Category: Economy

Mobilizing millions of small and medium-sized enterprises (SMEs) could unlock a trillion-dollar GDP transformation for a BRICS nation, emphasizing the importance of targeted national programs.

In the quest for economic growth, the focus on mobilizing small and medium-sized enterprises (SMEs) rather than large-scale megaprojects is gaining traction. This approach is seen as pivotal for achieving rapid, trillion-dollar economic transformation, particularly within BRICS nations.

The methodology for this transformation involves a step-by-step process aimed at uplifting between one to ten million SMEs within a span of 1,000 days. By leveraging unique national SME mobilization programs, countries can unlock unprecedented GDP growth potential and significant economic impacts.

Countries with a robust base of SMEs engaged in micro-trading, micro-exports, and micro-manufacturing possess an untapped resource. These SMEs often start small but have the potential to grow into major players on the global stage, similar to the trajectories of China and India, as well as the historical successes of the United States.

Recognizing the contributions of these SMEs and their risk-taking founders is essential. These entrepreneurs are often in search of innovative solutions to complex problems, and their efforts can lead to exceptional opportunities for national GDP growth that have remained dormant for years.

As nations grapple with economic stagnation, the urgency to mobilize one to ten million SMEs through targeted programs, such as the National Administration and Mobilization of Entrepreneurialism (NAME), becomes increasingly clear. This initiative offers a pathway to unlock a trillion-dollar surge in GDP within a relatively short timeframe.

To tackle the trillion-dollar GDP challenge, five key questions should be addressed at the Cabinet level:

First, how can a nation quickly identify and qualify high-potential SMEs without creating bureaucratic bottlenecks? A proposed solution is to launch a digital census that integrates existing tax and registry data to automatically qualify SMEs based on revenue thresholds and growth indicators.

Second, what policy mandates are necessary to align government agencies for SME digitization and export enhancement? Appointing a Cabinet SME Czar could help streamline efforts by designating a cross-ministry coordinator with the authority to resolve conflicting regulations.

Third, how can frontline teams and incubators be upskilled to support SME growth from micro to large-scale enterprises? Implementing boot camps led by experts can provide essential training in export coaching and digital tools.

Fourth, what risks threaten the 1,000-day timeline, and how can they be mitigated? Establishing a political buy-in lock through bipartisan commitments and public progress tracking can enhance accountability and voter support.

Finally, why is it crucial to prioritize women and youth in SME mobilization? Establishing participation quotas can tap into underutilized talent pools, driving innovation and contributing to national GDP transformation.

The qualification criteria for the NAME initiative include assessing the presence of one to ten million high-potential SMEs, the readiness of vertical sectors for digital mobilization, and the capability of local chambers and associations to assist in these efforts. Moreover, it is vital to ensure that women entrepreneurs are uplifted on the national stage and that economic development teams are adequately skilled.

Transforming the economy requires a strategic approach that includes establishing policies for SME digitization, mobilizing SMEs onto digital platforms, and achieving robust economic development within a set timeframe. Expothon Worldwide is positioned as an authority in national mobilization of entrepreneurialism, offering tailored solutions for various countries.

As the world grapples with economic challenges, the need for a paradigm shift in how economies are managed has never been more pressing. The focus must shift from traditional economic models to innovative strategies that prioritize the growth of SMEs, which are the backbone of any thriving economy.

In conclusion, the potential for a BRICS nation to achieve a trillion-dollar GDP transformation lies in the effective mobilization of its SMEs. By addressing the outlined questions and implementing targeted strategies, nations can unlock the vast economic potential that resides within their entrepreneurial ecosystems.

Source: Original article

SoftBank’s PayPay faces a setback in its U.S. IPO plans due to the ongoing government shutdown, highlighting the challenges of global expansion for the Japanese mobile payment app.

Japan’s SoftBank Corp President Jun Miyakawa announced on Wednesday that the U.S. government shutdown has stalled the regulatory review process for PayPay, the company’s mobile payment app operator, which is seeking to list in the United States.

Last month, investors anticipated that PayPay’s valuation could exceed 3 trillion yen (approximately $20 billion) in an initial public offering (IPO) that might occur as early as December. However, the current political climate has put those plans on hold.

PayPay, developed by SoftBank in partnership with Yahoo Japan, was launched in 2018 to encourage cashless transactions in a market that has traditionally favored cash. The app allows users to make in-store payments using QR codes or barcodes and has expanded its functionality to include peer-to-peer (P2P) transfers, enabling users to send and receive money easily. However, some P2P features require identity verification and may be limited based on the type of account.

Over the years, PayPay has transformed from a straightforward payment tool into a multifunctional “super-app” for financial and digital services. The app has been rolling out new features, including payroll and asset management services, although some of these offerings are still region-specific or in phased implementation.

As of 2025, PayPay has introduced several significant enhancements. One of the most notable is the PayPay Payroll mini-app, which supports digital salary payments. This feature provides businesses and employees with a streamlined way to manage salaries electronically, contingent on employer participation and user verification.

Additionally, the app has launched an “Overseas Payment Mode,” initially available in South Korea, which allows Japanese users to make purchases abroad under specific conditions, including verified identity. This feature is currently limited to select merchants. Strategic partnerships, such as with Sumitomo Mitsui Card Company, further integrate PayPay into banking and credit services, although the full functionality and global reach of these services are still being developed.

PayPay has emerged as a major player in Japan’s cashless payment market, boasting tens of millions of users primarily within the country. However, its international adoption remains limited. The app’s growth reflects a broader trend of payment platforms evolving into multifunctional ecosystems that combine convenience with a range of financial services.

As PayPay continues to integrate more services, regulatory, privacy, and security considerations are becoming increasingly important. The ongoing U.S. government shutdown serves as a reminder of the complexities involved in global expansion and financial compliance for companies like PayPay.

SoftBank’s PayPay exemplifies the rapid evolution of mobile payment platforms into comprehensive financial ecosystems. Initially designed to promote cashless transactions in Japan, the app has expanded its offerings to include P2P transfers, payroll services, and overseas payment capabilities. Strategic partnerships with banks and financial institutions further solidify its status as a “super-app” that integrates a wide array of digital financial services.

Despite the challenges posed by the U.S. government shutdown, which has delayed PayPay’s IPO plans, the app’s innovations reflect broader trends in digital finance, emphasizing the convergence of technology and financial services. While most of PayPay’s growth and adoption remain domestic, its international use is currently limited, primarily to South Korea for overseas payments.

As PayPay continues to expand regionally and develop new offerings, it illustrates both the opportunities and challenges of transforming traditional payment systems into comprehensive, technology-driven financial platforms. While valuation estimates for a U.S. IPO exceed 3 trillion yen (around $20 billion), these figures remain speculative and dependent on market conditions.

Source: Original article

Recent corporate layoffs have raised concerns about the future of the U.S. job market, with nearly 950,000 job cuts reported this year alone.

Corporations are increasingly implementing layoffs, leaving thousands of workers without jobs. This trend has sparked discussions among economists about the potential implications for the U.S. economy.

Notable companies such as Amazon, which cut 14,000 corporate positions, and Paramount, which laid off 1,000 workers following a merger, have contributed to a growing list of layoffs. Molson Coors also announced a reduction of 400 jobs, citing a decline in beer consumption among health-conscious consumers. These developments suggest that the frequency and scale of layoffs could indicate challenging times ahead.

Dan North, a senior economist at Allianz Trade Americas, remarked on the significance of these layoffs, stating, “You’ve got a substantial number of well-established companies making pretty big head cuts.” He noted that the pattern of layoffs might not be random, raising questions about the stability of the job market.

According to a report from outplacement firm Challenger, Gray & Christmas, nearly 950,000 job cuts were recorded in the U.S. through September 2025, marking the highest year-to-date total since 2020. This figure does not account for the additional layoffs announced in October, suggesting that the total could rise significantly. Excluding the initial year of the COVID-19 pandemic, job cuts in the first nine months of 2025 have already surpassed the total layoffs for each year since 2009.

Despite the alarming statistics, many economists are not sounding the alarm just yet. Federal Reserve Chair Jerome Powell noted a “very gradual cooling” in the labor market but emphasized that it does not indicate a collapse.

The surge in corporate layoffs throughout 2025 reflects ongoing adjustments within the U.S. economy. Many established companies are responding to new market conditions characterized by slower growth, rising costs, and rapid technological advancements. While some firms cite restructuring, mergers, or efficiency improvements as reasons for job cuts, others point to automation and changing consumer demands. The specific causes and figures associated with layoffs can vary widely among companies.

While large-scale layoffs raise concerns, overall employment data suggests that the labor market is cooling gradually rather than facing an outright crisis. Many of the announced layoffs may unfold over time, and some workers are finding new opportunities in sectors such as technology, healthcare, and renewable energy. However, the scale of job reductions and the slowdown in hiring—now at its lowest level since 2009—indicate that companies are adopting a more cautious approach to expansion.

The layoff trend in 2025 highlights the need for adaptability among both businesses and workers. The challenge lies in ensuring that technological advancements and corporate restructuring lead to a more robust and sustainable economy rather than prolonged instability. Continued monitoring of employment trends and investment in retraining programs will be crucial for navigating this transitional period.

As artificial intelligence and automation continue to reshape various industries, some job roles are being redefined or eliminated, prompting companies to seek greater efficiency. While these technological shifts contribute to layoffs in certain sectors, not all job reductions can be directly attributed to AI or automation. Economic pressures, including inflation, changes in consumer spending, and adjustments following the pandemic, are also influencing corporate decisions, resulting in restructuring and mergers.

Although these changes pose challenges for workers, they may also create new opportunities in emerging fields such as technology, healthcare, and renewable energy. Governments and businesses are increasingly focusing on workforce support, including retraining programs, digital literacy initiatives, and job transition assistance, to help displaced workers re-enter the labor market.

It is essential to recognize that much of the current data on layoffs in 2025 is based on announced job cuts, which may not occur immediately, and the causes can vary across different companies. Overall, the wave of layoffs underscores that long-term resilience in the labor market depends on flexibility, education, and proactive planning, though the pace and scale of changes will differ by industry and region.

Source: Original article

Google is restructuring its advertising team by flattening management layers to enhance efficiency and decision-making amid slowing growth and increased competition.

Google is taking significant steps to streamline its management structure within its U.S. advertising division, specifically the Google Customer Solutions (GCS) team. This decision, reported by Business Insider, was communicated to employees through a memo from Vice President John Nicoletti last month.

This restructuring is particularly noteworthy given that Google’s advertising business remains a critical source of revenue for the company. The move appears aimed at accelerating decision-making processes and reducing bureaucratic hurdles as the company faces intensified competition from AI-driven rivals. In an all-hands meeting held in August, Google leadership revealed that the number of managers overseeing small teams had been reduced by 35% compared to the previous year.

In his memo, Nicoletti outlined a key change: the elimination of the “Managers of Managers” (MoMs) layer across various teams. While the memo did not mention any layoffs, it indicated that affected employees would transition into other roles. The specific number of managerial positions being cut has not been disclosed.

“Unlocking our next stage of growth means building our team strategy and structure for the long term,” Nicoletti stated. A Google spokesperson confirmed the restructuring, emphasizing that the company is continually making adjustments to enhance efficiency, reduce layers, and better serve its customers.

Nicoletti elaborated that the changes in ad sales, set to take effect in January, are designed to empower teams by fostering agility in decision-making and ensuring that leadership remains closely connected to the work being done. This will involve a direct reporting structure where managers from select teams will become “heads of business,” reporting directly to directors without an intermediary management layer.

One specific area of change will occur within the mid-market sales group, where the role of account strategy management will be removed. This role previously acted as a barrier between account executives and managers, as well as the heads of business.

Additionally, Nicoletti announced plans to reopen account executive positions to bolster capacity for fostering deep customer partnerships. “One of the reasons that we’ve been so successful is that we’re outstanding at driving momentum through continuous change,” he noted. “This will be no different.”

Google’s decision to flatten its management structure mirrors similar moves made by other major companies, including Intel, Amazon, and Microsoft, all of which have sought to improve operational efficiency by reducing management layers.

While the GCS division is the primary focus of the memo, it is important to note that it is not the only team involved in ad sales. Google also operates teams dedicated to Large Customer Sales (LCS), which cater to the company’s largest and most complex clients.

As Google navigates these changes, the emphasis on agility and efficiency in its advertising division reflects broader trends in the tech industry, where companies are increasingly prioritizing streamlined operations to maintain competitiveness.

Source: Original article

Target has announced plans to eliminate 1,800 corporate jobs as part of a strategy to simplify operations and address declining sales amid increased competition.

Retail giant Target is facing significant challenges as it announced on Thursday that it will cut 1,800 corporate jobs. This decision, revealed by incoming CEO Michael Fiddelke, aims to reignite growth after nearly four years of stagnant sales.

The layoffs will affect approximately 1,000 current employees and involve the closure of 800 vacant positions, representing about 8% of the company’s global corporate workforce. This restructuring is part of a broader strategy to simplify operations, accelerate growth, and tackle ongoing issues such as declining sales, inventory challenges, and heightened competition from rivals like Walmart and Amazon.

In a memo sent to employees at Target’s headquarters, Fiddelke emphasized the need for urgent changes, stating, “The truth is, the complexity we’ve created over time has been holding us back. Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”

According to a company spokesman, affected employees will receive pay and benefits until January 3, 2026, along with severance packages. The layoffs will focus solely on corporate positions, leaving store-level employees and supply chain staff unaffected. Target has assured that this restructuring is intended to reduce organizational complexity, eliminate overlapping responsibilities, and enhance decision-making and innovation.

This announcement comes on the heels of 11 consecutive quarters of weak or declining comparable sales. The slowdown has been attributed to soft demand for discretionary goods, including apparel and electronics. Despite these challenges, the company has maintained its annual forecasts after previously issuing a downgrade in May.

Following the news of the layoffs, Target’s stock saw a modest increase, reflecting investor optimism that the operational streamlining will help the company regain efficiency, competitiveness, and long-term profitability.

This development underscores the increasing pressure on major retailers to adapt swiftly to changing consumer behavior, economic uncertainty, and global market competition. It highlights the role of corporate restructuring as a vital tool for sustaining business performance in a challenging retail landscape.

Moreover, this move illustrates the broader challenges within the retail industry, such as weak demand for discretionary items, evolving consumer preferences, and intensified competition from rivals like Walmart and Amazon. Maintaining annual forecasts despite consecutive quarters of weak sales indicates that Target is striving to balance operational restructuring with ongoing business performance, aiming to reassure investors and the market about its long-term prospects.

Source: Original article

Top CEOs assert that achieving success in the C-suite requires relentless dedication and long hours, dismissing the idea that a standard 9-to-5 workweek is sufficient.

In a bold message to Gen Z, leading figures from Silicon Valley and Wall Street are making it clear: reaching the C-suite demands more than the conventional 9-to-5 work schedule. Top executives emphasize that relentless hours and intense dedication are essential for those aspiring to occupy the corner office, leaving little room for those who prioritize work-life balance.

Andrew Feldman, cofounder and CEO of the $8.1 billion AI chip company Cerebras, recently articulated this sentiment on the “20VC” podcast. He stated, “This notion that somehow you can achieve greatness, you can build something extraordinary by working 38 hours a week and having work-life balance, that is mind-boggling to me. It’s not true in any part of life.”

As calls for shorter workweeks gain traction across the United States, the nation’s top executives remain steadfast in their belief that a “grindset” approach is the key to achieving trillion-dollar success. Feldman is joined by a cadre of influential leaders, including Google cofounder Sergey Brin and Shark Tank investor Kevin O’Leary, who continue to stress the hard realities of what it takes to succeed in today’s competitive landscape.

While it is possible for professionals to maintain a 40-hour workweek and enjoy their careers, Feldman points out that those who do so are unlikely to create the next unicorn or launch industry-redefining products. “You can have a great life. You can do many really good things, and there are lots of paths to happiness,” he noted. “But the path to build something new out of nothing, and make it great, isn’t part-time work. It isn’t 30, 40, 50 hours a week. It’s every waking minute. And of course, there are costs.”

Executives have long challenged the notion that work-life balance is always achievable. Zoom CEO Eric Yuan has told employees that there’s “no way” to achieve harmony, asserting that “work is life, life is work.” Former President Barack Obama has also emphasized that being “excellent at anything” requires a singular focus at critical moments. LinkedIn cofounder Reid Hoffman has warned that building a startup often means sacrificing leisure activities, such as late-night Netflix binges.

Hoffman once remarked, “If I ever hear a founder talking about, ‘This is how I have a balanced life,’ they’re not committed to winning.” He shared this perspective during a Stanford University class on entrepreneurship in 2014, underscoring that the most successful founders are those who are willing to invest everything into their ventures.

Entrepreneurs seeking to scale their businesses often grapple with the dilemma of when to step back and unplug. While some Silicon Valley founders have criticized the extremes of 100-hour workweeks, there is a general consensus that adhering to a standard nine-to-five schedule is unlikely to facilitate career advancement.

Khozema Shipchandler, CEO of the $17 billion company Twilio, shared his own approach, revealing that he sets aside just eight hours on Saturdays to disconnect from work. He explained to Fortune that “every one of us has to make certain work-life choices,” acknowledging that while individuals can pursue hobbies and reserve evenings for personal time, he has “never spoken to a peer” who doesn’t follow a similar demanding schedule.

In a similar vein, tennis star Serena Williams has stated that entrepreneurs must “show up 28 hours out of 24” each day. Multimillionaire Kevin O’Leary has urged founders to “forget about balance … You’re going to work 25 hours a day, seven days a week, forever.”

Though aspiring CEOs should not interpret these statements literally, one leader provided a more practical benchmark earlier this year. Billionaire computer scientist Sergey Brin advised Google Gemini staffers that “60 hours a week is the sweet spot of productivity.” Workplace experts have noted that true growth often comes from going the extra mile.

Dan Kaplan, co-head of the CHRO practice at ZRG Partners, echoed this sentiment, stating, “The lesson for most young professionals is if you want to get ahead, you’re not going to get there [with] 40 hours a week.” He cautioned that the emphasis on a 60-hour workweek is not merely about the number of hours but about working extra until the job is done.

As the debate over the ideal number of hours for peak productivity continues, Feldman emphasizes that there is no magic formula. “It’s not about logging hours,” he explains. “It’s about being passionate and being consumed by the work. It’s about being driven to change the world, to be the best you can be, and to help your team be the best it can be.”

Source: Original article

The Nobel Memorial Prize in Economic Sciences for 2025 has been awarded to Joel Mokyr, Peter Howitt, and Philippe Aghion for their groundbreaking work on innovation and economic growth.

STOCKHOLM — The Nobel Memorial Prize in Economic Sciences for 2025 was awarded on October 13 to three distinguished economists: Joel Mokyr of Northwestern University, Peter Howitt of Brown University, and Philippe Aghion of the Collège de France and INSEAD in Paris, France. This trio was recognized for their significant contributions to understanding how innovation drives sustained economic growth.

According to the Royal Swedish Academy of Sciences, the prize was divided into two parts. One half was awarded to Mokyr “for having identified the prerequisites for sustained growth through technological progress.” The other half was jointly awarded to Aghion and Howitt “for the theory of sustained growth through creative destruction.”

The Academy highlighted the importance of the laureates’ work, stating, “Over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity. This year’s laureates explain how innovation provides the impetus for further progress.”

Mokyr’s research has delved into the historical roots of innovation-driven growth. He argues that for technological advancements to build upon one another, societies must not only recognize that something works but also understand why it works. Prior to the Industrial Revolution, such scientific understanding was often lacking, which limited progress. Mokyr also emphasized the necessity of societies being open to new ideas and change to foster innovation.

Aghion and Howitt, on the other hand, developed a model known as “creative destruction.” This concept refers to the process by which new innovations render older technologies obsolete. Their influential 1992 paper articulated how progress emerges from this cycle: new products stimulate growth, even as outdated technologies and the companies that produce them are phased out.

The Academy noted that the laureates illustrate the need for constructive management of creative destruction. John Hassler, Chair of the Prize Committee, remarked, “Otherwise, innovation will be blocked by established companies and interest groups that risk being put at a disadvantage. Economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.”

This recognition of Mokyr, Howitt, and Aghion underscores the critical role of innovation in economic development and the importance of adapting to change in a rapidly evolving global landscape.

Source: Original article

The combined wealth of India’s 100 richest individuals has decreased by 9% to $1 trillion, according to Forbes’ 2025 list, influenced by a weaker rupee and a decline in the Sensex index.

According to Forbes’ 2025 list, the combined wealth of India’s 100 richest individuals has declined by 9% to $1 trillion. This significant decrease is attributed to several factors, including a weaker rupee and a 3% drop in the benchmark Sensex index.

Notably, nearly two-thirds of the individuals on the list have experienced a reduction in their fortunes compared to the previous year. This trend underscores the challenges faced by the wealthiest in India amid fluctuating economic conditions.

At the top of the list, Mukesh Ambani maintains his position as the richest person in India, boasting a net worth of $105 billion. Following him is Gautam Adani and his family, who hold the second spot with a net worth of $92 billion.

Other prominent figures such as Savitri Jindal and family, along with Lakshmi Mittal, have also seen declines in their wealth. The overall downturn reflects broader economic challenges that have impacted many of the nation’s wealthiest individuals.

Despite the declines, the list also features 12 new entrants, indicating a dynamic shift in India’s billionaire landscape. This influx of new billionaires suggests that opportunities still exist within the Indian economy, even as established fortunes face challenges.

The report highlights a growing trend among the wealthiest individuals in India to diversify their investments. There is an increasing interest in sectors such as technology and renewable energy, which reflects broader economic shifts and the evolving priorities of India’s elite.

This diversification strategy may serve as a buffer against economic volatility, allowing the wealthy to adapt to changing market conditions. As the global economy continues to evolve, the strategies employed by these billionaires will likely play a crucial role in shaping their financial futures.

In conclusion, the decline in wealth among India’s richest individuals marks a significant moment in the country’s economic landscape. As they navigate these challenges, their investment choices and adaptability will be key to maintaining and potentially growing their fortunes in the years to come.

Source: Original article

The U.S. private sector experienced an unexpected job loss of 32,000 positions in September 2025, the largest decline since March 2023, according to the latest ADP report.

Washington, D.C. — The U.S. private sector saw an unexpected decline in employment in September 2025, shedding 32,000 jobs. This marks the largest drop in employment since March 2023, as analysts had anticipated a modest increase of 50,000 jobs for the month.

Small and medium-sized businesses were particularly affected, collectively losing 40,000 positions. In contrast, large firms managed to add 33,000 jobs during the same period. This divergence highlights the ongoing challenges faced by smaller enterprises in the current economic climate.

Key sectors that experienced job losses included leisure and hospitality, professional services, and financial activities. Conversely, the education and health services sectors saw modest gains, indicating a mixed performance across different areas of the economy.

Despite the overall decline in employment, wage growth remained robust. Job switchers, or those changing jobs, experienced a 6.6% increase in wages, the highest rate observed in a year. This suggests that while the job market may be contracting in certain sectors, competition for talent remains strong, driving up wages for those willing to make a change.

The report comes at a time when the U.S. government is facing a shutdown, which has delayed the release of official jobs data from the Bureau of Labor Statistics. As a result, this ADP report serves as one of the few available indicators of the labor market’s current state.

Economists have cautioned that while the data from the ADP report provides valuable insights, it may not fully capture the broader economic picture. The complexities of the labor market, influenced by various external factors, mean that a single report may not provide a complete understanding of employment trends.

As the economy continues to navigate these challenges, stakeholders will be closely monitoring future reports for signs of recovery or further decline in the job market.

Source: Original article

Charlie Javice, founder of the fintech startup Frank, was sentenced to over seven years in prison for defrauding JPMorgan Chase by inflating user data, highlighting risks in fintech acquisitions.

Charlie Javice’s recent sentencing serves as a cautionary tale regarding the potential risks associated with fintech startups, even those acquired by major financial institutions like JPMorgan Chase. On Monday, Javice was sentenced to more than seven years in prison for defrauding JPMorgan Chase out of millions by significantly inflating user data.

Javice founded Frank, a student loan startup designed to simplify the financial aid application process. The platform aimed to help students navigate the complexities of applying for federal aid, offering a more streamlined and user-friendly experience. Frank quickly gained attention for its innovative approach to student debt and attracted substantial venture capital funding.

In 2021, JPMorgan Chase acquired Frank for $175 million, believing the startup had a user base of over four million students. However, investigations later revealed that the actual number of users was closer to 300,000. This discrepancy led to the uncovering of falsified data that Javice had presented to mislead both investors and JPMorgan Chase.

As part of her sentencing, Javice was ordered to forfeit $22 million in salary, stock, and bonuses related to the sale of her company. Additionally, she is required to jointly pay $287.5 million in restitution alongside her co-defendant, Olivier Amar, who served as Frank’s former chief growth officer.

During her sentencing, Javice expressed acceptance of the jury’s verdict and took full responsibility for her actions. Her defense team argued that she had made a significant but isolated mistake, citing her previous good deeds and personal struggles in an attempt to elicit leniency from the court.

Judge Hellerstein acknowledged Javice’s past contributions but emphasized the need for deterrence, stating, “Your crimes required a great deal of duplicity. You are a good person who has done good deeds. But others need to be deterred.”

Born in 1993, Charlie Javice is a French-American entrepreneur who graduated from the University of Pennsylvania’s Wharton School of Business. She launched Frank in 2016 with the mission of simplifying the often complicated Free Application for Federal Student Aid (FAFSA) process. Under her leadership, Frank quickly became one of the fastest-growing fintech companies focused on education technology, culminating in its acquisition by JPMorgan Chase.

The sentencing of Charlie Javice underscores the importance of thorough due diligence in the acquisition process. While her conviction reflects personal accountability, it also highlights vulnerabilities in JPMorgan Chase’s vetting procedures, exposing the bank to financial and legal repercussions.

For JPMorgan Chase, this incident represents a reputational setback, revealing weaknesses in their acquisition strategies. Nevertheless, the bank’s decisive actions in pursuing restitution and cooperating with authorities demonstrate a commitment to integrity and protecting shareholder interests.

Source: Original article

Amazon has reached a $2.5 billion settlement with the FTC to address misleading Prime subscription practices, which will provide refunds to eligible consumers.

Amazon has agreed to a substantial $2.5 billion settlement to resolve allegations from the U.S. Federal Trade Commission (FTC) regarding its Prime subscription practices. The FTC claimed that these practices misled consumers and made the cancellation process unnecessarily complicated.

As part of the settlement, $1 billion is designated as a civil penalty, while $1.5 billion is allocated for consumer refunds. This settlement not only addresses the financial implications for Amazon but also aims to enhance transparency and fairness in its subscription practices.

Refund eligibility will depend on various factors, including how and when a user signed up for Prime, as well as the number of benefits they utilized during their subscription period. Some users may qualify for automatic refunds, particularly those who enrolled through specific promotional channels and used no more than three Prime benefits within any 12-month timeframe. These eligible users could receive refunds of up to $51.

However, other users, including those who attempted to cancel their subscriptions but encountered difficulties, or those who used slightly more than the allowed number of benefits, will need to file claims to receive their compensation.

Amazon is required to issue automatic refunds within 90 days following the settlement order. Customers eligible for claim-based refunds will receive claim forms after the automatic disbursements are completed. Once a user receives a claim form, they will have 180 days to submit it via email, prepaid mail, or through the designated settlement website. Amazon will review each claim and respond within 30 days.

In addition to financial penalties and refunds, the settlement mandates significant changes to Amazon’s subscription and cancellation procedures. Key obligations include clearly presenting users with the option to decline Prime at the time of signup, disclosing all relevant terms and costs associated with the Prime subscription, and ensuring that the cancellation process is as straightforward as the signup process. Furthermore, Amazon will engage an independent third-party monitor to oversee compliance with these new requirements.

This settlement resolves ongoing litigation and represents one of the largest consumer restitution orders imposed by the FTC in recent years. The implications of this agreement are significant, as it not only provides financial relief to consumers but also aims to foster greater accountability and transparency in Amazon’s subscription practices.

Source: Original article

More than 40% of multinational companies plan to expand operations in India, driven by the country’s rapid economic growth and favorable trade reforms, according to a recent report by Standard Chartered.

India has emerged as a leading destination for multinational companies (MNCs) looking to expand their operations, with over two in five firms planning to increase their trade and manufacturing presence in the country. This trend is highlighted in the report titled “Future of Trade: Resilience” by Standard Chartered, which emphasizes India’s appeal as the world’s most populous market and one of the fastest-growing large economies.

The report indicates that India’s growing significance as a hub for multinational investment is largely due to its expanding consumer base, favorable business reforms, and strategic location within Asia. As companies aim to diversify their operations and explore new markets, India’s robust economic growth and supportive policy initiatives position it as an attractive destination for global trade and manufacturing expansion.

A survey conducted among 1,200 senior executives across 17 markets revealed that more than 40% of respondents plan to expand their operations in India. This interest is primarily fueled by India’s status as the most populous country and one of the fastest-growing major economies in the world.

“India is the leading market of interest from our survey, where almost half of the respondents are looking to ramp up or maintain trade activities,” the report noted. The findings also highlighted that over 60% of corporations from the United States, United Kingdom, China, Hong Kong, and Singapore are among those planning to boost trade and investment in India.

In addition to the growing interest from multinational companies, the report pointed to India’s recent trade initiatives, including a free trade agreement with the UK and efforts to enhance market access with Singapore and China. These reforms, aimed at attracting foreign investment, have contributed to India’s ascent in the global value chain.

Despite the positive outlook for India, the report also acknowledged that trade tariffs remain a significant concern for companies worldwide. Emerging technologies and overall economic growth are increasingly influencing corporate strategies, with around 53% of executives surveyed identifying these factors as key drivers of the future of international trade.

Recent developments in global trade have also introduced complexities. The United States has imposed a 50% tariff on certain Indian exports, including a 25% levy related to India’s ongoing imports of Russian oil. This move underscores the rising tensions in global trade, even as companies seek new strategies to navigate the evolving landscape.

“Although trade fragmentation is likely to hinder global growth in the short term, rising prosperity in developing economies and emerging technology mean that the picture, while complex, is still compelling,” remarked Sunil Kaushal of Standard Chartered in an interview with The Economic Times.

The report further emphasizes that Asia will continue to be a key driver of trade growth over the next three to five years. While the Middle East is gaining prominence, the United States remains a significant player in the global trade arena. “Yet one thing is also clear: both the U.S. and Mainland China will remain key players in the global supply chain,” the report concluded.

Source: Original article

India’s economic potential can be unlocked through a series of twelve pragmatic reforms aimed at modernizing its legal framework, labor laws, and infrastructure, among other areas.

Until 1750, India boasted the richest economy in the world, but colonialism drastically altered its trajectory as the country entered the 20th century. Since 1991, however, India has embarked on a journey of economic recovery and is now on the verge of becoming the world’s third-largest economy. Despite this progress, the growth story remains uneven, hindered by systemic inefficiencies, outdated laws, and fragmented governance.

To realize its full potential, India requires not just one sweeping reform, but a series of twelve practical, implementable changes. These small, strategic steps can collectively drive transformational growth across the nation.

Legal reform is essential to restore faith in the justice system. Currently, India’s courts are burdened with over 60 million pending cases, leading to a situation where justice delayed is justice denied. This backlog discourages investors who are wary of markets where contracts may not be enforceable. The legal framework must evolve to protect the powerless and ensure access to justice for all, particularly for the poor who often rely on contingency fee-based legal services. Countries like Singapore and the U.K. have established specialized commercial courts that resolve disputes swiftly, a model India could adopt by digitizing filings and creating fast-track commercial benches.

Labor reform is another critical area. India’s labor laws are a complex web of central and state regulations, creating a climate of insecurity for workers and apprehension for employers. Drawing inspiration from China’s labor reforms in the 1980s, which balanced flexibility for employers with protections for workers, India must simplify its labor codes while ensuring dignity and security for its workforce.

Land reform is vital for unlocking economic growth. India’s land remains a contested resource, with outdated records and bureaucratic hurdles stalling infrastructure and housing projects. By digitizing land records and creating enforceable titles, as seen in Thailand and Vietnam, India can enhance property rights and attract foreign investment.

Establishing a robust social security system is crucial for providing a safety net for millions living paycheck to paycheck. A universal safety net would encourage risk-taking and help lift people out of poverty. Brazil’s Bolsa Família and Mexico’s Prospera programs serve as successful examples of cash transfer initiatives that have improved living standards. India’s existing direct benefit transfer model could be expanded to include pensions, unemployment benefits, and basic health coverage.

Empowering states through federalism is necessary to address India’s diverse needs. States should have greater fiscal and legislative autonomy to develop localized solutions. The U.S. and China provide examples of how states and provinces can innovate and compete to attract business, a model India could emulate to foster competitive federalism.

India’s cities, which generate over two-thirds of the GDP, must also be empowered. Many urban centers lack strong leadership and independent budgets. By adopting models from cities like New York and London, India can enhance local governance and competitiveness. Empowering cities with elected mayors and fiscal autonomy will be essential for urban growth.

Tax simplification is another area for improvement. While the Goods and Services Tax (GST) was a step forward, complexities and compliance burdens remain. Learning from Estonia’s streamlined tax system, India can create a more predictable and fair tax environment that attracts startups and foreign investors.

Infrastructure investment is crucial for reducing logistics costs, which currently stand at nearly 14% of GDP, compared to 8% in China. Countries like South Korea and Japan have successfully leveraged infrastructure for economic growth. India must accelerate investments in transportation, power, and digital connectivity to enhance competitiveness.

Education and skills development must align with industry needs. Despite producing millions of graduates annually, employability remains low due to a skills gap. Germany’s dual vocational training system and Singapore’s responsive curricula serve as models for India to adopt vocational education and training that prepares youth for the future job market.

Improving the ease of doing business is essential for fostering entrepreneurship. Despite recent improvements, starting and running a business in India remains cumbersome. By adopting time-bound approvals and reducing bureaucratic red tape, as seen in New Zealand, India can create a more conducive environment for entrepreneurs.

Addressing the employment gap is critical, as only 60 million of India’s 1.4 billion people are on official payrolls. The majority work in the informal economy, lacking benefits and protections. India must incentivize employers to formalize employment and expand financial inclusion, transforming its demographic dividend into an economic asset.

Finally, ending wage theft is paramount. Many workers are underpaid or denied overtime. Countries like the U.S. and U.K. treat wage theft as a criminal offense, which India should consider adopting. Implementing digital payroll systems and enforcing compliance can ensure fair compensation for workers.

India’s challenges are not insurmountable. By modernizing its legal system, simplifying labor and land policies, empowering states and cities, investing in infrastructure and education, and ensuring fair wages, India can unlock its vast potential. These reforms are not radical; they are pragmatic and drawn from the experiences of nations that have successfully navigated similar challenges.

The time for action is now. With political will and administrative efficiency, these twelve measures can transform not only the economy but also the lives of over a billion people. India’s destiny is not predetermined; it is waiting to be claimed. By modernizing laws, dignifying workers, and ensuring fair compensation, the aspirations of a billion people can rise to create a powerful economic force.

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Pakistan’s escalating debt crisis is exacerbated by loans from the IMF and China, with funds primarily benefiting Chinese shipyards while citizens endure inflation and austerity measures.

Pakistan’s economic landscape in 2025 presents a complex narrative marked by soaring debt, dwindling foreign reserves, and a reliance on loans from the International Monetary Fund (IMF) and China. However, political analysts and sources within the defense establishment suggest that the primary beneficiaries of this precarious financial situation may not be the nation’s struggling populace, but rather Chinese shipyards and original equipment manufacturers (OEMs).

According to the Economic Survey 2024-25, presented by Finance Minister Muhammad Aurangzeb, Pakistan’s debt has surged to an astonishing Rs 76,000 billion within the first nine months of the fiscal year. While the cash-strapped economy is projected to grow at a modest rate of 2.7% by June 2025, this glimmer of hope is overshadowed by a troubling reality: a significant portion of borrowed funds is being directed out of the country to finance Chinese-built warships, submarines, and defense technology.

The IMF’s involvement has been characterized as a double-edged sword. In May 2025, the organization approved a $1 billion disbursement as part of a larger $7 billion, 37-month program aimed at stabilizing Pakistan’s dwindling foreign exchange reserves and preventing a default on its $90 billion debt. While the IMF’s conditions—including fiscal reforms, social spending floors, and austerity measures—are viewed as steps toward economic discipline, experts caution that these measures offer only a temporary fix. A senior economic analyst, speaking on condition of anonymity, remarked, “The IMF loans plug immediate fiscal holes but do little to address structural imbalances. Pakistan remains trapped in a cycle of borrowing to repay borrowing.”

Compounding the issue, a substantial portion of these funds, along with rolled-over Chinese loans, is funneled directly to Chinese shipyards for high-profile defense contracts, including frigates, submarines, and technology transfers. A source within the defense establishment noted, “This is less about Pakistan’s security and more about boosting China’s industrial revenues,” highlighting the implications of Beijing’s Belt and Road Initiative (BRI). While these military projects may enhance prestige, ordinary citizens are left grappling with rising inflation and increased utility costs.

Pakistan’s debt to China now exceeds obligations to any other creditor, with many loans carrying high interest rates and short repayment periods. A political analyst pointed out, “Unlike concessional loans, Chinese financing for energy projects and defense purchases comes with strings attached.” As debt servicing consumes a significant portion of Pakistan’s fiscal resources, little remains for public investment. Even the much-lauded rollovers from China merely postpone the inevitable, adding interest without reducing the principal.

Behind closed doors, assessments reveal that Chinese OEMs and shipyards are enjoying substantial profits, while Pakistan’s economy continues to struggle. A former finance ministry official remarked, “The irony is that Pakistan pays for infrastructure and defense capabilities it can’t fully utilize. The benefits accrue to foreign contractors, not the public.”

The economic outlook for the average Pakistani remains grim. Inflation has driven up the prices of essential goods such as eggs, chicken, sugar, and dairy, significantly straining household budgets. A Karachi-based economist observed, “The government’s focus on military contracts with China seems disconnected from ground realities. Citizens bear the brunt of lender-imposed tariffs and austerity, while foreign shipyards cash in.”

Critics contend that Pakistan’s dependence on external financing supports fiscal and military ambitions but fails to foster broad-based economic growth. A policy expert from Lahore quipped, “The IMF and Chinese loans are a lifeline, but they’re also a noose. The question is whether Pakistan can break free from this debt trap before it chokes the economy.”

As Pakistan navigates this precarious path, voices from within the security establishment defend the emphasis on defense spending, citing regional threats. However, analysts caution that prioritizing expensive military projects over domestic welfare could lead to long-term instability. A source from a defense think tank stated, “The government must balance strategic needs with economic realities. Otherwise, the real cost will be borne by Pakistan’s people, not its creditors.”

With Chinese shipyards thriving and IMF conditions tightening, the future of Pakistan’s economy hangs in the balance. The pressing question reverberating through policy circles is clear: who truly benefits in this high-stakes game of loans and military contracts?

Source: Original article

The U.S. decision to impose a 25 percent tariff on India presents both challenges and significant opportunities for the country’s supply chain, according to industry leaders.

The recent announcement from the United States regarding a 25 percent tariff on imports from India has sparked a mixed reaction among industry leaders. While some view this move as a challenge, many believe it opens up substantial opportunities for India’s supply chain sector.

Industry experts argue that the tariffs could encourage Indian manufacturers to enhance their competitiveness and innovation. By facing higher costs for exports to the U.S., companies may be motivated to improve efficiency and invest in technology, ultimately leading to a stronger domestic supply chain.

Moreover, the tariffs could prompt Indian businesses to explore new markets beyond the United States. Diversifying export destinations may reduce reliance on the U.S. market and mitigate the impact of tariffs in the long run.

Some leaders in the industry suggest that this situation could also lead to increased collaboration between Indian companies and foreign firms looking to establish or expand their presence in India. Such partnerships could foster knowledge transfer and boost local capabilities.

Additionally, the tariffs may drive the Indian government to implement policies that support domestic industries. This could include incentives for local production, which would not only benefit manufacturers but also create jobs and stimulate the economy.

As the situation develops, industry leaders are closely monitoring the potential impacts of the tariffs on various sectors. The consensus is that while challenges exist, the opportunity to strengthen India’s supply chain and enhance its global competitiveness is significant.

According to industry leaders, the key will be to adapt swiftly to the changing landscape and leverage the situation to foster growth and innovation within the country.

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Adani Enterprises Ltd. has reported a significant increase in EBITDA from its incubating businesses, highlighting the strength and scalability of its operating model.

Adani Enterprises Ltd. (AEL) has experienced a notable rise in the contribution of earnings before interest, taxes, depreciation, and amortization (EBITDA) from its incubating businesses. This increase underscores the strength and scalability of the company’s operating model.

The growth in EBITDA reflects AEL’s strategic focus on developing and nurturing new infrastructure ventures. As these businesses mature, they are expected to play a crucial role in enhancing the overall financial performance of the company.

Adani Enterprises has been actively investing in various sectors, including renewable energy, logistics, and agribusiness, which are integral to its long-term growth strategy. The company’s commitment to innovation and operational efficiency has positioned it well to capitalize on emerging opportunities in the market.

As AEL continues to incubate and scale its businesses, stakeholders are optimistic about the potential for sustained growth and profitability. The strong performance in EBITDA is a testament to the effectiveness of the company’s approach to business development.

In summary, the substantial increase in EBITDA from incubating businesses is a positive indicator of Adani Enterprises’ operational strength and its ability to adapt and thrive in a competitive landscape.

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In an unprecedented display of artificial intelligence, the trading bot Galileo FX reportedly earned a return of $14,158 from a $3,200 investment in one week, as verified by MyFxBook.

The new AI trading bot, Galileo FX, has captured the attention of the investment world with its remarkable performance. This bot reportedly generated a return of $14,158 from a modest $3,200 investment within just a week. The trading records have been independently verified by MyFxBook, a well-respected third-party verification service, which has prompted interest and curiosity from both novice and experienced traders alike.

Galileo FX is designed to be user-friendly, with an intuitive interface that simplifies trading for beginners. Its ease of use allows even those without previous trading experience to engage effortlessly in the market, thereby expanding its appeal to a wider audience.

Since its launch, Galileo FX has shown impressive results. Starting with an initial investment of $200 in January 2025, it reportedly amassed a profit of $61,500 by June 2025—yielding an extraordinary return of 30,750% over five months. These achievements have further fueled interest among traders across the globe.

The bot employs cutting-edge AI technology to forecast market trends and execute trades autonomously. It offers various trading speeds, from conservative to aggressive, which accommodate different risk preferences and strategies. This adaptability, coupled with its high degree of accuracy, has helped establish Galileo FX as a preferred choice among traders.

While initial skepticism was understandable due to the remarkable returns, full disclosure and independent verification by MyFxBook have alleviated many doubts. The bot has reportedly generated $9,100 in profits over eight months trading a single GBP/USD forex pair, boasting a 100% success rate with no losses. Over 300 similar verified performances are featured on their website, underscoring its consistent profitability.

According to a survey, 98.7% of Galileo FX users reported making over $1,500 in their first week of trading. This success has led to an increase in downloads, with more than 8,000 users reportedly benefiting from substantial daily profits.

Galileo FX is available in three versions—Personal, Plus, and Pro—each offering unique features and benefits. Despite its growing popularity, the long-term availability of the bot is uncertain amid reports of a potential acquisition by a major US hedge fund. For now, it remains accessible for purchase via its official website.

The combination of simplicity and sophistication sets Galileo FX apart. Users can quickly install the software and begin generating profits, emphasizing its efficient design and performance.

This development follows significant advancements in AI technologies, such as ChatGPT, marking an expected progression in AI applications. As Galileo FX continues to impact the financial sector, it is closely watched by industry observers.

Source: Original article