Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Dear readers, As we approach yet another weekend, here are some key developments across various sectors. Nvidia has surpassed Apple to become the world’s largest company, driven by the AI boom. Meanwhile, the US Federal Reserve cut interest rates, by 25 basis points to 4.75%, the second such reduction in 2024. In the workplace, Gen Z’s approach to mental health got attention, with one employee taking a week off after a breakup. Additionally, Indian banks are expecting steady growth, despite challenges in unsecured lending. Read on for all the details! <h2>Top stories from the week </h2> Indian banks to have steady growth in earnings over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report Jefferies forecasts steady earnings growth for Indian banks over the next 3–4 years, with a 13% annual loan growth rate. However, a decline in unsecured lending could reduce fee income. While net interest income is expected to grow at 12%, challenges such as rising defaults and a potential dip in rate cuts could affect profitability. Despite this, banks’ return on equity and assets remain promising. <a href="https://www.businessinsider.in/finance/news/indian-banks-to-have-steady-growth-in-earning-over-next-3-4-years-fees-from-unsecured-lending-may-dip-notes-jefferies-report/articleshow/115048179.cms" data-type="tilCustomLink" target="_blank">Read more</a> Nvidia becomes world’s largest company amid AI boom, surpasses Apple in the race Nvidia has surpassed Apple to become the world’s largest company by market capitalization, driven by the AI boom. The company’s strong performance is fueled by surging demand for its chips used in AI technologies. With a market cap hitting $3.43 trillion, Nvidia continues to dominate the AI hardware sector, powering data centres and AI research. The company’s revenue growth of 122% YoY further cements its leadership in the AI space. <a href="https://www.businessinsider.in/business/news/nvidia-becomes-worlds-largest-company-amid-ai-boom-surpasses-apple-in-the-race/articleshow/115003223.cms" data-type="tilCustomLink" target="_blank">Read more</a> ‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts A manager’s tweet about granting a Gen Z employee a week off for a breakup sparked widespread debate. While the manager expressed frustration over project delays, internet users defended the employee’s mental health needs, criticizing the manager’s lack of empathy. Some supported the manager’s view, pointing out generational differences in work culture. The incident went viral, furthering discussions about Gen Z’s unique workplace expectations. <a href="https://www.businessinsider.in/careers/news/he-had-a-breakup-and-took-a-one-week-leave-manager-shares-about-his-gen-z-employee-internet-reacts/articleshow/115041747.cms" data-type="tilCustomLink" target="_blank">Read more</a> US Fed cuts interest rates by 25 bps, Powell notes Trump’s victory to have no impact on policy decisions The US Federal Reserve has cut interest rates by 25 basis points to 4.75%, the second such reduction in 2024. Fed Chairman Jerome Powell emphasized the Fed’s independence despite Trump’s criticism and suggested that the economic outlook remains uncertain, though the Fed is focused on inflation targets. Trump’s policies may lead to higher inflation, adding complexity to the Fed’s efforts to stabilize prices. Experts anticipate that bond yields will stabilize, benefiting emerging markets like India. <a href="https://www.businessinsider.in/finance/news/us-fed-cuts-interest-rates-by-25-bps-powell-notes-trumps-victory-to-have-no-impact-on-policy-decisions/articleshow/115070690.cms" data-type="tilCustomLink" target="_blank">Read more</a> Big Tech’s winners and losers from Donald Trump’s win, according to the market After Donald Trump’s election victory, tech stocks surged, with companies like Tesla seeing significant gains. Tesla’s rise was fueled by Trump’s public support for CEO Elon Musk. Conversely, companies like Apple faced challenges due to fears over potential tariffs on China. While some, like Google, might benefit from lighter regulations, others like Meta could face political challenges. Overall, the election results reshaped market expectations for Big Tech’s future. <a href="https://www.businessinsider.in/tech/news/here-are-big-techs-winners-and-losers-from-donald-trumps-win-according-to-the-market/articleshow/115067798.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories</h2> <a href="https://www.businessinsider.in/entertainment/webstories/donald-trump-on-screen-a-look-at-his-iconic-cameos/slidelist/115045250.cms" data-type="tilCustomLink" target="_blank">Donald Trump on screen: A look at his iconic cameos</a> <a href="https://www.businessinsider.in/india/webstories/8-lifestyle-mistakes-contributing-to-health-problems-in-india/slidelist/115051791.cms" data-type="tilCustomLink" target="_blank">8 lifestyle mistakes contributing to health problems in India</a> <a href="https://www.businessinsider.in/travel/india/webstories/10-magical-indian-experiences-every-traveller-should-try/slidelist/115052527.cms" data-type="tilCustomLink" target="_blank">10 magical Indian experiences every traveller should try</a>

Weekend wrap: Nvidia’s AI-driven surge, Indian banks’ steady growth and more

<ul class="summary-list"><li>A Russian company will reportedly barter chickpeas and lentils for Pakistani tangerines and rice.</li><li>Russia has struggled to make payments across borders amid mounting sanctions from the US and its allies.</li></ul>Russia is continuing to feel the pressure from Western sanctions.One Russian company is planning to barter chickpeas and lentils for Pakistani tangerines, rice and potatoes, according to a Tuesday report from Russian state-run news service Tass.The agreement comes amid reports of Russian companies struggling to make payments across borders amid <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-growth-recession-labor-worker-shortage-inflation-sanctions-west-2024-9">mounting sanctions from the US and its allies</a> since Russia invaded Ukraine in 2022.Russia's Astarta-Agrotrading will trade 20,000 tons of chickpeas in exchange for the same amount of rice from Pakistan's Meskay &amp; Femtee Trading Company in an agreement signed Tuesday, Bloomberg said, citing the Tass report.The company will also trade 15,000 tons of chickpeas and 10,000 tons of lentils for 10,000 tons of potatoes and 15,000 tons of tangerines from the Pakistani company.Russia's search for alternate international trade channels isn't new.In fall 2022, months after Russia invaded Ukraine, the country <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">drafted plans</a> to spend around $1 billion worth of Indian rupees secretly purchasing critical goods and investing in production in India, the Financial Times reported last month.More recently, China is reported to be in <a target="_blank" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade talks with Russia</a>, joining the likes of countries like Afghanistan and Iran who have also discussed barter trade with the Kremlin.Russia also passed a bill in July that will allow <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">trade payments in crypto</a>.Russia has struggled amid increasingly tight sanctions since 2022, which have steadily cut off its access to key financial support.Even Chinese banks, the smaller of which were a key processor for Russian payments, have <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">stopped offering support</a> in recent months.Russia's economy has boomed throughout the war with Ukraine, but the Bank of Russia recently said its seen <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">"signs of cooling domestic demand" as inflation rises</a> — a dreaded outcome known as stagflation.

A Russian company is bartering chickpeas for Pakistani rice as sanctions stop payments

<ul class="summary-list"><li>TSMC halted shipments to a client after its chips were found in Huawei products, per reports.</li><li>TSMC and other chipmakers are barred from doing business with Huawei without US government approval.</li></ul>Taiwan Semiconductor Manufacturing Company has cut off shipments to a client after the chips it sent were found in products produced by Huawei Technologies — which is under US export control — an unnamed Taipei <a target="_blank" class="" href="https://www.barrons.com/news/taiwan-s-tsmc-stops-shipments-to-client-after-chips-sent-to-huawei-f136ea24">government official told AFP.</a>TSMC notified the US and Taiwanese governments due to the possible violations of US sanctions to restrict tech transfers to the Chinese firm, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-23/tsmc-cuts-off-client-after-discovering-chips-diverted-to-huawei">per Bloomberg.</a> TSMC is Taiwan's largest company and the world's largest dedicated independent semiconductor foundry.TSMC and other chipmakers are barred from doing business with Huawei without US government approval. The sanctions are part of efforts to restrict Huawei's technological capabilities, especially in areas like 5G and AI. The reports raise questions about supply chain transparency and could lead to increased export scrutiny, according to researchers and analysts who spoke with BI. On Wednesday, John Moolenaar, the chairman of the Select Committee on the Chinese Communist Party, slammed the development in a <a target="_blank" class="" href="https://selectcommitteeontheccp.house.gov/media/press-releases/moolenaar-tsmc-chips-huawei-catastrophic-failure-export-control-policy">statement.</a>"Reports that cutting-edge TSMC-manufactured chips have contributed to Huawei's AI development represent a catastrophic failure of US export control policy," he said. "AI accelerators, like the one that these chips fueled, are at the forefront of our technology race with the CCP, and I fear the damage done here will have significant consequences for our national security," Moolenaar added. "Congress needs immediate answers from both BIS and TSMC about the scope and volume of this disaster. The US government must take immediate steps to ensure this does not happen again."TSMC, Huawei, and the Commerce Department did not immediately respond to Business Insider's requests for comments.TSMC told Bloomberg that it stopped all shipments to Huawei after September 15, 2020. It declined to comment on the reports that its chips had ended up in Huawei products. "TSMC is a law-abiding company, and we are committed to complying with all applicable rules and regulations, including applicable export controls," TSMC said in its emailed statement to Bloomberg. "We proactively communicated with the US Commerce Department regarding the matter in the report. We are not aware of TSMC being the subject of any investigation at this time."<h2 id="fe26c08e-cd2e-4e3d-a477-f5211b02bcea">A 'shadow network' of chips</h2>The report adds to US concerns that Huawei is potentially obtaining advanced chips despite being blacklisted since 2020. A US semiconductor association <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2023-08-23/huawei-building-secret-chip-plants-in-china-to-bypass-us-sanctions-group-warns">warned last year</a> that Huawei was building a shadow manufacturing network.Min-yen Chiang, a researcher who focuses on the political economy of semiconductors, told Business Insider the development raises the question of opacity surrounding Huawei's "shadow network" of chips, including how big the web is and the nature of the network.He said public information suggests TSMC has been closely following export controls, but Huawei's network needs to be better understood to improve due diligence."If it remains unclear, what happened with TSMC could happen to other chip manufacturers as they wouldn't know if the chips that they sell would be resold to Huawei," Chiang said. <h2 id="22ca6e98-7cd9-45ff-b108-05b66813c717">Supply chain issues</h2>The situation could also have other implications, including distrust about TSMC's supply chain and more intense regulatory scrutiny, analysts said. Kate Leaman, chief market analyst at AvaTrade, said the wider concern is how Huawei obtained the advanced chips."This raises suspicions about potential loopholes or third-party intermediaries acting on their behalf," she said."If TSMC is found to have breached said export controls, it may face penalties that could restrict its ability to access US technology," she continued, adding this would not only hurt TSMC's operations but also have wider implications for tech giants like Apple and Nvidia that rely heavily on TSMC for chip production.Leaman said the issue could also prompt ever stricter export controls and more intense supply chain scrutiny for companies involved in sensitive technology.<h2 id="d2ebdb77-3001-47e5-8687-80caa672acdd">Export controls </h2><a target="_blank" class="" href="https://www.cna.com.tw/news/afe/202410230090.aspx">On Wednesday,</a> JW Kuo, Taiwan's economic affairs minister, told reporters in Taipei that the island respects US export control measures and will strongly communicate this stance to the industry.A US Commerce Department spokesperson told Bloomberg the agency's Bureau of Industry and Security is "aware of reporting alleging potential violations of US export controls."Xiaomeng Lu, the director of geo-technology practice at the Eurasia Group consultancy, said that the US investigation into TSMC, as reported by <a target="_blank" href="https://affiliate.insider.com?h=1628943e8031fe80dfa61d0e6ee084273a5ef6d19a87aa94de6b6cf0e71168c7&amp;postID=6719b53f434c477c233eacbd&amp;postSlug=tsmc-chips-huawei-export-controls-supply-chain-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fu-s-probes-tsmcs-dealings-with-huawei">The Information</a> on October 17, appears to examine whether the company is following export control rules."This question is slightly different than whether Huawei got restricted chips from TSMC through illegal channels," she told GZERO Media, a subsidiary of the Eurasia Group."If Huawei is doing that, which is a more geopolitically significant development than potential TSMC misconduct — and TSMC proves they are following all US rules and regulations, Huawei should be the one receiving severe penalties. And I am almost certain they will," Lu added.

TSMC chips reportedly ended up at Huawei. It raises concerns about 'shadow networks' bypassing US sanctions. 

<keyword id="19995882" type="General" weightage="100" keywordseo="Berkshire-Hathaway" source="keywords" meta.keywordsubtype="org" meta.entityname="Berkshire Hathaway" meta.hostid="261" meta.entityid="Berkshire Hathaway">Berkshire Hathaway</keyword> Inc., the conglomerate led by American Businessman <keyword id="19921921" type="General" weightage="20" keywordseo="Warren-Buffett" source="keywords">Warren Buffett</keyword>, has made history by becoming the first U.S. non-tech company to surpass the USD <keyword id="6852179" type="General" weightage="20" keywordseo="1-trillion" source="Orion">1 trillion</keyword> mark in <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword>. The <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> of Berkshire Hathaway surged by USD 3.96 on the New York Stock Exchange, closing at USD 464.59 per share on Wednesday. With this milestone, Berkshire Hathaway joins an exclusive group of six other companies, primarily from the <keyword id="19896148" type="General" weightage="20" keywordseo="technology-sector" source="keywords">technology sector</keyword>, that have crossed the USD 1 trillion threshold. This list includes Apple, Nvidia, Microsoft, Alphabet (the parent company of Google), Amazon, and Meta Platforms (the parent company of Facebook). The stocks of Berkshire Hathaway have seen significant growth this year, appreciating by more than 28 per cent on the New York Stock Exchange. Despite this achievement, the broader U.S. stock markets faced a downturn on Wednesday. Both the S&amp;P 500 and the Nasdaq indices declined, largely due to profit-taking by investors. This market pressure in the U.S. had a ripple effect across Asian markets, where major indices also faced selling pressure on Thursday morning. In Asia, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent. In the Indian markets on Wednesday, the Nifty 50 index at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty. Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market. The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade. <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">Stock market</keyword> opened nearly flat on Wednesday with Nifty starting above 25,000 and BSE Sensex opening at 81,800. Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues. "Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

Earlier this week, former US President Donald Trump revealed that Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> is scheduled to meet with him next week. This potential gathering, set against the backdrop of Trump’s bid for a return to the White House, highlights how global leaders are positioning themselves in anticipation of possible changes in US leadership. “He happens to be coming to meet me next week, and Modi, he’s fantastic,” Trump said on Tuesday during a town hall event in Flint, Michigan, while discussing free trade and US job protection. He even went on to call India a “very big abuser” in trade, Al Jazeera reported. Most likely, Prime Minister Narendra Modi meeting up with Trump could be an acknowledgment of the latter's potential return to power in the November election, as foreign leaders carefully navigate diplomatic relations with key US political figures. However, neither the Trump campaign nor India’s Ministry of External Affairs have clearly commented on the matter yet, meaning that the Indian leader’s plans of a tête-à-tête with ex US President Trump are foggy at best. During a press conference, foreign secretary <keyword id="20181706" type="General" weightage="20" keywordseo="vikram-misri" source="keywords">Vikram Misri</keyword> said, "there are many meetings with the Prime Minister right now which we are trying to fix. Right now, I will not be able to tell you about any specific meeting, whether the meeting has been fixed or not." "We are looking from all angles as to how much time we have and with whom we can hold meetings. We will keep updating you about the meetings," he added. <div type="Article" hostid="261" msid="113444882" title="Trump says PM Modi will meet him during US visit, calls him &amp;#39;fantastic&amp;#39;" mstype="2" mssubtype="0"></div>What we do know with certainty is that Mr Modi is indeed scheduled to travel to the US over the weekend and his calendar is going to be jam-packed. His visit coincides with his planned participation at the <keyword id="23145156" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders Summit</keyword> (including representatives from Australia, India, Japan and the US) in Wilmington, Delaware, hosted by President Joe Biden. As per a White House official, the meet-up will feature "ambitious announcements in multiple areas such as maritime security, high-quality infrastructure and critical and emerging technologies to demonstrate the group’s endurance". Prime Minister Modi will have bilateral meetings with President Biden, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese on Sunday, following the conclusion of the Quad Summit. A special event, the Cancer Moonshot initiative, is also scheduled on the sidelines of the summit. In his meeting with President Biden, India and the US are anticipated to sign several agreements, including those related to the Indo-Pacific Economic Framework and a memorandum of understanding (MoU) on drug frameworks. Foreign Secretary Vikram Misri stated that Modi and Biden will review the comprehensive global strategic partnership between India and the US, which spans over 50 areas of engagement and bilateral dialogue mechanisms. <div type="Article" hostid="261" msid="113085171" title="India is likely to benefit if Trump wins US elections, per Nomura Global Research" mstype="2" mssubtype="0"></div>Both leaders will also assess progress in areas of cooperation, though tensions remain due to the alleged assassination plot involving Khalistani leader Gurpatwant Singh Pannun. The investigation is ongoing, and India has formed a committee to examine the accusations. This visit may serve to ease some of the friction in the relationship. Defence cooperation remains a key area of collaboration between India and the U.S., including agreements on the procurement of 31 MQ-9B Predator drones, joint manufacturing of Stryker Infantry Combat Vehicles, and co-production of GE F414 engines in India. The Ukraine conflict is also expected to be a topic of discussion. Prime Minister Modi is supposed to attend the "Modi &amp; US" community event at the Nassau Veterans Memorial Coliseum in Long Island. The event, already overbooked with more than 24,000 Indian Americans registered for a venue with a capacity of 15,000, has attracted attendees from 42 states, especially the tri-state area. Additionally, PM Modi will allegedly lead a roundtable with CEOs of American companies working in fields like AI, quantum computing, biotechnology, and cutting-edge technology. Lastly, on September 23, Modi will address global leaders at the United Nations' Summit of the Future (SOTF) and is expected to hold bilateral meetings with other heads of state attending the UN General Assembly. Obviously, squeezing in a meeting with Trump and Democrat Candidate Kamala Harris (you know, to balance things out) seems unlikely given Mr Modi’s tight schedule. But we’ll have a clearer picture only in the coming days. <div type="Article" hostid="261" msid="111770277" title="PM Modi likely to address high-level UNGA session on Sep 26" mstype="2" mssubtype="0"></div>

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

<ul class="summary-list"><li>The US Treasury and State Department has issued new sanctions against entities still helping Russia.</li><li>Foreign entities have become a lifeline for Russia, supplying it with needed equipment.</li></ul>The US has taken fresh aim at Russia's wartime economy with another wide-sweeping sanctions package, targeting sources that help sustain Moscow's fight in Ukraine.On Friday, The Treasury and State Department announced restrictions against 400 individuals and entities worldwide, including in China, Turkey, and Switzerland."Russia has turned its economy into a tool in service of the Kremlin's military industrial complex," Deputy Secretary of the Treasury Wally Adeyemo said in the <a target="_blank" class="" href="https://home.treasury.gov/news/press-releases/jy2546">press release</a>, adding: "Companies, financial institutions, and governments around the world need to ensure they are not supporting Russia's military-industrial supply chains."Included are measures against transnational networks that provide Russia with ammunition, military supplies, and advanced machine and electric components. These networks also help Russian oligarchs circumvent prior restrictions, the Treasury said, and have helped one company launder gold.Within Russia, IT and software companies essential to the country's financial sector were also targeted, and curbs on metal and mining revenue were extended.With the war in Ukraine dragging on through its third year, <a target="_blank" href="https://www.businessinsider.com/russia-sanctions-circumvent-buying-2nd-hand-tech-defense-industry-moscow-2024-6">research has found</a> that Russia's defense ministry continues to access needed equipment through secondhand markets, relying on opaque firms to source essential products. Foreign markets have increasingly served as a lifeline for the Kremlin, and the West has not ceased in its attempt to end this.In December 2023, an executive order gave the US Treasury new power to unleash secondary sanctions on financial institutions that work with Russia. This has shown results, such as in China — a recent report found that <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">nearly all Chinese banks are now refusing payments from Russia</a>, impeding the Kremlin's ability to bypass sanctions.According to trade data cited by the <a target="_blank" href="https://www.ft.com/content/7d6a40c5-fa19-4cd0-a214-d6deef53bae7">Financial Times</a>, war-linked exports from China and Turkey into Russia have fallen dramatically since the December order. Chinese exports of high-priority goods fell from $421 million to $212 million between December and February.The Treasury might not stop there.Adeyemo told the outlet that the US is prepared to threaten secondary sanctions toward countries that host Russian bank branches."We will go after the branch they're setting up, but also the other entities and the companies in your jurisdiction that work with them," he told the outlet. The concern here is that Russian subsidiaries can be used to step over sanctions.He added that the US would be turning its attention towards smaller banks that continue to maintain ties with the Kremlin. Adeyemo has previously explained that foreign lenders typically comply with US demands, given that they <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-financial-flows-sanctions-us-dollar-access-treasury-ukraine-war-2024-2">fear losing access to the dollar</a>.When Washington <a target="_blank" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*3ys2sa*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNDQzMjM2NC41MjYuMS4xNzI0NDMzNjE0LjU5LjAuMA..">last imposed a major sanctions package</a> against Russia in June, dollar and euro <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">trading was suspended</a> on the country's main exchange.

The US has announced new sanctions targeting Russia's war machine — and says more are coming

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul class="summary-list"><li>The European Union wants to sanction three Chinese companies for supporting Russia, according to reports.</li><li>It's also sizing up firms based in Hong Kong, India, Serbia, and Turkey, per Bloomberg and the FT.</li></ul>The European Union wants to sanction three Chinese companies due to their ties to Russia, according to reports by <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-12/eu-proposes-curbs-on-three-chinese-firms-for-aiding-russia">Bloomberg</a> and <a target="_blank" href="https://www.ft.com/content/183af737-ef65-4cea-9b27-06c384a5accd">the Financial Times</a>.It’s also sizing up a business based in India and firms from Hong Kong, Kazakhstan, Serbia, Sri Lanka, Turkey, and Thailand, the outlets said, citing a draft proposal that hasn’t been made public yet.The EU reportedly wants to ban companies from doing business with the listed parties, which it believes could be aiding the Kremlin in its war in Ukraine.Member states voting through the plan would mark the first time that the trading bloc has imposed restrictions on Chinese and Indian businesses since Russia invaded its neighbor in February 2022.In the aftermath of that attack, the EU, the US, and other Western countries rushed to sanction Moscow, by cutting Russia’s banks out of <a target="_blank" href="https://www.businessinsider.com/what-is-swift-sanctions-russia-ukraine-invasion-global-banking-system-2022-2">the SWIFT payments system</a> and <a target="_blank" href="https://www.businessinsider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2">capping oil prices</a>. The EU alone has imposed 12 sanctions packages over the past two years.Meanwhile, China and India are yet to roll out similar restrictions and have instead stepped up their <a target="_blank" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">purchases of Russian crude</a>.In April 2023, European Commission president Ursula von der Leyen <a target="_blank" href="https://www.eeas.europa.eu/delegations/china/president-european-commission-ursula-von-der-leyen-visits-china_en?s=166">traveled to Beijing</a> to warn China’s leader Xi Jinping not to support Russia’s war efforts."This visit is taking place in a challenging and increasingly volatile context, in particular because of Russia's war of aggression against Ukraine," she said in a <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_23_2147">press conference</a>. "China's position on this is crucial for the European Union.""We also count on China not to provide any military equipment, directly or indirectly, to Russia. Because we all know, arming the aggressor would be against international law. And it would significantly harm our relationship," von der Leyen added.

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

<ul class="summary-list"><li>Illicit Russian semiconductor imports have fallen this year, Reuters reported.</li><li>So-called transshipments bypass US sanctions by first exporting illicit goods to an secondary destination.</li></ul>Chinese trade flows of restricted technology into Russia have wavered this year, with semiconductor imports losing ground amid US sanctions, <a target="_blank" href="https://www.reuters.com/technology/illicit-chip-flows-russia-seen-slowing-china-hong-kong-remain-transshipment-hubs-2024-07-21/">Reuters</a> reported.Transshipments of advanced components through mainland China fell 19% between January and May, while shipments through Hong Kong dropped 28%, the outlet said.The Commerce Department provided the previously undisclosed data. An official told Reuters that the slowdown resulted from the aggressive enforcement of US sanctions.Also cited was closer cooperation with any firms whose products were transshipped. This refers to a practice where illicit goods are first exported to an intermediate destination, which helps circumvent restrictions. It's been a <a target="_blank" href="https://ofac.treasury.gov/media/932436/download?inline">known risk</a> to US efforts since sanctions began."We are talking to any company whose items are showing up on the battlefield," the official told Reuters, but did not specify the firms' names.However, the official did note that China remains a top concern. The country has been a crucial component to Russia's war effort in Ukraine. While its 2022 invasion earned Moscow a slew of Western trade and finance restrictions, its trade with Beijing has <a target="_blank" href="https://www.businessinsider.com/russia-ukraine-war-putin-china-trade-partnership-economy-moscow-beijing-2024-4">kept expanding</a>.According to a <a target="_blank" href="https://www.thecfhk.org/post/beneath-the-harbor">new report</a> by The Committee for Freedom in Hong Kong Foundation, that includes the transfer of advanced semiconductor products, which can be integral to battlefield technology.Between August and December of last year, $750 million worth of Common High Priority Items — a Western-tracked list of technologies most essential to Russia's war — were traded through Hong Kong, the data showed.Among top chipmaker brands whose products were shipped into Russia, CFHK named, Analog Devices, Intel, and Nvidia.Customs data reviewed by Reuters found that a total of $17.6 million worth of Nvidia goods entered Russia through Hong Kong, after first trading in different markets. These include China, Taiwan, Turkey, Thailand, Serbia and the United Arab Emirates.Looking ahead, China's capacity to provide Russia with Western chips may face more challenges as Washington considers <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7">fresh restrictions</a> on semiconductor imports to Beijing. That's part of an ongoing effort to limit China's access to advanced technology, which the US has framed as a national security issue.

You Searched For "US sanctions on Indian companies" and got 10 results

Weekend wrap: Nvidia’s AI-driven surge, Indian banks’ steady growth and more

Divyanshi Sharma

A Russian company is bartering chickpeas for Pakistani rice as sanctions stop payments

Kelly Cloonan

TSMC chips reportedly ended up at Huawei. It raises concerns about 'shadow networks' bypassing US sanctions.

Huileng Tan,Beatrice Nolan

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

ANI

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

Ashmita Gupta

The US has announced new sanctions targeting Russia's war machine — and says more are coming

Filip De Mott

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

PTI

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

George Glover

US sanctions have tanked Russian semi-chip imports from China and Hong Kong, new data shows

Filip De Mott

Popular Keywords

Buying Guides