The Pakistan Business Council has issued a stark warning that numerous multinational companies are contemplating moving their back offices out of Pakistan, with some already executing their exit plans. This move comes in response to severe internet disruptions caused by recent firewall implementations.

Internet issues push firms out of Pakistan

Despite broader economic challenges in the US’ gig economy platforms are thriving. New-age internet first companies have reported impressive growth in revenue this earnings season. So, what does this mean for consumer trends in the world's largest economy? That's what this next report decodes.

Gig economy thrives despite recessionary fears in the US

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero.

Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say.

Kishida, who handpicked Kazuo Ueda as BOJ governor last year, said on Wednesday he will not stand in his ruling Liberal Democratic Party's (LDP) leadership race in September.

The BOJ worked in tandem with Kishida's administration to preach the benefits of higher wages. Days before the BOJ's rate hike in July, Kishida said his backing toward an exit from ultra-low interest rates signified a policy normalisation that would support Japan's shift to a growth-driven economy.

Kishida's exit creates a political vacuum at a high level of uncertainty over economic policy and complicates BOJ's efforts to pull off a smooth exit from easy monetary conditions in coordination with the government.

Most assumed front-runners have backed the policy, which includes only very gradual increases in Japan's current ultralow interest rates, mainly as a means to keep sharp falls in the yen at bay.

Shigeru Ishiba, viewed as one of the frontrunners to take over from Kishida as the next LDP leader and therefore premier, would not comment directly but said the BOJ was "on the right policy track" in raising rates slowly, according to Reuters.

Other contenders, such as party heavyweights Toshimitsu Motegi and Taro Kono, have also repeatedly spoken of the need for higher interest rates and hawkish communication by the BOJ.

The only candidate urging aggressive easing is dark horse Sanae Takaichi, who belongs to a party group that supported former premier Shinzo Abe's stimulus policies.

"Takaichi might be an exception, but most candidates don't seem to be against the BOJ's policy normalisation. If so, there won't be much disruption to the bank's long-term rate hike path," said veteran BOJ watcher&nbsp;Mari&nbsp;Iwashita.

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero. Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say.

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero. Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say. Kishida, who handpicked Kazuo Ueda as BOJ governor last year, said on Wednesday he will not stand in his ruling Liberal Democratic Party's (LDP) leadership race in September. The BOJ worked in tandem with Kishida's administration to preach the benefits of higher wages. Days before the BOJ's rate hike in July, Kishida said his backing toward an exit from ultra-low interest rates signified a policy normalisation that would support Japan's shift to a growth-driven economy. Kishida's exit creates a political vacuum at a high level of uncertainty over economic policy and complicates BOJ's efforts to pull off a smooth exit from easy monetary conditions in coordination with the government. Most assumed front-runners have backed the policy, which includes only very gradual increases in Japan's current ultralow interest rates, mainly as a means to keep sharp falls in the yen at bay. Shigeru Ishiba, viewed as one of the frontrunners to take over from Kishida as the next LDP leader and therefore premier, would not comment directly but said the BOJ was "on the right policy track" in raising rates slowly, according to Reuters. Other contenders, such as party heavyweights Toshimitsu Motegi and Taro Kono, have also repeatedly spoken of the need for higher interest rates and hawkish communication by the BOJ. The only candidate urging aggressive easing is dark horse Sanae Takaichi, who belongs to a party group that supported former premier Shinzo Abe's stimulus policies. "Takaichi might be an exception, but most candidates don't seem to be against the BOJ's policy normalisation. If so, there won't be much disruption to the bank's long-term rate hike path," said veteran BOJ watcher Mari Iwashita.

Kishida's exit stirs political uncertainty, casting shadows on BOJ’s delicate rate hike strategy

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes.

The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million.

“Price spikes at the pump are profit spikes for Big Oil. Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits," Newsom, a Democrat, said in a release.

It was not clear when the plan could take effect and Newsom's office did not immediately respond to a request for comment.

The plan, which the industry has blasted as an attack on producers, would require California's oil refiners to demonstrate resupply plans sufficient to make up for expected losses in production when their plants are undergoing maintenance work.

The state of California determined that 2023 gasoline prices spiked largely due to refineries going offline without properly planning to backfill supplies.

It comes three months after the US Department of Energy sold its 1 million barrel Northeast gasoline reserve, which Washington created after Superstorm Sandy in 2014 left motorists scrambling for fuel supplies. The US Congress mandated the sale following criticism that the reserve was too expensive to maintain and did not boost energy security.

California, the most populous US state, is home to some of the country's highest average gasoline prices, and it has a loveless relationship with oil corporations. The state keenly aspires to adopt electric cars. It is also the sole state exempted by the federal environmental regulator from setting its own vehicle emissions regulations.

This month, US oil company Chevron said it was moving its headquarters to Houston from San Ramon, California.

In a statement, Catherine Reheis-Boyd, president and CEO of the Western States Petroleum Association, described Newsom's plan as "nothing more than a political attack on consumers and our industry."

"To impose new operational mandates on energy producers based on such falsehoods is regulatory malpractice, and ignores the logistical challenges and costs associated with such a plan,"&nbsp;she&nbsp;said.

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes. The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million.

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes. The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million. “Price spikes at the pump are profit spikes for Big Oil. Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits," Newsom, a Democrat, said in a release. It was not clear when the plan could take effect and Newsom's office did not immediately respond to a request for comment. The plan, which the industry has blasted as an attack on producers, would require California's oil refiners to demonstrate resupply plans sufficient to make up for expected losses in production when their plants are undergoing maintenance work. The state of California determined that 2023 gasoline prices spiked largely due to refineries going offline without properly planning to backfill supplies. It comes three months after the US Department of Energy sold its 1 million barrel Northeast gasoline reserve, which Washington created after Superstorm Sandy in 2014 left motorists scrambling for fuel supplies. The US Congress mandated the sale following criticism that the reserve was too expensive to maintain and did not boost energy security. California, the most populous US state, is home to some of the country's highest average gasoline prices, and it has a loveless relationship with oil corporations. The state keenly aspires to adopt electric cars. It is also the sole state exempted by the federal environmental regulator from setting its own vehicle emissions regulations. This month, US oil company Chevron said it was moving its headquarters to Houston from San Ramon, California. In a statement, Catherine Reheis-Boyd, president and CEO of the Western States Petroleum Association, described Newsom's plan as "nothing more than a political attack on consumers and our industry." "To impose new operational mandates on energy producers based on such falsehoods is regulatory malpractice, and ignores the logistical challenges and costs associated with such a plan," she said.

California targets fuel price surges with mandatory gas reserves

We turn our focus to China's property crisis. Bloomberg intelligence reports that China's property crisis is not likely to be fixed anytime soon. Reason: at least 48 million homes have been sold before the construction is finished. Now, developers are finding it difficult to find the funding to finish these unbuilt homes.

Will China's property crisis prolong?

Walmart’s Q2 international sales growth has been notably driven by its Indian subsidiary, Flipkart, underscoring India’s significant contribution to the retail giant's global expansion.

From Flipkart to Walmart: India's growing economic influence

Will India's budget 2024 do a good job of job creation? Here's what Krishnamurthy Subramanian, Executive Director at IMF and India's former Chief Economic Adviser told WION's Molly Gambhir in an exclusive interaction.

Will India's budget 2024 do a good job of job creation? IMF Executive Director comments

Pakistan's recent imposition of a national internet firewall could result in significant financial losses. Estimates suggest a potential hit of up to 300 million dollars. The Pakistan software houses association has highlighted severe disruptions to internet services.

Pakistan’s internet firewall could cost economy $300 million

#Gravitas | According to a new report, the Nord Stream 1 and 2 pipeline was blown up by a small Ukrainian sabotage team. The report says that the operation was initially approved by President Volodymyr Zelensky who had called it off. A spokesperson for the Ukrainian president has denied the claims. Watch in for more details.

Gravitas: Ukrainian Blew Up Nord Stream Pipeline in 2022, New Report Claims

Foreign investors are pulling out of China at an unprecedented rate. In the June quarter of this year alone, a record 15 billion dollar was withdrawn. Watch in for more details!

China: Foreign investors pull record $15 billion in June quarter

According to data issued by the Federal Reserve Bank of New York, credit card debt among American consumers as a whole is at a record $1.14 trillion. They owed $27 billion more in credit card debt as of the second quarter of 2024 than they did in debt of $1.13 trillion.

Americans owe $1.14 trillion in credit card bills

To assess readiness for the forthcoming Assembly elections in the UT, a team from the Election Commission of India (ECI), led by Chief Election Commissioner Rajiv Kumar, is scheduled to arrive in Srinagar on Thursday morning.

India: EC team’s J&K visit begins today, local leaders hope for timely Assembly poll

In a much-anticipated move, the Reserve Bank of India's six-member Monetary Policy Committee has kept the repo rate unchanged at 6.5 per cent for the ninth time in a row, citing risks from higher food inflation. It also retained the stance on withdrawal of accommodation.

Making the announcement, Reserve Bank of India Governor Shaktikanta Das said that inflation also remained broadly on a falling trajectory. Repo rate was last cut by 40 basis points to 4 per cent in May 2020 in view of the economic disruption triggered by the COVID-19 pandemic that had brought demand to a near standstill, forced production cuts, and laid-off millions of jobs. Since then, the central bank has hiked the repo rate by 250 basis points to 6.50 per cent at present to fight high inflation levels after the epidemic subsided.

The resolution to retain the status quo on the repo rate at 6.5 per cent means all the external benchmark lending rates (EBLR) linked to the repo rate will continue to remain unchanged, bringing relief to borrowers as their equated monthly instalments (EMIs) will not increase. It is in response to this cumulative 250 bps policy rate increase that banks have aligned their repo-linked EBLRs upwards since May 2022. Further, the 1-year median marginal cost of funds-based rate (MCLR) of banks increased to 168 bps from May 2022–June 2024.

In a much-anticipated move, the Reserve Bank of India's six-member Monetary Policy Committee has kept the repo rate unchanged at 6.5 per cent for the ninth time in a row, citing risks from higher food inflation.

In a much-anticipated move, the Reserve Bank of India's six-member Monetary Policy Committee has kept the repo rate unchanged at 6.5 per cent for the ninth time in a row, citing risks from higher food inflation. It also retained the stance on withdrawal of accommodation. Making the announcement, Reserve Bank of India Governor Shaktikanta Das said that inflation also remained broadly on a falling trajectory. Repo rate was last cut by 40 basis points to 4 per cent in May 2020 in view of the economic disruption triggered by the COVID-19 pandemic that had brought demand to a near standstill, forced production cuts, and laid-off millions of jobs. Since then, the central bank has hiked the repo rate by 250 basis points to 6.50 per cent at present to fight high inflation levels after the epidemic subsided. The resolution to retain the status quo on the repo rate at 6.5 per cent means all the external benchmark lending rates (EBLR) linked to the repo rate will continue to remain unchanged, bringing relief to borrowers as their equated monthly instalments (EMIs) will not increase. It is in response to this cumulative 250 bps policy rate increase that banks have aligned their repo-linked EBLRs upwards since May 2022. Further, the 1-year median marginal cost of funds-based rate (MCLR) of banks increased to 168 bps from May 2022–June 2024.

RBI keeps repo rate intact amid fears of inflation, provides relief to borrowers

Lets, take a look at the center of worry for global investors - Japan. In less than a week, Japan has completely flipped the world's expectations for its markets and economy.

Is Japan's pivot hurting global investors?

India is the fastest growing major economy in the world, but it's the ultra-rich who are growing the fastest. Take a look at this report to find out where they invest and if you are in the league of the super rich.

What does it take to be 'ultra-rich' in India?

Stock markets are tumbling globally with Japanese shares as one point exceeding their 1987 Black Monday loss. While European Shares near six-month lows. Our next report decodes how the fears of a US recession sent investors fleeing from risk while deciding that rate cuts would be needed to rescue growth. Japan's Nikkei 225 share index plunged as much as 10% on Monday, driven by heavy selling amid concerns that the U.S. economy may be in worse shape than previously expected. Watch in for more details!

Global stock sell-off intensifies as traders see multiple risks

India's economy is touted as the fastest-growing major market globally. But the harsh reality for millions living on less than $5 a day paints a starkly different picture. Recent surges in food prices have pushed essentials beyond the reach of the country's most vulnerable.

India’s poor struggle amid high food costs

The once-booming economy of China is now casting a long shadow over global markets. From tech giants to luxury brands, companies worldwide are feeling the pinch. We'll break down how China's slowdown is impacting your wallet and what it means for the global economy.

Global companies struggle amid China's economic slowdown

Japan's Nikkei 225 share index plunged as much as 10% on Monday, driven by heavy selling amid concerns that the U.S. economy may be in worse shape than previously expected.

Japanese stock indices dropped 12% in a historic selloff

Soaring prices have hit consumers hard, with grocery bills, car costs, and dining-out expenses skyrocketing nationwide. Now, a new study suggests inflation is also fueling another alarming trend: a surge in shoplifting.

According to a new survey from personal finance website LendingTree, which polled 2,000 U.S. consumers from ages 18 to 78, states that more than 20% of Americans have admitted to stealing items from stores within the past year or so.

Of those who admitted to recent retail theft, approximately 90% of them said they did so because of inflation and the current economy. Precise reasons included, prices becoming too expensive (34%), helping make ends meet (30%) and helping save a few bucks (27%).

Also read:&nbsp;<a href="https://www.wionews.com/trending/indian-origin-woman-jailed-for-ps500000-industrial-scale-shoplifting-scam-across-uk-745883">Indian-origin woman jailed for £500,000 'industrial scale' shoplifting scam across UK</a>

"Many are struggling in the face of still-rising prices, and this is the reason they're going to somewhat desperate measures to get the needful," LendingTree chief credit analyst Matt Schulz said in a statement.&nbsp;

"Inflation stubbornly sticking around, that's not likely to change soon."

Notably, LendingTree's survey tagged along a recent report from the Council on Criminal Justice, which found that shoplifting rose 24% in the first six months of 2024.

The Federal Reserve has been battling to bring inflation down to its 2% target for some time now.&nbsp;

While prices have cooled slightly this year, consumers continue to feel the pinch with May and June seeing increases of 3.3% and 3% respectively.&nbsp;

This means everyday essentials like food and household items are costing more and more each month.

Also read |&nbsp;<a href="https://www.wionews.com/trending/woman-goes-missing-as-her-plan-to-die-in-suicide-pod-lands-in-trouble-is-she-dead-or-alive-remains-mystery-745818">Woman goes missing as her plan to die in 'suicide pod' lands in trouble. Is she dead or alive remains mystery</a>

The most frequent items shoplifters steal include food and nonalcoholic drinks. A survey of 2,000 US adults found that 45% of those who admitted to shoplifting stole clothing, accessories, jewellery, or makeup.

"What they're shoplifting tells you a lot about why they're shoplifting," Schulz said in the statement.&nbsp;

"These shoplifters aren't motivated by greed or excitement. They're desperate people stealing essential items like food, clothes, and toiletries to survive,” Schulz added.

However, to help battle rising retail theft, some companies have equipped their employees with body cameras to spot crimes in real-time, as other major retailers are turning to other forms of technology.

(With inputs from agencies)

Soaring prices have hit consumers hard, with grocery bills, car costs, and dining-out expenses skyrocketing nationwide. Now, a new study suggests inflation is also fueling another alarming trend: a surge in shoplifting.

Soaring prices have hit consumers hard, with grocery bills, car costs, and dining-out expenses skyrocketing nationwide. Now, a new study suggests inflation is also fueling another alarming trend: a surge in shoplifting. According to a new survey from personal finance website LendingTree, which polled 2,000 U.S. consumers from ages 18 to 78, states that more than 20% of Americans have admitted to stealing items from stores within the past year or so. Of those who admitted to recent retail theft, approximately 90% of them said they did so because of inflation and the current economy. Precise reasons included, prices becoming too expensive (34%), helping make ends meet (30%) and helping save a few bucks (27%). Also read: Indian-origin woman jailed for £500,000 'industrial scale' shoplifting scam across UK "Many are struggling in the face of still-rising prices, and this is the reason they're going to somewhat desperate measures to get the needful," LendingTree chief credit analyst Matt Schulz said in a statement. "Inflation stubbornly sticking around, that's not likely to change soon." Notably, LendingTree's survey tagged along a recent report from the Council on Criminal Justice, which found that shoplifting rose 24% in the first six months of 2024. The Federal Reserve has been battling to bring inflation down to its 2% target for some time now. While prices have cooled slightly this year, consumers continue to feel the pinch with May and June seeing increases of 3.3% and 3% respectively. This means everyday essentials like food and household items are costing more and more each month. Also read | Woman goes missing as her plan to die in 'suicide pod' lands in trouble. Is she dead or alive remains mystery The most frequent items shoplifters steal include food and nonalcoholic drinks. A survey of 2,000 US adults found that 45% of those who admitted to shoplifting stole clothing, accessories, jewellery, or makeup. "What they're shoplifting tells you a lot about why they're shoplifting," Schulz said in the statement. "These shoplifters aren't motivated by greed or excitement. They're desperate people stealing essential items like food, clothes, and toiletries to survive,” Schulz added. However, to help battle rising retail theft, some companies have equipped their employees with body cameras to spot crimes in real-time, as other major retailers are turning to other forms of technology. (With inputs from agencies)

Shoplifters cite inflation and economic hardships as key reasons for stealing

We turn our attention to the growing economic and trading ties between china and Saudi Arabia. Chinese investors are pouring money into two new exchange-traded funds (ETFs) that track Saudi Arabian shares. This is driven by the demand surge for international assets due to the terrible performance of domestic stocks.

Growing economic ties between China and Saudi in focus

We turn our attention to India's inclusion in JP-Morgan's emerging-market bond index. Does this mean India is on the brink of a finance breakout moment? What does that mean and why does it matter? Take a look at this report for more...

India is finally fully connecting to global finance machine

Budget 2024: Indian Finance Minister Nirmala Sitharaman's seventh union budget has raised expectations of increased expenditure in education and healthcare. With unemployment as key issue, here's how India's youngsters assessed of Sitharaman's tenure.

Budget 2024: Indian youth rates Nirmala Sitharaman's record | Narendra Modi | Union Budget 2024

Finance Minister Nirmala Sitharaman tabled the Economic Survey document in Parliament today. The Economic Survey is an exhaustive and detailed annual report analysing the performance of the Indian economy over the past year and detailing insights. The pre-budget document is typically presented by the Chief Economic Adviser (CEA).

Union Budget 2024: Economic survey says capital markets to drive India's growth story

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen.

The updated forecast issued Friday expects the economy to grow 0.9 per cent in the fiscal year ending March 2025, down from 1.3 per cent projected in January.

Though it has cut the forecast, the government still projects the economy to grow 1.2 per cent in fiscal 2025 on the back of solid capital expenditure and an expected consumption uptick.

These are revised estimates much more upbeat than some private sector forecasts calling for growth of only 0.4 per cent.

Members of the government's top economic council expressed their worry about how the weak yen was weakening household purchasing power.

They said that rising prices, partly due to a weakened yen, were partly putting an overall chill in consumption.

"We can't overlook the impact a weak yen and rising prices are having on households' purchasing power," the council members said in the meeting discussing new growth projections.

It also includes Prime Minister Fumio Kishida adding warnings over the economic impact of higher prices, saying that the government is required to be extremely careful about the effects that the weak yen is going to have on the economy, the Kyodo news agency reported.

The revised forecasts by the Japanese government of annual economic growth, published in January and revised around July each year, are core factors in state budget planning.

The latest revision portrays deeper concerns about the fragility of the economy amid global uncertainties.

While the weak yen has been a boon to make exporters' products cheaper abroad, it has also driven up costs at home for fuel and food imports that hit consumers hard.

Moves believed to have been made by the government this month several times to stem the yen's fall continue in full swing.

Attention turns to whether the Bank of Japan will hike interest rates in its upcoming policy-setting gathering on July 31.

The BOJ is also likely to cut its growth forecast for the current fiscal year after a rare unscheduled downgrade of historical GDP figures earlier this month.

The central bank now forecasts growth of 0.8 per cent for the fiscal year.

(With inputs from Reuters)

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen.

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen. The updated forecast issued Friday expects the economy to grow 0.9 per cent in the fiscal year ending March 2025, down from 1.3 per cent projected in January. Though it has cut the forecast, the government still projects the economy to grow 1.2 per cent in fiscal 2025 on the back of solid capital expenditure and an expected consumption uptick. These are revised estimates much more upbeat than some private sector forecasts calling for growth of only 0.4 per cent. Members of the government's top economic council expressed their worry about how the weak yen was weakening household purchasing power. They said that rising prices, partly due to a weakened yen, were partly putting an overall chill in consumption. "We can't overlook the impact a weak yen and rising prices are having on households' purchasing power," the council members said in the meeting discussing new growth projections. It also includes Prime Minister Fumio Kishida adding warnings over the economic impact of higher prices, saying that the government is required to be extremely careful about the effects that the weak yen is going to have on the economy, the Kyodo news agency reported. The revised forecasts by the Japanese government of annual economic growth, published in January and revised around July each year, are core factors in state budget planning. The latest revision portrays deeper concerns about the fragility of the economy amid global uncertainties. While the weak yen has been a boon to make exporters' products cheaper abroad, it has also driven up costs at home for fuel and food imports that hit consumers hard. Moves believed to have been made by the government this month several times to stem the yen's fall continue in full swing. Attention turns to whether the Bank of Japan will hike interest rates in its upcoming policy-setting gathering on July 31. The BOJ is also likely to cut its growth forecast for the current fiscal year after a rare unscheduled downgrade of historical GDP figures earlier this month. The central bank now forecasts growth of 0.8 per cent for the fiscal year. (With inputs from Reuters)

Japan lowers growth forecast as weak Yen impacts consumption

Let’s shift our focus to the European Union where now a major economic issue is gripping the member states. Fiscal reforms.. European economy commissioner Paolo Gentiloni has called for France and other debt burdened nations to tighten their belts amidst critical talks in Brussels.

EU commission calls for fiscal reforms amid economic strain

Leaders of the Chinese communist party are gathering in Beijing for the third plenum, a crucial meeting that sets the country's economic direction for the next five years. This comes as china posted a lower than expected growth of 4.7 percent in the second quarter.

Economic distress overshadows China's Third Plenum

China’s Communist Party will begin a key meeting on Monday that may determine the country’s course for the next decade. The Communist Party gathering is expected to outline the general course of economic policy when the country faces major challenges.

China's Third Plenum: Innovation or growth

Now, we turn our attention to the wish list of India's tech sector from the budget. An industry group said the country's tech sector is going to need over a million engineers with sophisticated AI and other capabilities in the next two to three years. So, there needs to be a major increase in government funding for education and training in India to meet that demand. Take a look at this report for more.

India Budget: India needs 1 mn high-tech engineers as the economy expands

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division.

The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share.

The $1.52 a share profit topped the $1.39 analysts had forecast for the firm, according to LSEG data.

Those were strong results, but one analyst from Moody's Ratings said Citi still has some ways to go before it hits its stated profitability goal of 11 per cent-12 per cent, up from the 7.2 per cent return on equity it generated in the second quarter, Warren Kornfeld said.

The bank needs to gain market share and cut costs in areas where it is over-staffed, Kornfeld said:

These results come shortly after US regulators fined Citigroup $136 million for not doing enough to rectify identified data management concerns from 2020.

The bank has already charged off an amount to be used for these fines and further remediation efforts for data management.

Citigroup CEO Jane Fraser is leading through the most sweeping revamp of the bank to improve performance, cut costs, and slim down its operations.

As part of the turnarounds, the bank targets reducing the workforce by 20,000 employees in a minimum period of two years.

Its total revenue for the second quarter came in at $20.1 billion, up 4 per cent year-over-year, boosted by a one-time $400 million gain related to the sale of Visa stock.

Similar to what Fraser has been doing in an attempt to enhance transparency and accountability, Citigroup is now disclosing earnings separately for the following five business segments: services, markets, banking, US personal banking, and wealth management.

Investment banking revenue soared 60 per cent to $853 million in the quarter, which is a long-awaited sign of recovery from the industry dealmaking slump.

Such a surge fed a 38 per cent increase in overall banking revenue to $1.6 billion.

As CFO Mark Mason notes, Citigroup looks forward to continued bounty from the markets, which include a strong debt issuance and probably mergers and acquisitions playing a larger role later in the year.

In 2022, Citigroup appointed industry veteran Viswas Raghavan as the president of its banking operations.

It is Fraser's gamble to know that Raghavan will breathe new life into the unit focused on serving multinationals.

Revenue in the services segment, which includes Citigroup's crown jewel treasury and trade solutions business, increased 3 per cent to $4.7 billion.

The business processes trillions of dollars in payments daily for multinational corporations across the globe.

The strategic importance of this business was highlighted by Fraser recently at an investor day.

Markets revenue increased 6 per cent to $5.1 billion on the back of a massive spike in equities trading revenue.

Though operating expenses dropped 2 per cent to $13.4 billion thanks to the bank's restructuring efforts, these savings were compensated for by fines and connected investments in data remediation.

Citigroup now projects full-year expenses to come in at the high end of its prior forecast range, excluding the regulatory penalties.

It has yet to post any recognisable growth in one of its key growth areas: wealth management.

Revenue was up a bare 2 per cent this quarter. In contrast, the US personal banking division of the group generated a 6 per cent revenue increase to $4.9 billion, driven by branded card growth.

Analysts have billed 2024 as a bridge year for Citigroup as Fraser implements her turnaround plan. Investors have cheered on those efforts, sending the bank's stock 28 per cent higher so far this year, dramatically outperforming rivals.

Those regulatory headaches remain a reason investors are still approaching Citigroup with caution, even as the market cheers on its overhaul: Regulators recently dubbed the bank's plan for winding down in bankruptcy "deficient."

(With inputs from Reuters)

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division. The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share.

Citigroup beat estimates with second-quarter profit, driven by a surge in investment banking revenue and growth within its services division. The stock fell at the open as investors fretted over an uptick in costs and how the lender would boost market share. The $1.52 a share profit topped the $1.39 analysts had forecast for the firm, according to LSEG data. Those were strong results, but one analyst from Moody's Ratings said Citi still has some ways to go before it hits its stated profitability goal of 11 per cent-12 per cent, up from the 7.2 per cent return on equity it generated in the second quarter, Warren Kornfeld said. The bank needs to gain market share and cut costs in areas where it is over-staffed, Kornfeld said: These results come shortly after US regulators fined Citigroup $136 million for not doing enough to rectify identified data management concerns from 2020. The bank has already charged off an amount to be used for these fines and further remediation efforts for data management. Citigroup CEO Jane Fraser is leading through the most sweeping revamp of the bank to improve performance, cut costs, and slim down its operations. As part of the turnarounds, the bank targets reducing the workforce by 20,000 employees in a minimum period of two years. Its total revenue for the second quarter came in at $20.1 billion, up 4 per cent year-over-year, boosted by a one-time $400 million gain related to the sale of Visa stock. Similar to what Fraser has been doing in an attempt to enhance transparency and accountability, Citigroup is now disclosing earnings separately for the following five business segments: services, markets, banking, US personal banking, and wealth management. Investment banking revenue soared 60 per cent to $853 million in the quarter, which is a long-awaited sign of recovery from the industry dealmaking slump. Such a surge fed a 38 per cent increase in overall banking revenue to $1.6 billion. As CFO Mark Mason notes, Citigroup looks forward to continued bounty from the markets, which include a strong debt issuance and probably mergers and acquisitions playing a larger role later in the year. In 2022, Citigroup appointed industry veteran Viswas Raghavan as the president of its banking operations. It is Fraser's gamble to know that Raghavan will breathe new life into the unit focused on serving multinationals. Revenue in the services segment, which includes Citigroup's crown jewel treasury and trade solutions business, increased 3 per cent to $4.7 billion. The business processes trillions of dollars in payments daily for multinational corporations across the globe. The strategic importance of this business was highlighted by Fraser recently at an investor day. Markets revenue increased 6 per cent to $5.1 billion on the back of a massive spike in equities trading revenue. Though operating expenses dropped 2 per cent to $13.4 billion thanks to the bank's restructuring efforts, these savings were compensated for by fines and connected investments in data remediation. Citigroup now projects full-year expenses to come in at the high end of its prior forecast range, excluding the regulatory penalties. It has yet to post any recognisable growth in one of its key growth areas: wealth management. Revenue was up a bare 2 per cent this quarter. In contrast, the US personal banking division of the group generated a 6 per cent revenue increase to $4.9 billion, driven by branded card growth. Analysts have billed 2024 as a bridge year for Citigroup as Fraser implements her turnaround plan. Investors have cheered on those efforts, sending the bank's stock 28 per cent higher so far this year, dramatically outperforming rivals. Those regulatory headaches remain a reason investors are still approaching Citigroup with caution, even as the market cheers on its overhaul: Regulators recently dubbed the bank's plan for winding down in bankruptcy "deficient." (With inputs from Reuters)

Citigroup beats profit estimates, but shares fall on expense concerns

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City.

However, experts believe those allegations are devoid of any merit.

The accusations have come forth in light of the sudden increase in silver imports from Dubai routed through GIFT City.

This surge in imports has come at a time when the India-UAE Comprehensive Economic Partnership Agreement came into force in May 2022, providing a preferential customs duty of 8 per cent on silver imports from the UAE, against the 15 per cent duty levied on imports from other countries like China.

This shift in import sources has been attributed to a deliberate attempt by the Indian government to reduce dependence on China, with whom India has strained political relations.

It is for this reason that China has supplied much silver before 2023 to India.

From the recent budget of 2023, the government increased the customs duty on silver imports from China to 15 per cent, which greatly saw the imports from that country drop significantly.

Opposition leaders base those scam allegations on a GTRI report titled "FTA Led Spike in Gold and Silver Imports from UAE."

Noting that there may be possibilities of "tariff arbitrage" by which a few importers could make undue gains by taking advantage of the difference in duty, the GTRI report is stressed.

However, experts counter that this report fails to consider the overall geopolitical perspective and the gainful provisions CEPA granted.

It is the highlight of the experts that it is not one-way traffic.

India has also gotten concessions on its exports to the UAE, which include jewellery that attracts a 5 per cent waiver on import duty.

This is a bilateral trade agreement, an opportunity for Indian manufacturers to take on China in the global market.

Further, experts highlight that the GTRI report does not account for the loss in revenue India would have incurred by continuing to rely on China for silver imports.

They believe the report is one-sided and the research methodology or skills of the people who put together it were never made transparent.

While the surge in silver imports through GIFT City raised an eyebrow, experts believe there was no reason to fear.

This only reflects more of a strategic move by the Indian government, which tends to decrease dependence on China and boost India's trading competitiveness.

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City.

Some of the opposition leaders in India, including Prashant Bhushan, Jairam Ramesh, and Saket Gokhale, have been cited by a BusinessWorld report as accusing the government of "major scam" facilitation through silver imports via Gujarat International Finance Tec-City. However, experts believe those allegations are devoid of any merit. The accusations have come forth in light of the sudden increase in silver imports from Dubai routed through GIFT City. This surge in imports has come at a time when the India-UAE Comprehensive Economic Partnership Agreement came into force in May 2022, providing a preferential customs duty of 8 per cent on silver imports from the UAE, against the 15 per cent duty levied on imports from other countries like China. This shift in import sources has been attributed to a deliberate attempt by the Indian government to reduce dependence on China, with whom India has strained political relations. It is for this reason that China has supplied much silver before 2023 to India. From the recent budget of 2023, the government increased the customs duty on silver imports from China to 15 per cent, which greatly saw the imports from that country drop significantly. Opposition leaders base those scam allegations on a GTRI report titled "FTA Led Spike in Gold and Silver Imports from UAE." Noting that there may be possibilities of "tariff arbitrage" by which a few importers could make undue gains by taking advantage of the difference in duty, the GTRI report is stressed. However, experts counter that this report fails to consider the overall geopolitical perspective and the gainful provisions CEPA granted. It is the highlight of the experts that it is not one-way traffic. India has also gotten concessions on its exports to the UAE, which include jewellery that attracts a 5 per cent waiver on import duty. This is a bilateral trade agreement, an opportunity for Indian manufacturers to take on China in the global market. Further, experts highlight that the GTRI report does not account for the loss in revenue India would have incurred by continuing to rely on China for silver imports. They believe the report is one-sided and the research methodology or skills of the people who put together it were never made transparent. While the surge in silver imports through GIFT City raised an eyebrow, experts believe there was no reason to fear. This only reflects more of a strategic move by the Indian government, which tends to decrease dependence on China and boost India's trading competitiveness.

Silver imports no scam, say experts countering opposition claims

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