In a face-off with London's Heathrow airport, Gulf-based Emirates has rejected demands by Heathrow airport to cut capacity despite being threatened with a legal election.

Emirates slams Heathrow Airport’s order to cut flights

As the World battles record inflation, Bank of Canada has surprised everyone with a full percentage increase in its policy rates. t's a super-sized hike which was last seen in 1998.

Bank of Canada surprises with 1% rate hike

Months before the rollout of 5g services, India has changed conditions of telecom equipment procurement license which will also completely stop the use of Chinese telecom equipment.

India to bar use of Chinese telecom products

Singapore’s economy grew 4.8 per cent in the second quarter of 2022, slower than what was expected; economists had expected an increase of 5.2% year-on-year.

Singapore’s economy grew 4.8% in the second quarter, missing forecasts

In the latest chapter of the Twitter-Musk Saga, tech giant Twitter has sued Elon Musk over the breach of his 44 billion dollar deal to buy the Firm, this comes after Twitter shares took a significant hit and Musk mocked the company's threat to take him to court.

Twitter sues Elon Musk over $44 billion deal; accuses Tesla CEO of destroying company's tock value

Tensions continue to simmer between Israel and West Bank British conglomerate Unilever as it has sold its Ben and Jerry's ice cream business in Israel to a local licensee for an undisclosed amount.

WION Dispatch | UK company Ben & Jerry winds up business in Israel

Ryanair said less than 2% of its flights were affected by cabin crew strikes. Unions want improvement in working conditions and crew in Spain set to strike again on June 30th.

Ryanair: 2% of flights affected by strike, unions want improvement in working conditions

Some of the leaders of the G7 rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments as European states scramble to diversify supplies.

Global Energy Crisis: G7 leaders debate fossil fuel investment

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions. The Central Board of Direct Taxes (CBDT) has issued recommendations on the new provision’s applicability. The Union Budget made provision for TDS on incomes in order to prevent tax revenue leakage by incorporating a new section, 194R into the income Tax Act, 1961. Any individual who gives a resident a benefit of more than 20,000 in a year must pay TDS of 10 per cent, NDTV reported.

The Joint Secretary in the Finance Ministry, Kamlesh C Varshney explained advantages which includes free medicine samples for doctors, overseas flight tickets and free tickets of Indian Premier League (IPL) of business and many more things. He stressed that these items should be revealed while submitting an income tax return and shall not be hidden as they are not being sold.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/upi-records-nearly-6-billion-transactions-worth-rs-10-trillion-in-may-489280">UPI records nearly 6 billion transactions worth Rs 10 trillion in May&nbsp;</a>

The section 194R applies to sellers that offer incentives in cash or any kind such as car, computer, gold coins, mobile phones in addition to discounts.&nbsp;

This gave a break for the customers by exempting sales discounts or cash discounts from the section, claiming if it gets included will put the seller in difficulty. &nbsp;However, if perks such as mobile was returned to the manufacturer after being used for the purpose of service like for a social media influencer, then this new rule doesn’t apply in such cases.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/5g-india-to-hold-spectrum-auction-in-july-mobile-connectivity-set-to-get-10-times-faster-488302">5G: India to hold spectrum auction in July, mobile connectivity set to get 10 times faster</a>

The CBDT specifies that if doctors receive free samples of drugs while working in a hospital, section 194R applies free distribution of samples to the hospital. In case for doctors who work as consultants for a hospital and receive free samples, TDS should be applied first to the hospital which will deduct necessary tax under the section for doctors.&nbsp;

According to CBDT the section doesn’t apply the benefits to if supplied to a government institution that is not engaged in business or profession such as a government hospital.&nbsp;

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(With inputs from agencies)

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions.

Social media influencers and doctors in India will now be subjected to Tax Deducted at Source (TDS) from July 1, for benefits received from businesses for sales promotions. The Central Board of Direct Taxes (CBDT) has issued recommendations on the new provision’s applicability. The Union Budget made provision for TDS on incomes in order to prevent tax revenue leakage by incorporating a new section, 194R into the income Tax Act, 1961. Any individual who gives a resident a benefit of more than 20,000 in a year must pay TDS of 10 per cent, NDTV reported. The Joint Secretary in the Finance Ministry, Kamlesh C Varshney explained advantages which includes free medicine samples for doctors, overseas flight tickets and free tickets of Indian Premier League (IPL) of business and many more things. He stressed that these items should be revealed while submitting an income tax return and shall not be hidden as they are not being sold. Also read | UPI records nearly 6 billion transactions worth Rs 10 trillion in May The section 194R applies to sellers that offer incentives in cash or any kind such as car, computer, gold coins, mobile phones in addition to discounts. This gave a break for the customers by exempting sales discounts or cash discounts from the section, claiming if it gets included will put the seller in difficulty. However, if perks such as mobile was returned to the manufacturer after being used for the purpose of service like for a social media influencer, then this new rule doesn’t apply in such cases. Also read | 5G: India to hold spectrum auction in July, mobile connectivity set to get 10 times faster The CBDT specifies that if doctors receive free samples of drugs while working in a hospital, section 194R applies free distribution of samples to the hospital. In case for doctors who work as consultants for a hospital and receive free samples, TDS should be applied first to the hospital which will deduct necessary tax under the section for doctors. According to CBDT the section doesn’t apply the benefits to if supplied to a government institution that is not engaged in business or profession such as a government hospital. 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. (With inputs from agencies)

India to introduce new tax rules for social media influencers, doctors

Sequoia Capital India has asked a local court to dismiss a defamation lawsuit filed by one of its former general counsels, saying it was an attempt to curb its free speech rights and harm its interests, the venture capital firm's court filing shows.

Sequoia has been locked in a legal battle with Sandeep Kapoor, after he included the company in a defamation lawsuit against media companies that reported on a leaked Sequoia email of June 2. Kapoor was Sequoia's in-house general counsel for nearly nine years until 2019.

Also read |&nbsp;<a href="https://www.wionews.com/india-general-elections-2019/indian-air-force-releases-details-on-new-recruitment-plan-for-agnipath-489529">Indian Air Force releases details on new recruitment plan for ‘Agnipath’</a>

The lawsuit is the latest in a series of troubles for Sequoia that have the company grappling with complaints from startups about damaged trust following high-profile governance scandals at some of its portfolio companies in India and Southeast Asia.

Kapoor's firm, Algo Legal, has said in a press statement and its lawsuit that Sequoia sent an email to its portfolio companies this month making baseless references to "concerning details" about the law firm that hurt its business and reputation.

Sequoia denied the allegations in a 19-page court filing in India's tech hub of Bengaluru on June 18, calling the lawsuit "frivolous and vexatious" and saying it was duty bound to inform its portfolio companies when it detected certain irregularities.

Watch |&nbsp;India witnesses a slight dip in COVID cases from Saturday

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An independent probe at Sequoia Capital-backed fashion startup in Singapore, Zilingo, found certain payments made to Algo and its related entities "were not in consonance with the engagement terms/contracts", forcing Sequoia to caution its portfolio companies from dealing with the law firm, the court filing states.

Sequoia's filing, has not been made public.

A spokesperson for Algo and Kapoor said on Sunday they told the court on Saturday the investigation into Zilingo’s affairs is ongoing and there was no final finding, and that Sequoia’s allegations in the filing were without merit.

Detailing the Zilingo probe's findings for the first time, Sequoia said it found the fashion startup paid Algo and its related entities more than 6 million dollars between 2020 and 2022.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-grants-e-visas-to-sikhs-hindus-in-afghanistan-in-wake-of-kabul-gurudwara-attack-report-489522">India grants e-visas to Sikhs, Hindus in Afghanistan in wake of Kabul gurudwara attack: Report</a>

In such circumstances, Sequoia said, its "right to freedom of speech prevails over the plaintiff’s right of reputation since the statement was issued without any malice and without any intention to defame".

Sequoia was Algo's top client in billings, but the U.S. venture capital firm ended its engagement with Algo in January. Sequoia on Sunday declined to comment on its court filing.

The Bengaluru court will next hear the matter on June 29.

Zilingo in April suspended its 30-year-old CEO and cofounder Ankiti Bose, a former Sequoia analyst, over suspected financial irregularities. Bose was later dismissed in what she has said was a wrongful termination.

Zilingo and Bose did not immediately respond to a request for comment on Sunday.

Bose's removal, Zilingo has previously said, followed an independent investigation into complaints about what the startup described as "serious financial irregularities".

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Sequoia Capital India has asked a local court to dismiss a defamation lawsuit filed by one of its former general counsels, saying it was an attempt to curb its free speech rights and harm its interests, the venture capital firm's court filing shows.

Sequoia Capital India has asked a local court to dismiss a defamation lawsuit filed by one of its former general counsels, saying it was an attempt to curb its free speech rights and harm its interests, the venture capital firm's court filing shows. Sequoia has been locked in a legal battle with Sandeep Kapoor, after he included the company in a defamation lawsuit against media companies that reported on a leaked Sequoia email of June 2. Kapoor was Sequoia's in-house general counsel for nearly nine years until 2019. Also read | Indian Air Force releases details on new recruitment plan for ‘Agnipath’ The lawsuit is the latest in a series of troubles for Sequoia that have the company grappling with complaints from startups about damaged trust following high-profile governance scandals at some of its portfolio companies in India and Southeast Asia. Kapoor's firm, Algo Legal, has said in a press statement and its lawsuit that Sequoia sent an email to its portfolio companies this month making baseless references to "concerning details" about the law firm that hurt its business and reputation. Sequoia denied the allegations in a 19-page court filing in India's tech hub of Bengaluru on June 18, calling the lawsuit "frivolous and vexatious" and saying it was duty bound to inform its portfolio companies when it detected certain irregularities. Watch | India witnesses a slight dip in COVID cases from Saturday An independent probe at Sequoia Capital-backed fashion startup in Singapore, Zilingo, found certain payments made to Algo and its related entities "were not in consonance with the engagement terms/contracts", forcing Sequoia to caution its portfolio companies from dealing with the law firm, the court filing states. Sequoia's filing, has not been made public. A spokesperson for Algo and Kapoor said on Sunday they told the court on Saturday the investigation into Zilingo’s affairs is ongoing and there was no final finding, and that Sequoia’s allegations in the filing were without merit. Detailing the Zilingo probe's findings for the first time, Sequoia said it found the fashion startup paid Algo and its related entities more than 6 million dollars between 2020 and 2022. Also read | India grants e-visas to Sikhs, Hindus in Afghanistan in wake of Kabul gurudwara attack: Report In such circumstances, Sequoia said, its "right to freedom of speech prevails over the plaintiff’s right of reputation since the statement was issued without any malice and without any intention to defame". Sequoia was Algo's top client in billings, but the U.S. venture capital firm ended its engagement with Algo in January. Sequoia on Sunday declined to comment on its court filing. The Bengaluru court will next hear the matter on June 29. Zilingo in April suspended its 30-year-old CEO and cofounder Ankiti Bose, a former Sequoia analyst, over suspected financial irregularities. Bose was later dismissed in what she has said was a wrongful termination. Zilingo and Bose did not immediately respond to a request for comment on Sunday. Bose's removal, Zilingo has previously said, followed an independent investigation into complaints about what the startup described as "serious financial irregularities". 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.

Sequoia India asks court to dismiss lawsuit by its former counsel

French IT company Atos spooked investors on Tuesday with a plan to split its operations and sell assets as well as the departure of CEO Rodolphe Belmer, sending its shares plunging by more than 25 per cent.

The departure of Belmer, who took over in January, follows weeks of reports of board divisions over revamping the company.

Belmer and the board clashed over the fate of cybersecurity unit BDS, sources close to the matter have said, as he was willing to sell the business while the board wanted to retain it.

Also read |&nbsp;<a href="https://www.wionews.com/technology/meta-to-open-metaverse-academy-in-collaboration-with-french-digital-training-firm-487461">Meta to open 'metaverse academy' in collaboration with French digital training firm</a>

Atos is deemed strategic by the French government for its high-tech assets such the manufacture of supercomputers and software used by the army and the finance ministry to manage tax collection. Former prime minister Edouard Philippe sits on its board.

Belmer's departure was announced just an hour before a capital market day that investors hoped could restore confidence after a series of setbacks that has wiped out two-thirds of Atos's market value over the past year.

Belmer, the former boss of satellite company Eutelsat, will leave Atos on September 30. Atos shares fell as much as 27 per cent&nbsp;in early Paris trading, and were down almost 20 per cent&nbsp;as of 0742 GMT.

Watch |&nbsp;France's parliamentary elections: Polls suggest neck-to-neck fight

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SPLIT-UP Atos plans to split into two publicly listed entities and said it had appointed two deputy CEOs, Nourdine Bihmane and Philippe Oliva, to lead each of these.

The split would be aimed at "unlocking value" as part of a broader plan that would cost an estimated 1.6 billion euros in 2022-2023, the company said.

Atos will sell assets worth about 700 million euros, Belmer said on Tuesday in a call with reporters.

It has already sold its 2.5 per cent&nbsp;stake in payments company Worldline as part of its disposals plan, raising 220 million euros.

As part of split-up, Atos is considering spinning off and combining BDS with its services operations, notably those aimed at helping customers move to the cloud.

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Dubbed Evidian, these operations combined generated 4.9 billion euros in revenue in 2021, up by 5 per cent&nbsp;from the previous year, and an operating margin of 7.8 per cent.

The remaining part of Atos will include its declining and loss-making IT infrastructure management services, which had sales of 5.4 billion euros last year.

Atos said it aimed to return to growth and profits for these activities by 2026.

Asked if he would benefit from the two-year severance pay approved by shareholders in case of an abrupt departure of the CEO within two years, Belmer said he had proposed to leave with 9 months worth of salary.

Previously the boss of Vivendi-owned pay-TV station Canal+, Belmer had promised a new start for Atos after accounting errors and a failed attempt to acquire a U.S. company hit investor confidence.

The weakness of Atos's shares have made it vulnerable to takeover rumours.

On Monday, the shares fell more than 10 per cent, following a media report about its future strategy.

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French IT company Atos spooked investors on Tuesday with a plan to split its operations and sell assets as well as the departure of CEO Rodolphe Belmer, sending its shares plunging by more than 25 per cent.

French IT company Atos spooked investors on Tuesday with a plan to split its operations and sell assets as well as the departure of CEO Rodolphe Belmer, sending its shares plunging by more than 25 per cent. The departure of Belmer, who took over in January, follows weeks of reports of board divisions over revamping the company. Belmer and the board clashed over the fate of cybersecurity unit BDS, sources close to the matter have said, as he was willing to sell the business while the board wanted to retain it. Also read | Meta to open 'metaverse academy' in collaboration with French digital training firm Atos is deemed strategic by the French government for its high-tech assets such the manufacture of supercomputers and software used by the army and the finance ministry to manage tax collection. Former prime minister Edouard Philippe sits on its board. Belmer's departure was announced just an hour before a capital market day that investors hoped could restore confidence after a series of setbacks that has wiped out two-thirds of Atos's market value over the past year. Belmer, the former boss of satellite company Eutelsat, will leave Atos on September 30. Atos shares fell as much as 27 per cent in early Paris trading, and were down almost 20 per cent as of 0742 GMT. Watch | France's parliamentary elections: Polls suggest neck-to-neck fight SPLIT-UP Atos plans to split into two publicly listed entities and said it had appointed two deputy CEOs, Nourdine Bihmane and Philippe Oliva, to lead each of these. The split would be aimed at "unlocking value" as part of a broader plan that would cost an estimated 1.6 billion euros in 2022-2023, the company said. Atos will sell assets worth about 700 million euros, Belmer said on Tuesday in a call with reporters. It has already sold its 2.5 per cent stake in payments company Worldline as part of its disposals plan, raising 220 million euros. As part of split-up, Atos is considering spinning off and combining BDS with its services operations, notably those aimed at helping customers move to the cloud. Also read | Australia-France reach 555 million euro settlement deal Dubbed Evidian, these operations combined generated 4.9 billion euros in revenue in 2021, up by 5 per cent from the previous year, and an operating margin of 7.8 per cent. The remaining part of Atos will include its declining and loss-making IT infrastructure management services, which had sales of 5.4 billion euros last year. Atos said it aimed to return to growth and profits for these activities by 2026. Asked if he would benefit from the two-year severance pay approved by shareholders in case of an abrupt departure of the CEO within two years, Belmer said he had proposed to leave with 9 months worth of salary. Previously the boss of Vivendi-owned pay-TV station Canal+, Belmer had promised a new start for Atos after accounting errors and a failed attempt to acquire a U.S. company hit investor confidence. The weakness of Atos's shares have made it vulnerable to takeover rumours. On Monday, the shares fell more than 10 per cent, following a media report about its future strategy. 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.

Atos CEO quits as he loses power struggle over strategy

UK's economy has slowed down in month of April, this has economic output declined for second month in a row. Data for months showed UK economy has stalled as decade high inflation accelerated and supply deceptions hit manufacturing hard.

UK: Economic output declined for the second month

Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's&nbsp;expectations.&nbsp;

On&nbsp;Wall&nbsp;Street, stocks were deep in negative territory after US government data showed inflation reached 8.6 percent in the 12 months ended in May, the steepest rise in consumer prices since December 1981, on the back of surging energy and food prices.

Also read |&nbsp;<a href="https://www.wionews.com/world/asian-shares-fall-as-oil-lingers-above-usd-120-yen-sinks-486499">Asian shares fall as oil lingers above USD 120, yen sinks</a>

The S&amp;P 500 dropped 2.9%, closing out its ninth losing week in the last 10.

The data had been eagerly anticipated as investors hungrily look for clues as to the direction of US interest rates at next week's meeting of the Federal Reserve.

"The market had expected that we'd see at least a plateauing or flattening out of inflation but it seems that inflation pressures continue to build and we've seen a further broadening of price pressures", said Shaun Osborne, a foreign exchange specialist at Scotiabank.&nbsp;

"So it seems more entrenched, stickier kind of price or inflation situation", he further added.

Watch |&nbsp;Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble

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Osborne said the report will encourage investor debate on whether the US central bank will shift to a 75 basis point interest rate hike next week instead of the planned half-point increase.

But Osborne believes the Fed will go with its original plan, considering a bigger increase would look "panicky".

Adding to the unease was news that officials in China had once again locked down millions of people for Covid testing owing to another flare-up in cases, dealing a blow to hopes for an economic reopening.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"Warning signs about the economy are emerging as weekly (US) jobless claims are starting to rise, China's Covid situation will prove troublesome for supply chains over the next couple of quarters, and as inflationary pressures broaden and show no sign of easing", said Edward Moya, analyst at OANDA trading group.

"It seems reductions in global growth forecasts will become a steady theme over the next few months and that should complicate how much more tightening we see from central banks", he said.

The World Bank and Organisation for Economic Co-operation and Development this week each lowered their global economic growth forecasts for 2022.

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Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's expectations.

Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's expectations. On Wall Street, stocks were deep in negative territory after US government data showed inflation reached 8.6 percent in the 12 months ended in May, the steepest rise in consumer prices since December 1981, on the back of surging energy and food prices. Also read | Asian shares fall as oil lingers above USD 120, yen sinks The S&P 500 dropped 2.9%, closing out its ninth losing week in the last 10. The data had been eagerly anticipated as investors hungrily look for clues as to the direction of US interest rates at next week's meeting of the Federal Reserve. "The market had expected that we'd see at least a plateauing or flattening out of inflation but it seems that inflation pressures continue to build and we've seen a further broadening of price pressures", said Shaun Osborne, a foreign exchange specialist at Scotiabank. "So it seems more entrenched, stickier kind of price or inflation situation", he further added. Watch | Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble Osborne said the report will encourage investor debate on whether the US central bank will shift to a 75 basis point interest rate hike next week instead of the planned half-point increase. But Osborne believes the Fed will go with its original plan, considering a bigger increase would look "panicky". Adding to the unease was news that officials in China had once again locked down millions of people for Covid testing owing to another flare-up in cases, dealing a blow to hopes for an economic reopening. Also read | Dollar gains as US stocks fall, ECB decision on tap "Warning signs about the economy are emerging as weekly (US) jobless claims are starting to rise, China's Covid situation will prove troublesome for supply chains over the next couple of quarters, and as inflationary pressures broaden and show no sign of easing", said Edward Moya, analyst at OANDA trading group. "It seems reductions in global growth forecasts will become a steady theme over the next few months and that should complicate how much more tightening we see from central banks", he said. The World Bank and Organisation for Economic Co-operation and Development this week each lowered their global economic growth forecasts for 2022. 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.

Wall Street stocks sank after inflation hit a 40-year high

Japan is in problem because borders have not opened. Japan's business community has now further sought relaxation of border controls.

Japan business community seeks relaxation of Japan's border controls

Fashion giant Zara's owner Inditex has reported an 80% jump in first-quarter profit on the back of soaring sales as consumers refreshed their wardrobes after months spent stuck at home during the pandemic lockdowns.

Zara owner Inditex bucks retail trend, gross margin at 10-year high

Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures.

Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Nintendo Co. Issues surged 1.9 per cent in afternoon trading, while Honda Motor Co. Stocks gained more than 0.9 per cent.

The Japanese yen has recently slid to fresh 20-year lows against the US dollar, a trend the International Monetary Fund and other analysts expect to continue for a while because of higher interest rates in the US and Europe, compared to Japan, where long-term interest rates remain at near-zero.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

The dollar was trading at 133.80 Japanese yen after hitting 134 yen levels earlier in the day, down from 134.20 yen late Wednesday. The euro cost USD 1.0721, inching up from USD 1.0718.

The Governing Council of the European Central Bank is holding a monetary policy meeting later in the day.

Comments from Christine Lagarde, head of the European Central Bank, have markets anticipating an interest rate hike in July, with possibly more to follow.

"Nonetheless, the economic recovery remains fragile and subject to down side risks from geo-political risks, eroding real incomes, supply chain constraints and limited fiscal support",&nbsp;said Venkateswaran Lavanya of the Asia &amp; Oceania Treasury Department at Mizuho Bank in Singapore.

To that end, ECB will not want to throw the baby out with the bath water,&nbsp;calibrating monetary tightening in a more sustained, even if slow, pace,&nbsp;she said in a commentary.

Watch |&nbsp;Oil hovers near 13-week high, China optimism backs price surge

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Japan's benchmark Nikkei 225 gained 0.2 per cent in afternoon trading to 28,290.06. Australia's S&amp;P/ASX 200 slipped 1.2 per cent to 7,037.10. South Korea's Kospi fell 0.4 per cent to 2,616.46. Hong Kong's Hang Seng shed 1.0 per cent to 21,788.494, while the Shanghai Composite lost&nbsp;1.1 per cent to 3,228.08.

The impact from inflation has worsened since Russia's invasion of Ukraine, which has put more pressure on energy and food prices. US&nbsp;Crude oil prices rose 2.3 per cent on Wednesday and are up 63 per cent for the year, while wheat prices are up 39 per cent in 2022.

Supply chains have also gotten tighter following a series of lockdowns for Chinese cities fighting COVID-19 cases.

In energy trading, benchmark US crude was up 29 cents to USD 122.40 a barrel. It gained USD 2.70 on Wednesday.

Brent crude, the international standard for pricing oil, gained 35 cents to USD 123.93 a barrel.

Greater inflation pressure from the conflict in Ukraine and lockdowns in China prompted the Organisation for Economic Cooperation and Development to cut its forecast for economic growth, following several other international groups, including the World Bank.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistani-rupee-nosedives-to-all-time-low-of-20283-against-us-dollar-486263">Pakistani rupee nosedives to all-time low of 202.83 against US dollar</a>

Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority.&nbsp;

The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week.

That would be the second straight increase of double the usual amount, and investors expect a third in July.

Stocks fell broadly on Wall Street, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation's impact on businesses and another gloomy outlook on the global economy.

The S&amp;P 500 index fell 1.1 per cent to 4,115.77. The Dow Jones Industrial Average shed 0.8 per cent to 32,910.90 and the Nasdaq slipped 0.7 per cent to 12,086.27.

Smaller company stocks fell more than the rest of the market.

The Russell 2000 declined 1.5 per cent to 1,891.01.

Bond yields rose. The yield on the 10-year Treasury, which banks use to set rates on mortgages and other loans, rose to 3.02 per cent from 2.97 per cent late Tuesday.

The big concerns on Wall Street remain rising inflation and whether the Federal Reserve's shift to aggressively raise interest rates will help temper the impact or possibly push the economy into a recession.

The Fed's goal is to slow economic growth enough to cushion inflation's impact. Demand for goods had been outpacing supplies and production capacity through most of the post-pandemic recovery.

But, investors worry the Fed could go too far too fast in raising rates, nudging the US economy into a recession.

The next big update on inflation arrives Friday, when the US government releases its latest reading on the consumer price index.&nbsp; 
&nbsp;

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Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures.

Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above USD 122 a barrel, adding to price pressures. Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Nintendo Co. Issues surged 1.9 per cent in afternoon trading, while Honda Motor Co. Stocks gained more than 0.9 per cent. The Japanese yen has recently slid to fresh 20-year lows against the US dollar, a trend the International Monetary Fund and other analysts expect to continue for a while because of higher interest rates in the US and Europe, compared to Japan, where long-term interest rates remain at near-zero. Also read | Dollar gains as US stocks fall, ECB decision on tap The dollar was trading at 133.80 Japanese yen after hitting 134 yen levels earlier in the day, down from 134.20 yen late Wednesday. The euro cost USD 1.0721, inching up from USD 1.0718. The Governing Council of the European Central Bank is holding a monetary policy meeting later in the day. Comments from Christine Lagarde, head of the European Central Bank, have markets anticipating an interest rate hike in July, with possibly more to follow. "Nonetheless, the economic recovery remains fragile and subject to down side risks from geo-political risks, eroding real incomes, supply chain constraints and limited fiscal support", said Venkateswaran Lavanya of the Asia & Oceania Treasury Department at Mizuho Bank in Singapore. To that end, ECB will not want to throw the baby out with the bath water, calibrating monetary tightening in a more sustained, even if slow, pace, she said in a commentary. Watch | Oil hovers near 13-week high, China optimism backs price surge Japan's benchmark Nikkei 225 gained 0.2 per cent in afternoon trading to 28,290.06. Australia's S&P/ASX 200 slipped 1.2 per cent to 7,037.10. South Korea's Kospi fell 0.4 per cent to 2,616.46. Hong Kong's Hang Seng shed 1.0 per cent to 21,788.494, while the Shanghai Composite lost 1.1 per cent to 3,228.08. The impact from inflation has worsened since Russia's invasion of Ukraine, which has put more pressure on energy and food prices. US Crude oil prices rose 2.3 per cent on Wednesday and are up 63 per cent for the year, while wheat prices are up 39 per cent in 2022. Supply chains have also gotten tighter following a series of lockdowns for Chinese cities fighting COVID-19 cases. In energy trading, benchmark US crude was up 29 cents to USD 122.40 a barrel. It gained USD 2.70 on Wednesday. Brent crude, the international standard for pricing oil, gained 35 cents to USD 123.93 a barrel. Greater inflation pressure from the conflict in Ukraine and lockdowns in China prompted the Organisation for Economic Cooperation and Development to cut its forecast for economic growth, following several other international groups, including the World Bank. Also read | Pakistani rupee nosedives to all-time low of 202.83 against US dollar Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority. The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week. That would be the second straight increase of double the usual amount, and investors expect a third in July. Stocks fell broadly on Wall Street, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation's impact on businesses and another gloomy outlook on the global economy. The S&P 500 index fell 1.1 per cent to 4,115.77. The Dow Jones Industrial Average shed 0.8 per cent to 32,910.90 and the Nasdaq slipped 0.7 per cent to 12,086.27. Smaller company stocks fell more than the rest of the market. The Russell 2000 declined 1.5 per cent to 1,891.01. Bond yields rose. The yield on the 10-year Treasury, which banks use to set rates on mortgages and other loans, rose to 3.02 per cent from 2.97 per cent late Tuesday. The big concerns on Wall Street remain rising inflation and whether the Federal Reserve's shift to aggressively raise interest rates will help temper the impact or possibly push the economy into a recession. The Fed's goal is to slow economic growth enough to cushion inflation's impact. Demand for goods had been outpacing supplies and production capacity through most of the post-pandemic recovery. But, investors worry the Fed could go too far too fast in raising rates, nudging the US economy into a recession. The next big update on inflation arrives Friday, when the US government releases its latest reading on the consumer price index. 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.

Asian shares fall as oil lingers above USD 120, yen sinks

In worrying signs for the Japanese economy, Retail sales rise more than expected in April. Whereas, April output fall much weaker than expected.

Worrying signs for Japanese economy: Retail sales rise more than expected in April

There is certainly an improvement in the UK, where the businesses have edged higher in May except for consumer-facing companies that are most exposed to the growing cost of living.

UK business confidence tick higher in May: Lloyds bank business barometer rose in May

A state appeals court in New York on Thursday asked former US president Donald Trump and two of his adult children to testify under oath by the New York attorney general’s civil investigators who are probing fraud business practices by his firm, Trump Organization.

The appeals court rejected Trump’s plea that sought relief from being compelled to answer.

The decision is a major blow to Trump who has been trying to avoid the probe by New York Attorney General Letitia James into the Trump Organization’s “fraudulent or misleading” valuations of assets like golf courses and skyscrapers to get loans and tax benefits.

A four-judge panel also upheld Manhattan Judge Arthur Engoron’s February 17 ruling, which enforced subpoenas requiring that Trump and his two eldest children — Ivanka and Donald Jr. — give deposition testimony in Attorney General Letitia James’ probe.

“The existence of a criminal investigation does not preclude civil discovery of related facts, at which a party may exercise the privilege against self-incrimination,” the appellate panel wrote, citing the Fifth Amendment to the US Constitution and other legal protections for witnesses, AP news agency reports.

Meanwhile, James welcomed the ruling, saying that her investigation “will continue undeterred because no one is above the law.”

Also read |&nbsp;<a href="https://www.wionews.com/world/is-google-hatching-a-sinister-plot-to-butt-in-on-donald-trumps-app-truth-socials-success-481441" hreflang="en">Is Google hatching a sinister plot to butt in on Donald Trump's app Truth Social's success?</a>

“Once again, the courts have ruled that Donald Trump must comply with our lawful investigation into his financial dealings,” James said in a written statement.

“We will continue to follow the facts of this case and ensure that no one can evade the law.”

Also read |&nbsp;<a href="https://www.wionews.com/world/ex-us-president-donald-trump-pays-110000-in-fines-for-blocking-new-york-state-tax-probe-480872" hreflang="en">Ex-US President Donald Trump pays $110,000 in fines for blocking New York state tax probe</a>

In the ruling, the appellate panel described the investigation as focusing on whether the Trump Organization&nbsp;“committed persistent fraud in their financial practices and disclosures.”

Trump denies the allegations and has said James’ investigation is part of a politically motivated “witch hunt.”

(With inputs from agencies)

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A state appeals court in New York on Thursday asked former US president Donald Trump and two of his adult children to testify under oath by the New York attorney general’s civil investigators who are probing fraud business practices by his firm, Trump Organization.

A state appeals court in New York on Thursday asked former US president Donald Trump and two of his adult children to testify under oath by the New York attorney general’s civil investigators who are probing fraud business practices by his firm, Trump Organization. The appeals court rejected Trump’s plea that sought relief from being compelled to answer. The decision is a major blow to Trump who has been trying to avoid the probe by New York Attorney General Letitia James into the Trump Organization’s “fraudulent or misleading” valuations of assets like golf courses and skyscrapers to get loans and tax benefits. A four-judge panel also upheld Manhattan Judge Arthur Engoron’s February 17 ruling, which enforced subpoenas requiring that Trump and his two eldest children — Ivanka and Donald Jr. — give deposition testimony in Attorney General Letitia James’ probe. “The existence of a criminal investigation does not preclude civil discovery of related facts, at which a party may exercise the privilege against self-incrimination,” the appellate panel wrote, citing the Fifth Amendment to the US Constitution and other legal protections for witnesses, AP news agency reports. Meanwhile, James welcomed the ruling, saying that her investigation “will continue undeterred because no one is above the law.” Also read | Is Google hatching a sinister plot to butt in on Donald Trump's app Truth Social's success? “Once again, the courts have ruled that Donald Trump must comply with our lawful investigation into his financial dealings,” James said in a written statement. “We will continue to follow the facts of this case and ensure that no one can evade the law.” Also read | Ex-US President Donald Trump pays $110,000 in fines for blocking New York state tax probe In the ruling, the appellate panel described the investigation as focusing on whether the Trump Organization “committed persistent fraud in their financial practices and disclosures.” Trump denies the allegations and has said James’ investigation is part of a politically motivated “witch hunt.” (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.

US court asks ex-US prez Trump to testify in probe into his ‘fraud’ business practices

Japan has recorded its biggest jump in consumer prices in over 7 years. Inflationary pressure is possible from fuel costs.

Japan's April consumer prices: Biggest jump in consumer prices in over 7 years

In a proxy statement, Twitter Inc has shared its account over the negotiations of the deal with Tesla CEO Elon Musk on Tuesday, said media reports. It reveals that the billionaire had not asked anything about the business of the social media company. Musk had recently declared that the $44 billion acquisition of the social microblogging site is "on hold." On the weekend of April 23 and April 24, SpaceX CEO negotiated the deal with Twitter without carrying out any due diligence, the statement said. &nbsp;

The proxy statement shows Musk seemed to be in a rush to finalise the deal with his "best and final" offer. &nbsp;

Since the finalisation of the deal, the billionaire has been raising doubts over the accuracy of Twitter's public filings with regard to spam accounts. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/44-billion-twitter-purchase-will-not-go-ahead-without-clarity-on-fake-spam-accounts-elon-musk-479769" hreflang="en">$44 billion Twitter purchase will not go ahead without clarity on fake, spam accounts: Elon Musk</a>

The social media firm has said that spam accounts on the platform can be around 5% of its total user base. While the billionaire claims it to be at least 20%. &nbsp;&nbsp;

In its filings, Twitter has also said that the numbers may be higher than its estimates. Around 9% to 15% of Twitter profiles are bots, project independent researchers. &nbsp;&nbsp;

Watch:&nbsp;The battle over Bots: Is Elon Musk trying to renegotiate the $44 billion Twitter offer?

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In proxy statement, Twitter said, "Mr Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter." &nbsp;&nbsp;

The statement, however, did not make any mention of Musk’s threats of not going ahead with the deal. &nbsp;

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In a proxy statement, Twitter Inc has shared its account over the negotiations of the deal with Tesla CEO Elon Musk on Tuesday, said media reports. It reveals that the billionaire had not asked anything about the business of the social media company.

In a proxy statement, Twitter Inc has shared its account over the negotiations of the deal with Tesla CEO Elon Musk on Tuesday, said media reports. It reveals that the billionaire had not asked anything about the business of the social media company. Musk had recently declared that the $44 billion acquisition of the social microblogging site is "on hold." On the weekend of April 23 and April 24, SpaceX CEO negotiated the deal with Twitter without carrying out any due diligence, the statement said. The proxy statement shows Musk seemed to be in a rush to finalise the deal with his "best and final" offer. Since the finalisation of the deal, the billionaire has been raising doubts over the accuracy of Twitter's public filings with regard to spam accounts. Also Read: $44 billion Twitter purchase will not go ahead without clarity on fake, spam accounts: Elon Musk The social media firm has said that spam accounts on the platform can be around 5% of its total user base. While the billionaire claims it to be at least 20%. In its filings, Twitter has also said that the numbers may be higher than its estimates. Around 9% to 15% of Twitter profiles are bots, project independent researchers. Watch: The battle over Bots: Is Elon Musk trying to renegotiate the $44 billion Twitter offer? × In proxy statement, Twitter said, "Mr Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter." The statement, however, did not make any mention of Musk’s threats of not going ahead with the deal. WATCH WION LIVE HERE (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Elon Musk did not ask anything about business while signing, says Twitter over ‘on hold’ deal

Indian conglomerate&nbsp;Adani&nbsp;Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.

Adani&nbsp;Group, owned by billionaire Gautam&nbsp;Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses.

Under the deal,&nbsp;Adani&nbsp;Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent&nbsp;stake in Ambuja Cements Ltd and 54.5 per cent&nbsp;holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer,&nbsp;Adani&nbsp;said in a separate statement.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/talks-of-all-cash-deal-between-adani-and-zee-media-utterly-false-and-baseless-452387">Talks of all-cash deal between Adani and Zee Media utterly false and baseless</a>

"(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion,"&nbsp;Adani&nbsp;said.

The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year.

Shares in Ambuja jumped as much as 5.2 per cent&nbsp;to 377.70 rupees while ACC rose 8.3 per cent&nbsp;to a high of 2,287.70 rupees on Monday, but traded below the prices offered by&nbsp;Adani.

Ambuja's shares closed 2.5 per cent&nbsp;&nbsp;higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent&nbsp;&nbsp;higher at 2,196.20 rupees versus the offer price of 2,300 rupees.

Watch |&nbsp;Dollar holds gains as investors seek safety, crypto markets find stability

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Gautam&nbsp;Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the&nbsp;Adani&nbsp;family, he told the Economic Times.

"The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the&nbsp;Adani&nbsp;family," he was quoted as saying.

The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials.

Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/fake-news-tweet-on-zee-media-adani-group-deal-is-false-and-baseless-444054">Fake news: Tweet on Zee Media-Adani Group deal is false and baseless</a>

Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people.

The transaction is expected to close in the second half of 2022, Holcim said.

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Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.

Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer. Adani Group, owned by billionaire Gautam Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses. Under the deal, Adani Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent stake in Ambuja Cements Ltd and 54.5 per cent holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer, Adani said in a separate statement. Also read | Talks of all-cash deal between Adani and Zee Media utterly false and baseless "(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Adani said. The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year. Shares in Ambuja jumped as much as 5.2 per cent to 377.70 rupees while ACC rose 8.3 per cent to a high of 2,287.70 rupees on Monday, but traded below the prices offered by Adani. Ambuja's shares closed 2.5 per cent higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent higher at 2,196.20 rupees versus the offer price of 2,300 rupees. Watch | Dollar holds gains as investors seek safety, crypto markets find stability Gautam Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the Adani family, he told the Economic Times. "The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the Adani family," he was quoted as saying. The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials. Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year. Also read | Fake news: Tweet on Zee Media-Adani Group deal is false and baseless Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people. The transaction is expected to close in the second half of 2022, Holcim said. WATCH WION LIVE HERE:

Adani to become India's No. 2 cement maker with $10.5 billion Holcim deal

China is an important market for automakers including Tesla, as it was the top seller of EVs in the country in March delivering 65,000 cars from its Shanghai factory. Its manufacturing and sales took a huge hit last month when the government shut down Shanghai.

Lockdowns take a toll on auto sales, Tesla's China sales dive 98%

US regulators are investigating Elon musk's delayed disclosure of his sizeable stake in Twitter last month. He has disclosed a 9.2 percent stake in Twitter. It's a delay of at least 10 days since surpassing the 5% limit.

US markets regulator to probe Tesla CEO Elon Musk

Well, Saudi Aramco has overtaken Apple as the world's most valuable company. On Wednesday, the Saudi Arabian oil company's market capitalization was $2.426 trillion, slightly higher than Apple's $2.415 trillion.

Oil giant Saudi Aramco dethrones Apple as World's most valuable company

At a time when electric cars are being launched by automakers, Japanese auto major Honda has launched 2022 Honda City Hybrid Electric Vehicle at 19.5 lakh rupees at showroom price, it's first mainstream segment car in India to be with strong hybrid tech.

Honda to launch first hybrid electric car in India

The world's longest commercial flight from Sydney to London- Australia's Qantas airways had ordered 12 airbus to A350-1000 planes. The deal comes as market conditions improve and demand for domestic and global travel recover from pandemic faster than expected.

Australia's Qantas airways: World's longest non-stop flight

Microsoft Corp on Tuesday forecast double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services, and its shares jumped about 4%.

Microsoft forecasts double-digit revenue growth

Electric vehicles are quite common on Indian roads now, fully or mild hybrids are also being sold here. In this category of hybrid cars, Japanese major Honda now has recently launched hybrid variant of its popular City Sedan, watch this report for more.

Hybrid electric vehicles on offer in India

Shares of Nissan dropped 4% in early trade on Monday, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker.

Renault exploring Nissan stake sale: Reports

Breaking all records in the fruits sale, Jammu and Kashmir has been selling watermelons worth Rs 50 million (US $6,56,000 approx.) every day in the Kashmir valley during the month of Ramadan (which started on April 2 and will last till May 2)

According to the official data, more than 100 trucks carrying watermelon made a stoppage at the Fruit Mandi of Srinagar.&nbsp;

The produce is being brought from various Indian states, including Gujarat, Andhra Pradesh and Maharashtra.

''We have been making watermelon sales worth Rs 50 million every day. In the month of Ramadan, it's very warm and the demand for this fruit increases a lot. This time of the year, the produce is mainly coming from Andhra Pradesh, Gujarat and Maharashtra,'' said Bashir Ahmad, President, Fruit Mandi, Kashmir.&nbsp;

The Fruit Mandi has around 300 shops, of which 70 per cent of the shops have started dealing with watermelons, helping the sellers make a brisk business.

According to the officials, Kashmir is one of the biggest consumers of watermelon in the country. And since the produce is brought from far-flung states, the price goes up. Officials say the cost will come down once the produce starts coming from Punjab.&nbsp;

''The transportation cost of watermelon is steep. Kashmiris love watermelon and I think if we compare it across the country, most of the sale takes place in Kashmir alone,'' Ahmad said.&nbsp;

Breaking all records in the fruits sale, Jammu and Kashmir has been selling watermelons worth Rs 50 million (US $6,56,000 approx.) every day in the Kashmir valley during the month of Ramadan (which started on April 2 and will last till May 2) According to the official data, more than 100 trucks carrying watermelon made a stoppage at the Fruit Mandi of Srinagar.

Breaking all records in the fruits sale, Jammu and Kashmir has been selling watermelons worth Rs 50 million (US $6,56,000 approx.) every day in the Kashmir valley during the month of Ramadan (which started on April 2 and will last till May 2) According to the official data, more than 100 trucks carrying watermelon made a stoppage at the Fruit Mandi of Srinagar. The produce is being brought from various Indian states, including Gujarat, Andhra Pradesh and Maharashtra. ''We have been making watermelon sales worth Rs 50 million every day. In the month of Ramadan, it's very warm and the demand for this fruit increases a lot. This time of the year, the produce is mainly coming from Andhra Pradesh, Gujarat and Maharashtra,'' said Bashir Ahmad, President, Fruit Mandi, Kashmir. The Fruit Mandi has around 300 shops, of which 70 per cent of the shops have started dealing with watermelons, helping the sellers make a brisk business. According to the officials, Kashmir is one of the biggest consumers of watermelon in the country. And since the produce is brought from far-flung states, the price goes up. Officials say the cost will come down once the produce starts coming from Punjab. ''The transportation cost of watermelon is steep. Kashmiris love watermelon and I think if we compare it across the country, most of the sale takes place in Kashmir alone,'' Ahmad said.

Kashmir breaking all records in watermelon sales during Ramadan

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