In a move set to shake up Silicon Valley, Perplexity AI, a three-year-old artificial intelligence startup, has submitted an unsolicited all-cash bid of $34.5 billion to acquire Google Chrome, the world’s most popular web browser. The bid, significantly higher than the company’s current valuation of $14 billion, underscores Perplexity’s aggressive strategy to expand its footprint in the browser market, leveraging Chrome’s massive user base of over three billion people.The offer arrives at a critical juncture for Google, which is facing mounting regulatory pressure over its alleged monopolistic practices in the search industry. Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some legal experts suggesting that the forced divestiture of Chrome could be one of the remedies. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.<h2>Perplexity’s plan to keep Chrome open and invest $3 billion</h2>Perplexity, which already develops an AI-powered browser named Comet, plans to keep Chrome’s underlying code, Chromium, open-source, thereby maintaining the browser’s integrity for developers and users alike. The startup also promises to invest $3 billion over the next two years to further enhance Chrome’s capabilities and continue its development. Importantly, Perplexity has pledged not to make any changes to the browser’s default search engine, which is currently Google Search, aiming to maintain stability for both users and advertisers.The deal is structured to avoid antitrust concerns, as Perplexity’s offer does not involve any equity component in the company itself. According to a term sheet reviewed by Reuters, Perplexity would also commit to retaining a substantial portion of Chrome’s existing team to ensure a smooth transition and continuity of service. Several unnamed investment funds have reportedly agreed to fully finance the deal, signalling strong backing for the bold proposal.<h2>Google’s response and legal hurdles ahead</h2>Despite Perplexity’s ambitious offer, it remains unclear whether Google will entertain the proposal. The tech giant, which has consistently resisted calls for Chrome’s sale, is expected to engage in a prolonged legal battle to protect its interests. Legal experts suggest that the antitrust case could take several years to resolve, with the possibility of the matter ultimately reaching the US Supreme Court.While Perplexity’s offer is likely a strategic move to ruffle Google’s feathers and make a play for the browser market, the stakes are high. A successful acquisition of Chrome could propel Perplexity into direct competition with some of the biggest names in AI, including OpenAI, which is also developing its own AI-powered browser. However, even if Google ultimately rejects the offer, Perplexity’s bold bid signals the growing prominence of web browsers in the next-generation AI landscape.&nbsp;&nbsp;(With inputs from agencies)

Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some suggesting a forced divestiture of Chrome as a remedy. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.

In a move set to shake up Silicon Valley, Perplexity AI, a three-year-old artificial intelligence startup, has submitted an unsolicited all-cash bid of $34.5 billion to acquire Google Chrome, the world’s most popular web browser. The bid, significantly higher than the company’s current valuation of $14 billion, underscores Perplexity’s aggressive strategy to expand its footprint in the browser market, leveraging Chrome’s massive user base of over three billion people. The offer arrives at a critical juncture for Google, which is facing mounting regulatory pressure over its alleged monopolistic practices in the search industry. Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some legal experts suggesting that the forced divestiture of Chrome could be one of the remedies. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race. Perplexity’s plan to keep Chrome open and invest $3 billion Perplexity, which already develops an AI-powered browser named Comet, plans to keep Chrome’s underlying code, Chromium, open-source, thereby maintaining the browser’s integrity for developers and users alike. The startup also promises to invest $3 billion over the next two years to further enhance Chrome’s capabilities and continue its development. Importantly, Perplexity has pledged not to make any changes to the browser’s default search engine, which is currently Google Search, aiming to maintain stability for both users and advertisers. The deal is structured to avoid antitrust concerns, as Perplexity’s offer does not involve any equity component in the company itself. According to a term sheet reviewed by Reuters, Perplexity would also commit to retaining a substantial portion of Chrome’s existing team to ensure a smooth transition and continuity of service. Several unnamed investment funds have reportedly agreed to fully finance the deal, signalling strong backing for the bold proposal. Google’s response and legal hurdles ahead Despite Perplexity’s ambitious offer, it remains unclear whether Google will entertain the proposal. The tech giant, which has consistently resisted calls for Chrome’s sale, is expected to engage in a prolonged legal battle to protect its interests. Legal experts suggest that the antitrust case could take several years to resolve, with the possibility of the matter ultimately reaching the US Supreme Court. While Perplexity’s offer is likely a strategic move to ruffle Google’s feathers and make a play for the browser market, the stakes are high. A successful acquisition of Chrome could propel Perplexity into direct competition with some of the biggest names in AI, including OpenAI, which is also developing its own AI-powered browser. However, even if Google ultimately rejects the offer, Perplexity’s bold bid signals the growing prominence of web browsers in the next-generation AI landscape. (With inputs from agencies)

Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some suggesting a forced divestiture of Chrome as a remedy. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.

Perplexity AI makes bold $34.5 billion offer to acquire Google Chrome amid antitrust scrutiny

Britain’s competition watchdog, the Competition and Markets Authority (CMA), has cleared Boeing’s proposed $4.7 billion acquisition of Spirit AeroSystems, marking a significant step forward in the deal. The CMA, which began its investigation in June, decided against launching a deeper “Phase 2” review, meaning the deal does not pose a substantial risk to competition in the UK. This decision, expected to reassure investors, sets the stage for Boeing’s reintegration of Spirit, a move designed to bolster its supply chain, improve quality control, and restore investor confidence.“We’re pleased with the outcome and continue to work through the remaining regulatory processes,” Boeing stated in response to the CMA’s clearance. However, the deal still awaits approval from two other major regulators: the European Commission and the US Federal Trade Commission. Both have the final say on whether Boeing can proceed with this major acquisition.<h2>Strategic move to strengthen Boeing’s supply chain</h2>The acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005. Spirit’s production plants, which have been a critical source of fuselage parts and other aerospace components, will now be under Boeing’s control. These operations, based in Wichita and Tulsa, have been essential for Boeing’s 737 and 787 programmes. Boeing’s decision to buy Spirit comes after years of production challenges, including quality issues with parts supplied by Spirit, such as the fuselage involved in a 737 MAX incident with Alaska Airlines.Boeing CEO Dave Calhoun emphasised that reintegrating Spirit would help align production systems, enhance safety protocols, and streamline quality programmes. The move is also part of Boeing’s strategy to stabilise its supply chain after the crises that have rocked the company in recent years, including the 737 MAX grounding and significant financial setbacks. By reacquiring Spirit, Boeing hopes to regain direct control of critical aerostructures production and reduce reliance on external suppliers.<h2>Airbus moves to secure own supply chain with Spirit Divestitures</h2>While Boeing is working to secure its acquisition, rival Airbus is also strengthening its position by acquiring certain Spirit facilities. In April, Airbus reached a deal to take over Spirit's US operations that supply components for Airbus’s A220 and A350 programmes. This move is aimed at stabilising Airbus’s own supply chain, which has faced pressure from delays and quality concerns related to Spirit’s manufacturing.Meanwhile, Spirit is also offloading some of its non-Boeing-related operations. The company announced it will sell its facility in Subang, Malaysia, for $95.3 million to Composites Technology Research Malaysia (CTRM), which will continue producing parts for Boeing’s 737 and 787 programmes, as well as Airbus’s A220, A320, and A350.<h2>What’s next for Boeing and Spirit</h2>Although the CMA’s clearance is a major milestone, the deal still needs approval from the European Commission and the US Federal Trade Commission. Boeing hopes to finalise the transaction by the fourth quarter of 2025, contingent on these remaining regulatory approvals. This acquisition is expected to yield several benefits for Boeing, including more efficient operations, improved quality control, and greater supply chain resilience. However, challenges remain, particularly labour issues in Belfast and uncertainties regarding the integration of Spirit’s diverse operations.&nbsp;(With inputs from agencies)

Boeing's acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005.

Britain’s competition watchdog, the Competition and Markets Authority (CMA), has cleared Boeing’s proposed $4.7 billion acquisition of Spirit AeroSystems, marking a significant step forward in the deal. The CMA, which began its investigation in June, decided against launching a deeper “Phase 2” review, meaning the deal does not pose a substantial risk to competition in the UK. This decision, expected to reassure investors, sets the stage for Boeing’s reintegration of Spirit, a move designed to bolster its supply chain, improve quality control, and restore investor confidence. “We’re pleased with the outcome and continue to work through the remaining regulatory processes,” Boeing stated in response to the CMA’s clearance. However, the deal still awaits approval from two other major regulators: the European Commission and the US Federal Trade Commission. Both have the final say on whether Boeing can proceed with this major acquisition. Strategic move to strengthen Boeing’s supply chain The acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005. Spirit’s production plants, which have been a critical source of fuselage parts and other aerospace components, will now be under Boeing’s control. These operations, based in Wichita and Tulsa, have been essential for Boeing’s 737 and 787 programmes. Boeing’s decision to buy Spirit comes after years of production challenges, including quality issues with parts supplied by Spirit, such as the fuselage involved in a 737 MAX incident with Alaska Airlines. Boeing CEO Dave Calhoun emphasised that reintegrating Spirit would help align production systems, enhance safety protocols, and streamline quality programmes. The move is also part of Boeing’s strategy to stabilise its supply chain after the crises that have rocked the company in recent years, including the 737 MAX grounding and significant financial setbacks. By reacquiring Spirit, Boeing hopes to regain direct control of critical aerostructures production and reduce reliance on external suppliers. Airbus moves to secure own supply chain with Spirit Divestitures While Boeing is working to secure its acquisition, rival Airbus is also strengthening its position by acquiring certain Spirit facilities. In April, Airbus reached a deal to take over Spirit's US operations that supply components for Airbus’s A220 and A350 programmes. This move is aimed at stabilising Airbus’s own supply chain, which has faced pressure from delays and quality concerns related to Spirit’s manufacturing. Meanwhile, Spirit is also offloading some of its non-Boeing-related operations. The company announced it will sell its facility in Subang, Malaysia, for $95.3 million to Composites Technology Research Malaysia (CTRM), which will continue producing parts for Boeing’s 737 and 787 programmes, as well as Airbus’s A220, A320, and A350. What’s next for Boeing and Spirit Although the CMA’s clearance is a major milestone, the deal still needs approval from the European Commission and the US Federal Trade Commission. Boeing hopes to finalise the transaction by the fourth quarter of 2025, contingent on these remaining regulatory approvals. This acquisition is expected to yield several benefits for Boeing, including more efficient operations, improved quality control, and greater supply chain resilience. However, challenges remain, particularly labour issues in Belfast and uncertainties regarding the integration of Spirit’s diverse operations. (With inputs from agencies)

Boeing's acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005.

UK regulator clears Boeing’s $4.7 billion acquisition of Spirit AeroSystems

Global mergers and acquisitions (M&amp;A) have reached $2.6 trillion in value in the first seven months of 2025, marking the highest total since the pandemic-era surge in 2021. Despite a 16 per cent drop in the number of transactions compared to the same period last year, the overall value of deals has risen by 28 per cent, according to Dealogic data. The sharp increase in deal value is largely driven by large-scale “megadeals”, particularly in the United States, where deals exceeding $10 billion have been prominent. Key transactions fuelling this growth include Union Pacific Corp's proposed $85 billion acquisition of rival Norfolk Southern and OpenAI’s $40 billion funding round, led by SoftBank Group. These deals have helped offset the effects of previous geopolitical uncertainties, including US tariffs, and have given a significant boost to global dealmaking.<h2>Shift towards growth-oriented deals amid political uncertainty</h2>The sharp rise in M&amp;A activity this year follows a period of uncertainty triggered by US President Donald Trump’s tariffs and the broader geopolitical climate. Companies initially held back from dealmaking as they navigated the turbulence created by these factors. However, as market conditions have stabilised and renewed confidence has returned to corporate boardrooms, deal rationale has shifted from defensive to growth-oriented.While the pace of dealmaking is still below the historic highs of 2021, when pandemic-related rebounds led to a record-breaking $3.57 trillion in global deal value, the current surge signals renewed optimism. Despite a nearly $1 trillion gap compared to 2021’s record, financial industry insiders, including dealmakers at JPMorgan, believe that more large deals are on the horizon as executives adapt to ongoing market volatility.<h2>AI and technology set to drive continued M&amp;A activity</h2>Technology and artificial intelligence (AI) are expected to remain key drivers of M&amp;A activity in the second half of 2025. The increasing demand for AI solutions has led to a surge in deals within the computer, electronics, and data centre sectors. A notable example includes Samsung’s $1.7 billion acquisition of FlaktGroup, a German data centre cooling specialist, highlighting the importance of infrastructure that supports AI-driven data needs.Cybersecurity has also been a significant focus, with Palo Alto Networks’ $25 billion deal to acquire Israeli cybersecurity company CyberArk, marking the largest deal in the Europe, Middle East, and Africa (EMEA) region this year. The growing threats posed by AI-driven cyberattacks are pushing companies to bolster their defence strategies, further fuelling the demand for M&amp;A in this space.Private equity has also re-entered the scene, which had previously been sidelined during the early stages of the pandemic. For instance, Sycamore Partners made a $10 billion offer to take Walgreens Boots Alliance private, while private equity firms KKR and Advent made competing offers for UK-based scientific instrument maker Spectris.<h2>US dominates M&amp;A market as Asia Pacific overtakes EMEA</h2>The US remains the largest market for M&amp;A, accounting for more than half of the global deal activity. However, Asia Pacific has shown remarkable growth, with dealmaking doubling compared to the same period last year, surpassing the EMEA region in the process. This trend underscores the increasingly dynamic role that Asia-Pacific economies are playing in global M&amp;A.Despite the challenges posed by ongoing uncertainty, the global M&amp;A landscape remains resilient, with many companies focused on securing growth opportunities, particularly in the technology and AI sectors. As the year progresses, dealmakers expect further large-scale transactions, especially as businesses continue to adjust to the evolving global economic environment.&nbsp;(With inputs from agencies)

The sharp increase in deal value is largely driven by large-scale megadeals, particularly in the US, where deals exceeding $10 billion have been prominent. These megadeals have helped offset the effects of previous geopolitical uncertainties and have given a boost to global dealmaking.

Global mergers and acquisitions (M&A) have reached $2.6 trillion in value in the first seven months of 2025, marking the highest total since the pandemic-era surge in 2021. Despite a 16 per cent drop in the number of transactions compared to the same period last year, the overall value of deals has risen by 28 per cent, according to Dealogic data. The sharp increase in deal value is largely driven by large-scale “megadeals”, particularly in the United States, where deals exceeding $10 billion have been prominent. Key transactions fuelling this growth include Union Pacific Corp's proposed $85 billion acquisition of rival Norfolk Southern and OpenAI’s $40 billion funding round, led by SoftBank Group. These deals have helped offset the effects of previous geopolitical uncertainties, including US tariffs, and have given a significant boost to global dealmaking. Shift towards growth-oriented deals amid political uncertainty The sharp rise in M&A activity this year follows a period of uncertainty triggered by US President Donald Trump’s tariffs and the broader geopolitical climate. Companies initially held back from dealmaking as they navigated the turbulence created by these factors. However, as market conditions have stabilised and renewed confidence has returned to corporate boardrooms, deal rationale has shifted from defensive to growth-oriented. While the pace of dealmaking is still below the historic highs of 2021, when pandemic-related rebounds led to a record-breaking $3.57 trillion in global deal value, the current surge signals renewed optimism. Despite a nearly $1 trillion gap compared to 2021’s record, financial industry insiders, including dealmakers at JPMorgan, believe that more large deals are on the horizon as executives adapt to ongoing market volatility. AI and technology set to drive continued M&A activity Technology and artificial intelligence (AI) are expected to remain key drivers of M&A activity in the second half of 2025. The increasing demand for AI solutions has led to a surge in deals within the computer, electronics, and data centre sectors. A notable example includes Samsung’s $1.7 billion acquisition of FlaktGroup, a German data centre cooling specialist, highlighting the importance of infrastructure that supports AI-driven data needs. Cybersecurity has also been a significant focus, with Palo Alto Networks’ $25 billion deal to acquire Israeli cybersecurity company CyberArk, marking the largest deal in the Europe, Middle East, and Africa (EMEA) region this year. The growing threats posed by AI-driven cyberattacks are pushing companies to bolster their defence strategies, further fuelling the demand for M&A in this space. Private equity has also re-entered the scene, which had previously been sidelined during the early stages of the pandemic. For instance, Sycamore Partners made a $10 billion offer to take Walgreens Boots Alliance private, while private equity firms KKR and Advent made competing offers for UK-based scientific instrument maker Spectris. US dominates M&A market as Asia Pacific overtakes EMEA The US remains the largest market for M&A, accounting for more than half of the global deal activity. However, Asia Pacific has shown remarkable growth, with dealmaking doubling compared to the same period last year, surpassing the EMEA region in the process. This trend underscores the increasingly dynamic role that Asia-Pacific economies are playing in global M&A. Despite the challenges posed by ongoing uncertainty, the global M&A landscape remains resilient, with many companies focused on securing growth opportunities, particularly in the technology and AI sectors. As the year progresses, dealmakers expect further large-scale transactions, especially as businesses continue to adjust to the evolving global economic environment. (With inputs from agencies)

The sharp increase in deal value is largely driven by large-scale megadeals, particularly in the US, where deals exceeding $10 billion have been prominent. These megadeals have helped offset the effects of previous geopolitical uncertainties and have given a boost to global dealmaking.

Global dealmaking hits $2.6 trillion in 2025, boosted by AI and growth-focused M&A activity

The US Federal Communications Commission (FCC) on July 24 approved the $8.4 billion merger between Paramount Global and Skydance Media, ending a prolonged review marked by political friction and allegations of press suppression. The 2-1 vote clears the way for David Ellison, son of Oracle co-founder Larry Ellison, to take control of legacy media brands including CBS, Paramount Pictures, and Nickelodeon. The deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. Paramount+ has grown to 79 million subscribers, but the company has struggled with steep revenue declines, particularly in advertising. Skydance has committed to invest $1.5 billion into Paramount and aims to slash $2 billion in costs as part of the consolidation.<h2>Settlement with Trump fuels allegations of political pressure</h2>Paramount’s $16 million settlement with Donald Trump over CBS’s editing of a 2020 “60 Minutes” interview with then–Vice President Kamala Harris has drawn sharp criticism. The timing—just weeks before the merger approval—led some lawmakers and industry observers to call it a “bribe” to secure regulatory support.FCC Chairman Brendan Carr, a Trump appointee, insisted the settlement was unrelated to the commission’s decision. However, Democratic commissioner Anna Gomez dissented, calling Paramount’s actions a “cowardly capitulation” that undermined journalistic independence. Democratic Senators Elizabeth Warren and Edward Markey also voiced concerns, with Warren questioning the recent cancellation of The Late Show with Stephen Colbert, who had publicly criticised the settlement.<h2>CBS faces editorial uncertainty under new leadership</h2>As part of its commitments, Skydance has agreed to avoid diversity, equity, and inclusion (DEI) programs and to appoint an ombudsman to monitor claims of editorial bias at CBS. Carr hailed the move as restoring public trust, saying Skydance’s ownership could “usher in fair, unbiased, and fact-based coverage.”Still, CBS News employees and press advocates fear increasing editorial interference. The departure of executives who opposed the Trump settlement and the swift cancellation of Colbert’s show have heightened anxiety within the newsroom.Shari Redstone, Paramount’s current chair, will exit the board following the merger. Her departure marks the end of an era for the Redstone family, whose media empire began with drive-in theatres and peaked with control over some of the most iconic US broadcast and film properties.&nbsp;(With inputs from agencies)

The Paramount-Skydance merger deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. 

The US Federal Communications Commission (FCC) on July 24 approved the $8.4 billion merger between Paramount Global and Skydance Media, ending a prolonged review marked by political friction and allegations of press suppression. The 2-1 vote clears the way for David Ellison, son of Oracle co-founder Larry Ellison, to take control of legacy media brands including CBS, Paramount Pictures, and Nickelodeon. The deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. Paramount+ has grown to 79 million subscribers, but the company has struggled with steep revenue declines, particularly in advertising. Skydance has committed to invest $1.5 billion into Paramount and aims to slash $2 billion in costs as part of the consolidation. Settlement with Trump fuels allegations of political pressure Paramount’s $16 million settlement with Donald Trump over CBS’s editing of a 2020 “60 Minutes” interview with then–Vice President Kamala Harris has drawn sharp criticism. The timing—just weeks before the merger approval—led some lawmakers and industry observers to call it a “bribe” to secure regulatory support. FCC Chairman Brendan Carr, a Trump appointee, insisted the settlement was unrelated to the commission’s decision. However, Democratic commissioner Anna Gomez dissented, calling Paramount’s actions a “cowardly capitulation” that undermined journalistic independence. Democratic Senators Elizabeth Warren and Edward Markey also voiced concerns, with Warren questioning the recent cancellation of The Late Show with Stephen Colbert, who had publicly criticised the settlement. CBS faces editorial uncertainty under new leadership As part of its commitments, Skydance has agreed to avoid diversity, equity, and inclusion (DEI) programs and to appoint an ombudsman to monitor claims of editorial bias at CBS. Carr hailed the move as restoring public trust, saying Skydance’s ownership could “usher in fair, unbiased, and fact-based coverage.” Still, CBS News employees and press advocates fear increasing editorial interference. The departure of executives who opposed the Trump settlement and the swift cancellation of Colbert’s show have heightened anxiety within the newsroom. Shari Redstone, Paramount’s current chair, will exit the board following the merger. Her departure marks the end of an era for the Redstone family, whose media empire began with drive-in theatres and peaked with control over some of the most iconic US broadcast and film properties. (With inputs from agencies)

The Paramount-Skydance merger deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape.&nbsp;

FCC approves controversial $8.4 billion Paramount-Skydance merger

Canada’s Alimentation Couche-Tard (ACT) has officially pulled its $46 billion bid to acquire Japan’s Seven &amp; i Holdings, the operator of 7-Eleven, citing a “lack of constructive engagement” during a year of negotiations. The withdrawal marks the end of what would have been the largest foreign takeover in Japan’s corporate history. In a scathing letter to Seven &amp; i’s board, Couche-Tard accused the Japanese company of obstructing the due diligence process, describing the meetings as tightly scripted and accusing Seven &amp; i of delaying tactics.“There has been no sincere or constructive engagement from Seven &amp; i that would facilitate the advancement of any proposal,” Couche-Tard stated, adding that the Japanese retailer's actions had been detrimental to its own shareholders. The Canadian convenience store operator also complained that its critical questions remained unanswered and that the information shared by Seven &amp; i was minimal and largely public.<h2>Seven &amp; I reject mischaracterizations</h2>In response, Seven &amp; i expressed disappointment over Couche-Tard’s decision but denied the accusations. “While we are disappointed by ACT’s decision, we disagree with their numerous mischaracterizations,” the company said. Seven &amp; i emphasised that it had engaged in good faith and was focused on maximising shareholder value through its own restructuring efforts, which include a $5.4 billion sale of its supermarket business and a ¥2 trillion ($13.24 billion) share buyback plan.Shares of Seven &amp; i fell over 9 per cent following Couche-Tard's announcement, reflecting the market’s disappointment with the failed deal. Analysts suggested that the failure of the deal highlighted the persistent barriers to foreign takeovers in Japan, a country where corporate governance practices are often seen as protectionist.<h2>Future prospects for Seven &amp; i</h2>Couche-Tard had initially made a $39 billion offer in August 2024, later raising it to $46 billion in an attempt to acquire Seven &amp; i and create one of the world’s largest retail groups by store count. However, the two companies failed to agree on a deal structure, with Couche-Tard proposing to acquire Seven &amp; i’s international businesses, leaving the Japanese operations partially under the control of the latter.With the bid now abandoned, Seven &amp; i faces the challenge of demonstrating that its standalone strategy can deliver more value than the rejected acquisition offer. Its upcoming August strategy update will be critical in convincing investors of its ability to move forward successfully without the proposed merger.&nbsp;(With inputs from agencies)

The withdrawal marks the end of what would have been the largest foreign takeover in Japan’s corporate history. Shares of Seven & i fell over 9 per cent following Couche-Tard's announcement, reflecting the market’s disappointment with the failed deal.

Canada’s Alimentation Couche-Tard (ACT) has officially pulled its $46 billion bid to acquire Japan’s Seven & i Holdings, the operator of 7-Eleven, citing a “lack of constructive engagement” during a year of negotiations. The withdrawal marks the end of what would have been the largest foreign takeover in Japan’s corporate history. In a scathing letter to Seven & i’s board, Couche-Tard accused the Japanese company of obstructing the due diligence process, describing the meetings as tightly scripted and accusing Seven & i of delaying tactics. “There has been no sincere or constructive engagement from Seven & i that would facilitate the advancement of any proposal,” Couche-Tard stated, adding that the Japanese retailer's actions had been detrimental to its own shareholders. The Canadian convenience store operator also complained that its critical questions remained unanswered and that the information shared by Seven & i was minimal and largely public. Seven & I reject mischaracterizations In response, Seven & i expressed disappointment over Couche-Tard’s decision but denied the accusations. “While we are disappointed by ACT’s decision, we disagree with their numerous mischaracterizations,” the company said. Seven & i emphasised that it had engaged in good faith and was focused on maximising shareholder value through its own restructuring efforts, which include a $5.4 billion sale of its supermarket business and a ¥2 trillion ($13.24 billion) share buyback plan. Shares of Seven & i fell over 9 per cent following Couche-Tard's announcement, reflecting the market’s disappointment with the failed deal. Analysts suggested that the failure of the deal highlighted the persistent barriers to foreign takeovers in Japan, a country where corporate governance practices are often seen as protectionist. Future prospects for Seven & i Couche-Tard had initially made a $39 billion offer in August 2024, later raising it to $46 billion in an attempt to acquire Seven & i and create one of the world’s largest retail groups by store count. However, the two companies failed to agree on a deal structure, with Couche-Tard proposing to acquire Seven & i’s international businesses, leaving the Japanese operations partially under the control of the latter. With the bid now abandoned, Seven & i faces the challenge of demonstrating that its standalone strategy can deliver more value than the rejected acquisition offer. Its upcoming August strategy update will be critical in convincing investors of its ability to move forward successfully without the proposed merger. (With inputs from agencies)

The withdrawal marks the end of what would have been the largest foreign takeover in Japan’s corporate history. Shares of Seven &amp; i fell over 9 per cent following Couche-Tard's announcement, reflecting the market’s disappointment with the failed deal.

Couche-Tard withdraws $46 billion bid for Seven & i, citing lack of cooperation

Meta Platforms Inc. is making a bold move into the rapidly growing smart glasses market with a significant acquisition. The tech giant has acquired a nearly 3 per cent stake in EssilorLuxottica, the parent company of the iconic eyewear brands Ray-Ban and Oakley, for an estimated $3.5 billion. This investment underscores Meta’s strategy to expand its presence in wearable technology, specifically AI-powered smart eyewear, aligning with its broader vision for the future of computing. The deal, which could eventually see Meta’s stake rise to 5 per cent, marks a strategic collaboration between the two companies, who have been partners in developing smart eyewear since 2019. The stakes were purchased at EssilorLuxottica's current market value, signalling Meta’s growing confidence in the potential of AI-integrated eyewear.<h2>Building the future of smart glasses and AI</h2>Meta’s stake in EssilorLuxottica is a calculated move to tap into the increasing demand for wearable tech, particularly as artificial intelligence continues to make waves in consumer products. The two companies have already launched the Ray-Ban Meta glasses, equipped with embedded cameras, AI assistants, and other smart features. In addition, Meta introduced the Oakley Meta HSTN last month, a pair of high-tech, hands-free smart glasses that include open-ear speakers, water resistance, and Meta AI capabilities.For Meta, the acquisition represents more than just a financial investment; it’s an opportunity to control both the hardware and AI driving these products. The integration of AI into wearables offers new levels of interactivity, with the potential for real-time language translation, object recognition, and seamless access to Meta’s ecosystem. This approach sets Meta apart from other tech giants, positioning the company as a leader in the wearable AI space.<h2>Meta’s ambition to lead the wearable tech market</h2>Meta’s push into wearables is part of CEO Mark Zuckerberg’s broader strategy to innovate beyond traditional social media platforms like Facebook and Instagram. With this new focus on AI-powered hardware, Meta is betting on the future of smart glasses as a mainstream product. This is reflected in the company’s aggressive investment in AI development, with reports suggesting billions of dollars are being funnelled into its AI infrastructure, including custom-built data centers and specialised chips.The partnership with EssilorLuxottica not only provides Meta with the necessary manufacturing expertise but also allows the company to leverage EssilorLuxottica’s global distribution network. As Meta continues to develop and expand its smart glasses offerings, the partnership may be key to reaching a mass-market audience.While the acquisition has been seen as a positive move by Wall Street—EssilorLuxottica’s American depositary receipts surged by 6.9 per cent following the announcement—this venture also positions Meta to compete directly with other tech giants like Apple and Google, both of whom have explored the wearable tech space. However, Meta’s strategy of blending stylish eyewear with cutting-edge AI technology could give it a competitive edge.

The deal, which could eventually see Meta’s stake in EssilorLuxottica rise to 5 per cent, marks a strategic collaboration between the two companies, who have been partners in developing smart eyewear since 2019.

Meta Platforms Inc. is making a bold move into the rapidly growing smart glasses market with a significant acquisition. The tech giant has acquired a nearly 3 per cent stake in EssilorLuxottica, the parent company of the iconic eyewear brands Ray-Ban and Oakley, for an estimated $3.5 billion. This investment underscores Meta’s strategy to expand its presence in wearable technology, specifically AI-powered smart eyewear, aligning with its broader vision for the future of computing. The deal, which could eventually see Meta’s stake rise to 5 per cent, marks a strategic collaboration between the two companies, who have been partners in developing smart eyewear since 2019. The stakes were purchased at EssilorLuxottica's current market value, signalling Meta’s growing confidence in the potential of AI-integrated eyewear. Building the future of smart glasses and AI Meta’s stake in EssilorLuxottica is a calculated move to tap into the increasing demand for wearable tech, particularly as artificial intelligence continues to make waves in consumer products. The two companies have already launched the Ray-Ban Meta glasses, equipped with embedded cameras, AI assistants, and other smart features. In addition, Meta introduced the Oakley Meta HSTN last month, a pair of high-tech, hands-free smart glasses that include open-ear speakers, water resistance, and Meta AI capabilities. For Meta, the acquisition represents more than just a financial investment; it’s an opportunity to control both the hardware and AI driving these products. The integration of AI into wearables offers new levels of interactivity, with the potential for real-time language translation, object recognition, and seamless access to Meta’s ecosystem. This approach sets Meta apart from other tech giants, positioning the company as a leader in the wearable AI space. Meta’s ambition to lead the wearable tech market Meta’s push into wearables is part of CEO Mark Zuckerberg’s broader strategy to innovate beyond traditional social media platforms like Facebook and Instagram. With this new focus on AI-powered hardware, Meta is betting on the future of smart glasses as a mainstream product. This is reflected in the company’s aggressive investment in AI development, with reports suggesting billions of dollars are being funnelled into its AI infrastructure, including custom-built data centers and specialised chips. The partnership with EssilorLuxottica not only provides Meta with the necessary manufacturing expertise but also allows the company to leverage EssilorLuxottica’s global distribution network. As Meta continues to develop and expand its smart glasses offerings, the partnership may be key to reaching a mass-market audience. While the acquisition has been seen as a positive move by Wall Street—EssilorLuxottica’s American depositary receipts surged by 6.9 per cent following the announcement—this venture also positions Meta to compete directly with other tech giants like Apple and Google, both of whom have explored the wearable tech space. However, Meta’s strategy of blending stylish eyewear with cutting-edge AI technology could give it a competitive edge.

The deal, which could eventually see Meta’s stake in EssilorLuxottica rise to 5 per cent, marks a strategic collaboration between the two companies, who have been partners in developing smart eyewear since 2019.

Meta acquires $3.5 billion stake in EssilorLuxottica, strengthening push into AI-powered wearables

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.

Colm Kelleher stated that UBS, having recently absorbed former rival Credit Suisse, aims to bolster its US wealth-management arm through strategic M&amp;A endeavors within the next three to four years.

Kelleher emphasised that such expansion plans are targeted specifically within the realm of wealth management.

The decision to focus on wealth management comes amidst scrutiny over UBS's substantial balance sheet, which now surpasses $1.6 trillion—nearly double the size of the Swiss economy.

This notable increase in scale has prompted regulatory concerns in Switzerland regarding the oversight of systemically important banks.

Despite calls for UBS to adhere to higher capital requirements in light of its size, Kelleher expressed reservations, suggesting that excessive capitalisation could negatively impact shareholders and customers alike by increasing banking costs.

Following the merger with Credit Suisse, UBS witnessed the return of former CEO Sergio Ermotti for a second stint at the helm.

Kelleher hailed Ermotti as the ideal candidate for the "Herculean task" of integrating Credit Suisse into UBS's operations.

Furthermore, Kelleher indicated a preference for Ermotti's successor to be selected from within UBS, underlining a commitment to internal talent and continuity within the organisation's leadership.

UBS's strategic outlook reflects a proactive approach to navigating the evolving landscape of global banking, particularly in the United States.

With a focus on expanding its wealth-management business and leveraging synergies from the Credit Suisse merger, the bank aims to reinforce its position as a major player in the competitive US financial market.

(With inputs from Reuters)

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday. Colm Kelleher stated that UBS, having recently absorbed former rival Credit Suisse, aims to bolster its US wealth-management arm through strategic M&A endeavors within the next three to four years. Kelleher emphasised that such expansion plans are targeted specifically within the realm of wealth management. The decision to focus on wealth management comes amidst scrutiny over UBS's substantial balance sheet, which now surpasses $1.6 trillion—nearly double the size of the Swiss economy. This notable increase in scale has prompted regulatory concerns in Switzerland regarding the oversight of systemically important banks. Despite calls for UBS to adhere to higher capital requirements in light of its size, Kelleher expressed reservations, suggesting that excessive capitalisation could negatively impact shareholders and customers alike by increasing banking costs. Following the merger with Credit Suisse, UBS witnessed the return of former CEO Sergio Ermotti for a second stint at the helm. Kelleher hailed Ermotti as the ideal candidate for the "Herculean task" of integrating Credit Suisse into UBS's operations. Furthermore, Kelleher indicated a preference for Ermotti's successor to be selected from within UBS, underlining a commitment to internal talent and continuity within the organisation's leadership. UBS's strategic outlook reflects a proactive approach to navigating the evolving landscape of global banking, particularly in the United States. With a focus on expanding its wealth-management business and leveraging synergies from the Credit Suisse merger, the bank aims to reinforce its position as a major player in the competitive US financial market. (With inputs from Reuters)

UBS eyes US expansion through wealth management M&A

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival.

The FTC's lawsuit, filed last month, aims to block the deal, which would establish a supermarket conglomerate boasting over 4,000 stores.

According to the FTC, this merger could potentially lead to increased grocery prices for millions of American consumers, prompting concerns from lawmakers and consumer advocacy groups.

Kroger, the second-largest player in the US grocery market behind Walmart, remains committed to defending the merger in court despite the legal challenges.

Kroger CEO Rodney McMullen reiterated the company's stance, emphasising their belief that the merger represents the best outcome for American families.

However, until the legal issues are resolved, the companies cannot proceed with the acquisition.

The FTC, along with eight states, has opposed the merger, arguing that it would stifle competition between Kroger and Albertsons.

The Biden administration's focus on lowering grocery prices and its reluctance towards large-scale mergers that could result in price hikes have intensified the scrutiny on this deal.

The FTC contends that the merger, announced in October 2022, could potentially eliminate significant competition in the grocery sector.

In response to concerns raised by regulators, Kroger has proposed divesting 413 stores and eight distribution centers to C&amp;S Wholesale Grocers.

Additionally, the company indicated a potential need to shed an additional 237 stores to secure regulatory approval.

However, the FTC has deemed Kroger's divestment proposal inadequate, further complicating the merger process.

Kroger has defended its business model, highlighting its track record of reducing prices annually since 2003.

The company asserts that this strategy will be extended to the merged entity, assuring consumers of continued affordability in the grocery market.

Regardless of these assurances, the FTC remains skeptical about the potential impacts of the merger on competition and consumer prices.

(With inputs from Reuters)

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival. The FTC's lawsuit, filed last month, aims to block the deal, which would establish a supermarket conglomerate boasting over 4,000 stores. According to the FTC, this merger could potentially lead to increased grocery prices for millions of American consumers, prompting concerns from lawmakers and consumer advocacy groups. Kroger, the second-largest player in the US grocery market behind Walmart, remains committed to defending the merger in court despite the legal challenges. Kroger CEO Rodney McMullen reiterated the company's stance, emphasising their belief that the merger represents the best outcome for American families. However, until the legal issues are resolved, the companies cannot proceed with the acquisition. The FTC, along with eight states, has opposed the merger, arguing that it would stifle competition between Kroger and Albertsons. The Biden administration's focus on lowering grocery prices and its reluctance towards large-scale mergers that could result in price hikes have intensified the scrutiny on this deal. The FTC contends that the merger, announced in October 2022, could potentially eliminate significant competition in the grocery sector. In response to concerns raised by regulators, Kroger has proposed divesting 413 stores and eight distribution centers to C&S Wholesale Grocers. Additionally, the company indicated a potential need to shed an additional 237 stores to secure regulatory approval. However, the FTC has deemed Kroger's divestment proposal inadequate, further complicating the merger process. Kroger has defended its business model, highlighting its track record of reducing prices annually since 2003. The company asserts that this strategy will be extended to the merged entity, assuring consumers of continued affordability in the grocery market. Regardless of these assurances, the FTC remains skeptical about the potential impacts of the merger on competition and consumer prices. (With inputs from Reuters)

FTC hearing set for Kroger-Albertsons merger amid price hike concerns

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Global mergers and acquisitions (M&amp;A) activity experienced a significant 36 per cent&nbsp;year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&amp;A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery.

M&amp;A Volume and Value

According to Dealogic data as of June 29, cited by Reuters, the total value of M&amp;A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&amp;A market's recovery.

Regional Trends&nbsp;

M&amp;A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&amp;A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends.

Notable Transactions

Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group.

Challenges for Private Equity Firms&nbsp;

Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions.

Regulatory Scrutiny and Antitrust Concerns&nbsp;

Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&amp;A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. 
&nbsp;

(With Inputs from Reuters)

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery.

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery. M&A Volume and Value According to Dealogic data as of June 29, cited by Reuters, the total value of M&A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&A market's recovery. Regional Trends M&A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends. Notable Transactions Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group. Challenges for Private Equity Firms Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions. Regulatory Scrutiny and Antitrust Concerns Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. (With Inputs from Reuters)

Global mergers & acquisitions decline in Q2, but stock market recovery boosts optimism

The internet had been abuzz with posts and memes the last few days ever since the news of Cartoon Network's merger with Warner Bros came to light. While it was a merger, a significant chunk of the online population thought it was the end of Cartoon Network as most of us knew and thus a barrage of tribute posts started pouring in as well.&nbsp;

However, the studio has now taken to Twitter to clear the air that it is not going anywhere. On Saturday, the official Twitter handle of Cartoon Network came up with a cheeky reply to the rumours swirling around.&nbsp;

"Y’all we're not dead, we're just turning 30 😂 To our fans: We're not going anywhere. We have been and will always be your home for beloved, innovative cartoons ⬛️⬜️ More to come soon!" read the tweet.&nbsp;

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<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Y’all we're not dead, we're just turning 30 😂 
 
To our fans: We're not going anywhere. We have been and will always be your home for beloved, innovative cartoons ⬛️⬜️ More to come soon!<a href="https://twitter.com/hashtag/CartoonNetwork?src=hash&amp;ref_src=twsrc%5Etfw">#CartoonNetwork</a> <a href="https://twitter.com/hashtag/CN30?src=hash&amp;ref_src=twsrc%5Etfw">#CN30</a> <a href="https://twitter.com/hashtag/30andthriving?src=hash&amp;ref_src=twsrc%5Etfw">#30andthriving</a> <a href="https://twitter.com/hashtag/CartoonNetworkStudios?src=hash&amp;ref_src=twsrc%5Etfw">#CartoonNetworkStudios</a> <a href="https://twitter.com/hashtag/FridayFeeling?src=hash&amp;ref_src=twsrc%5Etfw">#FridayFeeling</a> <a href="https://twitter.com/hashtag/FridayVibes?src=hash&amp;ref_src=twsrc%5Etfw">#FridayVibes</a>
— Cartoon Network (@cartoonnetwork) <a href="https://twitter.com/cartoonnetwork/status/1581019585478037504?ref_src=twsrc%5Etfw">October 14, 2022</a></blockquote>
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As soon as the studio cleared the air, overjoyed netizens expressed their happiness. One tweeted, "Relieved to know. Please, never let your pure sense of creativity and furious passion be infiltrated and corrupted by greedy, corporate sell outs just looking for a pay day. Also, fire Zazlav."

Meanwhile, another added, "The fact that people in animation were trying to say this but panic mongering tweets were going viral instead."

As reported by WION, Warner Bros. on Tuesday announced that they were officially eliminating 125 jobs, or 26 per cent of their workforce, across scripted, non-scripted, and ongoing programmes.&nbsp;

<a href="https://www.wionews.com/trending/ripcartoonnetwork-warner-bros-declares-official-merge-netizens-pay-tribute-to-its-fantastic-30-years-525489">Read more:&nbsp;#RIPCartoonNetwork: Warner Bros declares official merge, netizens pay tribute to fantastic 30 years</a>

Meanwhile, studio CEO Channing Dungey said that the merger between Cartoon Network and Warner Bros might have more effects than their initial planning.

In nutshell, the brand Cartoon Network still exists but within the Warner Bros. banner. However, whether the brand survives in the future is a question that only Warner Bros. executives can answer.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp; 
<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe> &nbsp;

The internet had been abuzz with posts and memes the last few days ever since the news of Cartoon Network's merger with Warner Bros came to light. While it was a merger, a significant chunk of the online population thought it was the end of Cartoon Network as most of us knew and thus a barrage of tribute posts started pouring in as well.

The internet had been abuzz with posts and memes the last few days ever since the news of Cartoon Network's merger with Warner Bros came to light. While it was a merger, a significant chunk of the online population thought it was the end of Cartoon Network as most of us knew and thus a barrage of tribute posts started pouring in as well. However, the studio has now taken to Twitter to clear the air that it is not going anywhere. On Saturday, the official Twitter handle of Cartoon Network came up with a cheeky reply to the rumours swirling around. "Y’all we're not dead, we're just turning 30 😂 To our fans: We're not going anywhere. We have been and will always be your home for beloved, innovative cartoons ⬛️⬜️ More to come soon!" read the tweet. Y’all we're not dead, we're just turning 30 😂 To our fans: We're not going anywhere. We have been and will always be your home for beloved, innovative cartoons ⬛️⬜️ More to come soon!#CartoonNetwork #CN30 #30andthriving #CartoonNetworkStudios #FridayFeeling #FridayVibes — Cartoon Network (@cartoonnetwork) October 14, 2022 × As soon as the studio cleared the air, overjoyed netizens expressed their happiness. One tweeted, "Relieved to know. Please, never let your pure sense of creativity and furious passion be infiltrated and corrupted by greedy, corporate sell outs just looking for a pay day. Also, fire Zazlav." Meanwhile, another added, "The fact that people in animation were trying to say this but panic mongering tweets were going viral instead." As reported by WION, Warner Bros. on Tuesday announced that they were officially eliminating 125 jobs, or 26 per cent of their workforce, across scripted, non-scripted, and ongoing programmes. Read more: #RIPCartoonNetwork: Warner Bros declares official merge, netizens pay tribute to fantastic 30 years Meanwhile, studio CEO Channing Dungey said that the merger between Cartoon Network and Warner Bros might have more effects than their initial planning. In nutshell, the brand Cartoon Network still exists but within the Warner Bros. banner. However, whether the brand survives in the future is a question that only Warner Bros. executives can answer. (With inputs from agencies) WATCH WION LIVE HERE:

'We're not dead,' Cartoon Network responds after a flurry of tribute posts

The unchecked power of tech giants poses a threat not just to users and governments but also to small businesses. &nbsp;&nbsp;

A statement by Apple CEO Tim Cook has confirmed that Apple buys a new company every month. While the acquisition strategy is aimed at offering better services, the tech giants are killing competition by making one sale at a time.&nbsp;

The most important question is that is it time to break up the big tech?&nbsp;

Turi Inc was once a promising artificial intelligence startup in Seattle. The company helped create software that uses machine learning. Its technology was so promising that Apple bought the company, paying a record $200 million for it. It's one of the many companies that Apple has acquired over the last few years. Buying companies is not new for tech giants but at the speed at which, they are buying competitors is alarming.&nbsp;

Apple chief Tim Cook revealed that they have acquired over 100 companies in nearly six years. It means they are buying one company every three to four weeks. It includes the $3 billion takeover of headphone maker Beats and $400 million takeover of music recognition app Shazam.&nbsp;

Apple isn't the only one. Remember when Facebook was threatened by Instagram? It ended up acquiring the company in 2012. The story was similar for Whatsapp. It posed a challenge, so Facebook bought it too in 2014.&nbsp;

Big tech giants are on an acquisition spree. Many acquisitions never even make it to the headlines. The idea is simple to eliminate potential rivals, kill innovation and poach talent from smaller companies.&nbsp;

At the centre of this is big tech monopoly. The last two decades have witnessed the rise of five major global tech giants - Alphabet, Amazon, Apple, Facebook and Microsoft. Today, these tech giants wield too much power. Each of them is monopolistic in their own domain.&nbsp;

They exercise enormous power over our digital lives, controlling the way we navigate through the web, etc. Some are even trying to manipulate the way democracies are run. Others have taken privacy of users for granted. &nbsp;The way to restore the power balance is to break up big tech. Current US anti-trust laws allow federal regulators to break up mergers, a move that could promote healthy competition in the market for global regulators, breaking up monopolies needs a new legal toolbox. Either way, the idea is to level the playing field and protect the future of the internet.&nbsp;

The unchecked power of tech giants poses a threat not just to users and governments but also to small businesses. A statement by Apple CEO Tim Cook has confirmed that Apple buys a new company every month.

The unchecked power of tech giants poses a threat not just to users and governments but also to small businesses. A statement by Apple CEO Tim Cook has confirmed that Apple buys a new company every month. While the acquisition strategy is aimed at offering better services, the tech giants are killing competition by making one sale at a time. The most important question is that is it time to break up the big tech? Turi Inc was once a promising artificial intelligence startup in Seattle. The company helped create software that uses machine learning. Its technology was so promising that Apple bought the company, paying a record $200 million for it. It's one of the many companies that Apple has acquired over the last few years. Buying companies is not new for tech giants but at the speed at which, they are buying competitors is alarming. Apple chief Tim Cook revealed that they have acquired over 100 companies in nearly six years. It means they are buying one company every three to four weeks. It includes the $3 billion takeover of headphone maker Beats and $400 million takeover of music recognition app Shazam. Apple isn't the only one. Remember when Facebook was threatened by Instagram? It ended up acquiring the company in 2012. The story was similar for Whatsapp. It posed a challenge, so Facebook bought it too in 2014. Big tech giants are on an acquisition spree. Many acquisitions never even make it to the headlines. The idea is simple to eliminate potential rivals, kill innovation and poach talent from smaller companies. At the centre of this is big tech monopoly. The last two decades have witnessed the rise of five major global tech giants - Alphabet, Amazon, Apple, Facebook and Microsoft. Today, these tech giants wield too much power. Each of them is monopolistic in their own domain. They exercise enormous power over our digital lives, controlling the way we navigate through the web, etc. Some are even trying to manipulate the way democracies are run. Others have taken privacy of users for granted. The way to restore the power balance is to break up big tech. Current US anti-trust laws allow federal regulators to break up mergers, a move that could promote healthy competition in the market for global regulators, breaking up monopolies needs a new legal toolbox. Either way, the idea is to level the playing field and protect the future of the internet.

Break up mergers to check tech giants’ growing power  

Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China&#39;s acquisitive conglomerates to restrict capital outflows.

Chinese acquisitions in the 68 countries officially linked to President Xi Jinping&#39;s signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016.

Unveiled in 2013, the Belt and Road project is aimed at building a modern-day &quot;Silk Road&quot;, connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa.

At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing&#39;s professed desire to spread prosperity.

The surge in Chinese companies&#39; acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 per cent year-on-year as of Monday.

Beijing&#39;s move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad.

Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group, and Fosun Group.

The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs.

The scrutiny, however, has not impacted Chinese companies&#39; pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy.

&quot;People are thinking in a long-term approach when making investments along Belt and Road countries,&quot; said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills.

&quot;The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals,&quot; he said.

The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015.

Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers.

&quot;If you are doing One Belt, One Road, that becomes the first sentence in the document&quot; to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses.

&quot;It is a wise thing to point out early on,&quot; said the advisor, who requested anonymity because he was not authorised to speak to the media.

The largest deal in a Belt and Road country so far this year was a Chinese consortium&#39;s $11.6 billion buyout of the Singapore-based Global Logistics Properties.

Other top deals include the $1.8 billion purchase of an 8 per cent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group&#39;s $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed.

The State Administration of Foreign Exchange, China&#39;s foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities.

HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritise investments that are in industries and regions mapped out under the Belt and Road initiative.

The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills.

&quot;We&#39;ve seen a lot of activities recently in Indonesia, Malaysia, and Myanmar. The whole Sri Lanka, India, and Bangladesh corridor is also hot as it&#39;s connecting the East and West,&quot; he said.

Unveiled in 2013, the Belt and Road project is aimed at building a modern-day 'Silk Road'

Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China's acquisitive conglomerates to restrict capital outflows. Chinese acquisitions in the 68 countries officially linked to President Xi Jinping's signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016. Unveiled in 2013, the Belt and Road project is aimed at building a modern-day "Silk Road", connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing's professed desire to spread prosperity. The surge in Chinese companies' acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 per cent year-on-year as of Monday. Beijing's move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad. Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group, and Fosun Group. The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs. The scrutiny, however, has not impacted Chinese companies' pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy. "People are thinking in a long-term approach when making investments along Belt and Road countries," said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills. "The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals," he said. The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015. Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers. "If you are doing One Belt, One Road, that becomes the first sentence in the document" to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses. "It is a wise thing to point out early on," said the advisor, who requested anonymity because he was not authorised to speak to the media. The largest deal in a Belt and Road country so far this year was a Chinese consortium's $11.6 billion buyout of the Singapore-based Global Logistics Properties. Other top deals include the $1.8 billion purchase of an 8 per cent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group's $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed. The State Administration of Foreign Exchange, China's foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities. HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritise investments that are in industries and regions mapped out under the Belt and Road initiative. The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills. "We've seen a lot of activities recently in Indonesia, Malaysia, and Myanmar. The whole Sri Lanka, India, and Bangladesh corridor is also hot as it's connecting the East and West," he said.

China's Belt and Road acquisitions surge despite outbound capital crackdown

Cash-strapped Chinese tech firm LeEco abandoned its effort to buy US television maker Vizio, citing &quot;regulatory headwinds.&quot; Tech giant LeEco led by billionaire Jia Yueting last year announced a deal to buy Vizio for $2 billion, but the acquisition had to be approved by regulators.

&quot;The merger agreement to acquire Vizio will not proceed due to regulatory headwinds,&quot; LeEco Global Group and Vizio said in a joint release.

&quot;We continue to believe that there is great synergy between the two companies, and are pleased to announce that LeEco and Vizio have reached an agreement that is a win for both companies.&quot;

LeEco and Vizio will look into ways to incorporate the Chinese company&#39;s app and content into Vizio&#39;s offerings and work together to bring Vizio products to the China market, according to the new agreement.

Early this year, LeEco secured a $2.2 billion investment from a group led by property developer Sunac China Holdings, after it had to suspend trading in shares.

Hong Kong-listed Sunac said it would plough 15.04 billion yuan into the sprawling LeEco empire, which has interests in various sectors including self-driving cars, smartphones, film making, and TV-set manufacturing.

Originally a video-streaming provider, LeEco has expanded rapidly with investments in sectors as wide-ranging as self-driving cars, sports broadcasting rights, smartphones, film production, and television manufacturing.

LeEco&#39;s diverse ventures pit the company against Apple, Netflix, and Tesla and homegrown Chinese champions Baidu, Tencent, and Alibaba.

But the company&#39;s relentless expansion has put a strain on its cash flow, and in November Jia told employees the company grew too quickly and was short of funds.

LeEco last year opened a North American headquarters in San Jose, California. The facility was also to become the home for a LeEco autonomous driving research centre.

(AFP)

The merger agreement to acquire Vizio will not proceed due to regulatory headwinds, says LeEco

Cash-strapped Chinese tech firm LeEco abandoned its effort to buy US television maker Vizio, citing "regulatory headwinds." Tech giant LeEco led by billionaire Jia Yueting last year announced a deal to buy Vizio for $2 billion, but the acquisition had to be approved by regulators. "The merger agreement to acquire Vizio will not proceed due to regulatory headwinds," LeEco Global Group and Vizio said in a joint release. "We continue to believe that there is great synergy between the two companies, and are pleased to announce that LeEco and Vizio have reached an agreement that is a win for both companies." LeEco and Vizio will look into ways to incorporate the Chinese company's app and content into Vizio's offerings and work together to bring Vizio products to the China market, according to the new agreement. Early this year, LeEco secured a $2.2 billion investment from a group led by property developer Sunac China Holdings, after it had to suspend trading in shares. Hong Kong-listed Sunac said it would plough 15.04 billion yuan into the sprawling LeEco empire, which has interests in various sectors including self-driving cars, smartphones, film making, and TV-set manufacturing. Originally a video-streaming provider, LeEco has expanded rapidly with investments in sectors as wide-ranging as self-driving cars, sports broadcasting rights, smartphones, film production, and television manufacturing. LeEco's diverse ventures pit the company against Apple, Netflix, and Tesla and homegrown Chinese champions Baidu, Tencent, and Alibaba. But the company's relentless expansion has put a strain on its cash flow, and in November Jia told employees the company grew too quickly and was short of funds. LeEco last year opened a North American headquarters in San Jose, California. The facility was also to become the home for a LeEco autonomous driving research centre. (AFP)

Chinese tech firm LeEco ends $2 billion deal to buy US TV maker Vizio

Intel will buy Israeli car tech firm Mobileye for more than $15 billion (14 billion euros), the companies said, in a deal signalling the US computer chip giant&#39;s commitment to technology for self-driving vehicles. Israeli media reported that the deal worth approximately $15.3 billion was the largest ever cross-border acquisition for an Israeli tech firm.

It comes with Intel and Mobileye previously collaborating with German automaker BMW to develop self-driving cars. Intel and Mobileye said they expected to combine to become a global leader in &quot;autonomous driving&quot; that could provide the technology at a lower cost.

&quot;The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles,&quot; it said.

&quot;Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030.&quot;

Last year, BMW announced that it was joining forces with Mobileye and Intel on a self-drive project for &quot;highly and fully automated driving&quot; to be commercially available by 2021, called the BMW iNext. BMW announced in January it would deploy 40 self-driving vehicles for tests in the United States and Europe this year.

In August, Mobileye and UK-based auto-equipment maker Delphi said they were teaming up to develop an autonomous driving system which would be ready for vehicle-makers in 2019. Nearly all the major global automakers are involved in testing autonomous or semi-autonomous vehicles, with some expecting full autonomy within a few years.

Mobileye, whose speciality includes systems for accident avoidance, has concluded an agreement with Volkswagen on road data technology as well. The Israeli firm was founded in 1999 and employs some 660 people. It has developed real-time camera systems used to avoid accidents with the help of algorithms that interpret the data.

&#39;Data centres on wheels&#39;

Its proprietary EyeQ5 computer vision processor gets input from the 360-degree surround view sensors as well as localisation. Drivers may be familiar with its system that warns when they are approaching too closely to another vehicle or pedestrian.

Mobileye co-founder Ziv Aviram said of the acquisition that &quot;together, we will provide an attractive value proposition for the automotive industry&quot;.

&quot;We expect the growth towards autonomous driving to be transformative,&quot; he said in the statement.

&quot;It will provide consumers with safer, more flexible, and less costly transportation options, and provide incremental business model opportunities for our automaker customers.&quot;

The companies said the transaction, approved by the boards of both Intel and Mobileye, is expected to close within the next nine months. &quot;As cars progress from assisted driving to fully autonomous, they are increasingly becoming data centres on wheels,&quot; the statement said.

&quot;Intel expects that by 2020, autonomous vehicles will generate 4,000 GB of data per day, which plays to Intel&#39;s strengths in high-performance computing and network connectivity.&quot;

Israeli officials were also touting the deal as a sign of confidence in the country&#39;s high-tech sector -- an industry that has given it the nickname the &quot;start-up nation&quot;.

Prime Minister Benjamin Netanyahu spoke by phone with Aviram to congratulate him, a statement from the premier&#39;s office said. &quot;The deal dramatically proves that the vision we are leading is being realised,&quot; Netanyahu said.

&quot;Israel is becoming a global technology centre not only in the field of cyber but also the automotive field.&quot;

Economy Minister Eli Cohen told army radio that &quot;what&#39;s important now is that the production remains in Israel, where some 300 international companies are located&quot;. The centre for work on the combined autonomous vehicle will be Mobileye&#39;s headquarters in Jerusalem, the firms said.

Aviram told Netanyahu that a global development centre will be established in Israel and &quot;will be responsible all the international activity of Intel&#39;s autonomous cars&quot;, the statement from the premier&#39;s office said.

Intel has long operated in Israel, opening its first development centre in 1974. In 2014, the firm announced it was to invest close to $6 billion in upgrading its Israeli production facilities. 
 
(AFP)

&nbsp;

Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030

Intel will buy Israeli car tech firm Mobileye for more than $15 billion (14 billion euros), the companies said, in a deal signalling the US computer chip giant's commitment to technology for self-driving vehicles. Israeli media reported that the deal worth approximately $15.3 billion was the largest ever cross-border acquisition for an Israeli tech firm. It comes with Intel and Mobileye previously collaborating with German automaker BMW to develop self-driving cars. Intel and Mobileye said they expected to combine to become a global leader in "autonomous driving" that could provide the technology at a lower cost. "The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles," it said. "Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030." Last year, BMW announced that it was joining forces with Mobileye and Intel on a self-drive project for "highly and fully automated driving" to be commercially available by 2021, called the BMW iNext. BMW announced in January it would deploy 40 self-driving vehicles for tests in the United States and Europe this year. In August, Mobileye and UK-based auto-equipment maker Delphi said they were teaming up to develop an autonomous driving system which would be ready for vehicle-makers in 2019. Nearly all the major global automakers are involved in testing autonomous or semi-autonomous vehicles, with some expecting full autonomy within a few years. Mobileye, whose speciality includes systems for accident avoidance, has concluded an agreement with Volkswagen on road data technology as well. The Israeli firm was founded in 1999 and employs some 660 people. It has developed real-time camera systems used to avoid accidents with the help of algorithms that interpret the data. 'Data centres on wheels' Its proprietary EyeQ5 computer vision processor gets input from the 360-degree surround view sensors as well as localisation. Drivers may be familiar with its system that warns when they are approaching too closely to another vehicle or pedestrian. Mobileye co-founder Ziv Aviram said of the acquisition that "together, we will provide an attractive value proposition for the automotive industry". "We expect the growth towards autonomous driving to be transformative," he said in the statement. "It will provide consumers with safer, more flexible, and less costly transportation options, and provide incremental business model opportunities for our automaker customers." The companies said the transaction, approved by the boards of both Intel and Mobileye, is expected to close within the next nine months. "As cars progress from assisted driving to fully autonomous, they are increasingly becoming data centres on wheels," the statement said. "Intel expects that by 2020, autonomous vehicles will generate 4,000 GB of data per day, which plays to Intel's strengths in high-performance computing and network connectivity." Israeli officials were also touting the deal as a sign of confidence in the country's high-tech sector -- an industry that has given it the nickname the "start-up nation". Prime Minister Benjamin Netanyahu spoke by phone with Aviram to congratulate him, a statement from the premier's office said. "The deal dramatically proves that the vision we are leading is being realised," Netanyahu said. "Israel is becoming a global technology centre not only in the field of cyber but also the automotive field." Economy Minister Eli Cohen told army radio that "what's important now is that the production remains in Israel, where some 300 international companies are located". The centre for work on the combined autonomous vehicle will be Mobileye's headquarters in Jerusalem, the firms said. Aviram told Netanyahu that a global development centre will be established in Israel and "will be responsible all the international activity of Intel's autonomous cars", the statement from the premier's office said. Intel has long operated in Israel, opening its first development centre in 1974. In 2014, the firm announced it was to invest close to $6 billion in upgrading its Israeli production facilities. (AFP)

Intel to buy Israeli car tech firm Mobileye for $15 billion

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India&rsquo;s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth.

Economising on cash

India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a &lsquo;leakage&rsquo; from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India&rsquo;s GDP is cash economy&mdash;around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes.

It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected.

The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money.

Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That&rsquo;s not enough to clean up the economy.

A necessary stealth

It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent.

Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper.

One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn&rsquo;t get time to think and park their money. The suddenness of the move is expected to deliver the results.

Future holdings

A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don&rsquo;t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy.

Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

It is the biggest overseas acquisition ever by a South Korean firm

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India’s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth. Economising on cash India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a ‘leakage’ from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India’s GDP is cash economy—around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes. It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected. The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money. Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That’s not enough to clean up the economy. A necessary stealth It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent. Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper. One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn’t get time to think and park their money. The suddenness of the move is expected to deliver the results. Future holdings A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don’t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy. Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

Samsung to buy car tech firm Harman for $8 billion