The earnings momentum that fueled the big six tech stocks – Apple, Amazon, Alphabet, Meta, Microsoft, and Nvidia – appears to be losing steam. That’s what the analysts at UBS predict - a significant slowdown in their earnings per share (EPS) growth. This slowdown has prompted UBS to downgrade their recommendation on these stocks from "overweight" to "neutral."

UBS downgrades big 6 tech stocks from 'overweight' to 'neutral'

The UN's cultural organisation said on Thursday it had stopped short of placing Venice, one of the world's top tourist destinations, on its world heritage in danger list.&nbsp;

The Italian city has been in UNESCO's sights because of mass tourism and rising water levels, but at its annual meeting in Riyadh the agency decided against a downgrade.&nbsp;

"The Committee has taken the decision not to include Venice on the list of World Heritage in Danger," a UNESCO source told AFP.&nbsp;

Italy's Culture Minister Gennaro Sangiuliano said it was "a great victory for Italy and for common sense".&nbsp;

Venice is in danger from rising water levels, attributed to climate change, and excessive numbers of tourists, Lazare Eloundou Assomo, UNESCO's Director of World Heritage, told AFP ahead of the Riyadh meeting.&nbsp;

Italian counter-measures had been deemed "insufficient", he said.&nbsp;

And Thursday the committee "reiterated its concerns about the major challenges still to be met for the proper conservation of the site", citing mass tourism, development projects and climate change.&nbsp;

"Further progress needs to be made," it said, and the city's state of conservation would be examined again "in the summer of 2024".&nbsp;

"The protection of this World Heritage property must remain a priority for the entire international community," it added.&nbsp;

The "in danger" qualification is the first step towards exclusion from the list that features 1,157 sites, of which 900 are cultural, 218 natural and 39 mixed.&nbsp;

<h2>'Extraordinary architectural masterpiece'&nbsp;</h2>

One diplomat told AFP the committee's decision not to downgrade the city now took into account progress "in recent days", in particular an incoming "visitor flow management system".&nbsp;

Officials agreed Tuesday to test a fee on day-tourists to the overcrowded historic centre from next spring.&nbsp;

Critics, however, say the scheme will do little to stem the hordes of tourists who descend each year on Venice.&nbsp;

Authorities have debated for years -- without taking concrete action -- over how best to regulate the millions of visitors to the famous watery city.&nbsp;

They flock there to see sights including St Mark's Square, the Rialto Bridge and picturesque canals.&nbsp;

Two years ago, the city imposed a ban on massive cruise ships, from which thousands of day-trippers emerge, re-routing them to a more distant industrial port.&nbsp;

The aim was also to reduce damage from the large waves caused by ships, which  erode Venice's foundations and harm the lagoon's fragile ecosystem.&nbsp;

But the tourists still come, with 3.2 million staying overnight in Venice's historic centre last year, according to official data.&nbsp;

UNESCO, the United Nation's educational, scientific and cultural organisation, keeps the world oversees list, which it says is a reflection of the planet's cultural and natural diversity.&nbsp;

It put Venice on the heritage list in 1987 as an "extraordinary architectural masterpiece".&nbsp;

The agency's World Heritage Committee meets once a year to update it, and many countries consider inclusion on the list crucial for tourism and the ability to get funding to preserve the sites.&nbsp;

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>.

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The UN's cultural organisation said on Thursday it had stopped short of placing Venice, one of the world's top tourist destinations, on its world heritage in danger list.

The UN's cultural organisation said on Thursday it had stopped short of placing Venice, one of the world's top tourist destinations, on its world heritage in danger list. The Italian city has been in UNESCO's sights because of mass tourism and rising water levels, but at its annual meeting in Riyadh the agency decided against a downgrade. "The Committee has taken the decision not to include Venice on the list of World Heritage in Danger," a UNESCO source told AFP. Italy's Culture Minister Gennaro Sangiuliano said it was "a great victory for Italy and for common sense". Venice is in danger from rising water levels, attributed to climate change, and excessive numbers of tourists, Lazare Eloundou Assomo, UNESCO's Director of World Heritage, told AFP ahead of the Riyadh meeting. Italian counter-measures had been deemed "insufficient", he said. And Thursday the committee "reiterated its concerns about the major challenges still to be met for the proper conservation of the site", citing mass tourism, development projects and climate change. "Further progress needs to be made," it said, and the city's state of conservation would be examined again "in the summer of 2024". "The protection of this World Heritage property must remain a priority for the entire international community," it added. The "in danger" qualification is the first step towards exclusion from the list that features 1,157 sites, of which 900 are cultural, 218 natural and 39 mixed. 'Extraordinary architectural masterpiece' One diplomat told AFP the committee's decision not to downgrade the city now took into account progress "in recent days", in particular an incoming "visitor flow management system". Officials agreed Tuesday to test a fee on day-tourists to the overcrowded historic centre from next spring. Critics, however, say the scheme will do little to stem the hordes of tourists who descend each year on Venice. Authorities have debated for years -- without taking concrete action -- over how best to regulate the millions of visitors to the famous watery city. They flock there to see sights including St Mark's Square, the Rialto Bridge and picturesque canals. Two years ago, the city imposed a ban on massive cruise ships, from which thousands of day-trippers emerge, re-routing them to a more distant industrial port. The aim was also to reduce damage from the large waves caused by ships, which  erode Venice's foundations and harm the lagoon's fragile ecosystem. But the tourists still come, with 3.2 million staying overnight in Venice's historic centre last year, according to official data. UNESCO, the United Nation's educational, scientific and cultural organisation, keeps the world oversees list, which it says is a reflection of the planet's cultural and natural diversity. It put Venice on the heritage list in 1987 as an "extraordinary architectural masterpiece". The agency's World Heritage Committee meets once a year to update it, and many countries consider inclusion on the list crucial for tourism and the ability to get funding to preserve the sites. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Venice avoids UNESCO world heritage downgrade

Fitch Ratings on Friday downgraded France's debt worthiness to "AA-" from "AA", claiming the political deadlock and social movements posed a threat to President Emmanuel Macron's reform policies which could in turn slow down the economy. It added the country's&nbsp;"fiscal metrics are weaker than peers".

"Public finances, and in particular the high level of government debt, are a&nbsp;rating&nbsp; weakness,"&nbsp;the credit rating agency noted.&nbsp;

"Political deadlock and (sometimes violent) social movements pose a risk to Macron's reform agenda and could create pressures for a more expansionary fiscal policy or a reversal of previous reforms," it added.&nbsp;

The agency warned that lower economic growth prospects and a decrease in competitiveness could contribute to a further downgrade in ratings.&nbsp;

<h2>We will continue with reforms: French government</h2>

After the release of the ratings, Finance Minister Bruno Le Maire said the government will continue to proceed with structural reforms to overhaul the economy.&nbsp;

"I believe that the facts invalidate Fitch's assessment. We are able to implement structural reforms and we will continue to implement structural reforms for the country," Le Maire was quoted as saying by AFP.&nbsp;

"Do not doubt our complete determination to restore the nation's public finances. We have proven our ability...to pass reforms that transform the French economic model."

The assessment by Fitch ratings comes barely a week after Macron suggested that&nbsp;his government may be in danger&nbsp;as far-right leader Marine Le Pen continues to make gains.&nbsp;

"Marine Le Pen will arrive (in power) if we are unable to respond to the challenges of the country and if we introduce a habit of lying or denying reality," he said.&nbsp;

Macron also lamented that&nbsp;he was not involved sufficiently in selling his highly unpopular pension reform bill to the public.

"Perhaps the mistake was not being sufficiently present to give a substance to the reform and carry it myself," Macron told Le Parisien newspaper.&nbsp;

<a href="https://www.wionews.com/world/french-president-emmanuel-macron-laments-not-selling-his-pension-reform-plan-adequately-to-public-585502">ALSO READ |&nbsp;French President Emmanuel Macron laments not selling his pension reform plan adequately to public</a>

<h2>French court approves the bill</h2>

Earlier this month, the French court approved Macron's pension reform plan to raise the retirement age. The decision was validated by the nine-member Constitutional Council after almost three months of protests across the country.&nbsp;

The council was of the view that the government's actions were in line with the constitution and that the retirement age should be raised.&nbsp;

However, the protests over the reforms are yet to stop. Parisians are still taking to the streets and demanding that Macron restore the status quo, which according to Fitch, may further impede Paris's economic growth.&nbsp;

(With inputs from agencies) 
&nbsp;

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Fitch Ratings on Friday downgraded France's debt worthiness to "AA-" from "AA", claiming the political deadlock and social movements posed a threat to President Emmanuel Macron's reform policies which could in turn slow down the economy.

Fitch Ratings on Friday downgraded France's debt worthiness to "AA-" from "AA", claiming the political deadlock and social movements posed a threat to President Emmanuel Macron's reform policies which could in turn slow down the economy. It added the country's "fiscal metrics are weaker than peers". "Public finances, and in particular the high level of government debt, are a rating weakness," the credit rating agency noted. "Political deadlock and (sometimes violent) social movements pose a risk to Macron's reform agenda and could create pressures for a more expansionary fiscal policy or a reversal of previous reforms," it added. The agency warned that lower economic growth prospects and a decrease in competitiveness could contribute to a further downgrade in ratings. We will continue with reforms: French government After the release of the ratings, Finance Minister Bruno Le Maire said the government will continue to proceed with structural reforms to overhaul the economy. "I believe that the facts invalidate Fitch's assessment. We are able to implement structural reforms and we will continue to implement structural reforms for the country," Le Maire was quoted as saying by AFP. "Do not doubt our complete determination to restore the nation's public finances. We have proven our ability...to pass reforms that transform the French economic model." The assessment by Fitch ratings comes barely a week after Macron suggested that his government may be in danger as far-right leader Marine Le Pen continues to make gains. "Marine Le Pen will arrive (in power) if we are unable to respond to the challenges of the country and if we introduce a habit of lying or denying reality," he said. Macron also lamented that he was not involved sufficiently in selling his highly unpopular pension reform bill to the public. "Perhaps the mistake was not being sufficiently present to give a substance to the reform and carry it myself," Macron told Le Parisien newspaper. ALSO READ | French President Emmanuel Macron laments not selling his pension reform plan adequately to public French court approves the bill Earlier this month, the French court approved Macron's pension reform plan to raise the retirement age. The decision was validated by the nine-member Constitutional Council after almost three months of protests across the country. The council was of the view that the government's actions were in line with the constitution and that the retirement age should be raised. However, the protests over the reforms are yet to stop. Parisians are still taking to the streets and demanding that Macron restore the status quo, which according to Fitch, may further impede Paris's economic growth. (With inputs from agencies) WATCH WION LIVE HERE:

Fitch downgrades France’s credit rating, blames political risks and government debt

The New York-based credit rating company Moody's Investors Service has lowered Pakistan's local and foreign currency, senior unsecured debt, and rating from B3 to Caa1&nbsp;due to heightened risks associated with government liquidity, external vulnerability, and debt sustainability.&nbsp; 
&nbsp; 
In the midst of Pakistan's devastating floods, the New York-based rating agency stated that "the outlook remains negative," according to Dawn. For the foreseeable future, Pakistan's credit situation will continue to be very poor due to its long-standing issue with debt affordability.&nbsp; 
&nbsp; 
After seven years, the country is now in the C-category due to the relegation (March 2015). 
&nbsp; 
Pakistan vehemently disagreed with Moody's downgrade decision, claiming it was made unilaterally, was based on unreliable data, and did not accurately reflect the situation because of discrepancies and gaps in the available data.&nbsp; 
&nbsp; 
Due to a delay in a contract with the International Monetary Fund (IMF) for an economic bailout, Moody's also cut Pakistan's outlook in June from stable to negative.&nbsp; 
&nbsp; 
Dawn newspaper&nbsp;quoted a statement from Moody's, "The decision to change the outlook to negative is driven by Pakistan's heightened external vulnerability risk and uncertainty around the sovereign's ability to secure additional external financing to meet its needs."&nbsp; 
&nbsp; 
During the first 10 months (July to April) of the current fiscal year, Pakistan's current account deficit increased to USD 13.8 billion from a deficit of USD 543 million a year earlier.

Also Read:&nbsp;<a href="https://www.wionews.com/world/ukraine-mocks-kremlin-over-blast-on-key-bridge-crucial-to-russian-war-effort-523577">Ukraine mocks Kremlin over blast on 'key' bridge crucial to Russian war effort</a> 
 
The IMF reports that Pakistan's foreign exchange reserves decreased to USD 9.7 billion at the end of April, which is only enough to pay for imports for less than two months. In comparison, at the end of July of the previous year, there were USD 18.9 billion in reserves.&nbsp; 
&nbsp; 
For the current fiscal year, Moody's predicted that the current account deficit would be 4.5–5 per cent of GDP, somewhat more than the government had anticipated.&nbsp; 
&nbsp; 
In addition, Pakistan's next elections are scheduled for the middle of 2023. According to Moody's, it will be challenging for political parties to consistently execute major revenue-raising measures in the lead-up to the elections, especially in an environment with rising inflation. 
&nbsp; 
(with inputs from agencies) 
&nbsp;

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The New York-based credit rating company Moody's Investors Service has lowered Pakistan's local and foreign currency, senior unsecured debt, and rating from B3 to Caa1 due to heightened risks associated with government liquidity, external vulnerability, and debt sustainability.

The New York-based credit rating company Moody's Investors Service has lowered Pakistan's local and foreign currency, senior unsecured debt, and rating from B3 to Caa1 due to heightened risks associated with government liquidity, external vulnerability, and debt sustainability. In the midst of Pakistan's devastating floods, the New York-based rating agency stated that "the outlook remains negative," according to Dawn. For the foreseeable future, Pakistan's credit situation will continue to be very poor due to its long-standing issue with debt affordability. After seven years, the country is now in the C-category due to the relegation (March 2015). Pakistan vehemently disagreed with Moody's downgrade decision, claiming it was made unilaterally, was based on unreliable data, and did not accurately reflect the situation because of discrepancies and gaps in the available data. Due to a delay in a contract with the International Monetary Fund (IMF) for an economic bailout, Moody's also cut Pakistan's outlook in June from stable to negative. Dawn newspaper quoted a statement from Moody's, "The decision to change the outlook to negative is driven by Pakistan's heightened external vulnerability risk and uncertainty around the sovereign's ability to secure additional external financing to meet its needs." During the first 10 months (July to April) of the current fiscal year, Pakistan's current account deficit increased to USD 13.8 billion from a deficit of USD 543 million a year earlier. Also Read: Ukraine mocks Kremlin over blast on 'key' bridge crucial to Russian war effort The IMF reports that Pakistan's foreign exchange reserves decreased to USD 9.7 billion at the end of April, which is only enough to pay for imports for less than two months. In comparison, at the end of July of the previous year, there were USD 18.9 billion in reserves. For the current fiscal year, Moody's predicted that the current account deficit would be 4.5–5 per cent of GDP, somewhat more than the government had anticipated. In addition, Pakistan's next elections are scheduled for the middle of 2023. According to Moody's, it will be challenging for political parties to consistently execute major revenue-raising measures in the lead-up to the elections, especially in an environment with rising inflation. (with inputs from agencies)

Moody's downgrades Pakistan's economic outlook to negative, gives 'C rating' after seven years

The Congress party on Wednesday gave a Suspension of Business Notice in Rajya Sabha under rule 267, over "withdrawal of Special Protection Group (SPG) cover to certain persons". 
 
The SPG security cover given to Congress interim president Sonia Gandhi, her son Rahul Gandhi and daughter Priyanka Gandhi Vadra <a href="https://www.wionews.com/india-news/government-to-downgrade-gandhi-familys-security-cover-from-spg-rank-to-z-260793">was withdrawn last week</a> by the central government after a security review. Their security detail was replaced with 'Z plus' security cover of the Central Reserve Police Force (CRPF). 
 
Leader of Congress in Lok Sabha, Adhir Ranjan Chowdhury, on Tuesday gave an adjournment motion notice in the House on the Home Ministry's move to remove the special protection from the Gandhi family. 
 
Chowdhury and DMK leader TR Baalu later sought to raise the issue during zero-Hour but Speaker Om Birla did not let them speak on the issue saying the issue was already raised by them. 
 
Yesterday, Congress members protested in Lok Sabha and came near the Speaker's podium during question hour.

The Congress party on Wednesday gave a Suspension of Business Notice in Rajya Sabha under rule 267, over "withdrawal of Special Protection Group (SPG) cover to certain persons".

The Congress party on Wednesday gave a Suspension of Business Notice in Rajya Sabha under rule 267, over "withdrawal of Special Protection Group (SPG) cover to certain persons". The SPG security cover given to Congress interim president Sonia Gandhi, her son Rahul Gandhi and daughter Priyanka Gandhi Vadra was withdrawn last week by the central government after a security review. Their security detail was replaced with 'Z plus' security cover of the Central Reserve Police Force (CRPF). Leader of Congress in Lok Sabha, Adhir Ranjan Chowdhury, on Tuesday gave an adjournment motion notice in the House on the Home Ministry's move to remove the special protection from the Gandhi family. Chowdhury and DMK leader TR Baalu later sought to raise the issue during zero-Hour but Speaker Om Birla did not let them speak on the issue saying the issue was already raised by them. Yesterday, Congress members protested in Lok Sabha and came near the Speaker's podium during question hour.

Congress gives Suspension of Business notice over downgrade in security cover

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