Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports.&nbsp;

The company's latest investment in Taiwan signals its commitment to developing its own EV supply chain and reducing reliance on third-party suppliers. The move is also in line with Taiwan's push to become a major player in the EV industry, with the government providing incentives to attract investment and support the development of local talent in the field.&nbsp;

Foxconn's investment is expected to create thousands of new jobs in Kaohsiung, a city in southern Taiwan, and provide a boost to the local economy.&nbsp;

Foxconn is a major supplier to Apple, manufacturing iPhones, and is seeking to diversify its revenue base with a focus on the EV market. The company has already formed several partnerships with global automakers, including a joint venture with Chinese automaker Geely, to provide contract manufacturing services for electric vehicles.

The global EV market is growing rapidly, with demand for electric cars expected to surge in the coming years. Foxconn's investment in new manufacturing facilities and EV-related technologies is aimed at positioning the company as a key player in the market and capturing a share of the growing demand.

Foxconn's move into the EV industry is part of a broader trend of technology companies expanding into the automotive sector. With the rise of electric and autonomous vehicles, the lines between the two industries are blurring, creating opportunities for companies to develop new products and services that cater to the changing needs of consumers.

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Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports.

Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports. The company's latest investment in Taiwan signals its commitment to developing its own EV supply chain and reducing reliance on third-party suppliers. The move is also in line with Taiwan's push to become a major player in the EV industry, with the government providing incentives to attract investment and support the development of local talent in the field. Foxconn's investment is expected to create thousands of new jobs in Kaohsiung, a city in southern Taiwan, and provide a boost to the local economy. Foxconn is a major supplier to Apple, manufacturing iPhones, and is seeking to diversify its revenue base with a focus on the EV market. The company has already formed several partnerships with global automakers, including a joint venture with Chinese automaker Geely, to provide contract manufacturing services for electric vehicles. The global EV market is growing rapidly, with demand for electric cars expected to surge in the coming years. Foxconn's investment in new manufacturing facilities and EV-related technologies is aimed at positioning the company as a key player in the market and capturing a share of the growing demand. Foxconn's move into the EV industry is part of a broader trend of technology companies expanding into the automotive sector. With the rise of electric and autonomous vehicles, the lines between the two industries are blurring, creating opportunities for companies to develop new products and services that cater to the changing needs of consumers. WATCH WION LIVE HERE

Foxconn to pump $800 million into Taiwan to expand electric vehicle production

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%.

The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise.

Samsung's initial thoughts on its performance in the last quarter are gloomy.

In response, the company is now set to make "meaningful cuts" driven by a slowdown in the global semiconductor market.

In a preliminary earnings statement, the world's largest memory chip and TV maker estimated that its operating profit fell to $455.5 million in January-March, marking the lowest profit for any quarter in 14 years. 
 
The company plans to cut the production of memory chips to tighten supply amid a huge pile of inventories.

The move is a strong signal from Samsung, which had previously said it would only make small adjustments like pauses for refurbishing production lines, but not a full-blown cut.

It did not disclose the size of the planned cut. The first-quarter profit fell short of a $733.3 million Refinitiv SmartEstimate, which was weighted towards more consistently accurate analysts.

With consumer demand for tech devices sluggish due to rising inflation, semiconductor buyers, including data centre operators and smartphone and personal computer makers, are refraining from new chip purchases and using up inventories.

Analysts estimate that the chip division sustained quarterly losses of more than $3.03 billion as memory chip prices fell and its inventory values were slashed.

This would be the chip business's first quarterly loss since the first quarter of 2009, a major divergence from what is normally a cash cow that generates about half of Samsung's profits in better years.

Despite the disappointing results, shares in Samsung rose 3% in early trading, while shares of rival SK Hynix surged 5% as investors welcomed plans to cut production to help preserve pricing power.

Samsung is set to release detailed earnings, including divisional breakdowns, later this month.

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%. The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise.

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%. The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise. Samsung's initial thoughts on its performance in the last quarter are gloomy. In response, the company is now set to make "meaningful cuts" driven by a slowdown in the global semiconductor market. In a preliminary earnings statement, the world's largest memory chip and TV maker estimated that its operating profit fell to $455.5 million in January-March, marking the lowest profit for any quarter in 14 years. The company plans to cut the production of memory chips to tighten supply amid a huge pile of inventories. The move is a strong signal from Samsung, which had previously said it would only make small adjustments like pauses for refurbishing production lines, but not a full-blown cut. It did not disclose the size of the planned cut. The first-quarter profit fell short of a $733.3 million Refinitiv SmartEstimate, which was weighted towards more consistently accurate analysts. With consumer demand for tech devices sluggish due to rising inflation, semiconductor buyers, including data centre operators and smartphone and personal computer makers, are refraining from new chip purchases and using up inventories. Analysts estimate that the chip division sustained quarterly losses of more than $3.03 billion as memory chip prices fell and its inventory values were slashed. This would be the chip business's first quarterly loss since the first quarter of 2009, a major divergence from what is normally a cash cow that generates about half of Samsung's profits in better years. Despite the disappointing results, shares in Samsung rose 3% in early trading, while shares of rival SK Hynix surged 5% as investors welcomed plans to cut production to help preserve pricing power. Samsung is set to release detailed earnings, including divisional breakdowns, later this month.

Samsung to cut chip production after profits hit 14-year low

Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform.

The report highlighted numerous horror incidents, including surprise cleaning requirements, last-minute cancellations, and guests finding hidden cameras in their rooms.

Airbnb has not been able to come clear on the matter. This news pulled the company's shares down by 5 per cent.

However, Airbnb's revenue in 2022 was up 40 per cent from a year earlier, making it the company's most profitable year on record.

In addition, the San-Francisco-based firm reported a 16 per cent increase in active listings in Q4 2022 over the same period in 2021.

Nights and experiences booked also rose 20 per cent year-over-year but missed analysts' estimates.

Despite concerns about a slowing economy, travel companies said earlier this year that they had not yet seen a decrease in demand.

However, last month, a fire broke out in a building in Montreal used by long-term residents and short-term guests who booked lodgings through Airbnb.

City officials said the units in the residential building were supposed to be rented for other purposes.

The Bear Cave report also noted that some of the company's top professional hosts have cut out Airbnb and built their own booking platforms, offering cheaper deals.

According to the report, this increase in professionally managed properties will directly compete against Airbnb and may further threaten its revenues.&nbsp;

However, some analysts remain optimistic about Airbnb's prospects.

"Airbnb sits in a much more favourable supply market and looks much more like Amazon: everything on Amazon is pretty much purchasable another way, but that does not make it a less valuable platform," said Bernstein analyst Richard Clarke in a note.

Airbnb laid off some recruiting staff in March to protect margins, and with the latest report causing a stir, the company may have to invest more in ensuring customers have positive experiences on its platform.

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Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform.

Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform. The report highlighted numerous horror incidents, including surprise cleaning requirements, last-minute cancellations, and guests finding hidden cameras in their rooms. Airbnb has not been able to come clear on the matter. This news pulled the company's shares down by 5 per cent. However, Airbnb's revenue in 2022 was up 40 per cent from a year earlier, making it the company's most profitable year on record. In addition, the San-Francisco-based firm reported a 16 per cent increase in active listings in Q4 2022 over the same period in 2021. Nights and experiences booked also rose 20 per cent year-over-year but missed analysts' estimates. Despite concerns about a slowing economy, travel companies said earlier this year that they had not yet seen a decrease in demand. However, last month, a fire broke out in a building in Montreal used by long-term residents and short-term guests who booked lodgings through Airbnb. City officials said the units in the residential building were supposed to be rented for other purposes. The Bear Cave report also noted that some of the company's top professional hosts have cut out Airbnb and built their own booking platforms, offering cheaper deals. According to the report, this increase in professionally managed properties will directly compete against Airbnb and may further threaten its revenues. However, some analysts remain optimistic about Airbnb's prospects. "Airbnb sits in a much more favourable supply market and looks much more like Amazon: everything on Amazon is pretty much purchasable another way, but that does not make it a less valuable platform," said Bernstein analyst Richard Clarke in a note. Airbnb laid off some recruiting staff in March to protect margins, and with the latest report causing a stir, the company may have to invest more in ensuring customers have positive experiences on its platform. WATCH WION LIVE HERE

Airbnb shares fall after probe into unpleasant customer experiences

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years.

The fine, imposed by Germany's APAS accounting oversight body, amounts to $544,630 for a breach of professional duty in auditing Wirecard from 2016 to 2018.

In addition, the companies involved must pay their reparations to straighten the balance. This decision can be appealed in court even though it doesn't bar companies from servicing their existing clients. &nbsp;

Wirecard, a payments company, filed for bankruptcy protection in 2020 after $2.1 billion in cash balances on the company's books that could not be verified.

The fraud cost banks $3.38 billion in loans and write-downs, with its former CEO, Markus Braun, currently on trial on charges of defrauding creditors.

EY's entanglement with Wirecard

EY acted as the auditor for Wirecard in the past.&nbsp;

What was considered a massive fraud had happened right under the nose of the regulatory framework provided by EY and the Federal Financial Supervisory Authority.

Further investigation led to the realization that EY had missed opportunities to uncover the fraud by dismissing the nature of transactions.

Although it mentioned that it had not been provided with details of the APAS investigation, they pressed on their cooperation with the investigation to prove their innocence.

The company said, "we regret that the collusive fraud at Wirecard was not discovered, and we have learned important lessons from this matter."

The case exposed flaws in German financial oversight and embarrassed then-Chancellor Angela Merkel, who had lobbied for the company during a visit to China. The trial of Wirecard's accountant and the head of a subsidiary based in Dubai, United Arab Emirates, is ongoing in Munich.

This latest development underscores the need for greater accountability and transparency in financial practices and auditing.

The repercussions of the Wirecard scandal will likely be felt for some time as companies and regulators strive to rebuild trust and ensure that such a debacle does not happen again.

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years.

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years. The fine, imposed by Germany's APAS accounting oversight body, amounts to $544,630 for a breach of professional duty in auditing Wirecard from 2016 to 2018. In addition, the companies involved must pay their reparations to straighten the balance. This decision can be appealed in court even though it doesn't bar companies from servicing their existing clients. Wirecard, a payments company, filed for bankruptcy protection in 2020 after $2.1 billion in cash balances on the company's books that could not be verified. The fraud cost banks $3.38 billion in loans and write-downs, with its former CEO, Markus Braun, currently on trial on charges of defrauding creditors. EY's entanglement with Wirecard EY acted as the auditor for Wirecard in the past. What was considered a massive fraud had happened right under the nose of the regulatory framework provided by EY and the Federal Financial Supervisory Authority. Further investigation led to the realization that EY had missed opportunities to uncover the fraud by dismissing the nature of transactions. Although it mentioned that it had not been provided with details of the APAS investigation, they pressed on their cooperation with the investigation to prove their innocence. The company said, "we regret that the collusive fraud at Wirecard was not discovered, and we have learned important lessons from this matter." The case exposed flaws in German financial oversight and embarrassed then-Chancellor Angela Merkel, who had lobbied for the company during a visit to China. The trial of Wirecard's accountant and the head of a subsidiary based in Dubai, United Arab Emirates, is ongoing in Munich. This latest development underscores the need for greater accountability and transparency in financial practices and auditing. The repercussions of the Wirecard scandal will likely be felt for some time as companies and regulators strive to rebuild trust and ensure that such a debacle does not happen again.

Ernst & Young's German arm barred from auditing over Wirecard scandal

Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse.

The emerging company, currently referred to as "NewCo," will be 51 per cent owned by Endeavor, with WWE shareholders owning the remaining 49 per cent.

The WWE and UFC have been at the forefront of sports entertainment for decades, consistently demonstrating innovation and shareholder value creation.

This merger is a rare opportunity to create a new era of global sports and entertainment built for where the industry is headed.

Ariel Emanuel, CEO of Endeavor, expressing his excitement, stated "We are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together."

ALSO READ | <a href="https://www.wionews.com/sports/wwe-major-return-on-cards-for-wrestlemania-39-weekend-huge-could-be-match-scrapped-for-showcase-of-immortals-574992">WWE: Major return on cards for WrestleMania 39 weekend, huge could-be-match scrapped for Showcase of Immortals</a>

The announcement has been met with an overwhelmingly positive response from both shareholders and fans of both brands. The merger is expected to create a collective fanbase of over one billion people, providing an exciting growth opportunity for the new company.

The powerhouse merger

Vincent McMahon, the WWE Executive Chairman, has welcomed the merger stating that it is the best outcome for the shareholders with a dynamic advance towards becoming a "$21+ billion live sports and entertainment powerhouse."

The new company would be headed by Ariel Emanuel as the CEO, with Vince McMahon as Executive Chairman of the Board and Mark Shapiro as President and Chief Operating Officer of both Endeavor and the new company.

Dana White will continue as President of UFC, and Nick Khan will serve as President of WWE.

WATCH | WWE and UFC creates sports entertainment giant Endeavor, sign a merger in $21 billion deal

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The Board of Directors will comprise 11 members who will be appointed later, six of whom will be appointed by Endeavor and five by WWE.

This monumental merger is set to maximise the value of combined media rights, enhance sponsorship monetisation, develop new forms of content, and pursue other strategic mergers and acquisitions to bolster their strong, stable brands further.

The future is bright for "NewCo," and fans can't wait to see what exciting developments lie ahead for the new global sports and entertainment powerhouse.

(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse.

Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse. The emerging company, currently referred to as "NewCo," will be 51 per cent owned by Endeavor, with WWE shareholders owning the remaining 49 per cent. The WWE and UFC have been at the forefront of sports entertainment for decades, consistently demonstrating innovation and shareholder value creation. This merger is a rare opportunity to create a new era of global sports and entertainment built for where the industry is headed. Ariel Emanuel, CEO of Endeavor, expressing his excitement, stated "We are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together." ALSO READ | WWE: Major return on cards for WrestleMania 39 weekend, huge could-be-match scrapped for Showcase of Immortals The announcement has been met with an overwhelmingly positive response from both shareholders and fans of both brands. The merger is expected to create a collective fanbase of over one billion people, providing an exciting growth opportunity for the new company. The powerhouse merger Vincent McMahon, the WWE Executive Chairman, has welcomed the merger stating that it is the best outcome for the shareholders with a dynamic advance towards becoming a "$21+ billion live sports and entertainment powerhouse." The new company would be headed by Ariel Emanuel as the CEO, with Vince McMahon as Executive Chairman of the Board and Mark Shapiro as President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue as President of UFC, and Nick Khan will serve as President of WWE. WATCH | WWE and UFC creates sports entertainment giant Endeavor, sign a merger in $21 billion deal The Board of Directors will comprise 11 members who will be appointed later, six of whom will be appointed by Endeavor and five by WWE. This monumental merger is set to maximise the value of combined media rights, enhance sponsorship monetisation, develop new forms of content, and pursue other strategic mergers and acquisitions to bolster their strong, stable brands further. The future is bright for "NewCo," and fans can't wait to see what exciting developments lie ahead for the new global sports and entertainment powerhouse. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

WWE-UFC merger to form $21 bn powerhouse entertainment company

Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.5 billion, including the follow-on awards.

This contract is one of its kind, considering that it is the first of the multi-year awards for precision munitions aimed at building up stocks in deterring China.

The contract will have a total value of $439 million in its first year, including three additional follow-on awards set to begin in late 2023.

The JAGM program is bound to jumpstart an international demand for the weapon system internationally. As a result, Lockheed's move is to create a "significant increase" in global demand.

This news comes from President Joe Biden's request for $842 billion for the Pentagon and $44 billion for defence-related programs at the Federal Bureau of Investigation, Department of Energy, and other agencies in March.

As a result, the 2024 budget proposal is $28 billion more than last year's $858 billion.

The award is significant for Lockheed Martin, as it cements its position as a leading provider of military munitions.

The company has a strong track record in this area, having delivered tens of thousands of HELLFIRE missiles to the US Army and its allies since the weapon system's introduction in the 1980s.

Lockheed Martin's JAGM is a next-generation precision missile that can be launched from various platforms, including helicopters, drones, and fixed-wing aircraft.

The missile is designed to take out various targets, including armoured vehicles, bunkers, and boats.

The contract is a major win for Lockheed Martin and a significant step forward in the US Army's plans to build up its arsenal of precision munitions.

The company is well-positioned to meet the anticipated increase in demand for the JAGM system.

This contract will likely serve as a foundation for additional contracts.

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Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.

Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.5 billion, including the follow-on awards. This contract is one of its kind, considering that it is the first of the multi-year awards for precision munitions aimed at building up stocks in deterring China. The contract will have a total value of $439 million in its first year, including three additional follow-on awards set to begin in late 2023. The JAGM program is bound to jumpstart an international demand for the weapon system internationally. As a result, Lockheed's move is to create a "significant increase" in global demand. This news comes from President Joe Biden's request for $842 billion for the Pentagon and $44 billion for defence-related programs at the Federal Bureau of Investigation, Department of Energy, and other agencies in March. As a result, the 2024 budget proposal is $28 billion more than last year's $858 billion. The award is significant for Lockheed Martin, as it cements its position as a leading provider of military munitions. The company has a strong track record in this area, having delivered tens of thousands of HELLFIRE missiles to the US Army and its allies since the weapon system's introduction in the 1980s. Lockheed Martin's JAGM is a next-generation precision missile that can be launched from various platforms, including helicopters, drones, and fixed-wing aircraft. The missile is designed to take out various targets, including armoured vehicles, bunkers, and boats. The contract is a major win for Lockheed Martin and a significant step forward in the US Army's plans to build up its arsenal of precision munitions. The company is well-positioned to meet the anticipated increase in demand for the JAGM system. This contract will likely serve as a foundation for additional contracts. WATCH WION LIVE HERE

US Army awards Lockheed nearly $4.5 billion missiles contract

US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity.

The reading decreased to 46.3, well below the median estimate of 47.5, the lowest level since May 2020. A reading below 50 indicates contraction, and last month’s reading was the worst since 2009, even if the pandemic is ignored.

The manufacturing sector faces challenges, including rising interest rates, growing recession fears, and tighter lending conditions.

These factors are starting to weigh on business investment and exacerbate the demand challenges the sector already faces as households continue to shift more of their discretionary spending toward services.

The new orders index deteriorated in March to 44.3, and the production gauge, while improving from a month earlier, remained in contraction territory.

Timothy Fiore, the ISM’s Manufacturing Business Survey Committee chair, believes that new orders have remained sluggish as manufacturing continues.

However, given the pretext of price volatility, future demand remains uncertainThe employment measure fell for a third month to 46.9, indicating headcount declined in the month, with factories implementing hiring freezes and laying off workers.

The government’s employment report will be released on Friday and will provide a more comprehensive picture of the job market in the month.

Twelve industries reported contraction in March, led by furniture, nonmetallic mineral products, and textiles, while six sectors expanded.

Supplier deliveries quickened, and the gauge fell to a 14-year low on the back of subdued demand, helping to alleviate any lingering strains in supply chains.

According to statistics released last week, a key inflation indicator frequently watched by Federal Reserve officials increased at a slower rate in February.

The measure of prices paid for materials also showed dropping costs. The service sector of the economy has experienced particularly obstinate price pressure.

Overall, the data indicates the manufacturing industry is grappling with serious issues.

With recession fears on board and stricter lending standards, concerns remain largely staggering. Even while some industries are growing, the overall image is one of contraction and uncertainty, and many businesses are still attempting to catch up on backlogs and past-due deliveries.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity. The reading decreased to 46.

US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity. The reading decreased to 46.3, well below the median estimate of 47.5, the lowest level since May 2020. A reading below 50 indicates contraction, and last month’s reading was the worst since 2009, even if the pandemic is ignored. The manufacturing sector faces challenges, including rising interest rates, growing recession fears, and tighter lending conditions. These factors are starting to weigh on business investment and exacerbate the demand challenges the sector already faces as households continue to shift more of their discretionary spending toward services. The new orders index deteriorated in March to 44.3, and the production gauge, while improving from a month earlier, remained in contraction territory. Timothy Fiore, the ISM’s Manufacturing Business Survey Committee chair, believes that new orders have remained sluggish as manufacturing continues. However, given the pretext of price volatility, future demand remains uncertainThe employment measure fell for a third month to 46.9, indicating headcount declined in the month, with factories implementing hiring freezes and laying off workers. The government’s employment report will be released on Friday and will provide a more comprehensive picture of the job market in the month. Twelve industries reported contraction in March, led by furniture, nonmetallic mineral products, and textiles, while six sectors expanded. Supplier deliveries quickened, and the gauge fell to a 14-year low on the back of subdued demand, helping to alleviate any lingering strains in supply chains. According to statistics released last week, a key inflation indicator frequently watched by Federal Reserve officials increased at a slower rate in February. The measure of prices paid for materials also showed dropping costs. The service sector of the economy has experienced particularly obstinate price pressure. Overall, the data indicates the manufacturing industry is grappling with serious issues. With recession fears on board and stricter lending standards, concerns remain largely staggering. Even while some industries are growing, the overall image is one of contraction and uncertainty, and many businesses are still attempting to catch up on backlogs and past-due deliveries. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US factory gauge falls to lowest since 2020, indicates imminent recession

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.&nbsp;

This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings.&nbsp;

TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns.&nbsp;

The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tiktok-mulls-over-separation-from-parent-company-bytedance-572290">TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal</a>

TikTok has also rejected allegations of spying.

However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter.&nbsp;

She said that a change in ownership would not impose any new restrictions on data flows or access.&nbsp;

ALSO WATCH |&nbsp;TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app

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TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification.

There would be several legal obstacles in the way of a hypothetical TikTok ban in the US.&nbsp;

The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight.

TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures.&nbsp;

It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that.&nbsp;

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The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company. This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings. TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns. The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts. ALSO READ | TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal TikTok has also rejected allegations of spying. However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter. She said that a change in ownership would not impose any new restrictions on data flows or access. ALSO WATCH | TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app × TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification. There would be several legal obstacles in the way of a hypothetical TikTok ban in the US. The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight. TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures. It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

TikTok’s Dilemma: Chinese stake vs. potential ban in the US

Xiaomi, the Chinese multinational electronics company, has been forced to overhaul its India strategy after underestimating Indian consumers' taste for premium mobile phones.

Xiaomi, the Chinese multinational electronics company, has been forced to overhaul its India strategy after underestimating Indian consumers' taste for premium mobile phones. The company's focus on selling budget phones under $120 left it unprepared for the "premiumisation" trend in India's fast-growing economy, allowing Samsung Electronics to take the lead in country's mobile phone market. Data from Hong Kong-based Counterpoint Research showed that Samsung had a 20 per cent market share for the last quarter of 2022, compared to Xiaomi's 18 per cent. The market share of sub-$120 phones in India fell to 26 per cent in 2022 from 41 per cent two years ago, while premium phones priced above $360 saw their share price double to 11 per cent in the same period. Xiaomi's struggle to meet changing consumer preferences in India highlights the risks for companies operating in a fast-growing economy with rising disposable incomes. Read more: Chinese smartphone maker Xiaomi shuts financial services business in India The trend towards more expensive mobile phones in India will also benefit social media app providers such as Meta and iPhone maker Apple Inc, which have a tiny market share in the country due to their focus on high-end phones. Xiaomi's response to the changing market is to revamp its product line-up to focus on premium smartphones. The company has launched the Redmi Note 12 and Xiaomi 13 Pro, both of which are priced above 30,000 rupees. The Redmi Note 12 has already clocked sales of $61 million within two weeks of its launch. Xiaomi has also tapped partnerships to offer loans, calling them a key growth driver for sales of phones priced above $183. Samsung's innovative financing schemes that made premium phones affordable to most played a significant part in its recent success in India, generating $1 billion in device sales last year. Xiaomi is also exploring more such offerings. Strategy Overhaul The overhaul of the brand’s strategy in India shows that companies have failed to cater to changing consumer preferences in a fast-growing economy with rising disposable incomes. The punishment to the income brackets of the country comes as a stretch to the nation. The company's focus on selling budget phones under $120 left it unprepared for the "premiumisation" trend in India's mobile phone market, allowing Samsung to take the lead. WATCH | Xiaomi reviews India strategy, misjudges consumer tastes in country | World Business Watch × Xiaomi's response is to revamp its product line-up to focus on premium smartphones and tap partnerships to offer loans, following Samsung's example. The Indian market's trend towards more expensive mobile phones will also benefit social media app providers such as Meta and iPhone maker Apple Inc, which have a tiny market share in the country due to their focus on high-end phones. WATCH WION LIVE HERE:

For India, Xiaomi overhauls its strategy on changing dynamics

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties.

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties. The move comes after the company's mission in January to deploy nine small satellites into lower Earth orbit failed, dealing a significant blow to Virgin Orbit's business. According to a source familiar with the matter, Virgin Orbit CEO Dan Hart told staff in a meeting that the furlough was intended to give the company time to finalize its investment plan. Also Read | UK’s historic satellite launch fails to reach orbit after rocket ‘anomaly’ The duration of the furlough was unclear, but Hart said he would provide employees with an update by the middle of next week on when they could return. The company did not provide details on the furloughs in its statement to Reuters. Virgin Orbit's shares dropped over 18 per cent to 82 cents in extended trading following the announcement. However, the company said its investigation into the January mission failure was nearly complete and that its next production rocket with necessary modifications was in the final stages of integration and testing. Watch: Virgin Orbit company ceases operations, seeks additional funding × Solid Funding Notwithstanding the setback, Virgin Orbit has attracted substantial finance from several sources, including a $280 million funding round in July 2020. The US Department of Defence and the UK Royal Air Force are just two of the organisations with which the corporation holds contracts. The decision by Virgin Orbit to halt operations and lay off staff highlights the difficulties facing the commercial space industry, which has witnessed an increase in investment in recent years but is still extremely risky and competitive. Many space firms have had trouble turning a profit, and the COVID-19 pandemic has made things even worse for them. For Virgin Orbit to succeed in its quest to become a strong competitor in the satellite launch business, the company's upcoming mission must be a success. In the upcoming years, the sector is anticipated to expand significantly due to rising demand for satellite-based services such as internet connectivity, remote sensing, and navigation. In the interim, Virgin Orbit will have to negotiate a challenging financial environment as it looks to get fresh funding and reestablish itself in the industry. The company likely has a long and rocky road ahead of it after the furloughs announced this week. WATCH WION LIVE HERE ×

Virgin Orbit suspends operations, furloughs entire workforce as financial woes bite

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low.

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low. Regulators and banking leaders worldwide have tried to allay concerns about a global financial crisis, but worries persist. Credit Suisse shares dropped by over 20 per cent, leading to a 6 per cent decline in the European Banking Index. The plunge in banking shares halted their trading on several European bourses. Worryingly, the insurance cost, known as the credit default swap (CDS), against default for the flagship Swiss bank hit a new record high. That underscores growing investor unease and the increased risk of a default, with some experts predicting that Credit Suisse could go the Lehman Brothers way if the issues in the global financial system mushroom into a full-blown crisis. Credit Suisse's Saudi backer refuses further assistance Credit Suisse has been struggling for survival for a while, and for now, there seems to be no relief for Switzerland's second-largest lender. That's because its largest investor, the Saudi National Bank, has ruled out providing further financial assistance to the lender. Shares of Credit Suisse plunged by as much as 24 per cent on Wednesday, hitting a new record low after the Swiss bank's largest investor, the Saudi National Bank, said it could not provide more financial assistance due to regulatory issues. The Saudi lender acquired a stake of almost 10 per cent last year after participating in Credit Suisse's capital raising and committing to investing up to $1.5 billion. However, Saudi National Bank Chairman Ammar Al Khudairy said the bank cannot provide additional funding as it would go above the 10 per cent regulatory threshold. The drop in Credit Suisse's shares weighed on broader equity markets, causing some concern among investors about the global banking system's resilience. Ralph Hamers, CEO of Swiss rival UBS, said the lender has benefited from recent market turmoil and seen money inflows, but he cautioned that it's too early to make any long-term projections. WATCH | India makes more digital transactions than U.S, China, Europe combined × Credit Suisse's turmoil Credit Suisse has been trying to recover from a series of scandals that have eroded investor and client confidence. The bank recently published its annual report for 2022, which revealed "material weaknesses" in controls over financial reporting and ongoing customer outflows. In the fourth quarter of 2021, customer outflows exceeded $120 billion. To put Credit Suisse's crisis into perspective: the lender has lost almost 75 per cent of its market value over the past year, making any investment in the company less attractive. Despite the recent turmoil, Credit Suisse CEO Ulrich Koerner told a conference earlier this week that the bank's liquidity coverage ratio averaged 150 per cent in the first quarter of 2023, well above regulatory requirements. But traders are still skeptical, and Credit Suisse shares fell below the 2-Swiss-franc mark in Zurich for the first time. This is the seventh day in a row that they have gone down. In general, lenders are also worried that a recession is coming because of aggressive rate hikes, which make it harder for some businesses to pay back or service their loans. That is weighing on banks and stock valuations of companies worldwide. The sell-off on Wednesday came after US bank stocks reversed deep losses on Tuesday after regulators rushed to make sure bank deposits were safe. Before Tuesday's recovery, global financial stocks lost $465 billion in under two trading sessions. The latest crash is yet another reminder of the uncertain outlook after the collapse of SVB and three other banks sparking fears of a broader US banking crisis and its contagion risks. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse's survival is in focus after shares hit a new record low

Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe.&nbsp;The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region.&nbsp;

The plant will be based in the city of St. Thomas, which is around 195 km northeast of Detroit and is set to become the largest single investment in Canada's auto sector.

What is the underlying idea behind this plan?

It is common knowledge that climate change is a major concern of this decade and the ones following.&nbsp;

Nations throughout the world recognise the fact that there is a need for combined action specially targeted at reducing carbon emissions to take care of climate concerns.

It is due to this idea that the Canadian government is investing in multi-billion-dollar green technology funds to attract companies involved in all levels of the EV supply chain.&nbsp;

Canada is rich in key raw materials for batteries, including lithium, nickel, and cobalt, and home to a large mining sector.

The country is looking to woo EV companies as the world seeks to cut carbon emissions.

European carmakers are seeking to benefit from the US climate law that requires 50 per cent of EV battery components to be made in North America for vehicles to qualify for tax credits of up to $7,500.&nbsp;

VW’s announcement did not specify the investment size or plant capacity, but the carmaker is targeting 20 gigawatt-hours of capacity at its first North American site.&nbsp;

VW has said it is working towards setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks, and geopolitical tensions.&nbsp;

The IRA subsidy has given Volkswagen an incentive to prioritise decisions on North American investments.

The automaker stated that while it still has plans for battery plants in Europe, it will hold off to see if there are better incentives.&nbsp;

By taking advantage of the benevolent Inflation Reduction Act, which US President Joseph Biden generously introduced last year, European businesses are attempting to increase their US presence, as evidenced by the news of the new VW facility.&nbsp;

Given the high costs of transportation and logistics, supply chain concerns, and geopolitical unrest, Volkswagen has stated that it is seeking to establish regional supply chains for EV production in Europe, North America, and China. 
 
&nbsp;

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Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe. The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region.

Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe. The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region. The plant will be based in the city of St. Thomas, which is around 195 km northeast of Detroit and is set to become the largest single investment in Canada's auto sector. What is the underlying idea behind this plan? It is common knowledge that climate change is a major concern of this decade and the ones following. Nations throughout the world recognise the fact that there is a need for combined action specially targeted at reducing carbon emissions to take care of climate concerns. It is due to this idea that the Canadian government is investing in multi-billion-dollar green technology funds to attract companies involved in all levels of the EV supply chain. Canada is rich in key raw materials for batteries, including lithium, nickel, and cobalt, and home to a large mining sector. The country is looking to woo EV companies as the world seeks to cut carbon emissions. European carmakers are seeking to benefit from the US climate law that requires 50 per cent of EV battery components to be made in North America for vehicles to qualify for tax credits of up to $7,500. VW’s announcement did not specify the investment size or plant capacity, but the carmaker is targeting 20 gigawatt-hours of capacity at its first North American site. VW has said it is working towards setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks, and geopolitical tensions. The IRA subsidy has given Volkswagen an incentive to prioritise decisions on North American investments. The automaker stated that while it still has plans for battery plants in Europe, it will hold off to see if there are better incentives. By taking advantage of the benevolent Inflation Reduction Act, which US President Joseph Biden generously introduced last year, European businesses are attempting to increase their US presence, as evidenced by the news of the new VW facility. Given the high costs of transportation and logistics, supply chain concerns, and geopolitical unrest, Volkswagen has stated that it is seeking to establish regional supply chains for EV production in Europe, North America, and China. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Volkswagen picks minerals-rich Canada for setting up first battery plant outside Europe

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