Amazon workers from many warehouses in the United States have announced a strike beginning Thursday after they failed to reach an agreement on labour negotiations with the online retail giant.

The International Brotherhood of Teamsters, the union representing 10,000 Amazon workers, said in an announcement on Wednesday night, US time, that the decision was made as the company refused to recognise their union and would not negotiate a fair contract.

The strikes will impact Amazon warehouses in New York City, Atlanta, San Francisco, Skokie, Illinois, and three other facilities in Southern California. Thousands of workers are estimated to be on strike.

Moreover, according to the local Press-Telegram newspaper based in Long Beach, California, Teamsters local unions would also put up picket lines at hundreds of Amazon Fulfillment Centers nationwide, news agency reported.

The country's ultra-high net worth individual (UHNI) count reached 13,600 in 2024, marking a 6 per cent annual growth, and is projected to soar by 50 per cent by 2028, far outpacing the global growth average of 30 per cent, a report showed on Thursday.

While India’s UHNI population grew by 6 per cent in 2024, China’s grew by just 2 per cent, signalling India’s rising economic prominence, according to the report by Anarock Group.

India ranks sixth globally in UHNI population and third in Asia, trailing only China and Japan.

About 10 per cent of UHNIs secured alternate citizenships in 2024, favouring Portugal, Malta and the UAE for their global mobility and tax benefits.

India's energy storage capacity is expected to shoot up 12-fold to around 60 GW by 2031-32 which would play a key role in stabilising the power grid as the country transitions to renewable energy, according to an SBI Research report.

The country's energy storage landscape is evolving rapidly, with the proportion of renewable energy (RE) projects incorporating storage solutions recording a significant increase from 5 per cent in FY20 to 23 per cent in FY24, the report said.

This will surpass the growth anticipated for renewable energy sources themselves.

The share of variable renewable energy (VRE) in power generation is expected to triple by 2031-32 which could destabilise the grid. The challenge lies in the inherent mismatch between the generation of VRE and peak power demand. This mismatch often leads to grid instability, surplus energy during peak production hours, and continued reliance on fossil fuels during non-solar periods.

India tops the list of recipient countries for remittances in 2024 with an estimated inflow of $129 billion, followed by Mexico ($68 billion), China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion), according to the latest figures compiled by World Bank economists.

The growth rate of remittances this year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023, according to a World Bank blog post

“The recovery of the job markets in the high-income countries of the Organization for Economic Co-operation and Development (OECD), following the onset of the COVID-19 pandemic, has been the key driver of remittances. This is especially true for the United States where the employment of foreign-born workers has recovered steadily and is 11 percent higher than the pre-pandemic level seen in February 2020,” the report said.

Officially recorded remittances to low-and middle-income countries (LMICs) are expected to reach $685 billion in 2024, it further stated.

India’s pharma industry is considered to be the world's third largest by volume, and in FY 2023-24 the pharmaceutical market has been valued at $50 billion, said Union Minister of State for Chemicals and Fertilizers Anupriya Patel.

In a written reply to Rajya Sabha Patel said that in FY 2023-24, the pharmaceutical market’s domestic consumption value was at $23.5 billion, and exports were valued at $26.5 billion.

The Indian pharmaceutical industry has a strong presence at the global level. It is also the 14th in terms of value of production with an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics.

“According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry that is, pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores. 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23,” Patel said.

Startups will be a core driver of India’s economic growth this ‘Techade,’ likely to contribute nearly $120 billion (or 1.6 per cent) to the country’s GDP by 2030, which will be nearly 3.5 times jump from $35 billion in 2023, according to a new report.

Given that most developed economies see between 5-10 per cent of their GDP being contributed by Tech startups, India’s journey has only just begun, according to the report by venture capital firm Kalaari Capital.

In fact, the contribution by startups can surge to a whopping $1.6 trillion by 2047, thus contributing 5 per cent of the GDP when India aims to become a ‘Viksit Bharat’ with a $35 trillion economy, the report mentioned.

Also, the country is expected to have over 300 unicorns by 2030, from more than 100 at present.

“The ‘Techade’ is just the first innings in India’s golden Test match,” the report said, adding that both manufacturing and services are expected to grow significantly, cumulatively adding $800 billion of export value to the GDP.

The Adani Group Chairman, Gautam Adani, on Thursday said that the company makes promises which are not only about building infrastructure but also creating hope, progress and a brighter tomorrow for millions of Indians.

Reacting to a unique and out-of-the-box advertisement on wind turbines and renewable energy by the Adani Group that took the internet by storm, Gautam Adani posted on X social media platform that the “winds of change are here.”

“In our actions sit the promises we make. Promises that are not just about infrastructure but of hope, progress and a brighter tomorrow. The winds of change are here. Hum Karke Dikhate Hain!” said the Adani Group Chairman.

The 1.30-minute video, with the tagline 'Pehle Pankha Aayega, Phir Bijli Aayegi,’ takes the viewers by surprise and also goes on to illustrate how clean energy can light up lives, without polluting the environment.

From major elections across the globe to conflicts and crises, the year 2024 was critical for the news industry, said Google News on Wednesday.

These significant events highlighted the important role of newsrooms in providing accurate and timely information, said the company, highlighting its contributions to fight misinformation in the Indian news ecosystem.

In 2024, the tech giant supported the Shakti initiative -- a collaboration to combat misinformation and provided AI training to newsrooms.

It also empowered India's news ecosystem through initiatives like the Indian Languages Programme, boosting user engagement and ad revenue for local publishers, as well as expanded Google News Showcase.

Gaurav Munjal-led edtech platform Unacademy recorded a loss of Rs 285 crore in FY24 compared to Rs 1,592 crore in FY23.

The loss was narrowed due to the reduction in the company's expenses.

The total expenditure of the company in FY24 was Rs 1,149 crore, which is 53.29 per cent less than the FY23 figure of Rs 2,460 crore.

In FY24, Unacademy's expenditure on employees decreased 69.47 per cent year-on-year to Rs 340 crore, compared to Rs 1,114 crore in FY23.

The improvement in India's economic growth after the slowdown in the July-September quarter is visible as movement indicators like fuel consumption, vehicles tolled and air traffic have strengthened, Jefferies said in a note on Wednesday.

The Jefferies economy tracker composite indicator shows growth pick-up sustaining in November with the indicator up 6.4 per cent year-on-year, the second fastest growth pace in 13 months.

"The festive season created month-on-month volatility due to Diwali timings," it said.

The combined October-November activity growth at 6.5 per cent is a "substantial improvement" over recent months, with growth fastest in five quarters, the Jeffries report states. “We believe that the revival in government capex and liquidity rise on relaxed RBI policies should improve GDP growth in the quarters ahead," the brokerage said.

Broad-based indicators mostly improved. During November, a significant improvement was seen in diesel consumption which saw the highest jump in 13 months, on a year-on-year basis, the report stated.

Road projects under the hybrid annuity model (HAM) in India, awarded by the Ministry of Road Transport and Highways (MoRTH), are on a steady drive, with more than 90 per cent of the project length under development being constructed on schedule, according to a report on Wednesday.

Such timely execution and comfortable debt protection metrics will support the credit risk profiles of these projects, according to a Crisil Ratings analysis.

Over the past five fiscal years, excluding 2024, about a quarter of the projects awarded by MoRTH were under HAM, underlining the model’s significance in the sector.

Its success can be attributed to provisions such as the requirement of at least 80 per cent right-of-way (ROW) availability before the declaration of appointed date, de-scoping and de-linking of project length where ROW has not been received, and inflation and interest-rate hedging given indexation of cash flows.

Adani Electricity on Wednesday said that it registered a significant number of FIRs against perpetrators of power theft in the April-September period this year – 622 compared to 439 for the corresponding period last year -- thus significantly reducing losses.

The Adani Group company said that this action resulted in a 0.7 per cent reduction in Aggregate Technical and Commercial (AT& C) losses, bringing them down to 4.56 per cent in the last six months compared to 5.26 per cent in the previous six months.

To achieve this reduction, Adani Electricity has intensified its vigilant efforts. The company conducted 18,255 mass raids in high-loss areas, a significant increase from the 11,408 raids conducted during the same period last year.

South Korea's industry ministry said on Wednesday the country plans to implement eased regulations for hydrogen charging stations next year in line with efforts to support the sector's ecosystem.

The set of new rules is reflected in the revised high-pressure gas safety control act, which will be implemented in May, focusing on lowering barriers for building new hydrogen charging stations, according to the Ministry of Trade, Industry and Energy.

Under the updated guideline, the required safety distance between charging stations and their surrounding facilities, currently set at 12 to 30 meters, may be reduced if the stations are equipped with proper protection walls and other safety measures, reports news agency.

The stations will also be allowed to host not only automobiles but other types of hydrogen fuel cell transportation, including forklifts, excavators and trams.

As India gears up to create a future-ready workforce in newer careers and emerging technologies, AI-enabled talent assessment and hiring platform HireMee on Wednesday launched a new tool to assist students make informed decisions about their academic and professional futures.

The Bengaluru-based company introduced the Career Navigation Assessment, a scientifically designed tool to assist students in Classes X, XI and XII (aged 14-18 years) by mapping their unique personality traits, aptitudes, and interests to potential career paths.

“This innovative psychometric assessment meets the growing need for personalised career guidance, offering students a reliable, engaging, and actionable solution to navigate this formative phase of their lives,” said Venkatraman Umakanth, SVP and Head, HireMee.

Samsung Electronics will unveil its new home appliances lineup powered by artificial intelligence (AI) technology at the upcoming CES next month, the company said on Wednesday.

The lineup, comprising the new Bespoke refrigerator, washer and dryer applied with AI home solutions, will be showcased at CES 2025, set to take place at the Las Vegas Convention Center from Jan. 7-10, according to the Korean company.

AI home refers to Samsung's solution of connecting all of its home appliances to its AI-powered SmartThings connectivity platform, allowing remote monitoring and control of the products, reports news agency.

The updated AI home technology will enable users to control the power and settings of all connected home appliances in their houses from the touch screen on any of the products, Samsung explained.

The Asian Development Bank (ADB) will extend financial assistance of Rs 1,527 crore (USD 200 million) to speed up Phase II of the ongoing Nagpur Metro Rail Project, officials said on Tuesday.

A MoU to the effect was signed between MahaMetro and ADB in the presence of Chief Minister Devendra Fadnavis and other high-ranking officials from both sides.

Fadnavis said that Phase II of Nagpur Metro would further accelerate the development of Nagpur City and its surroundings.

MahaMetro Managing Director Shravan Hardikar and ADB Director Mio Oka inked the MoU today.

Phase II of Nagpur Metro will get a total funding of Rs 3,586 crore from the ADB and the European Investment Bank (EIB). Of this, the ADB will provide Rs 1,527 crore in Japanese Yen at a comparatively lower rate of interest on the loan, and the remaining Rs 2,059 crore shall be given by EIB, said the officials.

Gurugram district administration on Tuesday directed private companies in Gurugram to allow work-from-home to their staff in view of the high level of air pollution in the National Capital Region (NCR).

Gurugram Deputy Commissioner Ajay Kumar in his order issued under GRAP-4, has said that private and corporate sector companies should allow work from home to their staff till further orders.

"Under the compliance of the restrictions of Grape 4, instructions were given to conduct classes in hybrid mode in all schools except 10th and 12th classes," read the orders.

Kumar has instructed all the concerned departmental officers to strictly implement the restrictions of Grape 4 in relation to the implementation of the fourth phase of Grape in Delhi NCR late on Monday night.

The global data analytics market is forecast to be worth $190 billion in 2028, registering an 11.1 per cent compound annual growth rate (CAGR) between 2023 and 2028, according to a report on Tuesday.

With data volumes projected to exceed 175 zettabytes by 2025, organisations must leverage advanced analytics tools to extract actionable insights, said GlobalData, a leading data and analytics company.

The traditional data analytics vendors are being disrupted by AI-native vendors that aim to help companies automate operational decision-making using machine learning.

“Furthermore, the emergence of generative AI (GenAI) tools has led data analytics vendors to embed those solutions in their platforms, democratising access to data science capabilities,” said Isabel Al-Dhahir, Principal Analyst, Strategic Intelligence at GlobalData.

Amid the rising influence of artificial intelligence (AI) in the workplace, 94 per cent of desk workers in Indians feel the urgency to master the advanced technology, according to a report on Tuesday.

Slack’s new Workforce Index showed that AI adoption is on the rise in India with 61 per cent of Indian desk workers using AI in their jobs and 80 per cent excited about the prospect of AI replacing some tasks.

India's progress in AI adoption underscores the growing prioritisation of AI among its executives and reflects a heightened sense of urgency among business leaders to unlock its transformative potential.

Maruti Suzuki India on Tuesday announced a production milestone of 2 million vehicles in a calendar year for the first time in its history.

The automaker also became the first among Suzuki Motor Corporation’s global automobile manufacturing facilities to reach this landmark.

Of the 2 million vehicles, almost 60 per cent were manufactured in Haryana and 40 per cent in Gujarat.

“The 2 million production milestone is a testament to India’s manufacturing potential and our dedication to ‘Make in India’ initiative,” said Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India.

“This achievement reflects our commitment, alongside our supplier and dealer partners, to driving economic growth, supporting nation building, and making India’s automobile industry self-reliant and globally competitive,” Takeuchi added.

The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22, according to an official statement issued on Tuesday.

The campaign also targets individuals who have taxable income or significant high-value transactions reported in their AIS but have not filed ITRs for the respective years, the statement said.

The initiative is part of the implementation of the e-Verification Scheme, 2021.

As part of this campaign, informational messages have been sent via SMS and email to taxpayers and non-filers where mismatches have been identified between transactions reported in AIS and the ITRs filed.

The deep brain stimulators (DBS) market in India is projected to witness an anticipated compound annual growth rate (CAGR) of over 10 per cent by 2033, according to a report on Tuesday.

The report by GlobalData, a data, and analytics company, attributed the growth to the increasing prevalence of movement disorders in India. Besides, the inability of many patients to access appropriate surgical intervention has resulted in a substantial treatment gap.

Deep brain stimulation (DBS) is a treatment widely used for illnesses including Parkinson's disease, epilepsy, and other neurological diseases. The system uses an implanted device to send an electrical current directly to specific parts of the brain. The electrodes generate electrical impulses that improve brain function.

In fresh trouble for beleaguered low-cost airline SpiceJet, the Delhi High Court has directed the chief operating officer (COO) and chief executive officer (CEO) of the carrier to appear before it, in a plea seeking compliance of over $6 million in payment to the aircraft engines lessors.

The bench "specifically denied" the request of the counsel for judgment debtor, SpiceJet, for the appearance of the two senior officers before the court through video conferencing.

"The chief operating officer (COO) and chief executive officer (CEO) of the judgement debtor are directed to remain present in court on the next date of hearing, that is, January 16, 2025," the court said in its order on December 10.

Engine lessors, Team France 01 SAS and Sunbird France 02 SAS had initiated legal action against SpiceJet demanding the return of aircraft engines due to non-payment of contractual obligations following the termination of their agreements.

India’s annual rate of inflation based on the Wholesale Price Index (WPI) eased to 1.89 per cent in November compared to 2.36 per cent in October as the rise in food prices slowed during the month with the fresh crop arriving in the market, data released by the Commerce and Industry Ministry on Monday showed.

“The positive rate of inflation in November 2024 is primarily due to an increase in prices of food articles, food products, other manufacturing, textiles, machinery & equipment,” according to an official statement.

Food inflation slowed to 8.29 per cent from 11.59 per cent in October as vegetable prices, which had skyrocketed by as much as 63 per cent, went up by a lower 28.57 per cent during the month. Onion prices, for instance, rose by a mere 2.85 per cent in November, compared to 39.25 per cent in October.

Fuel prices declined by (-) 5.83 per cent during the month slowing the overall rise in inflation.

The inflation in manufactured goods edged up to 2 per cent in November from 1.5 per cent in October.

India has seen a record smartphone exports in November this year, surpassing the Rs 20,000 crore mark for the first time in a month, which was led by Apple.

According to industry data, smartphone exports crossed Rs 20,300 crore, a more than 90 per cent rise from the same period last year. Apple led the exports last month, followed by Samsung.

In November last year, the smartphone exports from the country was over Rs 10,600 crore, as per the industry data.

The smartphone market in the country is expected to exit 2024 with a single-digit annual growth.

Meanwhile, riding on the government's production-linked incentive (PLI) scheme, Apple’s iPhone production in the country reached $10 billion in the seven months of this fiscal (FY25), with $7 billion in exports alone which is a record.

Hyundai AutoEver, the information technology affiliate of Hyundai Motor Group, said on Monday it has established a joint venture in Indonesia to develop navigation maps for the Southeast Asian country and many others in the region.

The new firm, named Terra Link Technologies, has been jointly established with India's MapmyIndia, according to the South Korean company.

The joint venture will focus on developing high-quality automotive navigation maps for Indonesia, Thailand, Vietnam, the Philippines, Malaysia and Singapore, reports news agency.

Hyundai AutoEver said Southeast Asia is experiencing rapid economic growth accompanied by a sharp rise in vehicle demand, which is driving increased demand for in-vehicle navigation systems.

Public Sector Banks (PSBs) in India registered their highest-ever aggregate net profit of Rs 1.41 lakh crore in the financial year 2023-24, the Ministry of Finance said on Sunday.

The gross non-performing assets (GNPA) ratio steeply declined, dropping to 3.12 per cent in September 2024. Demonstrating continued momentum, they registered a net profit of Rs 85,5206,000 crore in the first half of 2024-25.

In addition to their stellar performance, PSBs have contributed significantly to shareholder returns, paying a total dividend of Rs 61,964 crore over the past three years. This remarkable financial growth underscores the sector's operational efficiency, improved asset quality, and stronger capital base.

Beyond their financial achievements, these banks have played a key role in promoting financial inclusion.

India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.

CareEdge Ratings said that it expects Indian government to continue on the path of fiscal consolidation and projects India's GDP growth to remain healthy at 6.5 per cent in FY25 and 6.7 per cent in FY26.

“We expect to see improvement in private investment in 2025, supported by anticipated monetary policy easing,” said Sachin Gupta, Chief Rating Officer and ED, CareEdge Ratings.

The report said that CPI inflation is expected to moderate in the coming quarters. It expects food inflation to moderate, driven by a strong kharif harvest and favourable conditions for rabi sowing.

Travellers in Australia were warned to expect flight delays on Friday after hundreds of Qantas engineers across the country began strike action over a pay dispute with the airline.

Around 500 engineers at Australia's five busiest airports, Sydney, Melbourne, Brisbane, Adelaide and Perth, began walking off the job at 3:30 a.m. local time on Friday and would not return until 7:30 a.m. on Saturday.

It came after pay negotiations between Qantas and several trade unions representing the engineers broke down, news agency reported.

The unions said it was likely the strike would have an immediate impact on flights at the five airports.

Passenger vehicles in India saw their highest-ever November sales at 3.48 lakh units, with a growth of 4.1 per cent as compared to the same month last year, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.

Though the Diwali festival did not fall in the month of November, the two-wheeler segment posted sales of 16.05 lakh units, crossing the 16 lakh units mark for the first time in a non-Diwali November, the figures showed.

The total production of automobiles during the month including of passenger vehicles, three wheelers, two wheelers, and quadricycle in November 2024 was 24,07,351 units.

“The demand momentum which was seen in October during the festive period has continued in November for the industry as a whole,” said Rajesh Menon, Director General, SIAM.

Food delivery and quick commerce services provider Zomato has received a tax demand notice of Rs 803 crore from the Goods and Services Tax (GST) department.

In a stock exchange filing, the company said this notice has been given by the Joint Commissioner of CGST and Central Excise in Thane. This tax notice includes GST demand and interest and penalty.

“This tax demand notice is for not paying GST on delivery charges. The total amount of Rs 803 crore includes GST demand of Rs 401.7 crore and interest/penalty of the same amount," according to the exchange filling.

The company further said, "We believe that we have a strong case on merits, supported by the opinion of our external legal and tax advisors. The company will file an appeal against the order before the appropriate authority."

There seems to be no respite for the consumers in West Bengal from the skyrocketing prices of essential vegetables in the retail markets of the state.

The common people are feeling the maximum pinch due to the skyrocketing price of potatoes, the staple vegetable used in almost all varieties of Bengali dishes.

While the “Jyoti” variety of potato is selling between Rs 36 and Rs 38 a kilogram in most retail markets, the better variety of “Chandramukhi” is selling at Rs 40 a kilogram, with the second variety not being available in a number of retail markets.

It was being said that with the arrival of winter, the prices may ease. However, the prices continue to be rising.

South Korean tech giant Samsung Electronics said on Friday it will launch an "extended reality" (XR) headset jointly developed with Alphabet’s Google and Qualcomm in global markets next year.

The extended reality headset is part of wearable devices to be powered by the new version of Google's Android software -- called Android XR -- developed in tandem with Samsung.

"The XR headset product will arrive in global markets sometime next year. No further details are available about the product for now," a company spokesperson said over the phone, reports news agency.

Extended Reality is a blanket term that refers to a range of virtual-, augmented- and mixed-reality technologies.

The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry on Thursday.

In the corresponding period last year between April 1, 2023, and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued, reflecting the Ministry's concerted efforts to expedite the process this year. The Central Board of Direct Taxes (CBDT) played a crucial role in achieving this milestone, the statement added.

In its year-end review, the Finance Ministry also said that within just a week of processing, an impressive 26.35 per cent of IITRs for FY 2024-25 were cleared -- a significant improvement compared to the 22.56 per cent achieved during FY 2023-24.

South Korean auto giant Hyundai Motor Group said on Thursday it will join hands with Google to strengthen its automotive software system and deliver next-generation navigation and infotainment experiences for drivers.

Under the partnership, Hyundai Motor will adopt Google's Android Automotive Operating System (AAOS) and use Google Maps' geolocation information service, called the Places API, to upgrade its navigation capabilities, according to company officials.

Rather than directly applying the Google Maps service in its cars, Hyundai Motor plans to utilise the information provided by the service on some 250 million places across the globe, such as business operating hours, contact info and reviews, to increase the accuracy of its navigation service, the officials explained, reports news agency.