The war ridden region of West Asia contends with a combination of oil production cuts and the lingering impact of the Israel Gaza War. Managing director of the International Monetary Fund issued warnings about the regions growth prospects emphasizing the need for reform in energy subsidies.

IMF: Global economy resilient despite West Asia challenges

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India nears landmark $100 bn investment pact with Switzerland, Norway

India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations.

<a href="https://www.wionews.com/business-economy/india-nearing-landmark-100-bn-investment-pact-with-switzerland-norway-688489">Read more</a>

S&amp;P 500 briefly touches the 5,000-mark. Here are the details

In a day marked by fluctuations, the S&amp;P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts.

<a href="https://www.wionews.com/business-economy/sp-500-inches-towards-5000-milestone-here-are-the-details-688492">Read more</a>

Cocoa prices skyrocket to unprecedented highs amid global supply concerns

World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future.

<a href="https://www.wionews.com/business-economy/cocoa-prices-skyrocket-to-unprecedented-highs-amid-global-supply-concerns-688501">Read more</a>

Tesla's revenue per employee trails behind competitors, amid layoff speculations

Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee.

<a href="https://www.wionews.com/business-economy/teslas-revenue-per-employee-trails-behind-competitors-amid-layoff-speculations-688508">Read more</a>

Google unveils Gemini AI, formerly Bard chatbot, introducing paid subscription service

To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model.

<a href="https://www.wionews.com/business-economy/google-unveils-gemini-ai-formerly-bard-chatbot-introducing-paid-subscription-service-688512">Read more</a>

Yen nears 10-week low, dollar strengthens as traders adjust rate expectations

The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance.

<a href="https://www.wionews.com/business-economy/yen-nears-10-week-low-dollar-strengthens-as-traders-adjust-rate-expectations-688518">Read more</a>

Trump's social media platform edges closer to $50 mn financing deal ahead of public debut

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal.

<a href="https://www.wionews.com/business-economy/trumps-social-media-platform-edges-closer-to-50-mn-financing-deal-ahead-of-public-debut-688545">Read more</a>

Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale

The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt.

<a href="https://www.wionews.com/business-economy/flynn-group-the-worlds-largest-franchisee-explores-potential-5-bn-plus-sale-688554">Read more</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India nears landmark $100 bn investment pact with Switzerland, Norway India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India nears landmark $100 bn investment pact with Switzerland, Norway India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations. Read more S&P 500 briefly touches the 5,000-mark. Here are the details In a day marked by fluctuations, the S&P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts. Read more Cocoa prices skyrocket to unprecedented highs amid global supply concerns World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future. Read more Tesla's revenue per employee trails behind competitors, amid layoff speculations Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee. Read more Google unveils Gemini AI, formerly Bard chatbot, introducing paid subscription service To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model. Read more Yen nears 10-week low, dollar strengthens as traders adjust rate expectations The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance. Read more Trump's social media platform edges closer to $50 mn financing deal ahead of public debut Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal. Read more Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt. Read more

WION Business Wrap | S&P 500's historic high, soaring cocoa prices & more

Global markets roundup | Asian markets open in Red. Japan leads losses in Asia.

Global markets roundup | Asian markets open in Red | WION World Business Watch

Global financial markets are buzzing with anticipation in 2024. Investors seem convinced that major western central banks are poised for a significant shift, transitioning from raising interest rates to potentially cutting them. Despite cautious warnings from central bankers, recent weeks have witnessed a surge in global stocks and a decline in top government bond yields.

Impactful changes in global economics with rising interest rates | WION World DNA

The covid pandemic, geopolitical tensions and disruptive technologies have changed the global economy. These changes seem to be irreversable, heralding the new economic normal. In the 'new normal', geopolitical fragmentation, elevated debt levels, & disruptive technologies like a-I will dictate the economy.

Davos 2024: Leaders bat for global structural reforms at Davos summit

We move to a sobering assessment from the world bank as it warns that global economic growth is poised to slow for the third consecutive year. This raises concerns about prolonged poverty and escalating debt levels in many developing countries.

Global economic slowdown to continue | World Business Watch

In 2023, the global economic landscape has seen significant shifts, mirrored by the performance of various currencies. This next report puts the spotlight on the top and worst performing currencies and decodes what's in store for their economies going forward.

Explained: What currency movements say about economies | World Business Watch

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.

Red Sea crisis weighs on already disrupted global supply chains

There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further. Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy.

<a href="https://www.wionews.com/business-economy/red-sea-crisis-weighs-on-already-disrupted-global-supply-chains-671563">Read more here</a>

India hits out at IMF on "excessive" currency intervention comment

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.&nbsp;

<a href="https://www.wionews.com/business-economy/india-hits-out-at-imf-on-excessive-currency-intervention-comment-671573">Read more here</a>

Tesla alters employee compensation strategy, opts out of merit-based stock awards&nbsp;

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact.

<a href="https://www.wionews.com/business-economy/tesla-alters-employee-compensation-strategy-opts-out-of-merit-based-stock-awards-671588">Read more here </a>

EU and US call a truce, postpone steel tariff showdown until after elections

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. &nbsp;

<a href="https://www.wionews.com/business-economy/eu-and-us-call-a-truce-postpone-steel-tariff-showdown-until-after-elections-671591">Read more here</a>

Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. &nbsp;

<a href="https://www.wionews.com/business-economy/hyundais-strategic-exit-korean-carmaker-to-sell-russian-plant-for-token-amount-amid-market-shifts-671597">Read more here</a>

After delisting, Toshiba navigates an uncertain future with new owners

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. &nbsp;

<a href="https://www.wionews.com/business-economy/after-delisting-toshiba-navigates-an-uncertain-future-with-new-owners-671609">Read more here</a>

Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. &nbsp;

<a href="https://www.wionews.com/business-economy/lufthansas-9-bn-aircraft-bonanza-german-airline-orders-80-planes-from-boeing-and-airbus-671629">Read more here</a>

Monsanto to pay $857 million in damages in PCB contamination case&nbsp;

In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. &nbsp;

<a href="https://www.wionews.com/business-economy/monsanto-faces-857-million-verdict-in-pcb-contamination-case-at-washington-school-671634">Read more here</a>

Chinese retailers' shift to lower prices raises concerns of deepening deflation&nbsp;

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.&nbsp;

<a href="https://www.wionews.com/business-economy/chinese-retailers-shift-to-lower-prices-raises-concerns-of-deepening-deflation-671637">Read more here</a>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Red Sea crisis weighs on already disrupted global supply chains There is no respite for battered global supply chains.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Red Sea crisis weighs on already disrupted global supply chains There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further. Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy. Read more here India hits out at IMF on "excessive" currency intervention comment India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee. Read more here Tesla alters employee compensation strategy, opts out of merit-based stock awards Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact. Read more here EU and US call a truce, postpone steel tariff showdown until after elections The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. Read more here Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. Read more here After delisting, Toshiba navigates an uncertain future with new owners Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. Read more here Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. Read more here Monsanto to pay $857 million in damages in PCB contamination case In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. Read more here Chinese retailers' shift to lower prices raises concerns of deepening deflation In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy. Read more here

Wion Business Wrap | Red Sea crisis, Toshiba delisting, Monsanto's legal woes & more

In the midst of a global economic slowdown, the indian stock markets have remained in a state of euphoria, with the nifty 50 recently shattering the 21,000-point barrier. This meteoric rise, from 20,000 to 21,000 unfolded in a mere 61 trading sessions, prompting seasoned market veterans to underscore the impact of the power of compounding on investor wealth.

How power of compounding works | World Business Watch

Asia-Pacific markets started Friday lower, breaking ranks with wall street which mostly advanced on Thursday, amid mixed economic data from across the region. South Korea’s Kospi led the declines while Japanese stocks opened slightly lower. Mainland Chinese stocks and Hong Kong's Hang Seng slid at the open as investors assessed China’s caixin manufacturing purchasing managers’ index for november which showed that the sector expanded.

Asian markets open lower

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Turkey and turnaround: Thanksgiving's economic upswing

As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.&nbsp;

<a href="https://www.wionews.com/business-economy/turkey-and-turnaround-thanksgivings-economic-upswing-661858">Read more here</a>

OpenAI researchers warned of potent AI discovery before Sam Altman's ouster&nbsp;&nbsp; &nbsp;

Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-researchers-warned-of-potent-ai-discovery-before-sam-altmans-ouster-661793">Read more here</a>

Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns

Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud. &nbsp;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/lawmakers-urge-sec-probe-into-musks-neuralink-amid-safety-concerns-661790">Read more here</a>

Zomato, Swiggy hit with GST demand notice, face tax troubles: Report&nbsp;&nbsp; &nbsp;

India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers.

<a href="https://www.wionews.com/business-economy/zomato-swiggy-hit-with-gst-demand-notice-face-tax-troubles-report-661795">Read more here</a>

Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom

Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. &nbsp;&nbsp;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/nvidia-soars-beyond-wall-street-estimates-in-q3-but-china-concerns-loom-661797">Read more here</a>

Brazil approves $65 million Amazon fund to combat rainforest crimes&nbsp;

Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest.&nbsp;

<a href="https://www.wionews.com/business-economy/brazil-approves-65-million-amazon-fund-to-combat-rainforest-crimes-661827">Read more here</a>

India's stock market predicted to hit record highs amid global caution

According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

<a href="https://www.wionews.com/business-economy/indias-stock-market-predicted-to-hit-record-highs-amid-global-caution-661801">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. Read more here OpenAI researchers warned of potent AI discovery before Sam Altman's ouster Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity. Read more here Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud. Read more here Zomato, Swiggy hit with GST demand notice, face tax troubles: Report India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers. Read more here Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. Read more here Brazil approves $65 million Amazon fund to combat rainforest crimes Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest. Read more here India's stock market predicted to hit record highs amid global caution According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024. Read more here

Wion Business Wrap | OpenAI mystery deepens, India's stock boom & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles 

Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

<a href="https://www.wionews.com/business-economy/sam-altman-confirms-his-return-to-openai-as-ceo-661426">Read more here</a>

Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph  

Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.  

<a href="https://www.wionews.com/business-economy/baidu-unfazed-by-us-chip-curbs-reveals-chip-stockpile-amid-q3-revenue-triumph-661356">Read more here</a>

Richard Teng is new Binance CEO amid regulatory changes

As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.&nbsp; 
      
<a href="https://www.wionews.com/business-economy/richard-teng-is-new-binance-ceo-amid-regulatory-changes-661363">Read more here</a>

Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues  

Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.   

<a href="https://www.wionews.com/business-economy/microsoft-cto-offers-matching-compensation-to-openai-employees-amid-leadership-issues-661399">Read more here</a>

OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-microsoft-face-lawsuits-over-unauthorized-use-of-authors-work-in-ai-training-661473">Read more here</a>

Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza  

Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza. &nbsp; 

<a href="https://www.wionews.com/business-economy/elon-musk-to-donate-ad-revenue-from-x-to-israeli-hospitals-relief-work-in-gaza-661432">Read more here</a>

Argentina's black market peso plummets as libertarian Milei secures presidential win 

Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday. &nbsp;     

<a href="https://www.wionews.com/business-economy/argentinas-black-market-peso-plummets-as-libertarian-milei-secures-presidential-win-661403">Read more here</a>

Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost   

Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. &nbsp;

<a href="https://www.wionews.com/business-economy/canadas-fiscal-update-higher-deficits-slower-debt-reduction-and-housing-boost-661441">Read more here</a>

China's state banks drive yuan rally amidst dollar weakness: Report  

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar. &nbsp;   

<a href="https://www.wionews.com/business-economy/chinas-state-banks-drive-yuan-rally-amidst-dollar-weakness-report-661466">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles  Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company. Read more here Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph   Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.   Read more here Richard Teng is new Binance CEO amid regulatory changes As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.       Read more here Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues   Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.    Read more here OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. Read more here Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza   Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.   Read more here Argentina's black market peso plummets as libertarian Milei secures presidential win  Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday.       Read more here Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost    Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. Read more here China's state banks drive yuan rally amidst dollar weakness: Report   China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar.     Read more here

Wion Business Wrap | Sam Altman's dramatic comeback, Binance's troubles & more

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match&nbsp;

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. &nbsp;

<a href="https://www.wionews.com/business-economy/disney-hotstar-smashes-streaming-records-with-53-mn-views-during-india-new-zealand-match-659545">Read more here</a>

Starbucks employees walkout on Red Cup Day, demand improved conditions&nbsp;

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday.

<a href="https://www.wionews.com/business-economy/starbucks-employees-walkout-on-red-cup-day-demand-improved-conditions-659568">Read more here</a>

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

<a href="https://www.wionews.com/business-economy/general-motors-workers-ratify-labour-deal-uaw-eyes-similar-outcomes-at-ford-and-stellantis-659577">Read more here</a>

Alibaba cancels cloud computing spinoff amid US-China chip war&nbsp;

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market&nbsp;leader. &nbsp;

<a href="https://www.wionews.com/business-economy/alibaba-cancels-cloud-computing-spinoff-amid-us-china-chip-war-659601">Read more here</a>

RBI bulletin highlights inflation challenge despite boost in consumption

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".&nbsp;

<a href="https://www.wionews.com/business-economy/rbi-bulletin-highlights-inflation-challenge-despite-boost-in-consumption-659632">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. Read more here Starbucks employees walkout on Red Cup Day, demand improved conditions Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday. Read more here General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. Read more here Alibaba cancels cloud computing spinoff amid US-China chip war Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. Read more here RBI bulletin highlights inflation challenge despite boost in consumption The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet". Read more here

Wion Business Wrap | Disney + Hotstar's record, RBI's warning & more

Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States.&nbsp;

While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy. From costumes to candy, decorations to haunted attractions, Halloween has become a massive industry that contributes significantly to the economy.

Halloween is celebrated every year on the 31st of October. It's a day that is known for its orange and black decorations as well as its spooky costumes. But Halloween is not just about the decorations and costumes; it has a far-reaching impact and plays a significant role in various sectors and industries. 
Americans are gearing up to spend a staggering $12.2 billion on all things Halloween, from eerie yard decorations and the perfect costumes to tantalizingly sweet and sour candy, fostering participation among a spine-tingling 73 per cent of the population, according to the National Retail Federation (NRF).

The NRF estimates that the average American will invest approximately $108 in Halloween paraphernalia, underscoring that this haunting holiday isn’t just for the little ghouls and goblins but entices all age groups to join in the fun.

In 2023, families are projected to shell out an impressive $1.4 billion on children's costumes and an even more formidable $2 billion on adult costumes, revealing the extent of enthusiasm across all demographics for this ghostly celebration.

It's not just the neighbourhoods that are decked out in Halloween attire; college campuses are experiencing a significant surge in Halloween revelry.

Interestingly, Halloween holds the ghoulishly delightful No. 5 spot for overall alcohol consumption on holidays, according to a study conducted by Mountain Side, an alcohol and drug rehabilitation organisation.

During the spooky season, costumes play a significant role in generating revenue. Consumers worldwide are more willing to spend on intricate and innovative costumes, not just for kids but also for adults who enjoy the revelry. This increased demand contributes significantly to the fashion and retail industries' bottom line, with brands and retailers profiting from the seasonal craze.

Halloween isn't just about costumes. The business of decorations and party supplies plays a significant role in driving the economy. From pumpkins and cobwebs to skeletal figurines and eerie lighting, the demand for Halloween-themed home décor has created a robust market for retailers. This has contributed to an upsurge in sales before the Halloween season. It's not just residential areas that are feeling the spooky vibes; businesses, both big and small, capitalise on the craze by decorating offices, restaurants, and public spaces. This further boosts the economic activity surrounding the holiday.

Halloween is a season when candy sales skyrocket like witches on broomsticks. Confectionery and chocolate companies experience a massive surge in demand, with the sales of spooky-shaped chocolates and candies hitting record numbers. To entice consumers, companies strategically roll out seasonal and limited-edition treats, resulting in increased sales and profits.

As Halloween approaches, the entertainment industry also joins in on the money-making frenzy. Amusement parks, haunted houses, and other spooky attractions utilise the season to offer terrifying experiences and themed events that attract crowds, generating significant revenue. Themed events, parties, and seasonal experiences have become significant contributors to the leisure and entertainment industries, both locally and internationally.

Halloween is a celebration that not all businesses benefit from. Health and wellness-related firms might face difficulties as consumers indulge in sugary treats, leading to post-Halloween guilt and a rise in gym memberships. Additionally, eco-conscious individuals are worried about the environmental effects of Halloween, with the mass production of single-use costumes and decorations contributing to waste and carbon footprint issues.

Halloween isn't just a holiday celebrated in a few countries like the US. It has become a global phenomenon that benefits the world economy. Manufacturers, suppliers, and retailers from various parts of the world contribute to the production and distribution of Halloween goods and services.&nbsp;

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Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States. While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy.

Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States. While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy. From costumes to candy, decorations to haunted attractions, Halloween has become a massive industry that contributes significantly to the economy. Halloween is celebrated every year on the 31st of October. It's a day that is known for its orange and black decorations as well as its spooky costumes. But Halloween is not just about the decorations and costumes; it has a far-reaching impact and plays a significant role in various sectors and industries. Americans are gearing up to spend a staggering $12.2 billion on all things Halloween, from eerie yard decorations and the perfect costumes to tantalizingly sweet and sour candy, fostering participation among a spine-tingling 73 per cent of the population, according to the National Retail Federation (NRF). The NRF estimates that the average American will invest approximately $108 in Halloween paraphernalia, underscoring that this haunting holiday isn’t just for the little ghouls and goblins but entices all age groups to join in the fun. In 2023, families are projected to shell out an impressive $1.4 billion on children's costumes and an even more formidable $2 billion on adult costumes, revealing the extent of enthusiasm across all demographics for this ghostly celebration. It's not just the neighbourhoods that are decked out in Halloween attire; college campuses are experiencing a significant surge in Halloween revelry. Interestingly, Halloween holds the ghoulishly delightful No. 5 spot for overall alcohol consumption on holidays, according to a study conducted by Mountain Side, an alcohol and drug rehabilitation organisation. During the spooky season, costumes play a significant role in generating revenue. Consumers worldwide are more willing to spend on intricate and innovative costumes, not just for kids but also for adults who enjoy the revelry. This increased demand contributes significantly to the fashion and retail industries' bottom line, with brands and retailers profiting from the seasonal craze. Halloween isn't just about costumes. The business of decorations and party supplies plays a significant role in driving the economy. From pumpkins and cobwebs to skeletal figurines and eerie lighting, the demand for Halloween-themed home décor has created a robust market for retailers. This has contributed to an upsurge in sales before the Halloween season. It's not just residential areas that are feeling the spooky vibes; businesses, both big and small, capitalise on the craze by decorating offices, restaurants, and public spaces. This further boosts the economic activity surrounding the holiday. Halloween is a season when candy sales skyrocket like witches on broomsticks. Confectionery and chocolate companies experience a massive surge in demand, with the sales of spooky-shaped chocolates and candies hitting record numbers. To entice consumers, companies strategically roll out seasonal and limited-edition treats, resulting in increased sales and profits. As Halloween approaches, the entertainment industry also joins in on the money-making frenzy. Amusement parks, haunted houses, and other spooky attractions utilise the season to offer terrifying experiences and themed events that attract crowds, generating significant revenue. Themed events, parties, and seasonal experiences have become significant contributors to the leisure and entertainment industries, both locally and internationally. Halloween is a celebration that not all businesses benefit from. Health and wellness-related firms might face difficulties as consumers indulge in sugary treats, leading to post-Halloween guilt and a rise in gym memberships. Additionally, eco-conscious individuals are worried about the environmental effects of Halloween, with the mass production of single-use costumes and decorations contributing to waste and carbon footprint issues. Halloween isn't just a holiday celebrated in a few countries like the US. It has become a global phenomenon that benefits the world economy. Manufacturers, suppliers, and retailers from various parts of the world contribute to the production and distribution of Halloween goods and services. WATCH WION LIVE HERE

Haunting Economics: Halloween’s spooky influence on the global economy

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Australia halts trade negotiations with EU

Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues.

<a href="https://www.wionews.com/business-economy/australia-halts-trade-negotiations-with-eu-heres-why-652846">Read more here</a>

Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan&nbsp;

The ongoing war is bad news for the Israeli economy. JPMorgan Chase &amp; Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. &nbsp;JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel.&nbsp;

<a href="https://www.wionews.com/business-economy/israels-economy-may-contract-by-11-pc-amid-escalating-conflict-jpmorgan-652893">Read more here</a>

G-7 trade chiefs condemn weaponisation of economic dependencies: Report &nbsp;

In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

<a href="https://www.wionews.com/business-economy/g-7-trade-chiefs-condemn-weaponisation-of-economic-dependencies-report-652899">Read more here</a>

Egypt's natural gas imports suspended amid Gaza conflict&nbsp;

Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip.&nbsp;

<a href="https://www.wionews.com/business-economy/egypt-suspends-natural-gas-imports-amid-gaza-conflict-652912">Read more here</a>

G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion'&nbsp;

The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. &nbsp;

<a href="https://www.wionews.com/business-economy/g7-urges-repeal-of-bans-on-japanese-food-products-china-denounces-economic-coercion-652964">Read more here</a>

UAW-Ford tentative deal marks significant gains for union members: Report&nbsp;

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. &nbsp;

<a href="ttps://www.wionews.com/business-economy/uaw-ford-tentative-deal-marks-significant-gains-for-union-members-report-652990">Read more here</a>

Evergrande gets a reprieve from court hearing as it seeks revised debt plan&nbsp;

In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-gets-a-reprieve-from-court-hearing-as-it-seeks-revised-debt-plan-653034">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues. Read more here Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan The ongoing war is bad news for the Israeli economy. JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel. Read more here G-7 trade chiefs condemn weaponisation of economic dependencies: Report In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. Read more here Egypt's natural gas imports suspended amid Gaza conflict Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip. Read more here G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion' The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. Read more here UAW-Ford tentative deal marks significant gains for union members: Report The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. Read more here Evergrande gets a reprieve from court hearing as it seeks revised debt plan In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation. Read more here

WION Business Wrap | The big global business stories summarised

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,&nbsp;Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", saw&nbsp;over 6,000 registered delegates, as well as&nbsp;global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died&nbsp;in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly&nbsp;and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development. Speaking at the annual Future Investment Initiative, Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture." The annual Future Investment Initiative, also known as "Davos in the Desert", saw over 6,000 registered delegates, as well as global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance. Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence. About the war According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages. According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians. (With inputs from AFP) WATCH WION LIVE HERE

World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

Slowdowns in several economies & rising geopolitical tensions have undoubtedly harmed global trade. The tariff war & insular industrial policies in the US and China, the two biggest economies of the world, are forcing many to believe that the era of unrestricted globalisation may give way to deglobalisation.

Slowing economy & geopolitical tensions harming trade

&nbsp;

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty. In this quest for exploring the market outlook, we dissect JPMorgan's data-driven analysis, shedding light on the intricate dance between this regional upheaval and the global economy.

Understanding the conflict's evolution

To comprehend the Israel-Hamas crisis, it's crucial to grasp its fluid, ever-evolving nature. The conflict's geopolitical web stretches far beyond the two primary parties involved. The attack's repercussions are multifaceted, disrupting U.S-brokered negotiations around Saudi-Israel relations, intensifying tensions between Israeli forces and Iran-backed Hezbollah militants at the Lebanon border, and triggering questions about Iran's possible involvement.

JPMorgan's assessment delves into the potential outcomes of the Israel-Hamas conflict through two pivotal scenarios.

Scenario 1: If the conflict remains contained

In this scenario, neither Israel nor Hamas holds significant sway in the global oil market. As it currently stands, the conflict exerts minimal influence on oil production or supply. Market sentiment aligns with this assessment, as evidenced by Brent crude prices, which have risen by just over 5%, still well below their summer peaks. What's crucial is the stability in the global oil supply and demand balance, a far cry from the strained conditions during Russia's invasion of Ukraine, where demand outstripped supply.

JPMorgan's insights emphasise a pivotal point – today's markets are more resilient and better equipped to handle moderate disruptions. For example, a stricter U.S. enforcement of sanctions on Iranian oil, responsible for about 4% of global supply, could be absorbed, even amid U.S.-Iran tensions. This underscores the diversified nature of the present global oil supply.

Scenario 2: If the conflict escalates

With escalation comes magnified risks. Drawing historical parallels, particularly to the 1973 Yom Kippur War when Arab OPEC countries imposed an oil embargo, leading to an over 300% surge in oil prices, high inflation, an economic recession, and a prolonged stock market slump, raises legitimate concerns.

JPMorgan issues a stark warning – although no direct evidence of similar actions exists today, a broader conflict could disrupt critical shipping routes, such as the Strait of Hormuz, responsible for about 20% of global oil consumption. Such a disruption would pose formidable challenges.

This analysis unveils a potential silver lining: other oil-producing nations may step in to alleviate the impact. The United States, rapidly expanding as a major oil supplier, could play a pivotal role, though insufficient to stabilise prices entirely. Encouragingly, the U.S. now exhibits reduced energy intensity compared to the 1970s, requiring significantly less oil to generate economic output.

Insights and outlook

This deep dive into JPMorgan's insights underscores that the Israel-Hamas conflict's shadow looms large, casting uncertainty over the world of finance. The markets, however, remain resilient and adaptable, capable of withstanding turbulence. In the face of uncertainty, history teaches us that equity markets often recover swiftly from geopolitical conflicts, provided they do not result in a global supply shock.

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty.

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty. In this quest for exploring the market outlook, we dissect JPMorgan's data-driven analysis, shedding light on the intricate dance between this regional upheaval and the global economy. Understanding the conflict's evolution To comprehend the Israel-Hamas crisis, it's crucial to grasp its fluid, ever-evolving nature. The conflict's geopolitical web stretches far beyond the two primary parties involved. The attack's repercussions are multifaceted, disrupting U.S-brokered negotiations around Saudi-Israel relations, intensifying tensions between Israeli forces and Iran-backed Hezbollah militants at the Lebanon border, and triggering questions about Iran's possible involvement. JPMorgan's assessment delves into the potential outcomes of the Israel-Hamas conflict through two pivotal scenarios. Scenario 1: If the conflict remains contained In this scenario, neither Israel nor Hamas holds significant sway in the global oil market. As it currently stands, the conflict exerts minimal influence on oil production or supply. Market sentiment aligns with this assessment, as evidenced by Brent crude prices, which have risen by just over 5%, still well below their summer peaks. What's crucial is the stability in the global oil supply and demand balance, a far cry from the strained conditions during Russia's invasion of Ukraine, where demand outstripped supply. JPMorgan's insights emphasise a pivotal point – today's markets are more resilient and better equipped to handle moderate disruptions. For example, a stricter U.S. enforcement of sanctions on Iranian oil, responsible for about 4% of global supply, could be absorbed, even amid U.S.-Iran tensions. This underscores the diversified nature of the present global oil supply. Scenario 2: If the conflict escalates With escalation comes magnified risks. Drawing historical parallels, particularly to the 1973 Yom Kippur War when Arab OPEC countries imposed an oil embargo, leading to an over 300% surge in oil prices, high inflation, an economic recession, and a prolonged stock market slump, raises legitimate concerns. JPMorgan issues a stark warning – although no direct evidence of similar actions exists today, a broader conflict could disrupt critical shipping routes, such as the Strait of Hormuz, responsible for about 20% of global oil consumption. Such a disruption would pose formidable challenges. This analysis unveils a potential silver lining: other oil-producing nations may step in to alleviate the impact. The United States, rapidly expanding as a major oil supplier, could play a pivotal role, though insufficient to stabilise prices entirely. Encouragingly, the U.S. now exhibits reduced energy intensity compared to the 1970s, requiring significantly less oil to generate economic output. Insights and outlook This deep dive into JPMorgan's insights underscores that the Israel-Hamas conflict's shadow looms large, casting uncertainty over the world of finance. The markets, however, remain resilient and adaptable, capable of withstanding turbulence. In the face of uncertainty, history teaches us that equity markets often recover swiftly from geopolitical conflicts, provided they do not result in a global supply shock.

Navigating turbulence: Israel-Hamas war and its financial impact

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring.

The International Monetary Fund (IMF) has just released its latest World Economic Outlook, and one word echoes through its pages— "fragmentation." Mentioned 172 times in the report, it's a stark reminder of the growing divide in the world. A mere five years ago, this term appeared just once. The reason for this surge is clear: economists and investors alike are alarmed by the potential impact of strife on global growth. The disintegration of countries into exclusive trading blocs threatens to erode annual global GDP by up to 7%.

To underscore the gravity of the situation, the IMF's models are based on the voting blocs that formed after Russia's invasion of Ukraine—a world where China and Russia stand aligned against the West.

Companies aren't immune to this growing concern. A rise in the usage of keywords related to fragmentation, particularly in the commodities sector, has been noted.

The Bank for International Settlements (BIS) steps into this complex web with a unique bottom-up approach. Their exhaustive analysis of companies' financial data and their customer-supplier relationships reveals a shifting landscape. Global value chains are indeed undergoing a transformation, with a focus on building shorter, more resilient supplier relationships. Dependency on cross-border suppliers has decreased, especially in one-step sourcing from China for Western companies.

However, the result isn't the creation of Western-only regional trade networks but a reshuffling of supply chains. Supply chains are growing more complex, expanding the "distance" between raw materials and end users. This carries several implications. Western firms remain exposed to geopolitical uncertainties. Oversight challenges arise for corporate boards, and inflation becomes a real concern, as the "slowbalisation" phenomenon replaces globalization.

The message is clear: it's not just the threat of a cold war-style ban on trade between geopolitical blocs that should concern us. A more intricate web of supply chains will inevitably raise costs and potentially curb growth. As consumers, we might consider this a price worth paying for national security and corporate resilience. However, it heralds a markedly different world from what we've known in recent decades. Reshuffling, not merely reshoring, is the new watchword.

So, as the world grapples with conflicts, the financial ripples reach us all, altering the global economy and the way we, as consumers, experience it.

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring.

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring. The International Monetary Fund (IMF) has just released its latest World Economic Outlook, and one word echoes through its pages— "fragmentation." Mentioned 172 times in the report, it's a stark reminder of the growing divide in the world. A mere five years ago, this term appeared just once. The reason for this surge is clear: economists and investors alike are alarmed by the potential impact of strife on global growth. The disintegration of countries into exclusive trading blocs threatens to erode annual global GDP by up to 7%. To underscore the gravity of the situation, the IMF's models are based on the voting blocs that formed after Russia's invasion of Ukraine—a world where China and Russia stand aligned against the West. Companies aren't immune to this growing concern. A rise in the usage of keywords related to fragmentation, particularly in the commodities sector, has been noted. The Bank for International Settlements (BIS) steps into this complex web with a unique bottom-up approach. Their exhaustive analysis of companies' financial data and their customer-supplier relationships reveals a shifting landscape. Global value chains are indeed undergoing a transformation, with a focus on building shorter, more resilient supplier relationships. Dependency on cross-border suppliers has decreased, especially in one-step sourcing from China for Western companies. However, the result isn't the creation of Western-only regional trade networks but a reshuffling of supply chains. Supply chains are growing more complex, expanding the "distance" between raw materials and end users. This carries several implications. Western firms remain exposed to geopolitical uncertainties. Oversight challenges arise for corporate boards, and inflation becomes a real concern, as the "slowbalisation" phenomenon replaces globalization. The message is clear: it's not just the threat of a cold war-style ban on trade between geopolitical blocs that should concern us. A more intricate web of supply chains will inevitably raise costs and potentially curb growth. As consumers, we might consider this a price worth paying for national security and corporate resilience. However, it heralds a markedly different world from what we've known in recent decades. Reshuffling, not merely reshoring, is the new watchword. So, as the world grapples with conflicts, the financial ripples reach us all, altering the global economy and the way we, as consumers, experience it.

Decoded: How conflicts affect the global consumer

Invasive species are wreaking havoc and upending ecosystems faster than ever before. Humans have been unable to stop its spread, costing the global economy over $400 billion every year, according to a report by the United Nations published on Monday (September 4).&nbsp;

<h2>‘Gross underestimation’</h2>

With the rise in the spread of invasive species, the world has seen economic damages quadruple every decade since 1970, the UN Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) noted&nbsp;in its findings. &nbsp;

The failure to stem the tide of the so-called “alien species” in the world’s ecosystems&nbsp;also costs the world at least $423 billion in damages and income every year, according to the UN assessment. To put this number into perspective, the amount is equivalent to the GDP of Denmark or Thailand, but the scientists have called it a “gross underestimation”.

The findings are based on a four-year assessment of the global impacts of some 3,500 harmful invasive species conducted by a team of 86 researchers from 49 countries. Notably, so-called alien invaders also played a key role in 60 per cent of recorded plant and animal extinctions.&nbsp;

<h2>‘Alien species’ wreak&nbsp;havoc across the world</h2>

From water hyacinths choking fishing grounds and water bodies to&nbsp;rats and snakes gobbling up bird eggs and wiping out entire species in the Pacific and non-native grasses that helped fuel and intensify the deadly wildfires in Hawaii;&nbsp;environmental chaos has been sown by invasive species across the world.&nbsp;

Not to mention the mosquitoes exposing new regions to Zika, yellow fever, dengue and other diseases. The report also noted the role of more than 37,000 so-called alien species that have taken root far away from their places of origin.&nbsp;

At least three-quarters of the negative impacts from invasive species occur on land, particularly in forests, woodlands, and farmed areas, said the UN report.&nbsp;

Simply put, invasive species are plants or animals, often moved due to human activity, which can take root – literally in some cases – and have detrimental effects on an environment. While the effects are slow to materialise they can be catastrophic. &nbsp;

“We also know this is a problem that is going to get much, much worse,” said ecologist Helen Roy, co-chair of the IPBES. This comes as warmer temperatures due to climate change are expected to make things worse and drive the expansion of invasive species.&nbsp;

The report has also concluded by saying that factors such as economic expansion, population increase and climate change “increase the frequency and extent of biological invasions and the impacts of invasive alien species.”&nbsp;

But we only have ourselves to blame. According to the researchers, whether by accident or on purpose non-native species end up on the other side of the world due to human activity.&nbsp;

More often than not, invasive species are accidental arrivals like ballast water of cargo ships or a tourist’s suitcase.&nbsp;

They also said that this is hard evidence of the rapid expansion of human activity which has radically altered natural systems and tipped the Earth to a new geological epoch, <a href="https://www.wionews.com/science/explained-what-is-anthropocene-the-new-epoch-marked-by-human-impact-614721">the Anthropocene</a>.&nbsp;

<h2>How big is threat of invasive species?</h2>

“Invasive alien species are a major threat to biodiversity and can cause irreversible damage to nature, including local and global species extinctions, and also threaten human wellbeing,” wrote Roy, Professor Anibal Pauchard and Professor Peter Stoett, who led the research.&nbsp;

The researchers also noted that while “specific species that inflict damage vary from place to place, these are risks and challenges with global roots but very local impacts facing people in every country, from all backgrounds and in every community – even Antarctica is being affected.”

“Invasive species are affecting not only nature but also people and causing terrible loss of life,” said Pauchard who is also the report co-chair.&nbsp;

One of the most recent examples of this is the wildfires in Hawaii last month which claimed the lives of at least 115 people and are said to be driven by flammable invasive grasses which, scientists say, were brought over from Africa as livestock pasture.&nbsp;

According to Roy, invasives can show up in several forms, including microbes, and invertebrates but plants, and animals often have the greatest environmental impact, particularly predators.&nbsp;

<h2>What can we do about it?</h2>

Once introduced and established in an environment, getting rid of invasive species is difficult. While some small islands have witnessed some success in eradicating invasive rats and rabbits with trapping and/or poisoning; larger populations pose a challenge.&nbsp;

The report also noted that only 17 per cent of countries have measures, laws or regulations to manage this onslaught of invasive species.&nbsp;

“Birds in New Zealand had no experience with rats until humans came and brought rats. Their nests are at ground level,” said Pauchard, speaking about how many island species had previously evolved without predators which made them “very naive”.&nbsp;

Meanwhile, invasive plants often reportedly leave their seeds lying dormant in the soil for years.&nbsp;

Therefore, the IPBES outlines general strategies to combat invasive species which include prevention, eradication and then, failing that, containment. However, prevention measures through border biosecurity and import controls are most effective, said the scientists.&nbsp;

In a bid to save biodiversity, at least 190 countries have committed to placing 30 per cent of land and water under protection by 2030, in line with a <a href="https://www.wionews.com/world/countries-sign-historic-deal-at-cop-15-commit-billions-by-2030-to-save-biodiversity-544511">global treaty</a> hammered out in Montreal last December.&nbsp;

The Kunming-Montreal Global Biodiversity Framework also aims to reduce the rate at which invasive alien species spread by half by 2030.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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Invasive species are wreaking havoc and upending ecosystems faster than ever before. Humans have been unable to stop its spread, costing the global economy over $400 billion every year, according to a report by the United Nations published on Monday (September 4).

Invasive species are wreaking havoc and upending ecosystems faster than ever before. Humans have been unable to stop its spread, costing the global economy over $400 billion every year, according to a report by the United Nations published on Monday (September 4). ‘Gross underestimation’ With the rise in the spread of invasive species, the world has seen economic damages quadruple every decade since 1970, the UN Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) noted in its findings. The failure to stem the tide of the so-called “alien species” in the world’s ecosystems also costs the world at least $423 billion in damages and income every year, according to the UN assessment. To put this number into perspective, the amount is equivalent to the GDP of Denmark or Thailand, but the scientists have called it a “gross underestimation”. The findings are based on a four-year assessment of the global impacts of some 3,500 harmful invasive species conducted by a team of 86 researchers from 49 countries. Notably, so-called alien invaders also played a key role in 60 per cent of recorded plant and animal extinctions. ‘Alien species’ wreak havoc across the world From water hyacinths choking fishing grounds and water bodies to rats and snakes gobbling up bird eggs and wiping out entire species in the Pacific and non-native grasses that helped fuel and intensify the deadly wildfires in Hawaii; environmental chaos has been sown by invasive species across the world. Not to mention the mosquitoes exposing new regions to Zika, yellow fever, dengue and other diseases. The report also noted the role of more than 37,000 so-called alien species that have taken root far away from their places of origin. At least three-quarters of the negative impacts from invasive species occur on land, particularly in forests, woodlands, and farmed areas, said the UN report. Simply put, invasive species are plants or animals, often moved due to human activity, which can take root – literally in some cases – and have detrimental effects on an environment. While the effects are slow to materialise they can be catastrophic. “We also know this is a problem that is going to get much, much worse,” said ecologist Helen Roy, co-chair of the IPBES. This comes as warmer temperatures due to climate change are expected to make things worse and drive the expansion of invasive species. The report has also concluded by saying that factors such as economic expansion, population increase and climate change “increase the frequency and extent of biological invasions and the impacts of invasive alien species.” But we only have ourselves to blame. According to the researchers, whether by accident or on purpose non-native species end up on the other side of the world due to human activity. More often than not, invasive species are accidental arrivals like ballast water of cargo ships or a tourist’s suitcase. They also said that this is hard evidence of the rapid expansion of human activity which has radically altered natural systems and tipped the Earth to a new geological epoch, the Anthropocene. How big is threat of invasive species? “Invasive alien species are a major threat to biodiversity and can cause irreversible damage to nature, including local and global species extinctions, and also threaten human wellbeing,” wrote Roy, Professor Anibal Pauchard and Professor Peter Stoett, who led the research. The researchers also noted that while “specific species that inflict damage vary from place to place, these are risks and challenges with global roots but very local impacts facing people in every country, from all backgrounds and in every community – even Antarctica is being affected.” “Invasive species are affecting not only nature but also people and causing terrible loss of life,” said Pauchard who is also the report co-chair. One of the most recent examples of this is the wildfires in Hawaii last month which claimed the lives of at least 115 people and are said to be driven by flammable invasive grasses which, scientists say, were brought over from Africa as livestock pasture. According to Roy, invasives can show up in several forms, including microbes, and invertebrates but plants, and animals often have the greatest environmental impact, particularly predators. What can we do about it? Once introduced and established in an environment, getting rid of invasive species is difficult. While some small islands have witnessed some success in eradicating invasive rats and rabbits with trapping and/or poisoning; larger populations pose a challenge. The report also noted that only 17 per cent of countries have measures, laws or regulations to manage this onslaught of invasive species. “Birds in New Zealand had no experience with rats until humans came and brought rats. Their nests are at ground level,” said Pauchard, speaking about how many island species had previously evolved without predators which made them “very naive”. Meanwhile, invasive plants often reportedly leave their seeds lying dormant in the soil for years. Therefore, the IPBES outlines general strategies to combat invasive species which include prevention, eradication and then, failing that, containment. However, prevention measures through border biosecurity and import controls are most effective, said the scientists. In a bid to save biodiversity, at least 190 countries have committed to placing 30 per cent of land and water under protection by 2030, in line with a global treaty hammered out in Montreal last December. The Kunming-Montreal Global Biodiversity Framework also aims to reduce the rate at which invasive alien species spread by half by 2030. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained | Alien invasive species cost global economy over $400bn per year, says UN

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister.

This year's BRICS Summit is taking place amid tectonic geopolitical shifts, in which two key member states - Russia and China - are playing a starring role. Western sanctions against Russia have started to hurt the economy, with the rouble weakening due to fall in exports and a flight of capital. China, on the other hand, is locked in an economic tussle with the United States while facing its worst downturn in four decades.

There are several indications that the upcoming BRICS summit may focus on greater economic co-operation to navigate the uncertainties arising out of the Ukraine War and the global economic slowdown. Perhaps, the Johannesburg summit is a great opportunity for the five-member grouping of emerging economies to break the long-held view about its 'irrelevance'.

BRICS expansion

All eyes are now whether the grouping will expand to add 40 more countries, including Argentina, Iran and Saudi Arabia. Many argue that the expansion of the grouping will help in counter-balancing the US-led Group of Seven's influence on the global economy. This will not only help the BRICS remain relevant in the global order but also provide an alternate source of financing for the developing world. Any expansion in BRICS' membership will also be seen as China's attempt to emerge as the leader of the developing world, much to the chagrin of rival India.

China's De-dollarisation move

The BRICS plan to expand its membership is closely linked to China's move to de-dollarise the global trade. Through de-dollarisation, China seeks to eventually replace the US dollar with other denominations. But with China locked in a fierce economic 'cold war' with the US, there are already indications that Beijing intends to push yuan as an alternative to the US dollar. Two member countries, Brazil and Russia, are already paying for Chinese goods in yuan. However, the US dollar continues to remain the global reserve currency, accounting for about 80 per cent of the global trade.

BRICS common currency?

However, China's ambitions for the yuan are likely to hit a roadblock. India, China's regional rival which harbours ambitions of making the rupee a dominant global player, will not like the yuan becoming a major reserve currency. Given the complicated political relations between the two neighbours, it is not very difficult to understand India's concerns. Nevertheless, the grouping has been stressing on the need to reduce the dependence on the US dollar. But reports suggest that a framework for a common 'BRICS currency', first mooted by Russia and Brazil, is unlikely to be discussed at the upcoming summit.

Greater trade with Africa

A substantial part of the discussions&nbsp;is likely to revolve around deepening trade ties with African countries. The grouping is all set to explore greater opportunities in the continent, which is considered a largely untapped market, through the African Continental Free Trade Area. The BRICS, China in particular,&nbsp;is already Africa's biggest trading partner, with trade expected to reach more than $500 billion by 2030.&nbsp;

BRICS economic potential

Constituting over 40 per cent of the world population, the BRICS is a huge unexplored market. The five member countries together account for over one-fourth of the global Gross Domestic Product. As per a UN report, foreign investments into the five-member BRICS quadrupled between 2001 and 2021,&nbsp;helping ignite economic growth.&nbsp;&nbsp;

The BRICS economies represent 18 per cent of global exports, with a huge potential for more exports between the member countries. Moreover, an expansion of the BRICS is likely to not only boost global trade but also the grouping's economic relevance. One estimate suggests that an expanded BRICS can contribute over 50 per cent of global GDP by 2030.

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister.

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister. This year's BRICS Summit is taking place amid tectonic geopolitical shifts, in which two key member states - Russia and China - are playing a starring role. Western sanctions against Russia have started to hurt the economy, with the rouble weakening due to fall in exports and a flight of capital. China, on the other hand, is locked in an economic tussle with the United States while facing its worst downturn in four decades. There are several indications that the upcoming BRICS summit may focus on greater economic co-operation to navigate the uncertainties arising out of the Ukraine War and the global economic slowdown. Perhaps, the Johannesburg summit is a great opportunity for the five-member grouping of emerging economies to break the long-held view about its 'irrelevance'. BRICS expansion All eyes are now whether the grouping will expand to add 40 more countries, including Argentina, Iran and Saudi Arabia. Many argue that the expansion of the grouping will help in counter-balancing the US-led Group of Seven's influence on the global economy. This will not only help the BRICS remain relevant in the global order but also provide an alternate source of financing for the developing world. Any expansion in BRICS' membership will also be seen as China's attempt to emerge as the leader of the developing world, much to the chagrin of rival India. China's De-dollarisation move The BRICS plan to expand its membership is closely linked to China's move to de-dollarise the global trade. Through de-dollarisation, China seeks to eventually replace the US dollar with other denominations. But with China locked in a fierce economic 'cold war' with the US, there are already indications that Beijing intends to push yuan as an alternative to the US dollar. Two member countries, Brazil and Russia, are already paying for Chinese goods in yuan. However, the US dollar continues to remain the global reserve currency, accounting for about 80 per cent of the global trade. BRICS common currency? However, China's ambitions for the yuan are likely to hit a roadblock. India, China's regional rival which harbours ambitions of making the rupee a dominant global player, will not like the yuan becoming a major reserve currency. Given the complicated political relations between the two neighbours, it is not very difficult to understand India's concerns. Nevertheless, the grouping has been stressing on the need to reduce the dependence on the US dollar. But reports suggest that a framework for a common 'BRICS currency', first mooted by Russia and Brazil, is unlikely to be discussed at the upcoming summit. Greater trade with Africa A substantial part of the discussions is likely to revolve around deepening trade ties with African countries. The grouping is all set to explore greater opportunities in the continent, which is considered a largely untapped market, through the African Continental Free Trade Area. The BRICS, China in particular, is already Africa's biggest trading partner, with trade expected to reach more than $500 billion by 2030. BRICS economic potential Constituting over 40 per cent of the world population, the BRICS is a huge unexplored market. The five member countries together account for over one-fourth of the global Gross Domestic Product. As per a UN report, foreign investments into the five-member BRICS quadrupled between 2001 and 2021, helping ignite economic growth. The BRICS economies represent 18 per cent of global exports, with a huge potential for more exports between the member countries. Moreover, an expansion of the BRICS is likely to not only boost global trade but also the grouping's economic relevance. One estimate suggests that an expanded BRICS can contribute over 50 per cent of global GDP by 2030.

BRICS Summit 2023: What to expect on the economic front?

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. 
&nbsp; 
A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth.

The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries.

Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent&nbsp;of men. This is due to the disparities between the two genders in preparing for an economic downturn.&nbsp;

Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans.

"Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty.

Recessions' Dual Consequences for Women

In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors.

"Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha.

In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits.&nbsp;

Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession&nbsp;that impacts women more than men.

Care Economy Gap: Fueling Gender Disparities

"Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty.

Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit.

The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. 
&nbsp; 
As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities.

Crisis Ripple Effect: Women's Excess Burden in Recessions

The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women.

Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women.&nbsp;

"If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said.&nbsp;

"The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.&nbsp;

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled.

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth. The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries. Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent of men. This is due to the disparities between the two genders in preparing for an economic downturn. Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans. "Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty. Recessions' Dual Consequences for Women In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors. "Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha. In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits. Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession that impacts women more than men. Care Economy Gap: Fueling Gender Disparities "Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty. Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit. The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities. Crisis Ripple Effect: Women's Excess Burden in Recessions The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women. Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women. "If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said. "The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.

'Shecession': How women are more impacted by economic downturns

The impact of China's fragile economic growth on companies is huge. Considering is the world's second-largest economy. From Tech Giants to luxury retailers and Chip makers, wall Street braces for a steep drop in the second quarter because of this.

China's frail growth casts shadow on global companies' earning

US treasury secretary Janet Yellen said that China's economic slowdowns risks causing repo effects across the global economy including the United States. Speaking on the sidelines of a G20 event, Yellen said 'many countries depend on strong Chinese growth to promote growth in their own economies particularly in the countries in Asia and slow growth in China can have some negative spillovers for the United States.

Slowing China will impact global economy says Janet Yellen

The covid-19 pandemic disrupted global trade as the world was forced into a lockdown but International Traders continue to be frustrated as recovery looks unlikely in global trades slows down after the pandemic yes in fact U.S credit rating agency Fitch has said that global trade is rapidly slowing after a rapid post-pandemic recovery in 2021 and 2022 global trade is expected to expand 1.9 percent this year down sharply from 2022's growth rate of 5.5 percent that's due to tighter monetary policy less stimulus and stalling globalization in fact trade will grow slower than the global economy.

Covid blues: Global trade recovery slows in 2023

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession.&nbsp;

An country is said to be in recession when its economy contracts for two consecutive quarters.

More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said.&nbsp;Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added.&nbsp;

About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023.

In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023.&nbsp;

Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession.&nbsp;

The Ipsos survey noted that&nbsp;Inflation continues to remain&nbsp;a significant concern, with at&nbsp;least 63 percent&nbsp;across the 29 countries expecting&nbsp;it to rise over the coming year.&nbsp;

"Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted.&nbsp;

Bleak outlook for global economy

While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year,&nbsp;despite economic and geopolitical concerns.

"The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023.&nbsp;

It has said that the world economy is expected to grow by 2.8 per cent this year.&nbsp;Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.&nbsp;

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession. A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession. An country is said to be in recession when its economy contracts for two consecutive quarters. More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said. Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added. About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023. In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023. Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession. The Ipsos survey noted that Inflation continues to remain a significant concern, with at least 63 percent across the 29 countries expecting it to rise over the coming year. "Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted. Bleak outlook for global economy While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year, despite economic and geopolitical concerns. "The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023. It has said that the world economy is expected to grow by 2.8 per cent this year. Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.

This global survey shows fear of recession is far more widespread than actual recession

A United Nations report published on Wednesday stated that India was set to overtake China as the most populous country by the end of June. The data states that India's population will hit 1.

A United Nations report published on Wednesday stated that India was set to overtake China as the most populous country by the end of June. The data states that India's population will hit 1.4286 billion, compared to China's 1.4257 billion by the middle of this year. Though it was not expected to happen so soon, Beijing has certainly managed to slow down its population but at the same time, given rise to many questions. Reports have stated that China's development will stall as the population becomes old and weary. So what does China's population decline mean for the global economy? Official numbers released by the National Bureau of Statistics earlier this year stated that China's population declined by 850,000 between the end of 2021 and 2022. Even for a country as big as China, the number is slightly concerning - for it suggests that there is a slow but steady demographic shift happening. A Pew Research report has stated that China has 14 per cent population above the age of 65. By 2035, a third of China's population (400 million people) is expected to be above the age of 60. With an ageing population, it will become increasingly difficult for the 'world's factory' to keep churning out goods at the same rate. WATCH | China's population drops for first time since 1961 Breakdown of global supply chain and manufacturing business China is the world's third-largest economy and the global supply chains are heavily dependent on it. The Covid pandemic exemplified what happens when the global supply chains are impeded. The businesses are still reeling from the effects and it may take another year or two to restore the status quo. Additionally, if China's population continues to decline, there will be an incredible shortage of labour force, currently engaged in the manufacturing business. Loss of labour means the price of manufacturing will go up in China and eventually prices across the globe will shoot up, leading to sky-high inflation and turmoil in the global economy. The US and the European Union will be directly affected and so will numerous countries that are heavily dependent on Chinese exports. While China ages, rival India and its population under 65 will remain less than 30 per cent till the year 2100, according to UN’s medium variant projections. Such difference in number may push the companies to shift their business from Beijing to New Delhi. The trend has already started with the likes of tech behemoth Apple pondering shifting its base to India. Explained | India set to become world's most populous nation. What does it mean? Beijing is rattled Beijing already appears rattled at the prophecies being made by the Western world regarding its population decline. A day after the release of the UN report, state media CCTV released a feature-length article where it claimed that China had achieved 'miracles' despite the continuous slander. "The United States is stepping up efforts to contain China's development and advocate further decoupling and found new hype points from the United Nations report," read the report. "Such hype lacks a basic understanding of the law of population development. With the development of human society today, the decrease in birth rate and decline in willingness to bear children are common problems faced by the whole world," CCTV said, adding that Western developed countries generally faced problems such as labour shortages. While China shrugs off concerns about the population decline, the government has been incentivising young people to get married early and have children - a stark departure from the one-child policy that contributed to the mess Beijing finds itself in currently. (With inputs from agencies) WATCH WION LIVE HERE:

China's population decline: What it means for global economy

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country.

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1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia &amp; RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1640317066451492864?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote>
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These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations.

The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest.

The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948.

Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations."

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1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1541646012032454656?ref_src=twsrc%5Etfw">June 28, 2022</a></blockquote>
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However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation.

The 2022 Sri Lanka economic crisis

Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis.

The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022.

A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent.&nbsp;

In March, the IMF approved a $3 billion package for the crisis-hit island nation.

World Bank's position on Sri Lanka's recovery

While the IMF has released its package, its sister organisation World Bank's&nbsp;outlook on the Sri Lankan economy looks bleak.

"The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read.

The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy.

However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at. The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country. 1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia & RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka. — Kanchana Wijesekera (@kanchana_wij) March 27, 2023 × These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations. The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest. The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948. Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations." 1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations. — Kanchana Wijesekera (@kanchana_wij) June 28, 2022 × However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation. The 2022 Sri Lanka economic crisis Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis. The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022. A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent. In March, the IMF approved a $3 billion package for the crisis-hit island nation. World Bank's position on Sri Lanka's recovery While the IMF has released its package, its sister organisation World Bank's outlook on the Sri Lankan economy looks bleak. "The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read. The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy. However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned on Sunday that risks to financial stability had increased and emphasised the need for vigilance. The managing director of the IMF predicted that 2023 will be yet another hard year, with global economy dropping to below 3.0 percent as a result of the conflict in the Ukraine, monetary tightening, and pandemic's scarring

IMF chief Georgieva says risk to financial stability have increased

International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”. This comes after the recent banking turmoil, however, she also noted that the decisive actions by advanced economies have calmed market stress.&nbsp;

The IMF chief, who was speaking at a forum in Beijing, also reiterated her view that 2023 would be “another challenging year”, citing the war in Ukraine, the COVID-19 pandemic and monetary tightening. Global growth which is slowing down to below three per cent due to the aforementioned aspects, despite the better outlook for the upcoming year will remain well below the historic average of 3.8 per cent.&nbsp;

“Uncertainties are exceptionally high,” said the IMF managing director at China Development Forum, in the context of the global economy which is likely to remain weak over the medium term. She added, “It is also clear that risks to financial stability have increased”. The Washington-based fund has predicted global growth of 2.9 per cent for this year and will release its new forecasts next month.

Georgieva also noted how the policymakers in advanced economies acted decisively to the financial stability risks after the bank collapses but despite that vigilance was needed. “These actions have eased market stress to some extent, but uncertainty is high which underscores the need for vigilance”, said the IMF chief.

This statement was made in reference to the collapse of Silicon Valley Bank and the&nbsp;takeover of Swiss bank Credit Suisse by rival UBS which sent ripples throughout the financial sector and led to fears of contagion.

“So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” said Georgieva. She also spoke about how the fund was also paying close attention to vulnerable countries and particularly low-income countries with high levels of debt.&nbsp;

Additionally, the IMF chief warned that geo-economic fragmentation could split the world into rival economic blocs and result in a “dangerous division” leaving “everyone poorer and less secure.” She also noted China’s rebound and called it a bright spot for the world economy.&nbsp;

This comes after the Washington-based fund predicted that the Chinese economy will grow 5.2 per cent this year after Beijing ended its ‘zero-Covid’ restrictions and is set to account for around one-third of global growth in 2023.&nbsp; 
 
(With inputs from agencies)&nbsp; 
 
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International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”.

International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”. This comes after the recent banking turmoil, however, she also noted that the decisive actions by advanced economies have calmed market stress. The IMF chief, who was speaking at a forum in Beijing, also reiterated her view that 2023 would be “another challenging year”, citing the war in Ukraine, the COVID-19 pandemic and monetary tightening. Global growth which is slowing down to below three per cent due to the aforementioned aspects, despite the better outlook for the upcoming year will remain well below the historic average of 3.8 per cent. “Uncertainties are exceptionally high,” said the IMF managing director at China Development Forum, in the context of the global economy which is likely to remain weak over the medium term. She added, “It is also clear that risks to financial stability have increased”. The Washington-based fund has predicted global growth of 2.9 per cent for this year and will release its new forecasts next month. Georgieva also noted how the policymakers in advanced economies acted decisively to the financial stability risks after the bank collapses but despite that vigilance was needed. “These actions have eased market stress to some extent, but uncertainty is high which underscores the need for vigilance”, said the IMF chief. This statement was made in reference to the collapse of Silicon Valley Bank and the takeover of Swiss bank Credit Suisse by rival UBS which sent ripples throughout the financial sector and led to fears of contagion. “So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” said Georgieva. She also spoke about how the fund was also paying close attention to vulnerable countries and particularly low-income countries with high levels of debt. Additionally, the IMF chief warned that geo-economic fragmentation could split the world into rival economic blocs and result in a “dangerous division” leaving “everyone poorer and less secure.” She also noted China’s rebound and called it a bright spot for the world economy. This comes after the Washington-based fund predicted that the Chinese economy will grow 5.2 per cent this year after Beijing ended its ‘zero-Covid’ restrictions and is set to account for around one-third of global growth in 2023. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Risks to financial stability have increased, says IMF chief calls for 'need for vigilance'

Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave.&nbsp;

"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering.

His comments were made amid global economic turmoil after the recent collapse of two American banks—Signature Bank and Silicon Valley Bank.&nbsp;&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/japanese-pm-fumio-kishida-in-india-focus-on-indo-pacific-bodhi-tree-visit-and-strengthening-partnership-573524">Japanese PM Fumio Kishida in India: Focus on Indo-Pacific, Bodhi Tree visit and strengthening partnership</a>&nbsp;

The authorities have rescued lenders on the edge but the collapse caused a sharp decline in banking stocks worldwide and also led to massive concerns over the global financial system.&nbsp;

In a veiled reference to the ongoing Bharatiya Janata Party (BJP)'s intense attack on Congress leader Rahul Gandhi for his criticism during a lecture in a UK university, PM Modi further said that the success of India's democracy and its institutions is hurting some people and that is why they are attacking it.

WATCH |&nbsp;S Jaishankar says 'Situation stands fragile' on India-China relationship&nbsp;

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The Indian prime minister also hailed the strength of the country's various institutions. He said that this strength has led to increasing participation of people in elections, the successful conduct of many polls during COVID-19, a strong economy and banking system amid a global crisis, and the administration of more than 220 crore vaccine doses against the coronavirus.&nbsp;

During the conclave, he said, "Whatever India is achieving today, it is due to the power of our democracy, the power of our institutions. It seems to me that this success is hurting some people and that is why they are attacking our democracy and institutions."&nbsp;

(With inputs from agencies)&nbsp; 
 
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Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave.

Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave. "Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering. His comments were made amid global economic turmoil after the recent collapse of two American banks—Signature Bank and Silicon Valley Bank. ALSO READ | Japanese PM Fumio Kishida in India: Focus on Indo-Pacific, Bodhi Tree visit and strengthening partnership The authorities have rescued lenders on the edge but the collapse caused a sharp decline in banking stocks worldwide and also led to massive concerns over the global financial system. In a veiled reference to the ongoing Bharatiya Janata Party (BJP)'s intense attack on Congress leader Rahul Gandhi for his criticism during a lecture in a UK university, PM Modi further said that the success of India's democracy and its institutions is hurting some people and that is why they are attacking it. WATCH | S Jaishankar says 'Situation stands fragile' on India-China relationship × The Indian prime minister also hailed the strength of the country's various institutions. He said that this strength has led to increasing participation of people in elections, the successful conduct of many polls during COVID-19, a strong economy and banking system amid a global crisis, and the administration of more than 220 crore vaccine doses against the coronavirus. During the conclave, he said, "Whatever India is achieving today, it is due to the power of our democracy, the power of our institutions. It seems to me that this success is hurting some people and that is why they are attacking our democracy and institutions." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid global economic turmoil, PM Modi says India’s economic and banking systems are strong

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