The Bank Of Canada remains resolute in its decision to keep interest rates steady, diverging from the US Federal Reserve's considerations of easing. Governor tiff macklem underscores caution, emphasising the nation's economic stability.

Bank of Canada holds steady amid global divergence

Germany makes a bold fiscal move as it approves the 2023 supplementary budget, breaking free from its self-imposed borrowing cap. A recent constitutional court ruling forced the government to rethink spending plans, leading to a dramatic shift in financial strategy. The absolute majority in the bundestag, with 414 votes in favor, 242 against, and 9 abstentions, paves the way for the unprecedented move to exceed the debt brake by 44.8 billion euros, addressing a 60-billion-euro financial gap.

Green transition & fiscal strain: Impact of Germany's debt brake suspension

Sri lankan economy has expanded for the first time since the end of 2021. Government data suggests that the economy grew by 1.6% in the quarter ending in september. That was largely due to moderating inflation, a strengthening currency & lower interest rates.

Economy expands for the first time since 2021| World Business Watch

Since last two years, India has remained the world’s fastest-growing major economy. Indian economy is also expected to retain the top spot in 2024 as well. At present, Indian economy and demography resemble China’s between the late 1990s and early 2000s. Watch this video to find out why India is likely to be the world’s fastest-growing economy for at least a couple of decades.

Why is India likely to be the world’s fastest-growing economy for at least a couple of decades?

Egyptians began voting, on Sunday (Dec 10), in a presidential election overshadowed by the war in neighbouring Gaza between Israel and the Palestinian militant group Hamas while the incumbent President&nbsp;Abdel Fattah al-Sisi is poised to secure a third term in power. The polling began as the country grapples with one of the most severe financial crises in its recent history.&nbsp;

<h2>About the elections</h2>

The voting began at 9:00 am and will go on till 9:00 pm (local time) and will continue for the next three days. The results will be announced on December 18.&nbsp;

Voters lined up before the booths opened in Cairo, reported AFP, with patriotic songs playing on a loop amid heavy security. Riot police were deployed at entrances to Tahrir Square in the capital’s centre.&nbsp;

Around 67 million people are eligible to vote but given the low turnout in the previous elections, the government has ramped up efforts to urge voters to cast their ballots.

Sisi is poised to win a new six-year term while critics have called the election a sham after the government’s decade-long crackdown on dissent. However, the state media has called this election a step towards political pluralism.

There are three other candidates qualified to stand against the incumbent, but the only prominent figure who had the potential to give some competition to Sisi stepped down in October citing attacks against his supporters by officials and thugs. The accusations have since been dismissed by the national election authority.&nbsp;

“Of course people need to participate, but let’s be realistic: these elections are set for Sisi, because no one knows the other candidates,” a voter in her fifties told AFP on condition of anonymity.&nbsp;

Voters also said that they didn’t even know that the elections were happening, but noted that it would make very little difference. “I feel indifferent about the elections because there will be no real change,” Aya Mohamed, a 35-year-old marketing executive told Reuters.&nbsp;

<h2>Economic crisis, war in Gaza on minds</h2>

In 2013, Sisi, while serving as the army chief led the efforts to oust Egypt’s first democratically elected president, Mohamed Mursi of the Muslim Brotherhood, before winning the presidency the following year with 97 per cent of the vote.

Under Sisi’s rule, Egypt has jailed thousands of political dissenters as the crackdown swept up liberal and leftist activists as well as Islamists. However, the incumbent president and his supporters have argued that the crackdown was needed to stabilise Egypt and counter Islamist extremism.&nbsp;

Rights groups reportedly say tens of thousands have been jailed, this is even though around 1,000 people were freed after a presidential pardon in one year.&nbsp;

If Sisi wins, one of his priorities would also include preventing spillover from the war between Israel and Hamas.

Meanwhile, Egypt’s fast-growing population of 104 million is struggling to keep up with the rising inflation in the country.&nbsp;

Inflation has hovered near 40 per cent after the currency lost half its value and drove up the cost of imports, but even before the current crisis, millions of people were living on or below the poverty line.&nbsp;

A report by Reuters said voters were handed out bags containing flour, rice and other basic commodities after showing ink stains on their fingers indicating they had voted. However, some expressed disappointment that it did not include sugar recently subject to sharp price rises.

During Sisi’s rule, the national debt has tripled while the various mega-projects which are often led by the military fail to deliver on their benefits.&nbsp;

(With inputs from agencies)

Egyptians began voting, on Sunday (Dec 10), in a presidential election overshadowed by the war in neighbouring Gaza between Israel and the Palestinian militant group Hamas while the incumbent President Abdel Fattah al-Sisi is poised to secure a third term in power.

Egyptians began voting, on Sunday (Dec 10), in a presidential election overshadowed by the war in neighbouring Gaza between Israel and the Palestinian militant group Hamas while the incumbent President Abdel Fattah al-Sisi is poised to secure a third term in power. The polling began as the country grapples with one of the most severe financial crises in its recent history. About the elections The voting began at 9:00 am and will go on till 9:00 pm (local time) and will continue for the next three days. The results will be announced on December 18. Voters lined up before the booths opened in Cairo, reported AFP, with patriotic songs playing on a loop amid heavy security. Riot police were deployed at entrances to Tahrir Square in the capital’s centre. Around 67 million people are eligible to vote but given the low turnout in the previous elections, the government has ramped up efforts to urge voters to cast their ballots. Sisi is poised to win a new six-year term while critics have called the election a sham after the government’s decade-long crackdown on dissent. However, the state media has called this election a step towards political pluralism. There are three other candidates qualified to stand against the incumbent, but the only prominent figure who had the potential to give some competition to Sisi stepped down in October citing attacks against his supporters by officials and thugs. The accusations have since been dismissed by the national election authority. “Of course people need to participate, but let’s be realistic: these elections are set for Sisi, because no one knows the other candidates,” a voter in her fifties told AFP on condition of anonymity. Voters also said that they didn’t even know that the elections were happening, but noted that it would make very little difference. “I feel indifferent about the elections because there will be no real change,” Aya Mohamed, a 35-year-old marketing executive told Reuters. Economic crisis, war in Gaza on minds In 2013, Sisi, while serving as the army chief led the efforts to oust Egypt’s first democratically elected president, Mohamed Mursi of the Muslim Brotherhood, before winning the presidency the following year with 97 per cent of the vote. Under Sisi’s rule, Egypt has jailed thousands of political dissenters as the crackdown swept up liberal and leftist activists as well as Islamists. However, the incumbent president and his supporters have argued that the crackdown was needed to stabilise Egypt and counter Islamist extremism. Rights groups reportedly say tens of thousands have been jailed, this is even though around 1,000 people were freed after a presidential pardon in one year. If Sisi wins, one of his priorities would also include preventing spillover from the war between Israel and Hamas. Meanwhile, Egypt’s fast-growing population of 104 million is struggling to keep up with the rising inflation in the country. Inflation has hovered near 40 per cent after the currency lost half its value and drove up the cost of imports, but even before the current crisis, millions of people were living on or below the poverty line. A report by Reuters said voters were handed out bags containing flour, rice and other basic commodities after showing ink stains on their fingers indicating they had voted. However, some expressed disappointment that it did not include sugar recently subject to sharp price rises. During Sisi’s rule, the national debt has tripled while the various mega-projects which are often led by the military fail to deliver on their benefits. (With inputs from agencies)

Egyptians cast votes in elections held amid Israel-Hamas war with Sisi almost sure to win

With 2 months left before Pakistan goes to polls, the country's finance ministry has released election funds worth millions of dollars. But the cash-strapped nation is unable to provide even 50% of what the Pakistan Election Commission asked for.

Pakistan Elections: Finance Ministry releases fresh wave of funds

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally<o:p></o:p>

There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-41000-spot-etf-approval-and-market-dynamics-drive-the-rally-666249">Read more here</a><o:p></o:p>

Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts<o:p></o:p>

A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tokyos-inflation-slows-boj-faces-decisive-policy-crossroads-amid-economic-shifts-666275">Read more here</a><o:p></o:p>

Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025<o:p></o:p>

&nbsp;

Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-pledges-to-enlist-10-million-merchants-on-government-backed-ondc-platform-by-2025-666292">Read more here</a><o:p></o:p>

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally<o:p></o:p>

El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values.

<a href="https://www.wionews.com/business-economy/el-salvadors-bitcoin-investments-surge-bukele-confirms-profit-amid-cryptocurrency-rally-666310">Read more here</a><o:p></o:p>

Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment<o:p></o:p>

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/barclay-family-reclaims-telegraph-newspaper-after-abu-dhabi-aids-with-debt-repayment-666339">Read more here</a><o:p></o:p>

Ancestry website 23andMe confirms recent data breach affected 6.9 million users&nbsp;<o:p></o:p>

Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident.<o:p></o:p>

<a href="https://www.wionews.com/world/ancestry-website-23andme-confirms-recent-data-breach-affected-69-million-users-666347">Read more here </a><o:p></o:p>

Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions<o:p></o:p>

Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region.

<a href="https://www.wionews.com/business-economy/extreme-weather-halts-iphone-production-in-india-foxconn-and-pegatron-grapple-with-disruptions-666357">Read more here</a><o:p></o:p>

Israeli authorities probe suspected insider trading linked to Hamas attack<o:p></o:p>

Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7.

<a href="https://www.wionews.com/business-economy/israeli-authorities-probe-suspected-insider-trading-linked-to-hamas-attack-666374">Read more here </a><o:p></o:p>

Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial<o:p></o:p>

In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial.<o:p></o:p>

<a href="https://www.wionews.com/technology/landmark-stability-ai-vs-getty-images-copyright-lawsuit-to-move-ahead-to-trial-666377">Read more here</a><o:p></o:p>

UK discloses immigration reforms: Stricter visas aim to curb soaring migration<o:p></o:p>

Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-discloses-immigration-reforms-stricter-visas-aim-to-curb-soaring-migration-666389">Read more here </a><o:p></o:p>

Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US<o:p></o:p>

A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4.

<a href="https://www.wionews.com/technology/intel-succeeds-in-overturning-218bn-patent-verdict-one-of-the-largest-in-us-666197">Read more here </a><o:p></o:p>

<iframeamp;muteaccelerometer; autoplay=""></iframeamp;muteaccelerometer;>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022. Read more here Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased. Read more here Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025 Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025. Read more here El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values. Read more here Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. Read more here Ancestry website 23andMe confirms recent data breach affected 6.9 million users Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident. Read more here Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region. Read more here Israeli authorities probe suspected insider trading linked to Hamas attack Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7. Read more here Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial. Read more here UK discloses immigration reforms: Stricter visas aim to curb soaring migration Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally. Read more here Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4. Read more here WATCH WION LIVE HERE

WION Business Wrap | Bitcoin surges past $41,000, Paytm pledges to enlist 10 mn merchants & more

The startup landscape has faced a challenging year, evident in new data revealing a stark increase in companies struggling to secure funding and a significant number shutting down altogether. according to equity management company carta, 19% of all startup funding rounds in the current year have secured capital at a lower valuation than initially targeted by investors.

Rising loan rates hit startup economy hard | World Business Watch

The Indian government launched the the first ever auction process for critical minerals in a bid to boost the economy while also paying way towards clean energy.

The first tranche of ₹ 45,000 crore ($5.36 billion) worth of 20 blocks of critical and strategic minerals has been put up for auction on November 29 for prospective bidders by the Indian Ministry of Mines.&nbsp;

Union Minister of Coal, Mines, and Parliamentary Affairs, Pralhad Joshi while launching the auction process said, "We have identified a total of 100 blocks for auction. Of these, 20 are being offered in the first tranche and the auction for the others will take place in due course."&nbsp;

These 20 blocks which have been put under the hammer are located in different parts of the country.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-charges-indian-national-with-conspiracy-to-assassinate-sikh-separatist-664387">US charges Indian national with conspiracy to assassinate Sikh separatist</a>

The mines ministry termed this "a landmark initiative that will boost our economy, enhance national security, and support our transition to a clean energy future."&nbsp;

<h2>Spread across the nation</h2>

The blocks are located in the Indian states of Uttar Pradesh, Gujarat, Jharkhand, Bihar, Odisha, Tamil Nadu, Chhattisgarh, and in the Union Territory of Jammu and Kashmir.

As per reports, composite licences will be issued for 16 of them and mining licences will be provided for the remaining four.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/railways-minister-ashwini-vaishnaw-drops-major-update-on-indias-bullet-train-project-664365">Railways minister Ashwini Vaishnaw drops major update on India’s bullet train project</a>

Composite licences are usually provided for those areas where preliminary exploration has already been conducted by the government, however, there is still a need for exploration. Meanwhile, the mining licenses are for those areas where there is a verified minerals reserve.&nbsp;

"The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE). India has committed to achieve 50 per cent of cumulative electric power installed capacity from non-fossil sources by 2030. Such ambitious plan for energy transition is set to drive the demand for electric cars, wind and solar energy projects and battery storage systems thereby increasing the demand for these critical minerals," the ministry said.

Watch |&nbsp;<a href="https://www.wionews.com/videos/india-bharatiya-janata-party-launches-2024-poll-campaign-wion-664375">India: Bharatiya Janata Party launches 2024 poll campaign | WION</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-bharatiya-janata-party-launches-2024-poll-campaign-wion-664375/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In February this year, India found a huge 5.9 million tonnes of Lithium deposits in the country's north in Jammu and Kashmir. It was the first time when Lithium-inferred resources (G3) of 5.9 million tonnes were found in the Salal-Haimana area of the Reasi district of Jammu and Kashmir.&nbsp;

(With inputs from agencies)

The Indian government launched the the first ever auction process for critical minerals in a bid to boost the economy while also paying way towards clean energy.

The Indian government launched the the first ever auction process for critical minerals in a bid to boost the economy while also paying way towards clean energy. The first tranche of ₹ 45,000 crore ($5.36 billion) worth of 20 blocks of critical and strategic minerals has been put up for auction on November 29 for prospective bidders by the Indian Ministry of Mines. Union Minister of Coal, Mines, and Parliamentary Affairs, Pralhad Joshi while launching the auction process said, "We have identified a total of 100 blocks for auction. Of these, 20 are being offered in the first tranche and the auction for the others will take place in due course." These 20 blocks which have been put under the hammer are located in different parts of the country. Also Read | US charges Indian national with conspiracy to assassinate Sikh separatist The mines ministry termed this "a landmark initiative that will boost our economy, enhance national security, and support our transition to a clean energy future." Spread across the nation The blocks are located in the Indian states of Uttar Pradesh, Gujarat, Jharkhand, Bihar, Odisha, Tamil Nadu, Chhattisgarh, and in the Union Territory of Jammu and Kashmir. As per reports, composite licences will be issued for 16 of them and mining licences will be provided for the remaining four. Also Read | Railways minister Ashwini Vaishnaw drops major update on India’s bullet train project Composite licences are usually provided for those areas where preliminary exploration has already been conducted by the government, however, there is still a need for exploration. Meanwhile, the mining licenses are for those areas where there is a verified minerals reserve. "The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE). India has committed to achieve 50 per cent of cumulative electric power installed capacity from non-fossil sources by 2030. Such ambitious plan for energy transition is set to drive the demand for electric cars, wind and solar energy projects and battery storage systems thereby increasing the demand for these critical minerals," the ministry said. Watch | India: Bharatiya Janata Party launches 2024 poll campaign | WION × In February this year, India found a huge 5.9 million tonnes of Lithium deposits in the country's north in Jammu and Kashmir. It was the first time when Lithium-inferred resources (G3) of 5.9 million tonnes were found in the Salal-Haimana area of the Reasi district of Jammu and Kashmir. (With inputs from agencies)

India launches first-ever auction for critical minerals to boost economy, transition towards clean energy

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

The formative years

Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set.

Meeting of minds

The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends.

The Berkshire era

Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate.

Investing wisdom and wit

Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance.

Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective.

End of an era

Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide.

As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership. The formative years Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set. Meeting of minds The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends. The Berkshire era Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate. Investing wisdom and wit Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance. Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective. End of an era Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide. As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan. WATCH WION LIVE HERE

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

WION's business Desk brings you this daily round up of global stories from the world of business and economy.

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success.

<a href="https://www.wionews.com/business-economy/the-oracle-of-pasadena-charles-mungers-impact-on-investing-business-and-beyond-664149">Read more here&nbsp;</a>

Emerging economies will be the stars of the Asia-Pacific region

In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&amp;P Global Ratings' most recent economic assessment.

<a href="https://www.wionews.com/business-economy/emerging-economies-will-be-the-stars-of-the-asia-pacific-region-heres-why-664168">Read more here&nbsp;</a>

Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds

US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise.

<a href="https://www.wionews.com/business-economy/record-breaking-cyber-monday-americans-spend-124-bn-amid-economic-headwinds-664143">Read more here&nbsp;</a>

2024 election to propel US dollar amid, predicts JPMorgan. Here's why

Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump.

<a href="https://www.wionews.com/business-economy/2024-election-to-propel-us-dollar-amid-predicts-jpmorgan-heres-why-664155">Read more here&nbsp;</a>

Wall Street talent war: Banks engage in cutthroat competition for AI experts

Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months.

<a href="https://www.wionews.com/business-economy/wall-street-talent-war-banks-engage-in-cutthroat-competition-for-ai-experts-664162">Read more here</a>

US chip maker Micron stock dips despite upbeat earnings forecast

The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months.

<a href="https://www.wionews.com/business-economy/us-chip-maker-micron-stock-dips-despite-upbeat-earnings-forecast-664169">Read more here&nbsp;</a>

Fraudulent pandemic-era loans cost UK $1.8 bn: Report

Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government.

<a href="https://www.wionews.com/business-economy/fraudulent-pandemic-era-loans-cost-uk-18-bn-report-664205">Read more here&nbsp;</a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's business Desk brings you this daily round up of global stories from the world of business and economy. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99.

WION's business Desk brings you this daily round up of global stories from the world of business and economy. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success. Read more here Emerging economies will be the stars of the Asia-Pacific region In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&P Global Ratings' most recent economic assessment. Read more here Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise. Read more here 2024 election to propel US dollar amid, predicts JPMorgan. Here's why Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump. Read more here Wall Street talent war: Banks engage in cutthroat competition for AI experts Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months. Read more here US chip maker Micron stock dips despite upbeat earnings forecast The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months. Read more here Fraudulent pandemic-era loans cost UK $1.8 bn: Report Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Emerging Asia-Pacific economies, Charles Munger's impact on business and more

S&P global ratings' latest economic outlook shows that the region has surprisingly held up well, even amid the global economic downturn and china's property crisis. The property downturn will continue to remain a pain point for china's economy. While growth momentum has slightly improved because of policy support, the report is not good news for china. The credit rating agency pegs china's growth at 5.4% in 2023, but it will slow to 4.6% in 2024.

Report: Asia-Pacific region holding up well despite China crisis

Data from 'Black Friday' sales shows that the U.S. economy continues to defy the odds of recession. U.S. retail sales during the one-day shopping festival rose 2.5% compared to last year.

Report: Retail sales rises 2.5% compared to last year

In two weeks time, Argentina will have a new president. Javier Milei has positioned himself as an outsider, who can employ creative solutions to Argentina's economic woes. But how did Argentina reach such a situation? What is the way forward? We have ambassador R Viswanathan, ex envoy to Argentina, for more perspective.

What's next for Argentina's economy?

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades. Geopolitical tensions between China and the United States have raised the spectre of trade fragmenting among allied blocks.

The disruption caused by Covid lockdowns continues to have lingering effects, seen via China's lacklustre growth and the rising debt burden. Add the ongoing tensions in West Asia to this mix, and the world has enough reasons to worry.

The world will welcome 2024 in a couple of weeks. But expectations of a brighter future may be far-fetched if Moody's latest outlook on 2024 is considered.

Moody's Global Macro Outlook 2024-25 suggests that the world economy will slow in 2024 as high-interest rates "percolate through credit channels to the real economy".

This means households would only feel the true impact of the high interest rates next year.

While the high-interest rates may help central banks reduce inflation, it won't be by the end of 2025 that prices will come under the tolerance limits of G-20 central banks.

Conversely, consumer demand will weaken in 2024 as central banks will likely maintain a tight policy stance. However, the report cautions policymakers about climate uncertainties or geopolitical events triggering volatility in energy and food prices in 2024.

The report particularly focuses on the G-20 nations, which account for at least 80 per cent of the world's Gross Domestic Product, 75 per cent of global trade, and two-thirds of the total population.

Moody's expects growth in the G20 countries to fall to 2.1 per cent in 2024 from 2.8 per cent in 2023. However, the pace of growth would be different across all the member nations.

Economic growth would fall from 1.7 per cent in 2023 to just one per cent in advanced G-20 economies -- these are also OECD members.

The growth in emerging markets of the G20 would fall from 4.3 per cent in 2023 to 3.7 per cent next year. But the true story lies in the fine print.

Economic growth will moderate in the United States while remaining "subdued" in the 20-nation euro zone area. China's economy- the world's second-biggest- is likely to decelerate from its 5 percent growth target in 2023 to 4 percent in 2024.

However, China's emerging rivals like India, Mexico and Indonesia will likely show resilience next year. In fact, at 6.1 per cent, India is expected to be the fastest-growing economy among the G20 nations.

The outlook is more complicated in South Africa, Türkiye, and Argentina, which are facing a prolonged economic downturn.

"South Africa's economy remains vulnerable to rolling power cuts, curtailing the productive capacity of the economy," says the report, while noting the uncertain economic outlooks for Türkiye and Argentina.

Türkiye's economy is expected to slow to 2.6 per cent in 2024, with inflation likely to recede slowly to 60% in 2024. But everything would hinge on a tighter monetary policy and the lira's stability.

Argentina's economy will be a mystery waiting to be unravelled in 2024. A lot would depend upon how the incoming Libertarian maverick Javier Milei responds to the South American country's economic challenges.

Geopolitical risks like the Israel-Hamas war in Gaza and the ongoing tensions between the US and China will be sources of uncertainty for the global economy next year.

If the ongoing conflict in Gaza spills over to the larger West Asia region, the world may see higher volatility in oil and gas prices.

"We expect oil prices to remain volatile in the $80-$90 per barrel range and periodically overshoot $90 due to increased geopolitical uncertainty," the report adds.

After the US ' export restrictions on semiconductors, China's tit-for-tat measure to impose export controls on graphite underscores the threat of trade tensions disrupting the global supply of critical materials.

But the tensions can also end up helping other emerging economies to emerge as supply chain hubs, with India, Brazil, Mexico and Indonesia "well-positioned to take advantage of this shift".

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades.

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades. Geopolitical tensions between China and the United States have raised the spectre of trade fragmenting among allied blocks. The disruption caused by Covid lockdowns continues to have lingering effects, seen via China's lacklustre growth and the rising debt burden. Add the ongoing tensions in West Asia to this mix, and the world has enough reasons to worry. The world will welcome 2024 in a couple of weeks. But expectations of a brighter future may be far-fetched if Moody's latest outlook on 2024 is considered. Moody's Global Macro Outlook 2024-25 suggests that the world economy will slow in 2024 as high-interest rates "percolate through credit channels to the real economy". This means households would only feel the true impact of the high interest rates next year. While the high-interest rates may help central banks reduce inflation, it won't be by the end of 2025 that prices will come under the tolerance limits of G-20 central banks. Conversely, consumer demand will weaken in 2024 as central banks will likely maintain a tight policy stance. However, the report cautions policymakers about climate uncertainties or geopolitical events triggering volatility in energy and food prices in 2024. The report particularly focuses on the G-20 nations, which account for at least 80 per cent of the world's Gross Domestic Product, 75 per cent of global trade, and two-thirds of the total population. Moody's expects growth in the G20 countries to fall to 2.1 per cent in 2024 from 2.8 per cent in 2023. However, the pace of growth would be different across all the member nations. Economic growth would fall from 1.7 per cent in 2023 to just one per cent in advanced G-20 economies -- these are also OECD members. The growth in emerging markets of the G20 would fall from 4.3 per cent in 2023 to 3.7 per cent next year. But the true story lies in the fine print. Economic growth will moderate in the United States while remaining "subdued" in the 20-nation euro zone area. China's economy- the world's second-biggest- is likely to decelerate from its 5 percent growth target in 2023 to 4 percent in 2024. However, China's emerging rivals like India, Mexico and Indonesia will likely show resilience next year. In fact, at 6.1 per cent, India is expected to be the fastest-growing economy among the G20 nations. The outlook is more complicated in South Africa, Türkiye, and Argentina, which are facing a prolonged economic downturn. "South Africa's economy remains vulnerable to rolling power cuts, curtailing the productive capacity of the economy," says the report, while noting the uncertain economic outlooks for Türkiye and Argentina. Türkiye's economy is expected to slow to 2.6 per cent in 2024, with inflation likely to recede slowly to 60% in 2024. But everything would hinge on a tighter monetary policy and the lira's stability. Argentina's economy will be a mystery waiting to be unravelled in 2024. A lot would depend upon how the incoming Libertarian maverick Javier Milei responds to the South American country's economic challenges. Geopolitical risks like the Israel-Hamas war in Gaza and the ongoing tensions between the US and China will be sources of uncertainty for the global economy next year. If the ongoing conflict in Gaza spills over to the larger West Asia region, the world may see higher volatility in oil and gas prices. "We expect oil prices to remain volatile in the $80-$90 per barrel range and periodically overshoot $90 due to increased geopolitical uncertainty," the report adds. After the US ' export restrictions on semiconductors, China's tit-for-tat measure to impose export controls on graphite underscores the threat of trade tensions disrupting the global supply of critical materials. But the tensions can also end up helping other emerging economies to emerge as supply chain hubs, with India, Brazil, Mexico and Indonesia "well-positioned to take advantage of this shift".

2024 Outlook: Slow growth, elevated inflation & geopolitical tensions to keep the world economy on its toes

China's policymakers are on an overdrive to rescue its once-booming property sector from a certain doom. The Chinese government has prepared a draft list of 50 developers, who will be eligible for a range of financing support. Bloomberg reports that country garden, China's most-indebted private realty firm, is on the top of the list.

Report: China prepares list of firms for financial support

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship. It serves as a vital reminder to pause, appreciate life's abundance, and embrace the enduring values uniting a diverse nation.

As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. While there's a slight respite from inflation, families continue to feel the strain on their finances.

According to the American Farm Bureau Federation (AFBF),&nbsp;the cost of a ten-person Thanksgiving dinner&nbsp;has decreased by 4.5 per cent from the previous year, totalling $61.17. This reduction is primarily attributed to a 5.6 per cent drop in the price of turkey, a staple of the Thanksgiving feast. However, despite this dip, the overall cost of meals remains 25 per cent higher than in 2019, underscoring the persistent challenges posed by inflation.

On the travel front, Americans are gearing up for a bustling Thanksgiving. AAA,&nbsp;the auto club&nbsp;group, expects&nbsp;a&nbsp;significant 6.6 per cent increase in air travel, reaching its highest point in almost two decades, as&nbsp;4.7 million people are expected to take to the skies.

Meanwhile, a staggering 49.1 million Americans are set to hit the roads, marking a 1.7 per cent rise from the previous year. According to a report by GasBuddy, affordable gas prices, currently averaging $3.27 per gallon, play a pivotal role in inspiring more road trips, having fallen 25.9 cents from last month and 36.9 cents from last year.

The drop in average flight prices by 9 per cent from the previous year, coupled with additional discounts during the Thanksgiving period reported by travel search engines like Kayak, further fuels the surge in travel plans. Transportation Security Administration (TSA) expects to screen 2.9 million passengers on November 26, marking one of the busiest days since June.

Notably, the port authority of New York and New Jersey is bracing for over 8.5 million travellers during the peak period, indicative of the substantial movement anticipated during this holiday season.

Thanksgiving, a symbol of gratitude and resilience, not only strengthens familial bonds but also serves as an economic barometer. As Americans navigate fluctuating costs and travel trends, the enduring significance of this holiday becomes evident, showcasing its ability to unite hearts while reflecting the economic pulse of the nation.

Thanksgiving 2023 stands as a testament to the resilience of traditions amid the ebb and flow of economic dynamics.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship.

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship. It serves as a vital reminder to pause, appreciate life's abundance, and embrace the enduring values uniting a diverse nation. As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. While there's a slight respite from inflation, families continue to feel the strain on their finances. According to the American Farm Bureau Federation (AFBF), the cost of a ten-person Thanksgiving dinner has decreased by 4.5 per cent from the previous year, totalling $61.17. This reduction is primarily attributed to a 5.6 per cent drop in the price of turkey, a staple of the Thanksgiving feast. However, despite this dip, the overall cost of meals remains 25 per cent higher than in 2019, underscoring the persistent challenges posed by inflation. On the travel front, Americans are gearing up for a bustling Thanksgiving. AAA, the auto club group, expects a significant 6.6 per cent increase in air travel, reaching its highest point in almost two decades, as 4.7 million people are expected to take to the skies. Meanwhile, a staggering 49.1 million Americans are set to hit the roads, marking a 1.7 per cent rise from the previous year. According to a report by GasBuddy, affordable gas prices, currently averaging $3.27 per gallon, play a pivotal role in inspiring more road trips, having fallen 25.9 cents from last month and 36.9 cents from last year. The drop in average flight prices by 9 per cent from the previous year, coupled with additional discounts during the Thanksgiving period reported by travel search engines like Kayak, further fuels the surge in travel plans. Transportation Security Administration (TSA) expects to screen 2.9 million passengers on November 26, marking one of the busiest days since June. Notably, the port authority of New York and New Jersey is bracing for over 8.5 million travellers during the peak period, indicative of the substantial movement anticipated during this holiday season. Thanksgiving, a symbol of gratitude and resilience, not only strengthens familial bonds but also serves as an economic barometer. As Americans navigate fluctuating costs and travel trends, the enduring significance of this holiday becomes evident, showcasing its ability to unite hearts while reflecting the economic pulse of the nation. Thanksgiving 2023 stands as a testament to the resilience of traditions amid the ebb and flow of economic dynamics. WATCH WION LIVE HERE

Turkey and turnaround: Thanksgiving's economic upswing

India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws.

An NDTV report citing&nbsp;sources revealed that&nbsp;Byju's received around 28,000 crore ($3 billion) rupees in foreign direct investment (FDI) between 2011 and 2023, remitting about 9,754 crore rupees overseas in the same period.

Byju's denies having received any such communication from the authorities, marking the latest twist in the unravelling saga of India's once most-valued startup.

The ED's notice adds a new chapter to Byju's tumultuous journey from a startup sensation to legal turmoil.

Founded by Byju Raveendran and Divya Gokulnath in 2011, Byju's initially offered online learning programs for competitive exams, expanding with its popular learning app in 2015. The app's widespread adoption during the pandemic fuelled its growth.

However, post-2021 losses, a decline in value, and allegations of coercive sales tactics and poor employee treatment have tarnished Byju's image. Earlier this year, the ED raided Byju's office over suspected foreign funding law violations.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws.

India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws. An NDTV report citing sources revealed that Byju's received around 28,000 crore ($3 billion) rupees in foreign direct investment (FDI) between 2011 and 2023, remitting about 9,754 crore rupees overseas in the same period. Byju's denies having received any such communication from the authorities, marking the latest twist in the unravelling saga of India's once most-valued startup. The ED's notice adds a new chapter to Byju's tumultuous journey from a startup sensation to legal turmoil. Founded by Byju Raveendran and Divya Gokulnath in 2011, Byju's initially offered online learning programs for competitive exams, expanding with its popular learning app in 2015. The app's widespread adoption during the pandemic fuelled its growth. However, post-2021 losses, a decline in value, and allegations of coercive sales tactics and poor employee treatment have tarnished Byju's image. Earlier this year, the ED raided Byju's office over suspected foreign funding law violations. WATCH WION LIVE HERE

Byju's faces $1 billion penalty amid foreign funding law violation probe

The election season is on political unrest is posing high risk to Bangladesh economy. Policy Research Institute, a nonprofit research organization suggests that government promises of economic policy changes after elections could alleviate these concerns. The scale and depth of current challenges mean more significant actions are required to avoid further worsening of macroeconomic conditions in Bangladesh.

Is violence hurting Bangladesh's economy?

We break down what's going on with rising credit card delinquencies and what it might mean for those in the US.

Decoding State of US Economy

A massive leak of documents exposes how PWC Cyprus rushed to assist Russian oligarchs in moving assets out of their names during the early days of the Ukraine invasion. The leaked documents reveal frantic email exchanges and urgent approvals as PWC Cyprus partners facilitated transfers, even before transaction prices were finalized.

Cyprus - leaked documents expose PWC's role in oligarch asset shift

In this ever-evolving realm of global economics, few challenges are as formidable as inflation impacting nation's economies and our daily lives.

India: Retail down to 5.02% in September 2023

Taxi drivers resorting to mix known as 'falafel fuel' as UN says at least 400000 have been plunged into destitution.

Taxi drivers in Gaza forced to use cooking oil for fuel as war devastates economy

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India's retail inflation hits four-month low in October, nearing RBI's target&nbsp;

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-hits-four-month-low-in-october-nearing-rbis-target-658259">Read more here</a>

PRS Oberoi, pioneer of luxury hospitality, passes away at 94&nbsp;

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.&nbsp;

<a href="https://www.wionews.com/business-economy/prs-oberoi-pioneer-of-luxury-hospitality-passes-away-at-94-658263">Read more here</a>

China-US direct flights soar as prices plummet, boosts travel prospects

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024.

<a href="https://www.wionews.com/business-economy/china-us-direct-flights-soar-as-prices-plummet-boosts-travel-prospects-658288">Read more here</a>

Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program.

<a href="https://www.wionews.com/business-economy/sri-lankas-ambitious-2024-budget-targets-higher-revenues-and-a-controlled-deficit-658291">Read more here</a>

Argentinians are shifting to second-hand clothing

Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments.

<a href="https://www.wionews.com/business-economy/argentinians-are-shifting-to-second-hand-clothing-heres-why-658322">Read more here</a>

Google pays Apple 36pc of search advertising revenue, discloses antitrust trial

The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. &nbsp;

<a href="https://www.wionews.com/business-economy/google-pays-apple-36pc-of-search-advertising-revenue-discloses-antitrust-trial-658326">Read more here </a>

<a>China's development ba</a>nks fall short on green energy finance despite coal financing pledge

Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. &nbsp;

<a href="https://www.wionews.com/business-economy/chinas-sevelopment-banks-fall-short-on-green-energy-finance-despite-coal-financing-pledge-658328">Read more here</a>

China sees an investment exodus as global players pivot

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

<a href="https://www.wionews.com/business-economy/china-sees-an-investment-exodus-as-global-players-pivot-658347">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India's retail inflation hits four-month low in October, nearing RBI's target India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions Read more here PRS Oberoi, pioneer of luxury hospitality, passes away at 94 Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India's retail inflation hits four-month low in October, nearing RBI's target India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions Read more here PRS Oberoi, pioneer of luxury hospitality, passes away at 94 Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond. Read more here China-US direct flights soar as prices plummet, boosts travel prospects The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024. Read more here Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program. Read more here Argentinians are shifting to second-hand clothing Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments. Read more here Google pays Apple 36pc of search advertising revenue, discloses antitrust trial The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. Read more here China's development banks fall short on green energy finance despite coal financing pledge Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. Read more here China sees an investment exodus as global players pivot Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play. Read more here

Wion Business Wrap | China's economic woes, Argentinians opt for old clothes & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries.

<a href="https://www.wionews.com/business-economy/green-drive-accelerates-us-and-indonesia-forge-path-to-vital-ev-minerals-partnership-657978">Read more here</a>

Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report

Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday.

<a href="https://www.wionews.com/business-economy/emirates-signals-major-aircraft-deal-at-dubai-airshow-amid-regional-tensions-report-657988">Read more here</a>

Cost pressures ease as Japan's wholesale inflation takes a dive

For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries.

<a href="https://www.wionews.com/business-economy/cost-pressures-ease-as-japans-wholesale-inflation-takes-a-dive-657997">Read more here</a>

China's tech loan surge sparks fears of global export onslaught. Here are the details

Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show&nbsp;a 38.2 per cent increase in loans to the industrial sector at the end of September.&nbsp;

<a href="https://www.wionews.com/business-economy/chinas-tech-loan-surge-sparks-fears-of-global-export-onslaught-here-are-the-details-658008">Read more here</a>

Diwali Lights Up Indian Stocks: Small caps shine amid optimism

Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&amp;P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance.

<a href="https://www.wionews.com/business-economy/diwali-lights-up-indian-stocks-small-caps-shine-amid-optimism-658021">Read more here</a>

Saudi Windfall: Nigeria anticipates billions in immediate investments

After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council.

<a href="https://www.wionews.com/business-economy/saudi-windfall-nigeria-anticipates-billions-in-immediate-investments-658026">Read more here</a>

BTS's parent company expands into Latin music market with exile content acquisition&nbsp;

The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content.

<a href="https://www.wionews.com/business-economy/btss-parent-company-expands-into-latin-music-market-with-exile-content-acquisition-658029">Read more here</a>

Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/continental-ag-mulls-major-overhaul-contemplating-5500-job-cuts-in-restructuring-move-658034">Read more here</a>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries. Read more here Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday. Read more here Cost pressures ease as Japan's wholesale inflation takes a dive For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries. Read more here China's tech loan surge sparks fears of global export onslaught. Here are the details Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show a 38.2 per cent increase in loans to the industrial sector at the end of September. Read more here Diwali Lights Up Indian Stocks: Small caps shine amid optimism Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance. Read more here Saudi Windfall: Nigeria anticipates billions in immediate investments After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council. Read more here BTS's parent company expands into Latin music market with exile content acquisition The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content. Read more here Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce. Read more here WATCH WION LIVE HERE

Wion Business Wrap | US-Indonesia EV minerals partnership, Emirates’ Dubai Airshow deal & more

The US Economy has embarked on a new phase in the last two weeks, prompting a closer look at data to validate this narrative. The Federal Reserve's potential completion of its rate-hiking cycle is gaining momentum, with the upcoming week expected to provide more confirming data. Notably, there's a growing likelihood of rate reductions in 2024, marking a crucial aspect to watch.

Five key points to monitor this week in US economy

China's economic woes do not seem to be ending. Latest data suggests that the country entered deflation in October. This is a worrying sign for policymakers as China struggles to stabilise growth through domestic demand.

Decoding China and US economies 2023 outlook

The recent cost of living crisis globally has everyone anticipating a real income rise. While income struggles to keep up with inflation in major economies, India is bucking this trend

India to lead global real wage growth in 2024

Beijing has intensified efforts to curb the unchecked growth of informal backchannel borrowing, known as hidden debt, which poses a risk to China's financial stability. However, despite these efforts, Ministry of Finance audits reveal that such hidden debt has continued to rise.

Hidden debt in China, off-the-books borrowing by local governments and state-owned enterprises, remains a major problem.&nbsp;

<h2>Naming and shaming misconduct</h2>

In a recent move, the Ministry of Finance has singled out local authorities and state banks across seven provinces and flagged eight cases of misconduct related to hidden debt, reported the South China Morning Post.

One case in Hubei province saw local authorities borrowing money from provincial-owned companies to fund construction projects, which contravenes national regulations.

<a href="https://www.wionews.com/world/first-italy-now-philippines-jumps-off-the-belt-and-road-bandwagon-is-xi-jinpings-bri-exploitative-655395">Also read |&nbsp;First Italy, now Philippines jumps off the Belt and Road bandwagon: Is Xi Jinping's BRI exploitative?</a>

This contributed to a hidden debt of 21.48 billion yuan&nbsp;(US$2.95 billion) from August 2018 to June 2021. In another case, the Shaanxi branch of the Agricultural Development Bank of China offered loans and related services to local governments in violation of rules and regulations, resulting in a hidden debt of 1.276 billion yuan (US$17.5 million)&nbsp;as of June 2021.

In response to the violations, the ministry fined the bank branch 500,000 yuan (US$69K) and reprimanded relevant employees. Finance authorities said that these eight cases reveal deviations in the performance of officials and units, citing weak discipline as a hindrance to debt-reduction efforts.

Also watch |&nbsp;IMF praises China's post-Covid rebound, applauds its economic resurgence

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/imf-praises-chinas-post-covid-rebound-applauds-its-economic-resurgence-world-dna-wion-656397/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

To address the growing debt pressure facing local governments, the central government made significant changes to the national budget. China also plans to accelerate the issuance and use of government bonds to support the economy.

China aims to establish a long-term mechanism for managing local debt risks, optimising both central and local government debt structures. The Ministry of Finance remains committed to implementing a proactive fiscal policy, improving efficiency, and supporting local governments facing financial burdens&nbsp;due to natural disasters.&nbsp;

(With inputs from agencies)

&nbsp;

Beijing has intensified efforts to curb the unchecked growth of informal backchannel borrowing, known as hidden debt, which poses a risk to China's financial stability.

Beijing has intensified efforts to curb the unchecked growth of informal backchannel borrowing, known as hidden debt, which poses a risk to China's financial stability. However, despite these efforts, Ministry of Finance audits reveal that such hidden debt has continued to rise. Hidden debt in China, off-the-books borrowing by local governments and state-owned enterprises, remains a major problem. Naming and shaming misconduct In a recent move, the Ministry of Finance has singled out local authorities and state banks across seven provinces and flagged eight cases of misconduct related to hidden debt, reported the South China Morning Post. One case in Hubei province saw local authorities borrowing money from provincial-owned companies to fund construction projects, which contravenes national regulations. Also read | First Italy, now Philippines jumps off the Belt and Road bandwagon: Is Xi Jinping's BRI exploitative? This contributed to a hidden debt of 21.48 billion yuan (US$2.95 billion) from August 2018 to June 2021. In another case, the Shaanxi branch of the Agricultural Development Bank of China offered loans and related services to local governments in violation of rules and regulations, resulting in a hidden debt of 1.276 billion yuan (US$17.5 million) as of June 2021. In response to the violations, the ministry fined the bank branch 500,000 yuan (US$69K) and reprimanded relevant employees. Finance authorities said that these eight cases reveal deviations in the performance of officials and units, citing weak discipline as a hindrance to debt-reduction efforts. Also watch | IMF praises China's post-Covid rebound, applauds its economic resurgence To address the growing debt pressure facing local governments, the central government made significant changes to the national budget. China also plans to accelerate the issuance and use of government bonds to support the economy. China aims to establish a long-term mechanism for managing local debt risks, optimising both central and local government debt structures. The Ministry of Finance remains committed to implementing a proactive fiscal policy, improving efficiency, and supporting local governments facing financial burdens due to natural disasters. (With inputs from agencies)

China targets local governments, banks for hidden debt violations by naming and shaming them

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

Mexico embraces nearshoring

China's deflationary pressures persist, highlighting the precarious nature of the country's economic recovery as the year 2023 draws to a close. Economists polled by Bloomberg predict that Chinese consumer prices fell back into deflation in October.

Navigating China's fragile consumer price landscape

economy-0

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

economy 0