Let's look at WION's global markets and economic health check for this year. First, let's look at how top global markets performed this year. Broadly, crude oil is set to end 2024 with over 5 percent losses, following more than 10 percent crash last year. Bitcoin has surged nearly 130 percent, with the so-called 'Trump trade' boosting the token since his re-election.

WION's Global Economic Health Check

The Mediterranean Sea is facing a growing environmental crisis as more plastic waste continues to accumulate in its waters. Experts warn that this pollution threatens marine life and ecosystems, calling for urgent action to reduce plastic waste and protect the region's delicate environment.



More Plastic Ending Up in the Mediterranean, Raising Environmental Concerns

As we approach the end of 2024... The world is facing an economic crisis driven by the escalating costs of climate-related disasters. From extreme heatwaves to devastating floods, the toll on global productivity is mounting. In this report... We explore the staggering financial impact of climate change and the urgent need for action to protect our future. Take a look...

Climate Change Could Cost Global Economy $38 Tn by 2049: Report

The Mediterranean Sea is facing a growing environmental crisis as more plastic waste continues to accumulate in its waters. Experts warn that this pollution threatens marine life and ecosystems, calling for urgent action to reduce plastic waste and protect the region's delicate environment.

Chinese Premier Li Qiang warned of worsening "deglobalisation" trends straining the world economy. He criticized rising trade barriers and protectionist measures amid weak global growth and uncertainty. Watch for more details!

China Warns 'Deglobalisation' is Straining Global Economy at Summit

Let's look at Wion's monthly global economic health check.&nbsp;

Global markets

Broadly, commodities, digital assets and the dollar rose, driven by differing bets. Bitcoin surged over 10 per cent on the so-called 'trump trade,' with the top token now on the verge of breaching its previous record high set in March.&nbsp;

Gold was the other big beneficiary in October. The yellow metal hit repeated new record highs throughout the month, driven by safe-haven bids from rising tensions in West Asia. Crude oil was not far behind, surging 2 per cent as the market’s attention turned back to a potential flare-up of West Asia hostilities. The dollar kept humming along on safe-haven bets as the US election race heated up.

Asia-Pacific stocks

The sudden shift away from risk assets hit Asian markets. Barring Japanese stocks, regional benchmarks turned red in October. India's Sensex saw the biggest fall in the region, dropping nearly 6 per cent in October. Chinese and Aussie benchmarks fell over one per cent.

Japanese stocks rose over 3 per cent as the yen weakened, boosting the outlook for export-oriented companies.

US stocks

The story in American stocks was no different, with the S&amp;P 500 and Nasdaq reversing from record highs to close out the month in the red. Canada's stock index was the only exception, rising 0.7 per cent. The Brazilian stock index closed out October in the red, with losses of over 1.5 per cent.

Europe stocks

Stocks across Europe and Africa fell as West Asia tensions and trade flare-up with China weighed on regional stocks. The French CAC saw the biggest losses in Europe, with a drop of 3.7 per cent. The rest declined by over one per cent.

Overall economic outlook

Asia Pacific

Once again, the International Monetary Fund gave India a big thumbs up. The outlook for the rest of Asia remained negative. For China, the outlook is still mired in doubts because of the recession in its real estate crisis despite a stimulus blitz. Clearly, markets and analysts are calling for Xi Jinping to do more to support growth.

US

In America, the outlook for the US, Canada, Brazil, and Argentina shows that more needs to be done. For the US economy, expectations are now for a soft landing rather than a recession. This comes after the Fed's bazooka rate cut in September. But bets of more jumbo-sized easing in November are fading. The economic activity expectations in Canada, Brazil and Argentina were cut.

Europe

On the other side of the Atlantic, the negative outlook seems to be widespread. The UK and other European economies will likely just about avoid a recession. The outlook for African economies also remained negative.

Let's look at Wion's monthly global economic health check. Global markets Broadly, commodities, digital assets and the dollar rose, driven by differing bets. Bitcoin surged over 10 per cent on the so-called 'trump trade,' with the top token now on the verge of breaching its previous record high set in March.

Let's look at Wion's monthly global economic health check. Global markets Broadly, commodities, digital assets and the dollar rose, driven by differing bets. Bitcoin surged over 10 per cent on the so-called 'trump trade,' with the top token now on the verge of breaching its previous record high set in March. Gold was the other big beneficiary in October. The yellow metal hit repeated new record highs throughout the month, driven by safe-haven bids from rising tensions in West Asia. Crude oil was not far behind, surging 2 per cent as the market’s attention turned back to a potential flare-up of West Asia hostilities. The dollar kept humming along on safe-haven bets as the US election race heated up. Asia-Pacific stocks The sudden shift away from risk assets hit Asian markets. Barring Japanese stocks, regional benchmarks turned red in October. India's Sensex saw the biggest fall in the region, dropping nearly 6 per cent in October. Chinese and Aussie benchmarks fell over one per cent. Japanese stocks rose over 3 per cent as the yen weakened, boosting the outlook for export-oriented companies. US stocks The story in American stocks was no different, with the S&P 500 and Nasdaq reversing from record highs to close out the month in the red. Canada's stock index was the only exception, rising 0.7 per cent. The Brazilian stock index closed out October in the red, with losses of over 1.5 per cent. Europe stocks Stocks across Europe and Africa fell as West Asia tensions and trade flare-up with China weighed on regional stocks. The French CAC saw the biggest losses in Europe, with a drop of 3.7 per cent. The rest declined by over one per cent. Overall economic outlook Asia Pacific Once again, the International Monetary Fund gave India a big thumbs up. The outlook for the rest of Asia remained negative. For China, the outlook is still mired in doubts because of the recession in its real estate crisis despite a stimulus blitz. Clearly, markets and analysts are calling for Xi Jinping to do more to support growth. US In America, the outlook for the US, Canada, Brazil, and Argentina shows that more needs to be done. For the US economy, expectations are now for a soft landing rather than a recession. This comes after the Fed's bazooka rate cut in September. But bets of more jumbo-sized easing in November are fading. The economic activity expectations in Canada, Brazil and Argentina were cut. Europe On the other side of the Atlantic, the negative outlook seems to be widespread. The UK and other European economies will likely just about avoid a recession. The outlook for African economies also remained negative.

Wion’s monthly global economic health check for October

As the world grapples with shifting economic dynamics, Russian President Vladimir Putin has made a significant declaration regarding the future of global economic leadership. Speaking as the nations build up to the upcoming BRICS summit from October 22-24, to be held in the Russian city of Kazan, Putin asserted that the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, will play a pivotal role in driving global economic growth in the coming years.

This statement not only underlines the rising influence of these emerging economies but also highlights a growing challenge to Western dominance in international economic affairs as detailed in a report by Reuters. 

BRICS poised for growth<o:p></o:p>

Putin's remarks came during an interactive session focused on the economic prospects of the BRICS nations. He expressed confidence that these countries would generate the majority of global economic expansion, stating, "The BRICS countries are set to become a major driver of global economic growth." He emphasised, that collaborative efforts among member states would enhance their collective economic resilience and foster sustainable development.

The Russian leader pointed out that BRICS nations are increasingly diversifying their trade relationships and reducing reliance on Western markets. This shift is evident in initiatives aimed at strengthening intra-BRICS trade and investment flows. According to recent data, trade among BRICS countries has surged in the past year, reflecting a growing commitment to cooperation.

Putin also stated that 30 countries around the world have expressed interest in cooperation with the BRICS grouping and that upcoming summit would consider possible options for the group’s further enlargement.

A counterbalance to Western influence

Putin's statements come at a time when many countries are seeking alternatives to traditional Western-led financial systems. The BRICS bloc has been actively promoting the use of local currencies for trade, aiming to diminish the dominance of the US dollar in international transactions.

The Reuters report further stated that the BRICS group members were working on a SWIFT-like financial messaging system immune to Western sanctions and the use of national digital currencies in financing investment projects with high growth potential inside and outside BRICS. Analysts suggest that an expanded BRICS could significantly reshape global trade patterns and create new investment opportunities.

Implications for global markets<o:p></o:p>

The implications of Putin's assertions cannot be overlooked. As BRICS nations continue to forge closer ties and enhance their economic capabilities, they may increasingly challenge established norms in international trade and finance. This shift could lead to heightened competition with Western economies, particularly as emerging markets gain more leverage in negotiations.

Experts believe that the growing prominence of BRICS could foster innovation and drive down costs for consumers worldwide. By diversifying supply chains and promoting competitive practices, BRICS nations are expected to play a more balanced role in global market dynamics.

<o:p>&nbsp;</o:p>

As the world grapples with shifting economic dynamics, Russian President Vladimir Putin has made a significant declaration regarding the future of global economic leadership.

As the world grapples with shifting economic dynamics, Russian President Vladimir Putin has made a significant declaration regarding the future of global economic leadership. Speaking as the nations build up to the upcoming BRICS summit from October 22-24, to be held in the Russian city of Kazan, Putin asserted that the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, will play a pivotal role in driving global economic growth in the coming years. This statement not only underlines the rising influence of these emerging economies but also highlights a growing challenge to Western dominance in international economic affairs as detailed in a report by Reuters. BRICS poised for growth Putin's remarks came during an interactive session focused on the economic prospects of the BRICS nations. He expressed confidence that these countries would generate the majority of global economic expansion, stating, "The BRICS countries are set to become a major driver of global economic growth." He emphasised, that collaborative efforts among member states would enhance their collective economic resilience and foster sustainable development. The Russian leader pointed out that BRICS nations are increasingly diversifying their trade relationships and reducing reliance on Western markets. This shift is evident in initiatives aimed at strengthening intra-BRICS trade and investment flows. According to recent data, trade among BRICS countries has surged in the past year, reflecting a growing commitment to cooperation. Putin also stated that 30 countries around the world have expressed interest in cooperation with the BRICS grouping and that upcoming summit would consider possible options for the group’s further enlargement. A counterbalance to Western influence Putin's statements come at a time when many countries are seeking alternatives to traditional Western-led financial systems. The BRICS bloc has been actively promoting the use of local currencies for trade, aiming to diminish the dominance of the US dollar in international transactions. The Reuters report further stated that the BRICS group members were working on a SWIFT-like financial messaging system immune to Western sanctions and the use of national digital currencies in financing investment projects with high growth potential inside and outside BRICS. Analysts suggest that an expanded BRICS could significantly reshape global trade patterns and create new investment opportunities. Implications for global markets The implications of Putin's assertions cannot be overlooked. As BRICS nations continue to forge closer ties and enhance their economic capabilities, they may increasingly challenge established norms in international trade and finance. This shift could lead to heightened competition with Western economies, particularly as emerging markets gain more leverage in negotiations. Experts believe that the growing prominence of BRICS could foster innovation and drive down costs for consumers worldwide. By diversifying supply chains and promoting competitive practices, BRICS nations are expected to play a more balanced role in global market dynamics.

Putin asserts BRICS nations will spearhead global economic growth, challenging Western dominance

The global economy faces increasing challenges as low growth and mounting debt continue to weigh on financial stability, according to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva as detailed by her in her conversation with&nbsp;CNBC.&nbsp;

Speaking at a recent forum, Georgieva urged world leaders to take decisive action, stressing that these factors pose significant risks to both developed and emerging economies.

Growth stagnation and rising debt levels<o:p></o:p>

Georgieva highlighted that global economic growth remains sluggish, hovering below its potential, primarily due to the pandemic’s lingering effects, inflationary pressures, and geopolitical tensions. “We are navigating a complicated environment where risks are high, and the outlook is uncertain,” she stated, emphasising the need for a concerted effort to restore economic resilience.<o:p></o:p>

While countries are making strides in recovery, many have resorted to increased borrowing to stimulate their economies. This has resulted in escalating public debt levels, which could hinder sustainable growth in the long term. The IMF estimates that global debt levels surged to nearly 100 per cent of the global GDP during the pandemic, straining fiscal policies worldwide. <o:p></o:p>

Georgieva cautioned that without effective management, these debts could result in prolonged financial distress for several countries. “The danger is that high debt levels can choke growth, making it harder for governments to invest in vital sectors such as healthcare, education, and infrastructure,” she added.<o:p></o:p>

Call for global cooperation and economic reforms<o:p></o:p>

The IMF Chief called for greater global cooperation to combat these pressing issues, stressing that piecemeal approaches will not be sufficient. “In this interconnected world, no country is immune to shocks. We need stronger multilateral cooperation to address global economic challenges,” she said.<o:p></o:p>

Georgieva also advocated for structural reforms and targeted policies aimed at strengthening economic fundamentals. She pointed out that addressing inefficiencies in tax collection, reducing corruption, and increasing public investment in innovation would help countries improve their fiscal standing. “Governments must seize the opportunity to implement reforms now before the situation deteriorates further,” she urged

Potential solutions and the path forward<o:p></o:p>

To address the global economic slowdown and growing debt crisis, the IMF has called for a balance between fiscal consolidation and investment in growth-enhancing sectors. Countries are encouraged to prioritise areas that can generate long-term economic benefits, including green energy, digital transformation, and education.<o:p></o:p>

Moreover, Georgieva noted the importance of debt restructuring for highly indebted nations, proposing that debt relief measures, along with support from international lenders, could help vulnerable economies recover faster. “The IMF stands ready to support countries with the tools they need to reduce their debt burden and foster growth,” she reaffirmed.

“We are all very worried about the expanding conflict in West Asia and its potential to destabilise regional economies and global oil and gas markets,” she further added.&nbsp;

<o:p></o:p>

As global economic uncertainties continue, it is clear that coordinated action and bold reforms are essential to safeguard long-term financial stability. The IMF’s warnings serve as a wake-up call for policymakers to act swiftly and decisively in the face of these mounting challenges.<o:p></o:p>

The global economy faces increasing challenges as low growth and mounting debt continue to weigh on financial stability, according to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva as detailed by her in her conversation with CNBC.

The global economy faces increasing challenges as low growth and mounting debt continue to weigh on financial stability, according to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva as detailed by her in her conversation with CNBC. Speaking at a recent forum, Georgieva urged world leaders to take decisive action, stressing that these factors pose significant risks to both developed and emerging economies. Growth stagnation and rising debt levels Georgieva highlighted that global economic growth remains sluggish, hovering below its potential, primarily due to the pandemic’s lingering effects, inflationary pressures, and geopolitical tensions. “We are navigating a complicated environment where risks are high, and the outlook is uncertain,” she stated, emphasising the need for a concerted effort to restore economic resilience. While countries are making strides in recovery, many have resorted to increased borrowing to stimulate their economies. This has resulted in escalating public debt levels, which could hinder sustainable growth in the long term. The IMF estimates that global debt levels surged to nearly 100 per cent of the global GDP during the pandemic, straining fiscal policies worldwide. Georgieva cautioned that without effective management, these debts could result in prolonged financial distress for several countries. “The danger is that high debt levels can choke growth, making it harder for governments to invest in vital sectors such as healthcare, education, and infrastructure,” she added. Call for global cooperation and economic reforms The IMF Chief called for greater global cooperation to combat these pressing issues, stressing that piecemeal approaches will not be sufficient. “In this interconnected world, no country is immune to shocks. We need stronger multilateral cooperation to address global economic challenges,” she said. Georgieva also advocated for structural reforms and targeted policies aimed at strengthening economic fundamentals. She pointed out that addressing inefficiencies in tax collection, reducing corruption, and increasing public investment in innovation would help countries improve their fiscal standing. “Governments must seize the opportunity to implement reforms now before the situation deteriorates further,” she urged Potential solutions and the path forward To address the global economic slowdown and growing debt crisis, the IMF has called for a balance between fiscal consolidation and investment in growth-enhancing sectors. Countries are encouraged to prioritise areas that can generate long-term economic benefits, including green energy, digital transformation, and education. Moreover, Georgieva noted the importance of debt restructuring for highly indebted nations, proposing that debt relief measures, along with support from international lenders, could help vulnerable economies recover faster. “The IMF stands ready to support countries with the tools they need to reduce their debt burden and foster growth,” she reaffirmed. “We are all very worried about the expanding conflict in West Asia and its potential to destabilise regional economies and global oil and gas markets,” she further added. As global economic uncertainties continue, it is clear that coordinated action and bold reforms are essential to safeguard long-term financial stability. The IMF’s warnings serve as a wake-up call for policymakers to act swiftly and decisively in the face of these mounting challenges.

Global economy faces hurdles as IMF Chief flags low growth and high debt concerns

The global economy is currently experiencing an unprecedented 'dangerous time' as tensions in West Asia continue to escalate, according to Daniel Yergin, Vice Chairman of S&amp;P Global.

In a recent conversation with CNBC's 'Squawk Box Asia,' Yergin predicted that Israel's response to these tensions will be significantly more intense than previous encounters.

Since the outbreak of the Israel-Hamas conflict on October 7 of the previous year, the oil market has remained relatively stable. This stability has been supported by increased production in the United States and sluggish demand from China.

However, this dynamic is beginning to shift as concerns over oil supplies grow. Recently, oil prices surged amid fears that Israel might strike Iran's oil sector in retaliation for a missile attack from Tehran, spurring analyst concerns about potential threats to supply.

During a White House press briefing, President Joe Biden stated, "The Israelis have not finalized their approach regarding a strike that's currently being deliberated," while advising Israel against targeting Iranian oil installations.

Last week, both major oil benchmarks recorded their largest weekly increase since March 2023. On Tuesday, Brent crude fell by 1.77 per cent, settling at $79.50 per barrel, while West Texas Intermediate dipped by 1.83 per cent to $75.77 a barrel.

Yergin emphasized that Israel's forthcoming retaliation is likely to be more formidable than previous encounters. Last April, although Iran and Israel engaged in hostilities that involved missile attacks, a full-blown war was averted. However, as tensions grow, Yergin warns, "I believe it's a very perilous time, one unlike any we have encountered before."

The specter of nuclear weapon capabilities also looms over the situation. While uncertainties remain about Iran's operational nuclear weapons, Yergin highlighted that this concern is especially pronounced for Israel. He noted, "The prevailing assumption is that the Israelis would refrain from targeting the nuclear facilities at this moment. However, in the coming weeks or months, Iran may achieve the capability to deliver a nuclear weapon, escalating the situation." He drew parallels between this situation and the 1962 Cuban Missile Crisis.

In contrast, Pavel Molchanov, managing director at investment services firm Raymond James, pointed out that Israel's main worry is Iran's nuclear capabilities over its oil infrastructure. Estimates by Iran Watch suggest that Iran's nuclear program could enrich enough uranium for five nuclear weapons within approximately a week, posing a significant threat.

What can be the worst-case scenario?<o:p></o:p>

The worst-case scenario could involve Iran independently blocking the Strait of Hormuz, a critical passage for about 20 per cent of the world's daily oil production, according to the US Energy Information Administration. Such a blockade could drastically increase shipping costs, cause supply delays, and potentially drive oil prices beyond $100 per barrel.

Hence, as global markets brace themselves for potential escalation of conflict in West Asia, the implications of these tensions could have international ramifications, affecting oil supplies, prices, and overall economic stability.

The global economy is currently experiencing an unprecedented 'dangerous time' as tensions in West Asia continue to escalate, according to Daniel Yergin, Vice Chairman of S&P Global.

The global economy is currently experiencing an unprecedented 'dangerous time' as tensions in West Asia continue to escalate, according to Daniel Yergin, Vice Chairman of S&P Global. In a recent conversation with CNBC's 'Squawk Box Asia,' Yergin predicted that Israel's response to these tensions will be significantly more intense than previous encounters. Since the outbreak of the Israel-Hamas conflict on October 7 of the previous year, the oil market has remained relatively stable. This stability has been supported by increased production in the United States and sluggish demand from China. However, this dynamic is beginning to shift as concerns over oil supplies grow. Recently, oil prices surged amid fears that Israel might strike Iran's oil sector in retaliation for a missile attack from Tehran, spurring analyst concerns about potential threats to supply. During a White House press briefing, President Joe Biden stated, "The Israelis have not finalized their approach regarding a strike that's currently being deliberated," while advising Israel against targeting Iranian oil installations. Last week, both major oil benchmarks recorded their largest weekly increase since March 2023. On Tuesday, Brent crude fell by 1.77 per cent, settling at $79.50 per barrel, while West Texas Intermediate dipped by 1.83 per cent to $75.77 a barrel. Yergin emphasized that Israel's forthcoming retaliation is likely to be more formidable than previous encounters. Last April, although Iran and Israel engaged in hostilities that involved missile attacks, a full-blown war was averted. However, as tensions grow, Yergin warns, "I believe it's a very perilous time, one unlike any we have encountered before." The specter of nuclear weapon capabilities also looms over the situation. While uncertainties remain about Iran's operational nuclear weapons, Yergin highlighted that this concern is especially pronounced for Israel. He noted, "The prevailing assumption is that the Israelis would refrain from targeting the nuclear facilities at this moment. However, in the coming weeks or months, Iran may achieve the capability to deliver a nuclear weapon, escalating the situation." He drew parallels between this situation and the 1962 Cuban Missile Crisis. In contrast, Pavel Molchanov, managing director at investment services firm Raymond James, pointed out that Israel's main worry is Iran's nuclear capabilities over its oil infrastructure. Estimates by Iran Watch suggest that Iran's nuclear program could enrich enough uranium for five nuclear weapons within approximately a week, posing a significant threat. What can be the worst-case scenario? The worst-case scenario could involve Iran independently blocking the Strait of Hormuz, a critical passage for about 20 per cent of the world's daily oil production, according to the US Energy Information Administration. Such a blockade could drastically increase shipping costs, cause supply delays, and potentially drive oil prices beyond $100 per barrel. Hence, as global markets brace themselves for potential escalation of conflict in West Asia, the implications of these tensions could have international ramifications, affecting oil supplies, prices, and overall economic stability.

Global economy faces dangerous turmoil amid escalating tensions in West Asia

As inflation cools, India’s consumers are seizing the moment. Turning their festive spending into a celebration of lifestyle and ambition. From dream vacations to sleek electronics and luxury cars. India is setting the pace in global consumption.

India's festive demand soars as inflation eases

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC.

Recent data from the China Index Academy highlights the ongoing struggles. The average price of new homes sold in 100 cities across China saw a marginal increase of 0.11 per cent from July, a further deceleration from June's growth of 0.13 per cent. In contrast, resale home prices fell by 0.71 per cent compared to the previous month. Year-on-year, average prices for both new and resale homes have declined by more than 1 per cent and 6 per cent, respectively, underscoring the entrenched crisis in the housing market.

The Chinese government has introduced several stimulus initiatives aimed at bolstering the housing sector, but these efforts have been deemed insufficient. Zhu emphasized that these measures have failed to revitalize the market, suggesting that more comprehensive strategies are needed to address the underlying issues. The proposed mortgage refinancing plan, which could enable refinancing on up to $5.4 trillion in mortgages, is also met with skepticism. Experts argue that this plan primarily benefits current homeowners and does not address the demand for new properties.

Doubts over mortgage refinancing and the long term plan<o:p></o:p>

Winnie Wu, chief equity strategist for China at BofA Securities, expressed doubts about the effectiveness of the mortgage refinancing plan. While some believe it could stimulate consumption, Wu pointed out that lower mortgage rates would likely lead banks to decrease deposit rates to maintain their profit margins. This could ultimately reduce interest earnings on household savings, a move that would not significantly boost overall spending.

Zhu concurred with Wu's assessment, stating that the refinancing policy would do little to invigorate demand for new homes. He stressed that merely cutting rates is not an optimal solution and that squeezing banks' margins will not yield significant results. Instead, Zhu and Wu advocate for the government to foster a "positive feedback loop" to break the downward trend in the housing market.

Further, the prolonged downturn in China's housing market has significant long-term implications for the country's economy. The sector's weakness can impact consumer confidence, reduce spending, and hinder economic growth. As the government continues to explore strategies to stabilize the market, it is clear that a more holistic approach is necessary to restore confidence among homebuyers and investors.

Hence, China's housing market remains in a state of crisis, with experts predicting a prolonged period of decline. While government initiatives are underway, their effectiveness is being questioned, and a more comprehensive strategy is needed to address the deep-seated issues plaguing the sector. As the situation evolves, it will be crucial to monitor the impact on the broader economy and the measures taken to mitigate the downturn.

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC.

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC. Recent data from the China Index Academy highlights the ongoing struggles. The average price of new homes sold in 100 cities across China saw a marginal increase of 0.11 per cent from July, a further deceleration from June's growth of 0.13 per cent. In contrast, resale home prices fell by 0.71 per cent compared to the previous month. Year-on-year, average prices for both new and resale homes have declined by more than 1 per cent and 6 per cent, respectively, underscoring the entrenched crisis in the housing market. The Chinese government has introduced several stimulus initiatives aimed at bolstering the housing sector, but these efforts have been deemed insufficient. Zhu emphasized that these measures have failed to revitalize the market, suggesting that more comprehensive strategies are needed to address the underlying issues. The proposed mortgage refinancing plan, which could enable refinancing on up to $5.4 trillion in mortgages, is also met with skepticism. Experts argue that this plan primarily benefits current homeowners and does not address the demand for new properties. Doubts over mortgage refinancing and the long term plan Winnie Wu, chief equity strategist for China at BofA Securities, expressed doubts about the effectiveness of the mortgage refinancing plan. While some believe it could stimulate consumption, Wu pointed out that lower mortgage rates would likely lead banks to decrease deposit rates to maintain their profit margins. This could ultimately reduce interest earnings on household savings, a move that would not significantly boost overall spending. Zhu concurred with Wu's assessment, stating that the refinancing policy would do little to invigorate demand for new homes. He stressed that merely cutting rates is not an optimal solution and that squeezing banks' margins will not yield significant results. Instead, Zhu and Wu advocate for the government to foster a "positive feedback loop" to break the downward trend in the housing market. Further, the prolonged downturn in China's housing market has significant long-term implications for the country's economy. The sector's weakness can impact consumer confidence, reduce spending, and hinder economic growth. As the government continues to explore strategies to stabilize the market, it is clear that a more holistic approach is necessary to restore confidence among homebuyers and investors. Hence, China's housing market remains in a state of crisis, with experts predicting a prolonged period of decline. While government initiatives are underway, their effectiveness is being questioned, and a more comprehensive strategy is needed to address the deep-seated issues plaguing the sector. As the situation evolves, it will be crucial to monitor the impact on the broader economy and the measures taken to mitigate the downturn.

China's housing market struggles persist: Experts predict prolonged downturn

The government's upcoming budget is expected to prioritise rural demand due to its crucial role in economic growth. As rural areas make up a significant portion of the population, boosting their spending power can drive overall consumption and economic activity. To address this, the budget is anticipated to increase funding for rural schemes.

India budget: How India's budget will impact the global economy

The Reserve Bank of India's half-yearly report for risk assessment in the financial sector presents a collective assessment of the stability of the global &amp; India's financial system.

On global macro-financial risks, the report highlights 'resilience amid heightened risks and uncertainties'. While short-term economic indicators point to a significant improvement, the report also highlights the challenges. Issues of high public debt, geopolitical tensions, stretched asset valuations, economic fragmentation, climate disasters, &amp; cyber threats plague the global economic outlook. Emerging market economies remain vulnerable to these external shocks.

On domestic macro-financial risks, the report reiterates India's growth story. Strong fundamentals and a stable financial system have boosted India's economic outlook. Business and consumer sentiment outlook is also optimistic, with moderation inflation and ongoing fiscal consolidation. Financial institutions boast of healthy balance sheets, marked by strong capital buffers, improving asset quality and robust earnings.

On the resilience of financial institutions, the report highlighted Scheduled commercial banks (SCBs), that have been boosted by rising profitability and declining non-performing assets. Return on assets(ROE) &amp; Return on equity (ROE) are close to decade highs at 1.3 per cent and 13.8 per cent, respectively. The consolidated solvency ratio of the insurance sector remains above the minimum threshold limit of 150 per cent.&nbsp;

On regulatory initiatives in the global financial sector, the report highlights a focus on recent initiatives aimed at safeguarding the banking system from inter-connectedness. Meanwhile, domestic regulatory initiatives are also focused on ensuring safety and resilience.&nbsp;

The Reserve Bank of India's half-yearly report for risk assessment in the financial sector presents a collective assessment of the stability of the global & India's financial system.

The Reserve Bank of India's half-yearly report for risk assessment in the financial sector presents a collective assessment of the stability of the global & India's financial system. On global macro-financial risks, the report highlights 'resilience amid heightened risks and uncertainties'. While short-term economic indicators point to a significant improvement, the report also highlights the challenges. Issues of high public debt, geopolitical tensions, stretched asset valuations, economic fragmentation, climate disasters, & cyber threats plague the global economic outlook. Emerging market economies remain vulnerable to these external shocks. On domestic macro-financial risks, the report reiterates India's growth story. Strong fundamentals and a stable financial system have boosted India's economic outlook. Business and consumer sentiment outlook is also optimistic, with moderation inflation and ongoing fiscal consolidation. Financial institutions boast of healthy balance sheets, marked by strong capital buffers, improving asset quality and robust earnings. On the resilience of financial institutions, the report highlighted Scheduled commercial banks (SCBs), that have been boosted by rising profitability and declining non-performing assets. Return on assets(ROE) & Return on equity (ROE) are close to decade highs at 1.3 per cent and 13.8 per cent, respectively. The consolidated solvency ratio of the insurance sector remains above the minimum threshold limit of 150 per cent. On regulatory initiatives in the global financial sector, the report highlights a focus on recent initiatives aimed at safeguarding the banking system from inter-connectedness. Meanwhile, domestic regulatory initiatives are also focused on ensuring safety and resilience.

RBI's Financial Stability Report: India's assessment of the global economy

Now, we look at cues to watch this week to see what's shaping the global. Interest rate scenario - just as the group of seven meets in italy to discuss the global economy, inflation-related announcements across the member states will prepare central bankers for June's interest-rate decisions.

What are the cues investors will focus on this week?

The Indian-origin economist said that economies are reevaluating their trading partners based on economic and national security concerns following disruptions such as Covid-19 pandemic and Russia’s invasion of Ukraine. Economists have dubbed this phenomenon 'trade fragmentation'. She said that trade fragmentation is much more costly this time around, compared to the cold war. That's because the goods trade to GDP ration stood at just 16% at the start of the cold war. That ratio now stands at 45%. Higher the ratio, lesser is the trade.

Gita Gopinath: Sanctions risk driving gold rush in China-led bloc

The global economy is experiencing a revision in growth forecasts. The organisation for economic co-operation and development is now predicting a 3.1% growth rate in 2024, a slight improvement on previous estimates.

OECD boosts global growth forecast to 3.2% for 2025

Is the world becoming a more unequal place? A recent analysis by global non-governmental organisation, Oxfam, shows that global dividend payouts to rich shareholders jumped by 45% between 2020 and 2023, while workers’ wages rose by just 3%. What does this huge discrepancy tell us about the state of the global economy? We tell you more in this report.

How fast can you earn $9000?

The latest report by the International Monetary Fund reveals a significant shift in the global economic landscape. Emerging market economies within the G20, including India & China, are now playing a pivotal role in shaping global growth. Traditionally seen as recipients of economic shocks, these nations have become active contributors, with their domestic crises reverberating across borders.

IMF: Emerging markets now drive global economic shocks

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Federal Reserve holds rates steady amid high projections for 2024 rate cuts&nbsp;

The US Federal Reserve has decided to maintain its benchmark interest rates at 5.25-5.50 per cent for the fifth consecutive meeting, according to an announcement made after the Federal Open Market Committee (FOMC) meeting on March 20.

<a href="https://www.wionews.com/business-economy/federal-reserve-holds-rates-steady-amid-high-projections-for-2024-rate-cuts-702516 ">Read more here</a>

US Justice Department set to sue Apple for alleged antitrust violations&nbsp;

Apple is facing impending legal action from the US Justice Department, which is expected to file a lawsuit as early as Thursday.

<a href="https://www.wionews.com/business-economy/us-justice-department-set-to-sue-apple-for-alleged-antitrust-violations-702523 ">Read more here &nbsp;</a>

Reddit IPO hits high note, raises $748 million with top-end pricing: Report&nbsp;

In a significant development for the technology IPO market, social media giant Reddit has priced its initial public offering (IPO) at the pinnacle of its indicated range, raising a staggering $748 million.

<a href="https://www.wionews.com/business-economy/reddit-ipo-hits-high-note-raises-748-million-with-top-end-pricing-report-702528 ">Read more here &nbsp;</a>

India's Akasa Air stays upbeat on Boeing 737 MAX delivery schedule despite production concerns&nbsp;

Amid escalating concerns over Boeing's production schedule for its 737 aircraft series following a mid-air incident earlier this year, India's Akasa Air remains optimistic about the timely delivery of its ordered Boeing 737 MAX jets, affirmed the airline's CEO.

<a href="https://www.wionews.com/business-economy/indias-akasa-air-stays-upbeat-on-boeing-737-max-delivery-schedule-despite-production-concerns-702533 ">Read more here &nbsp;</a>

Intel embarks on $100 bn investment in US chip manufacturing expansion&nbsp;

Intel Corporation has announced a $100 billion spending initiative across four states in the United States, aimed at strengthening and expanding its chip manufacturing capabilities.

<a href="https://www.wionews.com/business-economy/intel-embarks-on-100-bn-investment-in-us-chip-manufacturing-expansion-702537 ">Read more here</a>

Hindenburg Research accuses Equinix of inflating profit metric,&nbsp;misleading investors&nbsp;

Hindenburg Research, renowned for its critical analyses of various companies, has set its sights on Equinix, an $80 billion data centre provider, accusing the company of presenting shareholders with an "AI pipe dream" while allegedly manipulating key metrics to enhance profitability.

<a href="https://www.wionews.com/business-economy/hindenburg-research-accuses-equinix-of-inflating-profit-metric-amid-allegations-of-misleading-investors-702542 ">Read more here</a>

Luxury giant Hermes faces antitrust lawsuit over exclusive Birkin bag sales&nbsp;

French luxury powerhouse Hermes finds itself embroiled in legal turmoil as it faces an antitrust class action lawsuit in California, centring on allegations of restricting the sale of its coveted Birkin handbags to customers deemed to have "sufficient purchase history" with the brand.

<a href="https://www.wionews.com/business-economy/luxury-giant-hermes-faces-antitrust-lawsuit-over-exclusive-birkin-bag-sales-702561 ">Read more here</a>

Chipotle shares surge beyond $3,000 following historic stock split announcement&nbsp;

Chipotle Mexican Grill's shares soared beyond the $3,000 mark for the first time on Wednesday, closing 3.5 per cent higher after the company's board of directors approved a monumental 50-for-1 stock split.

<a href="https://www.wionews.com/business-economy/chipotle-shares-surge-beyond-3000-following-historic-stock-split-announcement-702579">Read more here</a>

China's Deputy Central Bank Governor signals further monetary easing measures

Xuan Changneng, deputy governor of the People's Bank of China (PBOC), has emphasised the ample room for manoeuvring within China's monetary policy.

<a href="https://www.wionews.com/business-economy/chinas-deputy-central-bank-governor-signals-further-monetary-easing-measures-702584">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Federal Reserve holds rates steady amid high projections for 2024 rate cuts The US Federal Reserve has decided to maintain its benchmark interest rates at 5.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Federal Reserve holds rates steady amid high projections for 2024 rate cuts The US Federal Reserve has decided to maintain its benchmark interest rates at 5.25-5.50 per cent for the fifth consecutive meeting, according to an announcement made after the Federal Open Market Committee (FOMC) meeting on March 20. Read more here US Justice Department set to sue Apple for alleged antitrust violations Apple is facing impending legal action from the US Justice Department, which is expected to file a lawsuit as early as Thursday. Read more here Reddit IPO hits high note, raises $748 million with top-end pricing: Report In a significant development for the technology IPO market, social media giant Reddit has priced its initial public offering (IPO) at the pinnacle of its indicated range, raising a staggering $748 million. Read more here India's Akasa Air stays upbeat on Boeing 737 MAX delivery schedule despite production concerns Amid escalating concerns over Boeing's production schedule for its 737 aircraft series following a mid-air incident earlier this year, India's Akasa Air remains optimistic about the timely delivery of its ordered Boeing 737 MAX jets, affirmed the airline's CEO. Read more here Intel embarks on $100 bn investment in US chip manufacturing expansion Intel Corporation has announced a $100 billion spending initiative across four states in the United States, aimed at strengthening and expanding its chip manufacturing capabilities. Read more here Hindenburg Research accuses Equinix of inflating profit metric, misleading investors Hindenburg Research, renowned for its critical analyses of various companies, has set its sights on Equinix, an $80 billion data centre provider, accusing the company of presenting shareholders with an "AI pipe dream" while allegedly manipulating key metrics to enhance profitability. Read more here Luxury giant Hermes faces antitrust lawsuit over exclusive Birkin bag sales French luxury powerhouse Hermes finds itself embroiled in legal turmoil as it faces an antitrust class action lawsuit in California, centring on allegations of restricting the sale of its coveted Birkin handbags to customers deemed to have "sufficient purchase history" with the brand. Read more here Chipotle shares surge beyond $3,000 following historic stock split announcement Chipotle Mexican Grill's shares soared beyond the $3,000 mark for the first time on Wednesday, closing 3.5 per cent higher after the company's board of directors approved a monumental 50-for-1 stock split. Read more here China's Deputy Central Bank Governor signals further monetary easing measures Xuan Changneng, deputy governor of the People's Bank of China (PBOC), has emphasised the ample room for manoeuvring within China's monetary policy. Read more here

WION Business Wrap | The top stories from the world of business & economy

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected last year.

<a href="https://www.wionews.com/business-economy/corporate-salary-hike-in-india-set-to-average-9-pc-in-2024-deloitte-reports-700286 ">Read more here</a>

Hedge fund manager faces arrest over alleged misappropriation of $533 mn from Byju's&nbsp;

A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors.

<a href="https://www.wionews.com/business-economy/hedge-fund-manager-faces-arrest-over-alleged-misappropriation-of-533-mn-from-byjus-700292 ">Read more here</a>

Paytm secures third-party app license to sustain UPI payments: Report&nbsp;

Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority.

<a href="https://www.wionews.com/business-economy/paytm-secures-third-party-app-license-to-sustain-upi-payments-report-700303 ">Read more here</a>

Argentina Senate deals blow to Milei's economic decree. Here’s what happened&nbsp;

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges.

<a href="https://www.wionews.com/business-economy/argentina-senate-deals-blow-to-mileis-economic-decree-heres-what-happened-700313 ">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

China's housing market shows signs of stabilisation as policy support intensifies&nbsp;

China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector.

<a href="https://www.wionews.com/business-economy/chinas-housing-market-shows-signs-of-stabilisation-as-policy-support-intensifies-700324 ">Read more here</a>

Foxconn stock soars 9.5 pc as Q4 profits exceed expectations amid strong AI server demand&nbsp;

Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years.

<a href="https://www.wionews.com/business-economy/foxconn-stock-soars-95-pc-as-q4-profits-exceed-expectations-amid-strong-ai-server-demand-700334 ">Read more here</a>

India climbs in global human development index. Check rank here&nbsp;

India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP).

<a href="https://www.wionews.com/business-economy/india-climbs-in-global-human-development-index-check-rank-here-700353">Read more here</a>

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected last year. Read more here Hedge fund manager faces arrest over alleged misappropriation of $533 mn from Byju's A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors. Read more here Paytm secures third-party app license to sustain UPI payments: Report Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority. Read more here Argentina Senate deals blow to Milei's economic decree. Here’s what happened Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. Read more here WION's Business Desk brings you this daily round up of global stories from the world of business and economy. China's housing market shows signs of stabilisation as policy support intensifies China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector. Read more here Foxconn stock soars 9.5 pc as Q4 profits exceed expectations amid strong AI server demand Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years. Read more here India climbs in global human development index. Check rank here India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP). Read more here

WION Business Wrap | China's property crisis, India's rise in HDI and more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

IBM announces job cuts amidst AI integration: Report&nbsp;

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty.

<a href="https://www.wionews.com/business-economy/ibm-announces-job-cuts-amidst-embrace-of-ai-functions-raises-concerns-across-tech-sector-699895 ">Read more here</a>

Byju's Regulatory Scrutiny: Auditors accused of 'gross negligence' amid doubts on financial integrity&nbsp;

Amid escalating regulatory scrutiny, the Institute of Chartered Accountants of India (ICAI) has called out the auditors of edtech giant Byju's for "gross negligence," igniting concerns over financial integrity.

<a href="https://www.wionews.com/business-economy/byjus-under-regulatory-scrutiny-auditors-face-tensions-amid-looming-doubts-on-financial-integrity-699908 ">Read more here</a>

India's economic surge echoes mid-2000s boom, says Morgan Stanley report&nbsp;

Echoing the vibrancy of India's economic boom during the mid-2000s, a recent report by Morgan Stanley highlights striking parallels between then and now, attributing the current surge to a strong investment trajectory.

<a href="https://www.wionews.com/business-economy/indias-economic-surge-echoes-mid-2000s-boom-says-morgan-stanley-report-699929 ">Read more here</a>

Israeli parliament approves amended 2024 budget, prioritising funding for Gaza war&nbsp;

The Israeli parliament has approved an amended 2024 state budget, allocating funds towards sustaining Israel's military campaign against Hamas in Gaza. This decision comes as the conflict with the Islamist Palestinian group extends into its sixth month.

<a href="https://www.wionews.com/business-economy/israeli-parliament-approves-amended-2024-budget-prioritising-funding-for-gaza-war-699944 ">Read more here</a>

Brazil shifts focus to new markets amid EU deadlock&nbsp;

Amid stalled trade negotiations between the Mercosur bloc and the European Union (EU), Brazil is planning to expand its agricultural exports to India and Africa.

<a href="https://www.wionews.com/business-economy/brazil-shifts-focus-to-new-markets-amid-eu-deadlock-699980 ">Read more here</a>

Adidas reports first annual loss in over 30 years amid North American sales warning&nbsp;

German sportswear giant Adidas revealed its first annual loss in more than three decades, citing challenges in the North American market and ongoing supply chain disruptions.

<a href="https://www.wionews.com/business-economy/adidas-reports-first-annual-loss-in-over-30-years-amid-north-american-sales-warning-699957 ">Read more here</a>

Europe aviation regulator prepared to halt Boeing approval amid safety concerns&nbsp;

Amid mounting safety concerns regarding Boeing's aircraft production, Europe's aviation regulatory body, the European Union Aviation Safety Agency (EASA), has signalled that it could suspend its indirect approval of Boeing's jet production if deemed necessary.

<a href="https://www.wionews.com/business-economy/europe-aviation-regulator-prepared-to-halt-boeing-approval-amid-safety-concerns-699988">Read more here</a>

Delta Air Lines to resume flights to Tel Aviv in June

Delta Air Lines has announced plans to resume daily flights between New York-JFK and Tel Aviv, starting June 7.

<a href="https://www.wionews.com/business-economy/delta-air-lines-to-resume-flights-to-tel-aviv-in-june-700000">Read more here</a>

How Biden administration aims to tackle Chinese EV competition

US Treasury Secretary Janet Yellen on Wednesday reiterated the Biden administration's commitment to boost the domestic electric vehicle (EV) industry and counter China's burgeoning exports in the sector.&nbsp;

<a href="https://www.wionews.com/business-economy/how-biden-administration-aims-to-tackle-chinese-ev-competition-699997">Read more here</a> 
&nbsp;

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. IBM announces job cuts amidst AI integration: Report Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. IBM announces job cuts amidst AI integration: Report Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty. Read more here Byju's Regulatory Scrutiny: Auditors accused of 'gross negligence' amid doubts on financial integrity Amid escalating regulatory scrutiny, the Institute of Chartered Accountants of India (ICAI) has called out the auditors of edtech giant Byju's for "gross negligence," igniting concerns over financial integrity. Read more here India's economic surge echoes mid-2000s boom, says Morgan Stanley report Echoing the vibrancy of India's economic boom during the mid-2000s, a recent report by Morgan Stanley highlights striking parallels between then and now, attributing the current surge to a strong investment trajectory. Read more here Israeli parliament approves amended 2024 budget, prioritising funding for Gaza war The Israeli parliament has approved an amended 2024 state budget, allocating funds towards sustaining Israel's military campaign against Hamas in Gaza. This decision comes as the conflict with the Islamist Palestinian group extends into its sixth month. Read more here Brazil shifts focus to new markets amid EU deadlock Amid stalled trade negotiations between the Mercosur bloc and the European Union (EU), Brazil is planning to expand its agricultural exports to India and Africa. Read more here Adidas reports first annual loss in over 30 years amid North American sales warning German sportswear giant Adidas revealed its first annual loss in more than three decades, citing challenges in the North American market and ongoing supply chain disruptions. Read more here Europe aviation regulator prepared to halt Boeing approval amid safety concerns Amid mounting safety concerns regarding Boeing's aircraft production, Europe's aviation regulatory body, the European Union Aviation Safety Agency (EASA), has signalled that it could suspend its indirect approval of Boeing's jet production if deemed necessary. Read more here Delta Air Lines to resume flights to Tel Aviv in June Delta Air Lines has announced plans to resume daily flights between New York-JFK and Tel Aviv, starting June 7. Read more here How Biden administration aims to tackle Chinese EV competition US Treasury Secretary Janet Yellen on Wednesday reiterated the Biden administration's commitment to boost the domestic electric vehicle (EV) industry and counter China's burgeoning exports in the sector. Read more here

WION Business Wrap | Adidas' historic loss, India's economic surge and more

We put the spotlight on the Indian economy and most notably it's domestic currency-- the rupee. The Indian rupee has outperformed other emerging market currencies in the past six months. But what does this mean for the global economy?

What a strong rupee means for the global economy

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.

Moody's Bullish on India: GDP growth forecast skyrockets to 8 pc for FY24

Leading global rating agency, Moody's, has raised the bar for India's economic prowess, revising its GDP growth forecast for the fiscal year 2023-24 to an impressive 8 per cent.

<a href="https://www.wionews.com/business-economy/moodys-bullish-on-india-gdp-growth-forecast-skyrockets-to-8-pc-for-fy24-697895">Read more here</a>

Fed Chair Jerome Powell signals potential interest rate cuts. Here are the details

Federal Reserve Chair Jerome Powell hinted at the central bank's growing confidence in considering interest rate cuts, stating they are "not far" from the needed assurance that inflation is sustainably moving towards the 2 per cent target, Bloomberg reported on Thursday.

<a href="https://www.wionews.com/business-economy/fed-chair-jerome-powell-signals-potential-interest-rate-cuts-here-are-the-details-697903">Read more here</a>

Strikes paralyse Germany's transport sector: Railways and airports in chaos

Millions of German commuters and travellers face severe disruptions as strikes escalate in the transportation sector.

<a href="https://www.wionews.com/business-economy/strikes-paralyse-german-transport-railways-and-airports-in-chaos-697913">Read more here</a>

Saudi Arabia boosts sovereign wealth fund, transfers 8 pc stake in Aramco worth $163.6 bn

Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF).

<a href="https://www.wionews.com/business-economy/saudi-arabia-boosts-sovereign-wealth-fund-transfers-8-pc-stake-in-aramco-worth-1636-bn-697926">Read more here</a>

LinkedIn's premium subscriptions soar to $1.7 billion in 2023. Here are the details

LinkedIn, the professional social network owned by Microsoft has reported that&nbsp;its premium subscription business has reached $1.7 billion in revenue for the year 2023.

<a href="https://www.wionews.com/business-economy/linkedins-premium-subscriptions-soar-to-17-billion-in-2023-here-are-the-details-697937">Read more here</a>

RBI and Bank Indonesia ink pact to boost bilateral trade using local currencies

In a move towards strengthening economic integration, the Reserve Bank of India (RBI) and Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on Thursday, to establish a framework promoting the use of local currencies for cross-border transactions.

<a href="https://www.wionews.com/business-economy/rbi-and-bank-indonesia-ink-pact-to-boost-bilateral-trade-using-local-currencies-697954">Read more here</a>

Flipkart to introduce quick commerce service: Targets 10-15 minute deliveries, says report

India's e-commerce giant, Flipkart, is gearing up to join the quick commerce race, aiming to roll out 10-15 minute deliveries in a dozen cities within the next six to eight weeks, as reported by Entracker.

<a href="https://www.wionews.com/business-economy/flipkart-to-introduce-quick-commerce-service-targets-10-15-minute-deliveries-report-says-697988">Read more here</a>

Broadcom eyes $10 billion in AI chip sales for 2024: Report

Broadcom on Thursday projected $10 billion in revenue from artificial intelligence (AI) chips in 2024.

<a href="https://www.wionews.com/business-economy/broadcom-eyes-10-billion-in-ai-chip-sales-for-2024-report-698002">Read more here</a>

UK Budget tax cuts won't offset rising prices, warns think tank

A leading think tank, the Institute for Fiscal Studies (IFS), has cautioned that tax cuts announced in Wednesday's Budget won't fully offset the impact of tax increases and rising prices, as per a BBC report.

<a href="https://www.wionews.com/business-economy/uk-budget-tax-cuts-wont-offset-rising-prices-warns-think-tank-697597">Read more more&nbsp;</a>

Dutch government in talks with ASML amid concerns over anti-immigration policies

The Dutch government has initiated discussions with semiconductor equipment manufacturer ASML, in a bid to prevent the company from relocating its operations abroad or expanding its footprint outside the Netherlands, amid&nbsp;concerns surrounding anti-immigration policies.

<a href="https://www.wionews.com/business-economy/dutch-government-in-talks-with-asml-amid-concerns-over-anti-immigration-policies-697594">Read more here</a>

Apple faces 24 pc dip in China iPhone sales amid Huawei's 64 pc surge

Apple encountered a significant setback in China as its iPhone sales plummeted by 24 per cent in the initial six weeks of 2024, as revealed by a report by research firm Counterpoint.

<a href="https://www.wionews.com/business-economy/apple-faces-24-pc-dip-in-china-iphone-sales-amid-huaweis-64-pc-surge-697527">Read more here</a>

China aims for 5pc GDP growth amid scepticism - promises vigorous effort to achieve target

China is standing firm on its ambitious plan to achieve a 5 per cent GDP growth this year, with officials expressing confidence in attaining the target through determined efforts.

<a href="https://www.wionews.com/business-economy/china-aims-for-5pc-gdp-growth-amid-scepticism-promises-vigorous-effort-to-achieve-target-697511">Read more here</a>

India's Economic Ascent: Projected to grow 6.8 pc in FY25, country eyes upper-middle-income status by 2031

India's economic trajectory is on an upward swing, with a forecasted 6.8 per cent growth in the next fiscal year, according to ratings agency Crisil.

<a href="https://www.wionews.com/business-economy/indias-economic-ascent-projected-68-pc-growth-in-fy25-eyes-upper-middle-income-status-by-2031-697492">Read more here</a>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Moody's Bullish on India: GDP growth forecast skyrockets to 8 pc for FY24 Leading global rating agency, Moody's, has raised the bar for India's economic prowess, revising its GDP growth forecast for the fiscal year 2023-24 to an impressive 8 per cent.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Moody's Bullish on India: GDP growth forecast skyrockets to 8 pc for FY24 Leading global rating agency, Moody's, has raised the bar for India's economic prowess, revising its GDP growth forecast for the fiscal year 2023-24 to an impressive 8 per cent. Read more here Fed Chair Jerome Powell signals potential interest rate cuts. Here are the details Federal Reserve Chair Jerome Powell hinted at the central bank's growing confidence in considering interest rate cuts, stating they are "not far" from the needed assurance that inflation is sustainably moving towards the 2 per cent target, Bloomberg reported on Thursday. Read more here Strikes paralyse Germany's transport sector: Railways and airports in chaos Millions of German commuters and travellers face severe disruptions as strikes escalate in the transportation sector. Read more here Saudi Arabia boosts sovereign wealth fund, transfers 8 pc stake in Aramco worth $163.6 bn Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF). Read more here LinkedIn's premium subscriptions soar to $1.7 billion in 2023. Here are the details LinkedIn, the professional social network owned by Microsoft has reported that its premium subscription business has reached $1.7 billion in revenue for the year 2023. Read more here RBI and Bank Indonesia ink pact to boost bilateral trade using local currencies In a move towards strengthening economic integration, the Reserve Bank of India (RBI) and Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on Thursday, to establish a framework promoting the use of local currencies for cross-border transactions. Read more here Flipkart to introduce quick commerce service: Targets 10-15 minute deliveries, says report India's e-commerce giant, Flipkart, is gearing up to join the quick commerce race, aiming to roll out 10-15 minute deliveries in a dozen cities within the next six to eight weeks, as reported by Entracker. Read more here Broadcom eyes $10 billion in AI chip sales for 2024: Report Broadcom on Thursday projected $10 billion in revenue from artificial intelligence (AI) chips in 2024. Read more here UK Budget tax cuts won't offset rising prices, warns think tank A leading think tank, the Institute for Fiscal Studies (IFS), has cautioned that tax cuts announced in Wednesday's Budget won't fully offset the impact of tax increases and rising prices, as per a BBC report. Read more more Dutch government in talks with ASML amid concerns over anti-immigration policies The Dutch government has initiated discussions with semiconductor equipment manufacturer ASML, in a bid to prevent the company from relocating its operations abroad or expanding its footprint outside the Netherlands, amid concerns surrounding anti-immigration policies. Read more here Apple faces 24 pc dip in China iPhone sales amid Huawei's 64 pc surge Apple encountered a significant setback in China as its iPhone sales plummeted by 24 per cent in the initial six weeks of 2024, as revealed by a report by research firm Counterpoint. Read more here China aims for 5pc GDP growth amid scepticism - promises vigorous effort to achieve target China is standing firm on its ambitious plan to achieve a 5 per cent GDP growth this year, with officials expressing confidence in attaining the target through determined efforts. Read more here India's Economic Ascent: Projected to grow 6.8 pc in FY25, country eyes upper-middle-income status by 2031 India's economic trajectory is on an upward swing, with a forecasted 6.8 per cent growth in the next fiscal year, according to ratings agency Crisil. Read more here

WION Business Wrap | Top stories from the world of economy and business

How did the global stock indices and commodity prices perform in the month of February? What is the economic outlook for the world? All this and much more in the monthly economic health check.

How the global economy performed in February

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Second mansion of Evergrande chairman hits market amid liquidation

In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills.

<a href="https://www.wionews.com/business-economy/second-mansion-of-evergrande-chairman-hits-market-amid-liquidation-695436">Read more here</a>

Brazil urges G20 to enforce global tax on super-rich in battle against tax evasion

At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, Associated Press reported.

<a href="https://www.wionews.com/business-economy/brazil-urges-g20-to-enforce-global-tax-on-super-rich-in-battle-against-tax-evasion-695416">Read more here</a>

Japan's jobless rate hits 2.4 per cent in January amid labour shortage: Report

The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month.

<a href="https://www.wionews.com/business-economy/japans-jobless-rate-hits-24-per-cent-in-january-amid-labour-shortage-report-695426">Read more here</a>

Citigroup announces layoffs of 286 employees in New York: Report

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour.

<a href="https://www.wionews.com/business-economy/citigroup-announces-layoffs-of-286-employees-in-new-york-report-695434">Read more here</a>

US IRS launches crackdown on 125,000 unfiled high-income tax returns

The Internal Revenue Service (IRS) has set its sights on high-income earners who have neglected to file tax returns, with a targeted approach aimed at 125,000 cases since 2017.

<a href="https://www.wionews.com/business-economy/us-irs-launches-crackdown-on-125000-unfiled-high-income-tax-returns-695453">Read more here</a>

Boeing agrees to $51 million settlement over US export violations, including breaches in China

Boeing has reached a $51 million settlement with the US State Department for multiple export violations, a resolution that includes improper actions by Chinese employees in China.

<a href="https://www.wionews.com/business-economy/boeing-agrees-to-51-million-settlement-over-us-export-violations-including-breaches-in-china-695465">Read more here</a>

Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-amid-gaza-ceasefire-talks-complications-and-tensions-in-west-asia-695470">Read more here</a>

China's manufacturing contracts for 5th month, sparks calls for increased stimulus

China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday.

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-contracts-for-5th-month-sparks-calls-for-increased-stimulus-695472">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Second mansion of Evergrande chairman hits market amid liquidation In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Second mansion of Evergrande chairman hits market amid liquidation In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills. Read more here Brazil urges G20 to enforce global tax on super-rich in battle against tax evasion At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, Associated Press reported. Read more here Japan's jobless rate hits 2.4 per cent in January amid labour shortage: Report The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month. Read more here Citigroup announces layoffs of 286 employees in New York: Report Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour. Read more here US IRS launches crackdown on 125,000 unfiled high-income tax returns The Internal Revenue Service (IRS) has set its sights on high-income earners who have neglected to file tax returns, with a targeted approach aimed at 125,000 cases since 2017. Read more here Boeing agrees to $51 million settlement over US export violations, including breaches in China Boeing has reached a $51 million settlement with the US State Department for multiple export violations, a resolution that includes improper actions by Chinese employees in China. Read more here Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. Read more here China's manufacturing contracts for 5th month, sparks calls for increased stimulus China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday. Read more here

WION Business Wrap | China's manufacturing slump, oil prices surge and more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Paramount global surprises with streaming growth despite missing revenue estimates

Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

<a href="https://www.wionews.com/business-economy/paramount-global-surprises-with-streaming-growth-despite-missing-revenue-estimates-695067">Read more here</a>

Apple to expand generative AI use: CEO Tim Cook at shareholder meeting

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

<a href="https://www.wionews.com/business-economy/apple-to-expand-generative-ai-use-ceo-tim-cook-at-shareholder-meeting-695069">Read more here</a>

Japan's factory output plummets in January as economic concerns mount

Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year.

<a href="https://www.wionews.com/business-economy/japans-factory-output-plummets-in-january-as-economic-concerns-mount-695087">Read more here</a>

Google faces $2.3 bn lawsuit from European media groups over alleged ad tech misconduct

Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted.

<a href="https://www.wionews.com/business-economy/google-faces-23-bn-lawsuit-from-european-media-groups-over-alleged-ad-tech-misconduct-695000">Read more here</a>

WTO Showdown: US-led reform efforts trigger friction with India

A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress.&nbsp;

<a href="https://www.wionews.com/business-economy/wto-showdown-us-led-reform-efforts-trigger-friction-with-india-695037">Read more here</a>

Electronic Arts announces workforce reduction and office space cutback: Report

Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. This announcement comes while challenges within the gaming sector loom, compounded by high interest rates.

<a href="https://www.wionews.com/business-economy/electronic-arts-announces-workforce-reduction-and-office-space-cutbacks-report-695052">Read more here</a>

Wendy's promises no surge pricing for burgers amid backlash over CEO's comments

Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing."

<a href="https://www.wionews.com/business-economy/wendys-promises-no-surge-pricing-for-burgers-amid-backlash-over-ceos-comments-695059">Read more here</a>

Shell's Savion initiates sale of solar assets: Reports

Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters.

<a href="https://www.wionews.com/business-economy/shells-savion-initiates-sale-of-solar-assets-according-to-sources-695071">Read more here</a>

Gemini agrees to return $1.1 billion to customers in regulatory settlement

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.

<a href="https://www.wionews.com/business-economy/gemini-agrees-to-return-11-billion-to-customers-in-regulatory-settlement-695081">Read more here</a>

SEC's climate reporting rule: What's at stake for investors and corporations?

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors.

<a href="https://www.wionews.com/business-economy/secs-climate-reporting-rule-whats-at-stake-for-investors-and-corporations-695128">Read more here</a>

Ukraine seeks $3 billion in monthly aid as war rages on

Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia.

<a href="https://www.wionews.com/business-economy/ukraine-seeks-3-billion-in-monthly-aid-as-war-rages-on-695109">Read more here</a>

US SEC investigates potential misconduct at OpenAI

The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023.

<a href="https://www.wionews.com/business-economy/us-sec-investigates-potential-misconduct-at-openai-695111">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Paramount global surprises with streaming growth despite missing revenue estimates Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Paramount global surprises with streaming growth despite missing revenue estimates Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market. Read more here Apple to expand generative AI use: CEO Tim Cook at shareholder meeting During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year. Read more here Japan's factory output plummets in January as economic concerns mount Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year. Read more here Google faces $2.3 bn lawsuit from European media groups over alleged ad tech misconduct Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted. Read more here WTO Showdown: US-led reform efforts trigger friction with India A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress. Read more here Electronic Arts announces workforce reduction and office space cutback: Report Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. This announcement comes while challenges within the gaming sector loom, compounded by high interest rates. Read more here Wendy's promises no surge pricing for burgers amid backlash over CEO's comments Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing." Read more here Shell's Savion initiates sale of solar assets: Reports Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters. Read more here Gemini agrees to return $1.1 billion to customers in regulatory settlement Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported. Read more here SEC's climate reporting rule: What's at stake for investors and corporations? Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. Read more here Ukraine seeks $3 billion in monthly aid as war rages on Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia. Read more here US SEC investigates potential misconduct at OpenAI The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023. Read more here

WION Business Wrap | From Japan to the U.S: Top business and economy stories of the day

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Sony announces layoffs and studio closure while challenges loom in the gaming sector

Sony has revealed plans to lay off approximately 900 employees from its PlayStation unit and shut down a London-based studio, according to an announcement made on Tuesday.

<a href="https://www.wionews.com/business-economy/sony-announces-layoffs-and-studio-closure-while-challenges-loom-in-the-gaming-sector-694581">Read more here</a>

Maersk issues warning on prolonged Red Sea disruptions, supply chain challenges

Maersk, a key player in the global shipping industry, has issued a cautionary note, indicating that disruptions to container shipping through the Red Sea may extend into the second half of the year.

<a href="https://www.wionews.com/business-economy/maersk-issues-warning-on-prolonged-red-sea-disruptions-supply-chain-challenges-694586">Read more here</a>

Investors accuse Byju's of siphoning $533 million. Here are the details

Edtech company Byju's is facing allegations from investors who claim that the company siphoned off a staggering $533 million to an obscure hedge fund in the United States.

<a href="https://www.wionews.com/business-economy/investors-accuse-byjus-of-siphoning-533-here-are-the-details-694594">Read more here</a>

Bitcoin hits two-year high surpassing $57,000 with strong institutional interest

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year.

<a href="https://www.wionews.com/business-economy/bitcoin-hits-two-year-high-surpassing-57000-with-strong-institutional-interest-694609">Read more here</a>

India anticipates first drop in thermal coal imports amid rising domestic production

India, the world's second-largest coal importer, is reportedly set to witness a decline in thermal coal imports for the first time since the COVID-19 pandemic, according to industry officials at the Coaltrans India conference held in Goa.

<a href="https://www.wionews.com/business-economy/india-anticipates-first-drop-in-thermal-coal-imports-amid-rising-domestic-production-694622">Read more here</a>

Australia's inflation remains at two-year low in January, dampening rate hike expectations

Australia's consumer price inflation has maintained a two-year low in January, defying expectations of a slight increase, according to data released by the Australian Bureau of Statistics on Wednesday.

<a href="https://www.wionews.com/business-economy/australias-inflation-remains-at-two-year-low-in-january-dampening-rate-hike-expectations-694636">Read more here</a>

China's Country Garden faces liquidation petition amid financial challenges

China's largest private property developer, Country Garden Holdings, is grappling with a liquidation petition for failing to repay a term loan facility worth HK$1.6 billion ($204.5 million), the company disclosed on Wednesday.

<a href="https://www.wionews.com/business-economy/chinas-country-garden-faces-liquidation-petition-amid-financial-challenges-694643">Read more here</a>

Wendy's to introduce Uber-style 'Surge Pricing' on Burgers, prompting concerns

Wendy's, the popular fast-food chain, is set to experiment with an "Uber-style" surge-pricing model, where the prices of its menu items will fluctuate based on demand throughout the day.

<a href="https://www.wionews.com/business-economy/wendys-to-introduce-uber-style-surge-pricing-on-burgers-prompting-concerns-694653">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Sony announces layoffs and studio closure while challenges loom in the gaming sector Sony has revealed plans to lay off approximately 900 employees from its PlayStation unit and shut down a London-based studio, according to an announcement made on Tuesday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Sony announces layoffs and studio closure while challenges loom in the gaming sector Sony has revealed plans to lay off approximately 900 employees from its PlayStation unit and shut down a London-based studio, according to an announcement made on Tuesday. Read more here Maersk issues warning on prolonged Red Sea disruptions, supply chain challenges Maersk, a key player in the global shipping industry, has issued a cautionary note, indicating that disruptions to container shipping through the Red Sea may extend into the second half of the year. Read more here Investors accuse Byju's of siphoning $533 million. Here are the details Edtech company Byju's is facing allegations from investors who claim that the company siphoned off a staggering $533 million to an obscure hedge fund in the United States. Read more here Bitcoin hits two-year high surpassing $57,000 with strong institutional interest Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. Read more here India anticipates first drop in thermal coal imports amid rising domestic production India, the world's second-largest coal importer, is reportedly set to witness a decline in thermal coal imports for the first time since the COVID-19 pandemic, according to industry officials at the Coaltrans India conference held in Goa. Read more here Australia's inflation remains at two-year low in January, dampening rate hike expectations Australia's consumer price inflation has maintained a two-year low in January, defying expectations of a slight increase, according to data released by the Australian Bureau of Statistics on Wednesday. Read more here China's Country Garden faces liquidation petition amid financial challenges China's largest private property developer, Country Garden Holdings, is grappling with a liquidation petition for failing to repay a term loan facility worth HK$1.6 billion ($204.5 million), the company disclosed on Wednesday. Read more here Wendy's to introduce Uber-style 'Surge Pricing' on Burgers, prompting concerns Wendy's, the popular fast-food chain, is set to experiment with an "Uber-style" surge-pricing model, where the prices of its menu items will fluctuate based on demand throughout the day. Read more here

WION Business Wrap | The top business stories of the day summarised

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil

The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.

<a href="https://www.wionews.com/business-economy/byjus-investors-forge-ahead-with-ceo-ousting-amid-legal-hurdles-and-financial-turmoil-692966">Read more here</a>

Vice Media announces layoffs, halts publication amid financial struggles

In a move signalling a major restructuring within the media industry, Vice Media, the once-burgeoning multimedia company, has announced plans to lay off several hundred employees and cease publication on its Vice.com website, AP News reported.

<a href="https://www.wionews.com/business-economy/vice-media-announces-layoffs-halts-publication-amid-financial-struggles-692981">Read more here</a>

Nikkei surges to near all-time high, driven by market optimism and corporate gains

Japan's Nikkei index surged to remarkable heights on Friday, inching closer to its all-time peak last seen during the country's economic bubble in the 1980s, signalling renewed investor confidence and buoyancy in the market.

<a href="https://www.wionews.com/business-economy/nikkei-surges-to-near-all-time-high-driven-by-market-optimism-and-corporate-gains-693002">Read more here</a>

Nvidia's surge adds $277 billion in market value, spurring record stock rally

In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI).&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-remarkable-surge-adds-277-billion-in-market-value-spurring-record-stock-rally-693009">Read more here</a>

Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023.

<a href="https://www.wionews.com/business-economy/reddits-ipo-filing-reveals-narrowed-losses-steady-growth-amid-high-anticipation-693058">Read more here</a>

Toyota issues recall for 280,000 vehicles over transmission flaw: Report

Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral.

<a href="https://www.wionews.com/business-economy/toyota-issues-recall-for-280000-vehicles-over-transmission-flaw-report-693060">Read more here</a>

India poised to surpass Japan and Germany, become&nbsp;third-largest economy by 2027: Jefferies

Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong.

<a href="https://www.wionews.com/business-economy/india-poised-to-surpass-japan-and-germany-becoming-third-largest-economy-by-2027-jefferies-693085">Read more here</a>

US to impose sanctions on over 500 targets on anniversary of Ukraine war

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict.

<a href="https://www.wionews.com/business-economy/us-to-impose-sanctions-on-over-500-targets-on-anniversary-of-ukraine-war-693074">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year. Read more here Vice Media announces layoffs, halts publication amid financial struggles In a move signalling a major restructuring within the media industry, Vice Media, the once-burgeoning multimedia company, has announced plans to lay off several hundred employees and cease publication on its Vice.com website, AP News reported. Read more here Nikkei surges to near all-time high, driven by market optimism and corporate gains Japan's Nikkei index surged to remarkable heights on Friday, inching closer to its all-time peak last seen during the country's economic bubble in the 1980s, signalling renewed investor confidence and buoyancy in the market. Read more here Nvidia's surge adds $277 billion in market value, spurring record stock rally In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI). Read more here Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023. Read more here Toyota issues recall for 280,000 vehicles over transmission flaw: Report Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral. Read more here India poised to surpass Japan and Germany, become third-largest economy by 2027: Jefferies Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong. Read more here US to impose sanctions on over 500 targets on anniversary of Ukraine war In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict. Read more here

WION Business Wrap | Nvidia's soaring stock, Nikkei's resurgence and more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility

As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates.

<a href="https://www.wionews.com/business-economy/india-to-set-up-bharat-mart-in-dubai-all-you-need-to-know-about-the-warehouse-facility-690455">Read more here</a>

EU mulls sanctions on two dozen firms, including three Chinese companies: Report

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine.

<a href="https://www.wionews.com/business-economy/eu-mulls-sanctions-on-two-dozen-firms-including-three-chinese-companies-report-690424">Read more here</a>

Japan slips into recession, overtaken by Germany as third largest economy

Japan has lost that position to Germany, after contracting for the last six months of 2023 and consequently slipping into a recession.

<a href="https://www.wionews.com/business-economy/japan-slips-into-recession-economy-shrinks-in-the-last-three-months-of-2023-690388">Read more here</a>

Rising trend of 'lying flat' among Chinese youth reflects economic pessimism

In the face of dwindling job opportunities amid a sluggish economy, a growing number of young Chinese are embracing the concept of "lying flat" – a term describing individuals who work minimally to sustain themselves while prioritising personal interests and well-being over corporate pursuits.

<a href="https://www.wionews.com/business-economy/rising-trend-of-lying-flat-among-chinese-youth-reflects-economic-pessimism-690470">Read more here</a>

India and UAE unveil ambitious trans-continental trade corridor amid regional challenges

In a significant development, India and the United Arab Emirates (UAE) have inked a historic agreement on a trans-continental trade corridor, aiming to connect Europe with India through the Middle East via sea and rail.

<a href="https://www.wionews.com/business-economy/india-and-uae-unveil-ambitious-trans-continental-trade-corridor-amid-regional-challenges-690422">Read more here</a>

Nvidia surpasses Alphabet to claim third spot in Wall Street's valuation race

In a significant shake-up on Wall Street, Nvidia has emerged as the third most valuable US company, surpassing Google-parent Alphabet.

<a href="https://www.wionews.com/business-economy/nvidia-surpasses-alphabet-to-claim-third-spot-in-wall-streets-valuation-race-690433">Read more here</a>

Morgan Stanley to trim hundreds of jobs in wealth management unit

Investment banking giant Morgan Stanley is set to reduce its workforce by cutting hundreds of jobs in its wealth management unit, sources tell Reuters.

<a href="https://www.wionews.com/business-economy/morgan-stanley-to-trim-hundreds-of-jobs-in-wealth-management-unit-690447">Read more here</a>

Cisco announces job cuts and revenue forecast slash amid economic challenges

In response to the economic challenges plaguing the tech industry, networking equipment giant Cisco Systems has declared plans to cut more than 4,000 jobs, equivalent to 5 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/cisco-announces-job-cuts-and-revenue-forecast-slash-amid-economic-challenges-690490">Read more here</a>

Airbus CEO issues blunt warning as unexpected space business losses trigger internal overhaul

Guillaume Faury, the CEO of Airbus, has delivered a message to the company's staff, labelling recent unexpected losses in its Space business as "not acceptable."

<a href="https://www.wionews.com/business-economy/airbus-ceo-issues-blunt-warning-as-unexpected-space-business-losses-trigger-internal-overhaul-690501">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 to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility As part of its ambition to displace China as the global supply chain hub, India is setting up a warehouse facility, named 'Bharat Mart', in the United Arab Emirates. Read more here EU mulls sanctions on two dozen firms, including three Chinese companies: Report At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine. Read more here Japan slips into recession, overtaken by Germany as third largest economy Japan has lost that position to Germany, after contracting for the last six months of 2023 and consequently slipping into a recession. Read more here Rising trend of 'lying flat' among Chinese youth reflects economic pessimism In the face of dwindling job opportunities amid a sluggish economy, a growing number of young Chinese are embracing the concept of "lying flat" – a term describing individuals who work minimally to sustain themselves while prioritising personal interests and well-being over corporate pursuits. Read more here India and UAE unveil ambitious trans-continental trade corridor amid regional challenges In a significant development, India and the United Arab Emirates (UAE) have inked a historic agreement on a trans-continental trade corridor, aiming to connect Europe with India through the Middle East via sea and rail. Read more here Nvidia surpasses Alphabet to claim third spot in Wall Street's valuation race In a significant shake-up on Wall Street, Nvidia has emerged as the third most valuable US company, surpassing Google-parent Alphabet. Read more here Morgan Stanley to trim hundreds of jobs in wealth management unit Investment banking giant Morgan Stanley is set to reduce its workforce by cutting hundreds of jobs in its wealth management unit, sources tell Reuters. Read more here Cisco announces job cuts and revenue forecast slash amid economic challenges In response to the economic challenges plaguing the tech industry, networking equipment giant Cisco Systems has declared plans to cut more than 4,000 jobs, equivalent to 5 per cent of its global workforce. Read more here Airbus CEO issues blunt warning as unexpected space business losses trigger internal overhaul Guillaume Faury, the CEO of Airbus, has delivered a message to the company's staff, labelling recent unexpected losses in its Space business as "not acceptable." Read more here

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