Anglo American Plc is considering further cuts to diamond production due to weak demand in China and an oversupply in the market. The company plans to sell or spin off its De Beers diamond business, which has been impacted by declining gem prices and competition from lab-grown stones amid inflationary pressures on consumers globally.
French manufacturing confidence has dropped to a four-year low in October, falling to 92 from 99 in the previous two months. This decline is attributed to a significantly worsening outlook for production and orders, contrary to economists' expectations for stability.
Atos SE has received court approval for its financial restructuring plan, allowing creditors to take control of the company in the coming months. The plan will provide Atos with approximately €1.5 billion to €1.7 billion ($1.6 billion to $1.8 billion) in new funding by early 2025 to support its restructuring efforts.
Finance Minister Nirmala Sitharaman met with World Bank President Ajay Banga to discuss reforms in Multilateral Development Banks (MDBs) during the World Bank and IMF Annual Meetings. The discussions included private capital participation in Global Public Goods and energy security. Sitharaman emphasized the importance of implementing the Independent Expert Group's recommendations on MDB reforms from India's G20 Presidency and requested ongoing monitoring of these initiatives.
Shares of Escorts Kubota fell over 6% after the company announced the sale of its railway equipment business to Sona BLW Precision Forgings for Rs 1,600 crore. This move aligns with the firm's strategic focus on the agri- and construction equipment sectors, aiming to simplify operations and enhance efficiency. As of 12:10 PM, shares were trading at Rs 3,459.65, down 6.5% on the NSE.
Abrdn Plc experienced significant outflows of £3.1 billion ($4 billion) in the third quarter, primarily driven by client redemptions from its equities funds. Additionally, fixed-income funds faced around £800 million in outflows, largely due to a single mandate redemption.
Premier Giorgia Meloni's 2025 Budget Law emphasizes jobs, wages, family, and health care without raising taxes, but faces criticism for insufficient funding in health care and minimal pension increases. The opposition labels the measures a "shameless handout," while unions prepare for strikes over healthcare funding cuts.
Stéphane Rossini is set to resign as Director of the Federal Social Insurance Office following a significant miscalculation in AHV financial forecasts, which led to an overestimation of the deficit by four billion francs for 2023. This error, discovered in May but communicated late, may have influenced the vote on raising the retirement age for women, prompting an appeal from the SP and Greens. Rossini will remain in his position until summer 2025, with an administrative investigation underway to determine his role in the debacle.
India's startup ecosystem, once celebrated for its rapid growth and innovation, is facing challenges as some prominent firms struggle with governance amid their expansion. Notably, Byju Raveendran, founder of the ed-tech giant Byju's, recently declared his company's value has plummeted to zero from over $20 billion. This situation highlights the need for startups to prioritize sustainable growth over mere scaling.
A viral video by Pakistani content creator Rana Hamza Saif showcases China's innovative palm payment system, Weixin Palm Payment, developed by Tencent. Filmed in Zhuzhou, it demonstrates how users can make purchases simply by scanning their palm over a sensor, processing transactions in seconds. This biometric technology allows registered users to pay effortlessly at various locations across China.