A looming government shutdown threatens to postpone the release of a variety of US economic data, depriving markets, companies, and policymakers of crucial information on which to base decisions at home and abroad.

Will shutdown impact US economic reports?

After Bernard Looney's sudden departure from BP, the company has been searching both internally and externally for a new chief executive officer. BP's press office stated on Wednesday that chairman Helge Lund, who also serves as chairman of the company's nominating committee, informed employees via webcast that the search for a new CEO had begun.

BP's CEO Hunt: A fresh start with external candidates

Pakistan held its discount rate steady for a second consecutive meeting, surprising market watchers who forecast more price increases. State Bank of Pakistan governor Jameel Ahmad said that the target rate is consistent with international monetary fund criteria for a tighter policy in advance of a loan programme review scheduled for November. Since January, Pakistan's monetary officials have pledged to hike rates by a total of 600 basis points in exchange for the country receiving 3 billion dollars in rescue funds. In a statement released on Thursday, the central bank confirmed that the target rate will remain unchanged at 22%.

Pakistan maintains key interest rate

In some news from the world of aviation, India's aviation regulator has raised three incidents of engine failure in low-cost carrier Indigo's flights, with the engine maker Pratt & Whitney. India's directorate general of civil aviation has asked that Pratt & Whitney to identify the cause of engine damage and share data on engine failures globally.

Indian authorities raise 3 cases of engine failure in Indigo

In a bid to accelerate the Electric Vehicle Revolution in India, the country is looking to unveil a groundbreaking policy aimed at attracting EV manufacturers and spurring greater investment in the sector.

India's new EV policy in the work: Empowering India's EV industry

In a move that will add more pressure to India's import bill, Russia has stopped supplying fertilisers such as di-ammonium phosphate (dap) at discounted prices. Instead, a Reuters report says that Russia is now supplying fertilisers at market prices.

Russia ends discounts on fertilisers

As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft.&nbsp;

Dawn reports that&nbsp;over the next few months, PIA's core functions and non-core assets are expected to be put up for sale.

<h2>Grounding aircraft</h2>

Just last week, Pakistan's Ministry of Aviation issued a stern warning and told the federal government that the airline&nbsp;is grappling with a severe cash flow crisis.&nbsp;

This, the ministry said, has led to arrears with creditors, aircraft lessors, fuel suppliers, insurers, international and domestic airport operators, and even the International Air Transport Association (IATA).

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/landmine-explosion-in-pakistans-peshawar-injures-at-least-five-634777">'Landmine' explosion in Pakistan's Peshawar injures 11, one FC personnel killed</a>

Due to this, Pakistan's national flag carrier has now been compelled to ground five of its 13 leased aircraft, said the ministry, adding that four more aircraft face a similar fate.

<h2>Cash injection to save dying airline</h2>

The Ministry of Aviation, as per Dawn, also reported that Boeing and Airbus were on the verge of discontinuing the supply of spare parts by mid-September.

Amid mounting concerns, the ministry has requested an immediate "cash injection" of 23 billion Pakistani Rupee (around 77.3 million USD). It has also asked for the suspension of duties, taxes and service charges to domestic agencies.

However, Dawn reports that these requests were not accompanied by a concrete and viable business plan.

The restructuring of PIA is a complex process expected to take around eight months, it added.

<h2>Pakistan International Airlines' losses</h2>

PIA, which was once known for its slogan "Great People to Fly With," has faced mounting losses since the late 1990s.&nbsp;

The airline's financial difficulties have been attributed to competition from emerging regional airlines, mismanagement, and insufficient funding for fleet expansion.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/pakistani-police-recover-five-children-from-sara-sharifs-grandfathers-house-635057">Pakistani police recover five children from Sara Sharif’s grandfather’s house</a>

As of December 31, 2022, PIA's debt and liabilities stood at Rs 743 billion ($2.50 billion), five times more than the total value of its assets. Its losses for the last financial year (2022-23) stood at Rs 86.5 billion ($291 million) said the aviation ministry.

"If the situation continues as such, PIA's debt and liabilities will rise to Rs 1,977 bn ($6.65 billion) and its annual losses will rise to Rs 259bn ($871 million) per annum by 2030," it added. The ministry also warned that Rs 383 billion ($1.29 billion) of the current debt liability of PIA stood underwritten by the government of Pakistan, which it said, as the 92 per cent owner, had the responsibility for the remaining payables.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft. Dawn reports that over the next few months, PIA's core functions and non-core assets are expected to be put up for sale.

As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft. Dawn reports that over the next few months, PIA's core functions and non-core assets are expected to be put up for sale. Grounding aircraft Just last week, Pakistan's Ministry of Aviation issued a stern warning and told the federal government that the airline is grappling with a severe cash flow crisis. This, the ministry said, has led to arrears with creditors, aircraft lessors, fuel suppliers, insurers, international and domestic airport operators, and even the International Air Transport Association (IATA). Also read | 'Landmine' explosion in Pakistan's Peshawar injures 11, one FC personnel killed Due to this, Pakistan's national flag carrier has now been compelled to ground five of its 13 leased aircraft, said the ministry, adding that four more aircraft face a similar fate. Cash injection to save dying airline The Ministry of Aviation, as per Dawn, also reported that Boeing and Airbus were on the verge of discontinuing the supply of spare parts by mid-September. Amid mounting concerns, the ministry has requested an immediate "cash injection" of 23 billion Pakistani Rupee (around 77.3 million USD). It has also asked for the suspension of duties, taxes and service charges to domestic agencies. However, Dawn reports that these requests were not accompanied by a concrete and viable business plan. The restructuring of PIA is a complex process expected to take around eight months, it added. Pakistan International Airlines' losses PIA, which was once known for its slogan "Great People to Fly With," has faced mounting losses since the late 1990s. The airline's financial difficulties have been attributed to competition from emerging regional airlines, mismanagement, and insufficient funding for fleet expansion. Also read | Pakistani police recover five children from Sara Sharif’s grandfather’s house As of December 31, 2022, PIA's debt and liabilities stood at Rs 743 billion ($2.50 billion), five times more than the total value of its assets. Its losses for the last financial year (2022-23) stood at Rs 86.5 billion ($291 million) said the aviation ministry. "If the situation continues as such, PIA's debt and liabilities will rise to Rs 1,977 bn ($6.65 billion) and its annual losses will rise to Rs 259bn ($871 million) per annum by 2030," it added. The ministry also warned that Rs 383 billion ($1.29 billion) of the current debt liability of PIA stood underwritten by the government of Pakistan, which it said, as the 92 per cent owner, had the responsibility for the remaining payables. (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.

Pakistan's national carrier forced to ground aircraft amid severe financial crisis

In what may be a setback for India’s net zero ambitions; India has stepped up the use of coal for electricity. This is in a bid to stop outages caused by lower hydroelectricity output, even as renewable struggle to fulfil the power demand.

India’s coal use surges as power demand rises

It's a new academic year for school children in the US While children are excited to meet their classmates after a break, retailers are cashing in on the last-minute purchases before the schools reopen.

New school year cheers US retailers

In a significant move towards promoting electric vehicle (EV) adoption and securing American jobs, the Biden administration has introduced a 12 billion dollar initiative.

Biden fuels auto industry with $12bn EV push

Guardian claims that new documents by the Organised Crime and Corruption Reporting Project have found evidence against India's Adani Group. The documents allegedly reveal that the Indian conglomerate used offshore shell companies to manipulate stocks. Molly Gambhir tells you more.

Gravitas: Adani Group gripped in another controversy

The BRICS grouping has expanded for the first time since 2010. This time, six new countries will join the grouping. The grouping is expected to recalibrate the world economy.

Expanded BRICS and its economic implications

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine.&nbsp;

<h2>Why buying a bottle of beer is more expensive than buying Heineken’s Russia business?</h2>

The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected.&nbsp;

In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.”&nbsp;

He added, “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”&nbsp;

Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and&nbsp;selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1).&nbsp;

However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook.

As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses.&nbsp;

This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters.&nbsp;

<h2>Heineken’s long exit from Russia</h2>

Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”.&nbsp;

He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.”

Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal.&nbsp;

The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia.

“We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1).

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine. Why buying a bottle of beer is more expensive than buying Heineken’s Russia business? The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected. In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.” He added, “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.” Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1). However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook. As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses. This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters. Heineken’s long exit from Russia Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”. He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.” Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal. The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia. “We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back. (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.

Dutch brewer Heineken finally exits Russia after selling business for symbolic one euro

India’s ambition to become a net-zero nation will be a 12.7 trillion dollar economic opportunity. A Bloomberg NEF report on India’s energy outlook tells how India can balance its climate and economic goals.

Emissions vs economy: India’s balancing act

Baidu Inc.’s revenue rose its most in more than a year, joining China’s largest internet companies in rediscovering growth after Beijing relaxed its grip on the private sector to try and jumpstart a faltering economy.

Baidu revenue beats as ChatGPT-style AI awaits Beijing approval

The UK government transferred £14.3 billion ($18.3 billion) to the Bank of England in July, the single biggest state transfer to the bank on record, in order to meet shortfalls in its monetary stimulus program.

Losses on BOE QE Program Cost UK Taxpayers Almost £30 Billion in Past Year

Singapore will hand out a $5.2 billion pension fund top-up for citizens aged 50 and above to boost retirement savings amid rising costs of living, prime minister Lee Hsien Loong said.

Singapore unveils $5 billion retirement plan for those above 50

The US central bank just published minutes of its July policy meeting, and the record showed that, at the time, most Fed officials saw significant upside risk to inflation, which in turn may require even more tightening.

All eyes now on Federal reserve chief Powell in Jackson hole

In a key development, India and the United Arab Emirates (UAE) have embarked on a groundbreaking move by opting to settle their crude oil transactions using their respective national currencies.

The Indian rupee and the UAE dirham will be utilised in this landmark transaction, which will be seen as a significant shift in international trade dynamics. The first such transaction involving national currencies will take place later today on Monday (Aug 14). This comes as a result of the Memorandum of Understanding (MoU) signed during Prime Minister Narendra Modi's visit to the UAE on July 15.

The MoU introduces the Local Currency Settlement (LCS) System, facilitated by the Reserve Bank of India and the Central Bank of the United Arab Emirates. It paves the way for cross-border transactions using the rupee and dirham.

One of the key benefits of this pioneering LCS system is the reduction in transaction time and costs. By eliminating the need for intermediary currencies, both countries can expect to save on foreign exchange expenses, leading to enhanced economic cooperation. Additionally, reliance on national currencies is anticipated to bolster economic resilience and strengthen bilateral relations. Moreover, any surplus balances in the local currencies can be invested in various local assets, including corporate bonds, government securities, and equity markets.&nbsp; 
 
ALSO WATCH | UAE and India agree to settle transactions in local currency

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/uae-and-india-agree-to-settle-transactions-in-local-currency-616581/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Monday's transaction for oil trade is expected to pave the way for further such transactions. The LCS system has already proven its efficacy. One of the first transactions between the two&nbsp;countries using national currencies involved a sale of 25 kilograms of gold from a prominent UAE gold exporter, invoiced at approximately Rs 128 million ($1.5 million).

With gold, gems, and jewellery being among the most traded commodities between India and the UAE, the successful execution of such a transaction serves as a testament to the viability of this mechanism. Last year, the two-way trade between India and UAE was worth US$ 20 billion, which was about 42 per cent&nbsp;of the total non-oil trade between the two countries.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/modis-uae-visit-brings-home-de-dollarisation-bonanza-to-boost-trade-in-indian-rupee-616032">Indian PM brings home de-dollarisation bonanza with rupee-dirham framework</a>

In recent times, India has taken substantial steps to promote the usage of its national currency, the Indian rupee, in international transactions. Collaborating with banks from 22 different countries, India has established special rupee vostro accounts in domestic banks, facilitating trading in national currencies.

As India continues to expand its footprint in the global trade arena, the adoption of the LCS system with the UAE sets a precedent for innovative trade practices that can reshape the course of international commerce. 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

In a key development, India and the United Arab Emirates (UAE) have embarked on a groundbreaking move by opting to settle their crude oil transactions using their respective national currencies.

In a key development, India and the United Arab Emirates (UAE) have embarked on a groundbreaking move by opting to settle their crude oil transactions using their respective national currencies. The Indian rupee and the UAE dirham will be utilised in this landmark transaction, which will be seen as a significant shift in international trade dynamics. The first such transaction involving national currencies will take place later today on Monday (Aug 14). This comes as a result of the Memorandum of Understanding (MoU) signed during Prime Minister Narendra Modi's visit to the UAE on July 15. The MoU introduces the Local Currency Settlement (LCS) System, facilitated by the Reserve Bank of India and the Central Bank of the United Arab Emirates. It paves the way for cross-border transactions using the rupee and dirham. One of the key benefits of this pioneering LCS system is the reduction in transaction time and costs. By eliminating the need for intermediary currencies, both countries can expect to save on foreign exchange expenses, leading to enhanced economic cooperation. Additionally, reliance on national currencies is anticipated to bolster economic resilience and strengthen bilateral relations. Moreover, any surplus balances in the local currencies can be invested in various local assets, including corporate bonds, government securities, and equity markets. ALSO WATCH | UAE and India agree to settle transactions in local currency Monday's transaction for oil trade is expected to pave the way for further such transactions. The LCS system has already proven its efficacy. One of the first transactions between the two countries using national currencies involved a sale of 25 kilograms of gold from a prominent UAE gold exporter, invoiced at approximately Rs 128 million ($1.5 million). With gold, gems, and jewellery being among the most traded commodities between India and the UAE, the successful execution of such a transaction serves as a testament to the viability of this mechanism. Last year, the two-way trade between India and UAE was worth US$ 20 billion, which was about 42 per cent of the total non-oil trade between the two countries. ALSO READ | Indian PM brings home de-dollarisation bonanza with rupee-dirham framework In recent times, India has taken substantial steps to promote the usage of its national currency, the Indian rupee, in international transactions. Collaborating with banks from 22 different countries, India has established special rupee vostro accounts in domestic banks, facilitating trading in national currencies. As India continues to expand its footprint in the global trade arena, the adoption of the LCS system with the UAE sets a precedent for innovative trade practices that can reshape the course of international commerce. 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.

India and UAE make landmark move to settle crude oil transactions in national currencies

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved.

"We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/air-india-all-set-for-brand-overhaul-but-maharaja-isnt-going-anywhere-624184">Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere</a>

Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England.

"It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team.

"Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates."

<h2>Shops still open</h2>

Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business."&nbsp;

"Stores will continue to trade as normal for the time being and staff will continue to be paid," he said.

British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries.

In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-tribunal-confirms-zee-sony-merger-paves-way-for-big-media-giant-624165">Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant</a>

That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year.

The GMB union blamed poor management for the collapse of Wilko.

"The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement.&nbsp;

"GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity."

Jackson said there had been "significant work... to streamline costs and transform the way the business operates".

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses. The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved. "We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website. Also read | Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England. "It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team. "Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates." Shops still open Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business." "Stores will continue to trade as normal for the time being and staff will continue to be paid," he said. British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries. In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high. Also read | Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year. The GMB union blamed poor management for the collapse of Wilko. "The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement. "GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity." Jackson said there had been "significant work... to streamline costs and transform the way the business operates". 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.

UK retailer Wilko collapses due to 'big debts'; 12,500 jobs at risk

This Indian Business Tycoon created a legacy. Having built a business empire. R Thyagarajan gave away some $750 million of his wealth.

Can loans to the poor be profitable? This Indian tycoon gave away $750 mn. Know his story

Along with other Mainland Chinese markets, markets which also saw drops were in Japan.

China's exports slump to zero-covid level

In US, Mortgage rates and gas prices push consumer 'pain points' to the highest in over 20 years. Watch the video to know more.

US: Mortgage and gas prices hit 20- year- high

PayPal, the global payment giant, steps into the realm of cryptocurrencies. PayPal has unveiled its very own US Dollar stablecoin, marking a pivotal moment in the integration of digital currencies into mainstream transactions.

PayPal launches dollar-backed Stablecoin

The shares for India’s online food delivery platform Zomato reached a 52-week high on Monday (August 7), with a continuous rise for a fifth session in a row. Zomato stock gained by as much as 7.7 per cent to Rs 102.85 ($1.24) on the Bombay Stock Exchange (BSE). Zomato shares were able to cross the Rs 100 mark for the first time since January 2022.&nbsp;

<h2>What happened?</h2>

Last week, Zomato reported an ahead-of-schedule quarterly net profit for the June quarter of FY24. This comes after the company reported net losses for each of the eight quarters since it went public in 2021. Eventually, later in the day, the company’s stock settled at Rs 97.66 ($1.18) apiece, up 2.34 per cent on the BSE.

<h2>Zomato reports profit</h2>

The rise in stock price and investor interest comes&nbsp;after the company announced its recent consolidated net profit of Rs 2 crore ($0.24 million) for the April-June quarter of 2023 against a loss of Rs 186 crore ($22 million) in the same quarter last year, as per the report.&nbsp;

The company also reported consolidated revenue from operations in the first quarter of the current fiscal year as Rs 2,416 crore ($291 million) when compared to Rs 1,414 crore ($171 million), last year.&nbsp;

“Zomato has delivered profitability earlier than promised. There is clarity on vastly improving revenue growth. This company in a duopoly business has a long runway for growth,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, as per Zee Business.&nbsp;

He added, “For those investors who bought at low rates partial profit booking is fine. It makes sense to remain invested in this growth stock.”

Zomato shares completed two years in the listed space in July. &nbsp;

Some analysts believe Zomato share price rally was largely led by the report of the profits. “Zomato share price is seeing the rally on the back of euphoria around better Q1 results. However, the company still has a long way to go to become EBITDA positive,” said Avinash Gorakshakar, Director of Research at&nbsp;Profitmart Securities, according to the Mint.&nbsp;

He added, “All the positives have been factored in by the current share price for the near term. Hence, we may see profit booking in Zomato share price going ahead after this rally.” He also noted that the Zomato share valuations are still very high and do not make sense at these prices.&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The shares for India’s online food delivery platform Zomato reached a 52-week high on Monday (August 7), with a continuous rise for a fifth session in a row. Zomato stock gained by as much as 7.

The shares for India’s online food delivery platform Zomato reached a 52-week high on Monday (August 7), with a continuous rise for a fifth session in a row. Zomato stock gained by as much as 7.7 per cent to Rs 102.85 ($1.24) on the Bombay Stock Exchange (BSE). Zomato shares were able to cross the Rs 100 mark for the first time since January 2022. What happened? Last week, Zomato reported an ahead-of-schedule quarterly net profit for the June quarter of FY24. This comes after the company reported net losses for each of the eight quarters since it went public in 2021. Eventually, later in the day, the company’s stock settled at Rs 97.66 ($1.18) apiece, up 2.34 per cent on the BSE. Zomato reports profit The rise in stock price and investor interest comes after the company announced its recent consolidated net profit of Rs 2 crore ($0.24 million) for the April-June quarter of 2023 against a loss of Rs 186 crore ($22 million) in the same quarter last year, as per the report. The company also reported consolidated revenue from operations in the first quarter of the current fiscal year as Rs 2,416 crore ($291 million) when compared to Rs 1,414 crore ($171 million), last year. “Zomato has delivered profitability earlier than promised. There is clarity on vastly improving revenue growth. This company in a duopoly business has a long runway for growth,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, as per Zee Business. He added, “For those investors who bought at low rates partial profit booking is fine. It makes sense to remain invested in this growth stock.” Zomato shares completed two years in the listed space in July. Some analysts believe Zomato share price rally was largely led by the report of the profits. “Zomato share price is seeing the rally on the back of euphoria around better Q1 results. However, the company still has a long way to go to become EBITDA positive,” said Avinash Gorakshakar, Director of Research at Profitmart Securities, according to the Mint. He added, “All the positives have been factored in by the current share price for the near term. Hence, we may see profit booking in Zomato share price going ahead after this rally.” He also noted that the Zomato share valuations are still very high and do not make sense at these prices. 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.

India: Zomato shares hit 52-week high after report of first net profit

Amidst a tough global economy, things are uncertain for many businesses due to rising prices and interest rates. There's one stand and that is Ferrari. Watch this report to find out more.

Ferrari's recession-proof business

Credit Suisse's legacy reports suggest the once mighty investment bank is now facing its final days as UBS takes the reins in a historic deal.

UBS begins layoffs at Credit Suisse's NY office

According to researchers at the Texas-based Halcyon, no less than 17 separate state-sponsored hacking groups from China, Russia, Iran, North Korea, India, Pakistan, and Vietnam had been renting server space from a firm named Cloudzy and reselling it. Halcyon's judgment was disputed by Cloudzy CEO Hannan Nozari, who claimed that his company couldn't be held accountable for its customers, of whom he believed only 2% were intentionally hostile.

40-60 % Cloudzy's business malicious in nature: Report

In a bizarre incident, a racy restaurant in China where provocatively dressed male waiters served food in raunchy ways, has been shut by the authorities after inviting social media attention.

In a bizarre incident, a racy restaurant in China where provocatively dressed male waiters served food in raunchy ways, has been shut by the authorities after inviting social media attention. The eatery, known as the 'Macho Restaurant', started operating this April in the popular Xishuangbanna Dai autonomous prefecture of southwest Yunnan province. However, the self-styled restaurant suffered a premature end when officials closed it down last month after videos of rather immodest scenes on the premises began circulating online. In some of the videos, the scantily dressed male waiters, often muscular and tall, went around the tables and engaged in seductive dancing, including police dancing among other routines to serve the meal. The restaurant attempted to be a mishmash of an adult entertainment destination, coupled with food where customers received suggestive dancing, and in some cases food, albeit, mouth-to-mouth. Watch: Giant, illuminating ‘X’ sign taken down from headquarters after massive uproar “No need to go to Thailand, you can experience a male model restaurant right here in Xishuangbanna!” a Chinese netizen was quoted as saying by Beijing Youth Daily. Pivoting on initial strategy A member of the staff told the Daily that the restaurant pivoted to the 'racy pole dancing' strategy since the business remained mild after opening. To bring in more money, the restaurant hired well-built performers and soon enough, the customers started coming in. “Initially, there were just six actors offering relatively normal dance performances. When customers filmed at the restaurant and shared the videos online, the restaurant owner saw it as a promotional opportunity," said one of the workers. Watch | Chinese government unveils plans to revive consumption × Despite the restaurant's popularity, the authorities took action, considering the risque performances as a breach of social ethics, and detrimental to the area's cultural traditions. “As a frontier province, Yunnan has seen some commercial performances that have been borrowed from foreign countries, which may infiltrate the cultural market in the border area and undermine the inheritance of our national outstanding traditional culture," an officer of the Enforcement Bureau of Yunnan Provincial Department of Culture and Tourism said. On July 26, the authorities served the cease operations notice, confiscated the illegal income (approximately $1,600) and imposed a fine, 10 times that of the illegal earnings recovered. (With inputs from agencies) WATCH WION LIVE HERE:

'Racy' Chinese restaurant closed after videos show waiters feeding women 'mouth-to-mouth'

Spotify disrupted the music streaming scene with its large music collection, attractive pricing plans and new offerings such as podcasts. But is it ready to welcome a new competitor in the form of TikTok music?

TikTok launches music streaming & discovery platform

It’s not all ‘chill’ in the streaming world of Netflix, as the company's q2 earnings report has left investors disappointed. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, Netflix fell short of analyst estimates, causing shares to tumble nearly 9% in after-hours trading.

Netflix’s revenue reality check

business

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