculture disputes

Contrary to common assumptions, it's often Genxers who exhibit a stronger work commitment compared to millennials.

Genxers' consistent work ethic trumps assumptions

In WION's "Billion Dollar Idea" show, we cover the business featured as one of "Fortune India's Next 500 companies." BLS International is one of the top two companies in the world providing technology-enabled services to governments and citizens. Let's join Jasper Reid, who unravels how Shikhar Aggarwal, the joint managing director of the business, has maintained an unblemished record for being an industry leader in areas including visa, passport, consular, e-governance, attestation, biometric, e-visa, and retail services. Watch Aggarwal speak about how his business offers citizen services to the state and provincial governments.

BLS International | Episode 8 | Billion Dollar Idea

Bitcoin rose 6 per cent&nbsp;on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

That followed a 10 per cent&nbsp;surge&nbsp;on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks.

Any approval by the US&nbsp;Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand.

A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector.

"The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity."

Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August.

Crypto-linked shares such as major U.S. exchange Coinbase Global&nbsp;(COIN.O)&nbsp;and bitcoin owner MicroStrategy&nbsp;(MSTR.O)&nbsp;rose in after-hours trade.

Investment giant BlackRock&nbsp;(BLK.N)&nbsp;is among&nbsp;several&nbsp;major U.S. financial firms with pending applications for bitcoin ETFs.

Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment.

Anticipation also grew after reports this month, including from&nbsp;Reuters, that the SEC won't appeal a&nbsp;court<a data-testid="Link" href="https://www.reuters.com/legal/us-court-says-sec-wrong-deny-grayscales-spot-bitcoin-etf-proposal-2023-08-29/" referrerpolicy="no-referrer-when-downgrade"> </a>ruling&nbsp;it had been wrong to reject an ETF application from crypto firm Grayscale Investments.

"The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick.

Last week BlackRock&nbsp;denied&nbsp;an erroneous report that its ETF had been approved.

Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours.

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Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent. That followed a 10 per cent surge on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks. Any approval by the US Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand. A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector. "The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity." Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August. Crypto-linked shares such as major U.S. exchange Coinbase Global (COIN.O) and bitcoin owner MicroStrategy (MSTR.O) rose in after-hours trade. Investment giant BlackRock (BLK.N) is among several major U.S. financial firms with pending applications for bitcoin ETFs. Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment. Anticipation also grew after reports this month, including from Reuters, that the SEC won't appeal a court ruling it had been wrong to reject an ETF application from crypto firm Grayscale Investments. "The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick. Last week BlackRock denied an erroneous report that its ETF had been approved. Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours. WATCH WION LIVE HERE:

Bitcoin soars to near 18-month high as ETF speculation mounts

China's largest supplier of Apple iPhones, Foxconn, is under intense scrutiny. The Chinese natural resources department has initiated on-site investigations into the land use of Foxconn enterprises, specifically in Henan and Hubei provinces.

China launches tax audits and land use investigations on Foxconn

Academics and economic practitioners are doing postmortems on the most vigorous monetary tightening campaign in four decades to determine what caused the cost-of-living problem and how it may be avoided in the future.

Lessons from the great monetary tightening

The European Central Bank is leading the charge toward a digital Euro, setting the stage for the latest evolution of money.

The global race for Central Bank digital currencies

During an election year in Argentina, it can be difficult to concentrate on anything other than economics. The severe financial prognosis has once again dominated this year's presidential campaign, with an annual inflation rate that has surpassed 138 percent and a currency that has experienced a sharp decline in value.

Argentina Presidential Polls: Economic situation dire

Nokia Corporation announced its intention to reduce headcount and achieve financial stability by laying off a significant number of employees. In an attempt to simplify operations and save expenses, the corporation plans to eliminate 14,000 positions.

Slowing demand for 5G equipment forces cost-cutting measures

The global smartphone market is in a slump owing to weak demand & rising inflation. With the upcoming festive season in India and China's 11.11 sale event on the horizon, the market expects a rebound in Q4.

Global smartphone market contracts 8% in Q3

Inflation in Argentina has jumped to its highest level in three decades, just a week before the country elects its new president. Compared to a year ago, inflation has accelerated to 138.3%. That's the highest level since the early 1990s when Argentina was exiting hyperinflation.

Record high inflation in Argentina

Have you ever wondered who owns what and how much money the Indian government actually spends? We break down the numbers for you in this study. Watch to know more.

How Indian govt spends every rupee: Decoded

While economics says it’s way past time for the international monetary fund to pull the plug on the South American country. Geopolitics helps explain why it hasn’t — yet.

Argentina benefitting from US-China tussle?

Indian tech giants TCS, Infosys, and HCL are all set to announce their July to September quarter results next week. JPMorgan analysts expect investors to parse upcoming results & commentary from these companies for signs of recovery in deal signings next year after a "Washout" year.

‘Washout’ year for Indian tech firms?

India's oil minister, Hardeep Singh Puri, has expressed concerns over the supply-side management by OPEC+ in recent months, suggesting that it could lead to demand destruction. In an interview given to Argus Media, Puri emphasises the need for OPEC+ producers to consider the consequences of their decisions, as high oil prices strain fragile economies.

India calls for balance in oil supply

Well, it's an interesting thing to hear and say the moon may soon be open for business. Right now the geopolitical race for a piece of the moon is heating up this as China, the US and India all are vying for dominance. Our next report will get you all the details.

NASA aims to build moon homes for humans by 2040

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover.

Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/evergrande-crisis-deepens-chairman-under-surveillance-trading-suspended-liquidation-looms-640441">Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms</a>

When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again.

"Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg.

"With this volatility, I really don't know if there's any chance for any proper investor to make money on this name."

Evergrande estimated it had debts of $328 billion at the end of June.

And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved.

The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors".

Also read |&nbsp;​​​​​​​<a href="https://www.wionews.com/business-economy/china-evergrandes-first-half-net-loss-shrinks-to-45-billion-629813">China Evergrande's first-half net loss shrinks to $4.5&nbsp;billion</a>

Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained.

Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble".&nbsp;

"This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP.

"Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries."

<h2>Vanished life savings</h2>

China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades.

However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health.

Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande.

The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised.

A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China.

Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector.

But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic.

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Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation. The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover. Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong. Also read | Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again. "Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg. "With this volatility, I really don't know if there's any chance for any proper investor to make money on this name." Evergrande estimated it had debts of $328 billion at the end of June. And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved. The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors". Also read | China Evergrande's first-half net loss shrinks to $4.5 billion Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained. Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble". "This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP. "Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries." Vanished life savings China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades. However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health. Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande. The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised. A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China. Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector. But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's Evergrande resumes Hong Kong trading

The ADIPEC summit is an annual meeting of ministers and corporate leaders that has traditionally focused on oil investment, production, and markets. This time, however, the focus of the summit has shifted to climate concerns and decarbonisation.

Climate takes center stage at ADIPEC summit

Saudi Arabia has revised its budget estimate for next year, predicting a deficit rather than a surplus. That is largely due to increased expenditure and the volatility of oil prices.

Saudi Arabia faces $21 billion deficit in 2024

Latest data suggests that inflation in the Euro zone fell to its lowest level in two years in September. Consumer prices in the euro zone rose by 4.3% in September, the slowest pace since October 2021, from 5.2% in august.

Big fall in Euro zone inflation

Billionaire Anil Agarwal's Vedanta limited has announced plans to overhaul its sprawling conglomerate in a bid to reduce a multibillion dollar debt load. The company said in a statement that the Vedanta board has approved a plan to separate the business into six listed companies: aluminum, oil and gas, power, steel and ferrous, base metals and Vedanta limited.

Decoding Vedanta's demerger plan

British scientists are to build the world’s most powerful laser, an £85 million device that they hope will accelerate efforts to harness nuclear fusion as a source of near-limitless clean energy.

UK to build world's most powerful laser

The anticipation was palpable as Huawei unveiled a series of new products, from smartwatches to smart cars. But there's one conspicuous absence that left viewers puzzled – the much-anticipated mate 60 smartphone. In a surprising move, Huawei chose to keep the details of this device under wraps, prompting a flood of questions and complaints online.

Huawei's unveiling of new products & missing mate 60 smartphone

After founder Rupert Murdoch announced his resignation as chairman of Fox Corp. On Thursday, the company has nominated two new board members, one of whom is former Australian prime minister Tony Abbott. According to a Bloomberg report, Abbott and Margaret "Peggy" Johnson, a seasoned technology executive, will be running for election at the company's annual meeting in November.

Fox Corp enters the post-Murdoch era

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.&nbsp;

The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow.

<h2>Complaints against JPEX</h2>

The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/foxconn-plans-to-invest-and-increase-its-employees-by-two-fold-in-india-by-next-year-637036">Foxconn plans to invest and increase its employees by two-fold in India by next year</a>

Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud.

<h2>Investors warned</h2>

The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX.

JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/france-to-permit-sale-of-fuel-below-cost-to-combat-inflation-637062">France to permit sale of fuel below cost to combat inflation</a>

The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters.

As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts.

In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly.

The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels".

Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it.&nbsp;

(With inputs from agencies)

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JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud. The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow. Complaints against JPEX The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth. Also read | Foxconn plans to invest and increase its employees by two-fold in India by next year Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud. Investors warned The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX. JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators. Also read | France to permit sale of fuel below cost to combat inflation The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters. As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts. In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly. The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels". Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto exchange JPEX suspends trades amid investigation into suspected fraud

Kenya's president William Ruto is now trying to move American tech companies promising a business-friendly environment. But quite contrary to his claims abroad he is raising taxes on businesses back home. How do the two ideas align and will the contradictory claims and actions drive tech businesses in Kenya? Let's find out.

Kenya's President promises 'a business-friendly environment'

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