New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country’s currency tumbling and sparked political finger-pointing.
The New Zealand dollar was trading in the late afternoon at US$0.5626 — down about 1.8 percent from the previous day.
The conservative coalition government defended its “respect for taxpayers’ money” as the opposition accused it of feeding a “recessionary fire”.
The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.
But the latest figures showed gross domestic product fell a bigger-than-expected 1.0 percent July-September from the previous three months. Analysts had forecast a contraction of 0.2 percent.
That marked the second quarterly contraction in a row, after shrinking a revised 1.1 percent in April-June.
“Yes, the one percent decline in activity is huge. And it’s much weaker than anyone had anticipated,” said a report by Kiwibank economics.
Excluding an economic decline during the Covid-19 pandemic, the New Zealand economy had posted the weakest six-month period since 1991, it said.
“And weakness is spreading across most industries,” the report said.
However, the recent drop was partly balanced out by a statistical revision of growth upwards earlier in the year, Kiwibank said.
And the latest quarter may be the last in the cycle of decline, it said, with a one percent cut in interest rates over the quarter likely to provide relief going forward.
The New Zealand dollar was trading in the late afternoon at US$0.5626 — down about 1.8 percent from the previous day — as the scale of the slump took traders by surprise.
“The latest economic figures highlight the importance of the steps the government has taken to restore respect for taxpayers money and drive economic growth,” the government said in a statement.
Finance Minister Nicola Willis said the economy had now contracted for eight quarters on a per-capita basis.
“The decline reflects the impact of high inflation on the economy. That led the Reserve Bank to engineer a recession which has stifled growth,” she said.
But she predicted the economy would pick up in the next quarter, and grow more strongly in 2025.
The opposition Labour Party said the recession was of the finance minister’s making.
“Nicola Willis’ cuts and austerity has fed the recessionary fire,” said Labour finance spokesperson Barbara Edmonds. “There’s no creative accounting that Nicola can do to make these GDP figures better.”
Start the New Year with thoughtful gift options that blend style and practicality. Smartwatches, with features like fitness tracking and seamless connectivity, are perfect for tech enthusiasts. Grooming tools such as hair dryers add a touch of elegance to daily routines, making them ideal for personal care lovers. Earbuds and TWS devices offer high-quality sound for music enthusiasts, while fitness bands encourage healthier lifestyles with activity tracking and motivational features. These versatile options cater to diverse interests, ensuring there’s something special for everyone. Whether looking for functional gadgets or stylish accessories, these picks combine convenience and sophistication. Celebrate the season by choosing gifts that are both meaningful and modern, perfect for friends, family, or even yourself!
Top New Year gift ideas for him and her; thoughtful picks to start the year right!
Smartwatches for him and her
The boAt Wave Sigma 3 offers a sleek design with a vibrant 2.01″ HD display, making it ideal for fitness enthusiasts and tech-savvy users. Featuring turn-by-turn navigation and 700+ active modes, it supports diverse fitness goals while keeping you on track. Emergency SOS ensures added safety, and the QR Code Hub simplifies access to features. With Bluetooth calling and live sports updates, it’s also a great gifting choice for both men and women.
Specifications of boAt Wave Sigma 3
Operating System: Android Battery Capacity: 230 mAh Wireless Communication Standard: Bluetooth Special features: Turn-by-turn navigation, music player control
Reasons to buy
Reasons to avoid
Vibrant display with easy use
Battery life could be better
Multiple active modes included
Some reports of functionality issues
What are buyers saying on Amazon? Buyers admire its display quality and features but note occasional functionality problems. Opinions vary on battery life and connectivity, though many appreciate the stylish design.
Why choose this product? Choose this product for its advanced navigation, diverse fitness modes, and safety features, offering both practicality and a stylish design for daily use or gifting.
The Noise Twist Go Smartwatch combines style and functionality with its sleek metal dial and 1.39″ vibrant display, perfect for daily wear. Featuring Bluetooth calling and health tracking tools like SpO2 and sleep monitoring, it supports wellness and connectivity. Its unisex design and multiple strap options make it suitable for all occasions and a thoughtful gift choice. With IP68 water resistance and up to 7 days of battery life, it’s built for convenience and durability.
Specifications of Noise Twist Go Smartwatch
Operating System: Android Battery Capacity: 210 mAh Wireless Communication Standard: Bluetooth Special features: Heart rate monitor, voice assistance
Reasons to buy
Reasons to avoid
Stylish design with a glossy finish
Limited compatibility with non-Android devices
Comprehensive health tracking
May not suit heavy-duty sports tracking
What are buyers saying on Amazon? Buyers appreciate its stylish look, display clarity, and fitness features but note occasional concerns with app syncing. It’s highly rated for its durability and user-friendly interface.
Why choose this product? Choose this product for its elegant design, health tracking features, and versatile usability, offering a balance of practicality and style for personal use or gifting.
More options for you:
TWS earbuds for him and her
3. OnePlus Nord Buds 2r True Wireless in Ear Earbuds
The OnePlus Nord Buds 2r offers an immersive listening experience with 12.4mm drivers for rich bass and crisp sound. Featuring up to 38 hours of playback and IP55 water resistance, these earbuds are ideal for workouts or long commutes. The Sound Master Equalizers let you personalize audio with three distinct profiles. Perfect for gamers, the buds include a gaming mode for enhanced performance, making them a versatile gift or personal accessory.
Specifications of OnePlus Nord Buds 2r
Form Factor: True Wireless Battery Average Life: 38 hours Special features: IP55 water resistance, 4-mic design
Reasons to buy
Reasons to avoid
Long battery life
Comfort may vary by user
Customizable sound profiles
Connectivity issues reported by some
What are buyers saying on Amazon? Buyers praise the sound quality, noise cancellation, and value for money, though opinions differ on comfort, fit, and occasional connectivity concerns.
Why choose this product? Choose this product for its powerful sound quality, long battery life, and water resistance, perfect for music lovers, gamers, or gifting.
4. Mivi DuoPods i2 True Wireless Earbuds
The Mivi DuoPods i2 deliver an exceptional audio experience with 13mm bass drivers, ensuring rich bass and crisp sound. Designed for long-lasting use, they offer over 45 hours of playtime and fast charging through Type-C, making them ideal for busy schedules. With AI-powered call clarity and IPX 4.0 sweat resistance, they are perfect for workouts or calls on the go. Their sleek, dual-tone design also makes them a stylish and practical gift.
Specifications of Mivi DuoPods i2
Form Factor: In Ear Noise Control: Passive Noise Cancellation Special features: Fast charging, sweat resistance
Reasons to buy
Reasons to avoid
Long battery life
Limited noise cancellation
Sleek and durable design
May not suit extended wear
What are buyers saying on Amazon? Buyers appreciate the strong bass, call clarity, and sleek design but note minor concerns about noise isolation and comfort during extended use.
Why choose this product? Choose this product for its superior sound quality, impressive battery life, and durable build, making it great for workouts, calls, or gifting.
The Havells 1200 Watts Foldable Hair Dryer offers powerful and efficient styling with three heat settings: hot, warm, and cool. Its foldable handle ensures easy storage, while the honeycomb inlet prevents hair tangling for smoother drying. Designed for comfort, it includes a cool shot button for a polished finish and double protection against overheating. Perfect for anyone seeking a reliable, space-saving blow dryer with effortless styling.
Specifications of Havells 1200 Watts Foldable Hair Dryer
Power Source: Corded Electric Wattage: 1200 W Special features: Foldable handle, cool shot button
Reasons to buy
Reasons to avoid
Compact and easy to store
The cool shot button may be difficult to use
Multiple heat settings
May not be suitable for heavy styling
What are buyers saying on Amazon? Buyers appreciate its drying power, compact design, and ease of use. However, some have issues with the cool shot button and its functionality, while others find it an excellent value for money.
Why choose this product? Choose this product for its efficient drying, easy storage, and practical design, making it ideal for everyday styling and a great gifting option.
The Dreame Glory Hair Dryer offers fast drying with a powerful motor spinning at 110,000 RPM, delivering an impressive airflow of 70 m/s. It features 4 temperature settings and 2 airflow speeds for customizable styling, ensuring the ideal temperature for your hair. The lightweight design makes it perfect for travel, while its negative ion technology keeps hair moisturized and enriched. Its quiet operation ensures a pleasant drying experience.
Specifications of Dreame Glory Hair Dryer
Power Source: Corded Electric Wattage: 11 W Special features: Lightweight, negative ionic technology
Reasons to buy
Reasons to avoid
Fast and efficient drying
Lacks additional styling attachments
Compact and travel-friendly
May not suit thicker hair for heavy styling
What are buyers saying on Amazon? Buyers appreciate its fast drying, compact design, and quiet operation, making it a great choice for travel. However, some wish it came with more styling attachments for versatility.
Why choose this product? Choose this product for its fast drying, lightweight build, and quiet operation, ideal for travellers seeking an efficient and portable hair dryer.
The boAt SmartRing Active combines a sleek stainless-steel design with advanced health monitoring features. It tracks heart rate, blood oxygen levels, sleep, and stress, offering real-time insights into your health. With 20+ sports modes, fitness challenges, and seamless camera control, it enhances your fitness journey and daily tasks. The 5 ATM water-resistant rating ensures durability for various activities. The charging case keeps the SmartRing powered up, and boAt Coins integration adds extra rewards.
Specifications of boAt SmartRing Active
Connectivity Technology: Bluetooth Special Features: Health monitoring, sports modes Water Resistance: 5 ATM
Reasons to buy
Reasons to avoid
Stylish, lightweight design
Connectivity issues reported by some users
Comprehensive health tracking
Sleep tracking accuracy may vary
What are buyers saying on Amazon? Buyers appreciate its sleek design, comfortable wear, and useful health monitoring features. However, some experience connectivity issues and opinions on sleep tracking vary.
Why choose this product? Choose this product for its combination of style, comprehensive health tracking, and water resistance, making it an excellent choice for fitness enthusiasts and daily wear.
The Fitbit Inspire 3 is a sleek health and fitness tracker designed to monitor your wellness. It tracks vital metrics like stress, and blood oxygen levels (SpO2), and provides a daily readiness score with a 6-month Premium membership included. With a long-lasting 10-day battery, it helps you stay connected through calls, text, and app notifications. The device is lightweight, comfortable, and features an always-on display for constant monitoring.
Specifications of Fitbit Inspire 3
Connectivity Technology: WiFi Special Features: Stress management, SpO2 monitoring Battery Life: 10 days
Reasons to buy
Reasons to avoid
Long battery life up to 10 days
Accuracy and functionality concerns
Comfortable, lightweight design
Sleep tracking results may vary
What are buyers saying on Amazon? Users like its long battery life, comfortable fit, and value for money. Some concerns arise regarding the accuracy of metrics and the functionality of the device.
Why choose this product? Choose this product for its all-day health monitoring, long battery life, and additional benefits from the Premium membership. It’s great for fitness enthusiasts who want reliable tracking with a user-friendly design.
More options for you:
What are the best gift ideas for fitness or health-tracking enthusiasts?
Consider smartwatches or fitness trackers like the Fitbit Inspire 3 or boAt SmartRing Active to track health metrics, fitness challenges, and progress for a wellness-focused gift.
What are the top gifts for tech enthusiasts?
Gift tech lovers the OnePlus Nord Buds 2r for great sound quality or the boAt Wave Sigma for smart features like Bluetooth calling, sports modes, and turn-by-turn navigation.
What are some budget-friendly yet practical New Year gifts?
Affordable yet practical gifts like the Havells Foldable Hair Dryer or Noise Twist Go Smartwatch offer great value, combining style and functionality for everyday use.
Dreame Glory Hair Dryer and OnePlus Nord Buds 2r are perfect for travellers, offering compact designs and convenience for quick styling and entertainment on the go.
What are some unique New Year gifts for tech-savvy women?
The Noise Twist Go Smartwatch and boAt SmartRing Active offer stylish designs and useful health-tracking features, ideal for tech-savvy women who want both functionality and fashion.
What are the best gifts for someone who enjoys home styling?
The Havells Foldable Hair Dryer offers practical styling for hair, while the Dreame Glory Hair Dryer provides efficient drying with multiple heat settings, making them great gifts for home styling.
Can you suggest gifts for someone who enjoys fitness and outdoor activities?
The boAt Wave Sigma smartwatch with sports modes or the boAt SmartRing Active for fitness tracking and heart rate monitoring are perfect gifts for someone into fitness and outdoor activities.
Disclaimer: At Hindustan Times, we help you stay up-to-date with the latest trends and products. Hindustan Times has an affiliate partnership, so we may get a part of the revenue when you make a purchase. We shall not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, concerning the products. The products listed in this article are in no particular order of priority.
French President Emmanuel Macron has arrived in Mayotte as the French Indian Ocean territory continues to reel from the devastation of Cyclone Chido.
Macron landed in Mayotte on Thursday morning and said he brought four tonnes of food and health cargo with him.
At least 31 people are reported by French officials to have died, while thousands are still missing after the cyclone tore through the small islands on Saturday.
A state of exceptional natural disaster has been declared in Mayotte.
Earlier, French senator for Mayotte, Salama Ramia told the BBC that emergency food was the top priority.
“One or two shops have opened but not everybody has money to buy food, and even the shops are beginning to be empty, and so, the food for me is really urgent.”
Designed specially for France’s overseas territories, the emergency allows administrative barriers to be overcome in order to deal with the crisis more quickly and effectively.
It has been activated for one month, but can be extended by periods of two months if required.
“Faced with this exceptional situation, exceptional resources must be deployed to quickly restore vital services and implement a sustainable reconstruction plan for Mayotte,” said the minister responsible for overseas territories, François-Noël Buffet.
Emergency services have been delivering food and water and clearing roads, while also racing to find the missing.
Health workers are concerned infectious diseases could spread, as residents have reported clean drinking water shortages and shops are rationing supplies.
The authorities have said their priority is to get damaged water plants back up and running.
Half the territory remains without power. A newly imposed curfew requires people to stay in their homes for six hours overnight to prevent looting.
Mayotte is one of the poorest parts of France, with many of its residents living in shanty towns.
Macron’s administration has been criticised for underinvesting in Mayotte over a number of years.
It has been home to 100,000 migrants seeking asylum to France and living in informal settlements. They’re believed to have been amongst those worst affected by the cyclone.
Chido – the worst storm to hit the archipelago in 90 years – brought wind speeds of more than 225km/h (140mph) on Saturday, flattening areas where people live in shacks with sheet metal roofs and leaving fields of dirt and debris.
After Mayotte the storm hit the African mainland, killing at least 45 people in Mozambique and 13 in Malawi.
Many taxpayers remain uncertain about the mandatory reporting requirements for foreign assets and income. (AI image)
Income Tax Returns: The enactment of the Black Money law has introduced severe penalties for taxpayers who provide insufficient disclosures regarding their foreign incomes, assets and related information. The non-compliance now constitutes a violation of both income tax and black money regulations, resulting in dual legal consequences for individuals who fail to report their foreign income and assets within the stipulated timeframes. Many taxpayers remain uncertain about the mandatory reporting requirements for foreign assets and income. To address this uncertainty, the income tax department issued a brochure on December 11, 2024, clarifying which taxpayers must submit schedule foreign assets (FA) and additional documentation in their ITR by December 31, 2024, if not previously completed. “In my experience, I found many salaried classes taxpayers land in trouble unwittingly by not disclosing their foreign bank account opened during their on-site assignment abroad or shares received as ESOP during their employment with multinational companies. Non-disclosure of foreign accounts by resident taxpayers in the relevant schedule of ITR can trigger initiation of penalty by the tax Department. Release of this e-brochure by the Income Tax Department goes a long way in creating awareness among taxpayers of their mandatory disclosure obligations beyond returning correct income,” Ramakrishnan Srinivasan, former chief commissioner of Income Tax was quoted as saying by ET. Also Read | Taxpayers take note! Income Tax department recovers Rs 37,000 crore from individuals not filing returns despite taxable income The Income Tax Department has published a comprehensive guide addressing common queries regarding foreign assets and income declarations. Here’s what you need to know:
Who should disclose foreign assets/income?
All Indian residents with overseas income or assets are required to make declarations. The definition of residency encompasses individuals who have stayed in India for 182 days or more in any previous year, or those who have spent 365 days or more across four preceding years plus 60 days in the previous year. The guidelines specify that Hindu Undivided Family, Firms, or Association of Persons are considered resident entities unless their management and control operate entirely outside India. Additionally, Indian companies or those with effective management based in India fall under this category.
What is the penalty for non-disclosure for foreign income and assets?
Failing to disclose foreign income and assets can trigger serious legal consequences. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 authorises initiation of assessment proceedings against defaulters. A monetary penalty of Rs 10 lakh is applicable when the combined value of assets (excluding immovable property) surpasses twenty lakh rupees in these situations:
Non-submission of income tax return by individuals holding foreign assets and income, as stipulated in section 42 of Black Money Act, 2015
Failure to provide information or providing incorrect details about assets (including financial interests in entities) situated outside India in the income tax return, according to section 42 of the Black Money Act, 2015.
Legal prosecution can be initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Foreign assets encompass bank accounts, equity and debt interests, business investments, property holdings, capital assets and beneficial interests in overseas holdings. Income from foreign sources includes interest earnings, dividends, gross proceeds, redemption amounts and other related earnings.
How to disclose foreign income and assets?
Declarations must be submitted using appropriate ITR forms, excluding ITR-1 and ITR-4, based on individual circumstances. It’s important to note that ITR-1 and ITR-4 do not contain Schedule FA, Schedule FSI, and Schedule TR sections. Disclosure must be made in the Income Tax Return for the Assessment Year when the taxpayer holds resident status in India during the previous year. The applicable return of income should be submitted before the specified due date according to section 139(9) of Income Tax Act, 1961. Location for Foreign Asset Disclosure in ITR * Schedule FA is for furnishing details of foreign assets and income from any source outside India. * Schedule FSI is for furnishing details of Income from outside India and tax relief. * Schedule TR is for providing details of summary of tax relief claimed for taxes paid outside India. Gather comprehensive information about foreign assets, including asset type, country location, address details, acquisition date, and generated income. Compile information about all foreign income sources, including income type, earned amounts, country of origin, and taxes paid internationally. Input the required information in appropriate Schedules by following the detailed instructions available on income tax.gov.in. If eligible under Double Tax Avoidance Agreement, submit form 67 alongside Schedule TR to claim tax benefits.
New Delhi: Budget airline SpiceJet has successfully reached an amicable settlement with Genesis, resolving a long-standing dispute valued at over $16 million. As part of the agreement, SpiceJet will pay Genesis $6 million in cash, while the lessor will acquire $4 million in SpiceJet equity at a price of Rs 100 per share, said a company statement.
“The settlement is a significant milestone for the airline, providing crucial financial relief and reinforcing its commitment to restoring long-term growth and stability. The deal also offers SpiceJet substantial savings, further strengthening its position in the competitive aviation sector,” it added.
In a joint statement, both parties confirmed that the settlement terms would result in the withdrawal of all ongoing litigations and disputes related to the matter. This move is expected to ease SpiceJet’s legal liabilities and pave the way for smoother operations in the future.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressing satisfaction with the resolution commented, “This settlement marks another crucial step in our journey toward financial stability. We are pleased to have resolved this matter amicably with Genesis through constructive negotiations. This agreement, which includes Genesis acquiring an equity stake in SpiceJet, will significantly reduce our financial liabilities and further strengthen our balance sheet”.
The settlement with Genesis is the latest in a series of successful resolutions with other lessors. SpiceJet has previously reached similar agreements with companies including Horizon Aviation, Engine Lease Finance Corporation, Aircastle, Wilmington Trust SP, Shannon Engine Support Limited, and Export Development Canada. These negotiations have played an important role in reducing the airline’s outstanding financial obligations.
This latest agreement follows a landmark deal in September 2024, when Carlyle Aviation agreed to convert $30 million of lease arrears into SpiceJet equity at INR 100 per share. The deal signaled growing confidence from stakeholders in SpiceJet’s financial and operational recovery.
SpiceJet’s recovery has been further validated by Acuité Ratings & Research, which recently upgraded the airline’s credit rating by four notches, reflecting the company’s progress in overcoming financial challenges and its improved outlook in the aviation market.
Here are the key developments on the 1,029th day of Russia’s full-scale invasion of Ukraine.
Here is the situation on Thursday, December 19:
Fighting
The governor of Russia’s southern Rostov region said that Ukraine had launched an attack with at least 13 missiles and dozens of drones, triggering a fire at the Novoshakhtinsk oil refinery. The Ministry of Defence said Russian air defences shot down 84 drones, including 36 over the Rostov region.
South Korean lawmaker Lee Seong-kweun claimed that at least 100 of the thousands of North Koreans deployed to support Russia’s war effort in Ukraine have been killed since entering combat in December. Nearly 1,000 may have been injured, according to the country’s National Intelligence Service.
Britain said it would send an additional 225 million pounds ($286m) of military equipment to Ukraine to help it in the war against Russia.
North Korea would be capable of producing ballistic missiles and supplying them to Russia for use in Ukraine within months, according to the United Kingdom-based Conflict Armament Research organisation. The group’s head, Jonah Leff, informed the United Nations Security Council that remnants of four North Korean missiles found in Ukraine included one that indicated it was produced in 2024.
Authorities in Russia arrested a suspect over the killing of Lieutenant General Igor Kirillov, the head of the Russian army’s chemical weapons division, and his aide in Moscow earlier in the week. The Investigative Committee said the 29-year-old Uzbekistan national had been “recruited by Ukrainian special forces” to carry out the assassination, which involved the remote triggering of a bomb hidden in an electric scooter.
Russia’s Defence Ministry claimed the capture of two new settlements – Stari Terny and Trudove – in the Donetsk region of east Ukraine. Both are located near the industrial town of Kurakhove, which Russia appears close to capturing.
Russian Foreign Ministry spokeswoman Maria Zakharova said security agencies had evidence that Ukraine had repeatedly dropped white phosphorus munitions from drones in September. Kyiv denied the allegations.
Ukrainian Armed Forces servicemen rest in a shelter close to their position near Chasiv Yar, Donetsk region, Ukraine, 12 December 2024 [File/EPA-EFE/24th Mechanized Brigade Handout]
Politics and diplomacy
North Korea’s Ministry of Foreign Affairs lashed out at “reckless provocation” by the United States and its allies for criticising the country’s support for Russia’s war in Ukraine, accusing them of “distorting and slandering” Pyongyang’s “normal cooperative” ties with Moscow.
Former Russian President Dmitry Medvedev said that journalists at The Times were considered “legitimate military targets after the newspaper ran an editorial calling Ukraine’s assassination of Lieutenant General Igor Kirillov “a legitimate act of defence”.
NATO chief Mark Rutte met Ukrainian President Volodymyr Zelenskyy and other European leaders in Brussels to strategise over Russia’s war ahead of Donald Trump’s return to the White House. He said he wanted Ukraine to be “in the best possible position” when peace talks start, specifically alluding to the provision of air defence systems and other weapons.
French President Emmanuel Macron held separate talks with the Ukrainian president, his office stating that France would make reinforced support for Ukraine its ″absolute priority″ and would continue giving Ukraine ″the means to defend itself and to make Russia’s war of aggression fail″.
At least 100 North Korean soldiers have been killed in fighting in the Ukraine war since entering combat on the Russian side earlier this month, a South Korean MP has said.
Lee Sung-kwon, speaking to reporters after parliament was briefed by the country’s National Intelligence Service, said another 1,000 had been injured.
He said the casualties included high-ranking officials, and could be explained by the troops lack of familiarity with the terrain, and with drone warfare.
Russia has been strengthening ties with North Korea in recent months
On Monday a US Pentagon spokesman said North Koreans had been killed, without giving a number, and a day later an unnamed US official said that there had been “several hundred” killed or wounded.
The BBC has not independently verified the claims.
The North Korean troops, none of whom will have any previous combat experience, are believed to have spent their first weeks in Russia in training and then in support roles.
The casualties are thought to have occurred in Russia’s Kursk region, where Ukrainians are defending a small area of territory captured during a surprise incursion in August.
Last Saturday, Ukrainian President Volodymyr Zelensky said Russia had begun to use a “significant number” of North Koreans in its assaults in Kursk.
They are not thought to have been deployed in Ukraine itself, where Russian troops have been advancing in eastern parts of the country in recent months.
Lee Sung-kwon said there were reports of preparations for additional deployment, and that North Korean leader Kim Jong-un could oversee training.
He quoted intelligence officials as saying the high number of casualties could be attributed to an “unfamiliar battlefield environment, where North Korean forces are being utilised as expendable frontline assault units, and their lack of capability to counter drone attacks”.
“Within the Russian military, complaints have reportedly surfaced that the North Korean troops, due to their lack of knowledge about drones, are more of a burden than an asset,” he added.
Neither Russia nor the North have acknowledged the troop deployments, but a North Korean statement on Thursday carried by state news agency KCNA said the country’s alliance with Moscow was “deterring the US and the West’s ill-intended extension of influence”.
Indian stock markets fell sharply as the US Federal Reserve indicated fewer rate cuts next year, with the Sensex down 880 points and Nifty down 269 points.
Indian stocks markets today dropped sharply in early trade on Thursday, following the US Federal Reserve indicating fewer rate cuts next year. The benchmark indices, Sensex and Nifty, tumbled significantly in early trade, with all 30 blue-chip stocks on the BSE and NSE slipping into the red.
A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(REUTERS)
As of 10.30 am, the 30-share BSE benchmark Sensex plummeted 880 points to 79,301, while the NSE Nifty dropped 269 points to 23,969. Both indices have lost over 3% so far this week, marking their first weekly decline in five weeks.
Stock market crash: Top losers today
All the 30 blue-chip stocks were trading lower. The more domestically-focussed smallcaps and midcaps, as well as all 13 major subsectors retreated in early trade.
The stocks which took the biggest hit on Thursday are:
The sharp sell-off was triggered by global market weakness after the US Federal Reserve signaled fewer interest rate cuts in 2025. While the Fed had widely anticipated a 25-basis-point rate cut, its forecast for just two further quarter-percentage-point reductions next year was more conservative than previously expected. The central bank’s projection, citing persistent inflation and strength in the US economy, signaled a more cautious approach than investors had hoped for.
Rate cuts in the US typically help emerging market assets, such as Indian equities, as they boost foreign inflows.
Ajay Bagga, Banking and Market Expert told ANI that “Risk off is hitting all markets today as the Fed projections of rate cuts for 2025 led to a steep sell off in US stocks, Gold, Silver, EM currencies vs the US Dollar and led to bond yields in the US going up. Asian markets are seeing the same sell off today and Indian markets are pointing to a gap down opening due to the weak global cues”.
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News/Business/ Sensex, Nifty crash after Fed rate cut announcement: Top losers today
Trading today will be influenced by the US Federal Reserve’s latest decision. (AI image)
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in opening trade on Thursday after US Federal Reserve’s hawkish commentary. While BSE Sensex went below 80,000, Nifty50 also plunged below 24,000. At 9:17 AM, BSE Sensex was trading at 79,287.77, down 894 points or 1.12%. Nifty50 was at 23,917.00, down 282 points or 1.16%. The Indian market is witnessing a decline in the early holiday season rally, with a stronger impact in India versus developed markets due to the dollar’s swift rise. Trading today will be influenced by the US Federal Reserve’s latest decision. “Market sentiment remains cautious ahead of potential policy and tariff shifts from the incoming US administration. This caution is further influenced by India’s premium valuation, which is significantly above the current earnings growth trajectory that has slowed over the last two quarters,” said Vinod Nair, Head of Research, Geojit Financial Services. US indices recorded significant losses after the US Federal Reserve’s rate cut decision. All three major indices recorded their largest single-day losses in months. This followed the Federal Reserve’s decision to reduce interest rates by 0.25%, whilst their future projections indicated a more conservative approach to rate reductions in the coming year. Thursday witnessed Asian equities falling, following the substantial losses in US markets, after the Federal Reserve reduced expectations for interest rate reductions next year. The dollar approached a two-year high on Thursday following the Federal Reserve’s indication of reduced rate cuts in 2025. Simultaneously, the yen decreased to its lowest point in a month before the Bank of Japan’s (BOJ) policy announcement later in the day. Gold prices remained near their lowest point in a month on Thursday after the U.S. Federal Reserve suggested a deceleration in monetary policy easing for the next year, strengthening both the dollar and Treasury yields. Foreign portfolio investors shifted to net selling position with outflows of Rs 1,316 crore on Wednesday. Domestic institutional investors offloaded equities valued at Rs 4084 crore. Foreign institutional investors’ net short positions rose from Rs 91,098 crore on Tuesday to Rs 1.01 lakh crore on Wednesday.
Teamsters union says workers in New York, Atlanta and San Francisco to walk off the job over pay and conditions.
Thousands of Amazon employees in the United States are set to go on strike during the busy Christmas period after union officials accused the retailer of refusing to enter negotiations for better pay and conditions.
The Teamsters union said on Wednesday that warehouse workers would join the picket line in cities including New York, Atlanta and San Francisco from 6am Eastern Time (11:00 GMT) on Thursday in the largest strike against the company in US history.
“If your package is delayed during the holidays, you can blame Amazon’s insatiable greed. We gave Amazon a clear deadline to come to the table and do right by our members. They ignored it,” Teamsters General President Sean M O’Brien said in a statement.
“These greedy executives had every chance to show decency and respect for the people who make their obscene profits possible. Instead, they’ve pushed workers to the limit and now they’re paying the price. This strike is on them.”
Teamsters, one of the biggest unions in North America, claims to represent about 10,000 Amazon workers among the retail giant’s roughly 800,000-strong US workforce.
Amazon disputes the union’s claim to represent any of its employees and says its conduct is illegal.
“For more than a year now, the Teamsters have continued to intentionally mislead the public – claiming that they represent ‘thousands of Amazon employees and drivers’. They don’t, and this is another attempt to push a false narrative,” Amazon spokesperson Kelly Nantel told Al Jazeera.
“The truth is that the Teamsters have actively threatened, intimidated, and attempted to coerce Amazon employees and third-party drivers to join them, which is illegal and is the subject of multiple pending unfair labour practice charges against the union.”
Amazon, the world’s second-biggest private employer after Walmart, has for years faced accusations that it puts profits above safe conditions at its facilities.
A US Senate committee earlier this week released the findings of an 18-month investigation that found the company pushes its warehouse workers to fulfil orders at speeds that could cause high rates of injury.
Amazon said the report was “wrong on the facts and features selective, outdated information that lacks context and isn’t grounded in reality”.
Last month, Amazon workers in more than 20 countries, including the US and the United Kingdom, announced a “Make Amazon Pay” campaign of protests and strike action aimed at raising awareness about labour abuses and environmental degradation.
