LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers.&nbsp;

By reaching the billion-users mark, LinkedIn joins the elite ranks of social media networks, establishing itself as one of the premier platforms in its category.&nbsp;&nbsp;Around 80 per cent of its recent members have originated from countries outside of the United States, reflecting its global appeal and reach.&nbsp;

LinkedIn offers both free and subscription-based membership tiers. Users subscribed to the premium tier, priced at $39.99 per month, will have access to an array of new AI features that can assist job seekers in making more informed decisions. For instance, the AI system can evaluate a user's profile and provide recommendations on whether they are a strong fit for a particular job, making the job search process more efficient and targeted.&nbsp;

Tomer Cohen, LinkedIn's Chief Product Officer, highlighted that the objective of these AI capabilities is to empower users, enabling them to transition from merely viewing job postings and feeling uncertain to making substantial progress in a single session, ultimately fostering more meaningful interactions.&nbsp;

Furthermore, LinkedIn is introducing a feature that simplifies lengthy posts by summarising them into key bullet points tailored for individual users. These summaries are customised to the user's profile and preferences, ensuring that the key takeaways align with their professional interests and goals. &nbsp;

(With inputs from Reuters)&nbsp;

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LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers.

LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers. By reaching the billion-users mark, LinkedIn joins the elite ranks of social media networks, establishing itself as one of the premier platforms in its category. Around 80 per cent of its recent members have originated from countries outside of the United States, reflecting its global appeal and reach. LinkedIn offers both free and subscription-based membership tiers. Users subscribed to the premium tier, priced at $39.99 per month, will have access to an array of new AI features that can assist job seekers in making more informed decisions. For instance, the AI system can evaluate a user's profile and provide recommendations on whether they are a strong fit for a particular job, making the job search process more efficient and targeted. Tomer Cohen, LinkedIn's Chief Product Officer, highlighted that the objective of these AI capabilities is to empower users, enabling them to transition from merely viewing job postings and feeling uncertain to making substantial progress in a single session, ultimately fostering more meaningful interactions. Furthermore, LinkedIn is introducing a feature that simplifies lengthy posts by summarising them into key bullet points tailored for individual users. These summaries are customised to the user's profile and preferences, ensuring that the key takeaways align with their professional interests and goals. (With inputs from Reuters) WATCH WION LIVE HERE

LinkedIn surpasses 1 billion members, expands AI capabilities for job seekers

China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries. &nbsp;

This development comes as Evergrande grapples with its debt crisis. Sources familiar with the matter gave Reuters the details of the new plan on the condition of anonymity, noting that the offshore bondholders, who hold approximately $19 billion in debt, are likely to face significant losses if they accept the revised terms.

Evergrande's dollar-denominated bonds have recently been trading at around 2.25 cents on the dollar. The company's restructuring woes were further complicated by its billionaire founder, Hui Ka Yan, coming under investigation for suspected criminal activities in late September. Additionally, Evergrande's ability to issue new dollar bonds, a crucial element of its original restructuring strategy, was hampered when its flagship mainland unit became the subject of regulatory scrutiny.

The initiative to propose this new plan was reportedly led by a work committee operating under the southern Guangdong provincial government, which has been overseeing Evergrande's restructuring since late 2021 when the company defaulted on its debt. This renewed proposal holds considerable significance for Evergrande's future, especially as it faces a looming debt restructuring deadline. A Hong Kong court has ordered Evergrande to formulate a concrete debt restructuring plan by December 4, just ahead of a liquidation hearing that will determine the fate of the company.

Evergrande's original restructuring plan, initially supported by an ad hoc group of bondholders before facing disruptions, provided options such as equity-linked instruments backed by the parent company and the two Hong Kong-listed subsidiaries. &nbsp;

Creditors were given the choice to exchange their holdings for new notes with maturities ranging from 10 to 12 years or convert them into various combinations of new notes with tenors spanning five to nine years and equity-linked instruments, with no direct reduction in value.

However, the main challenge now lies in convincing Evergrande's creditors and shareholders in the two Hong Kong-listed subsidiaries that this revised proposal is a viable solution. This is seen as a critical step in the company's efforts to navigate its complex financial situation. &nbsp;

The earlier plan faced opposition from a significant group of creditors known as Class C, which included private lenders, certain Chinese banks, and pre-IPO investors. This group had voiced concerns and sought better terms before the initial plan unravelled. Meanwhile, the ad hoc group of bondholders has expressed dissatisfaction with the new terms that offer equity stakes in the Hong Kong-listed subsidiaries.

(With inputs from Reuters)

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China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries.

China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries. This development comes as Evergrande grapples with its debt crisis. Sources familiar with the matter gave Reuters the details of the new plan on the condition of anonymity, noting that the offshore bondholders, who hold approximately $19 billion in debt, are likely to face significant losses if they accept the revised terms. Evergrande's dollar-denominated bonds have recently been trading at around 2.25 cents on the dollar. The company's restructuring woes were further complicated by its billionaire founder, Hui Ka Yan, coming under investigation for suspected criminal activities in late September. Additionally, Evergrande's ability to issue new dollar bonds, a crucial element of its original restructuring strategy, was hampered when its flagship mainland unit became the subject of regulatory scrutiny. The initiative to propose this new plan was reportedly led by a work committee operating under the southern Guangdong provincial government, which has been overseeing Evergrande's restructuring since late 2021 when the company defaulted on its debt. This renewed proposal holds considerable significance for Evergrande's future, especially as it faces a looming debt restructuring deadline. A Hong Kong court has ordered Evergrande to formulate a concrete debt restructuring plan by December 4, just ahead of a liquidation hearing that will determine the fate of the company. Evergrande's original restructuring plan, initially supported by an ad hoc group of bondholders before facing disruptions, provided options such as equity-linked instruments backed by the parent company and the two Hong Kong-listed subsidiaries. Creditors were given the choice to exchange their holdings for new notes with maturities ranging from 10 to 12 years or convert them into various combinations of new notes with tenors spanning five to nine years and equity-linked instruments, with no direct reduction in value. However, the main challenge now lies in convincing Evergrande's creditors and shareholders in the two Hong Kong-listed subsidiaries that this revised proposal is a viable solution. This is seen as a critical step in the company's efforts to navigate its complex financial situation. The earlier plan faced opposition from a significant group of creditors known as Class C, which included private lenders, certain Chinese banks, and pre-IPO investors. This group had voiced concerns and sought better terms before the initial plan unravelled. Meanwhile, the ad hoc group of bondholders has expressed dissatisfaction with the new terms that offer equity stakes in the Hong Kong-listed subsidiaries. (With inputs from Reuters) WATCH WION LIVE HERE

China’s Evergrande presents new debt restructuring plan with equity swap for bondholders

Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales. &nbsp;

The world's top-selling automaker, unveiled a record operating profit of 1.44 trillion yen ($9.5 billion) in the quarter ending September, marking a 155.6 per cent increase from the previous year.&nbsp;

This surge in earnings is driven by increased sales across all global regions, encompassing the United States, Asia, and Toyota's home market. Over the first six months of this fiscal year, Toyota witnessed a surge in car sales when compared to the same period a year earlier, reaffirming its strong position in the global automotive market.&nbsp;

While Toyota has faced criticism for its perceived hesitance in embracing battery electric vehicles (EVs), the company embarked on a significant overhaul of its EV strategy in June. Toyota made a substantial commitment to enhance the driving range and reduce the costs of electric vehicles. &nbsp;

Market sentiment appears to be rallying around this new strategy, and Toyota is experiencing renewed interest in its line-up of gasoline-electric hybrids. This resurgence in hybrid interest coincides with a recent decline in enthusiasm for pure EVs, particularly in the United States, where consumers grapple with higher financing costs.&nbsp;

Hybrids continue to make up over 90 per cent of Toyota's electrified car sales. In the quarter ending September, hybrid sales experienced a substantial 41 per cent increase, totalling 888,000 vehicles. This surge in hybrid sales indicates the continued demand for these vehicles, which tend to be more cost-effective than some battery-powered EVs.&nbsp;

Despite Toyota's performance, analysts have highlighted a set of challenges that lie ahead, particularly in the Chinese market. In China, the rapid ascent of domestic EV manufacturers and the swift transition to battery-powered vehicles have posed difficulties for companies like Nissan Motor and Honda Motor. &nbsp;

According to Reuters, Chief Financial Officer Yoichi Miyazaki acknowledged that China is currently experiencing a "very severe price competition," particularly concerning battery EVs.&nbsp;

Additionally, Toyota faces competitive challenges in Southeast Asian markets such as Thailand, where a surge in Chinese investments, driven by the increasing demand for EVs, has led to intense competition. &nbsp;

Despite this, Toyota is determined to navigate these competitive landscapes as it aims to further its growth plans. The company recently announced an $8 billion boost in investment in a North Carolina plant focused on manufacturing batteries for hybrids, plug-in hybrids, and full-battery vehicles.&nbsp;

Toyota's second-quarter results have led to an upward revision of its full-year profit forecast. The company now expects a full-year profit of 4.5 trillion yen, up from the previous projection of 3 trillion yen. The favourable impact of foreign exchange rates, attributed to a weaker yen, plays a significant role in this revised profit outlook. &nbsp;

The company assumed an average rate of 141 yen per dollar for its calculations for the 2023-24 financial year, compared to the previous rate of 125 yen per dollar.&nbsp;

Additionally, Toyota has announced a 100 billion yen share buyback program, and its shares gained 4.7 per cent following the release of these results, contributing to a 2.4 per cent increase in Japan's benchmark Nikkei index.&nbsp;

(With inputs from Reuters)&nbsp;

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Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales.

Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales. The world's top-selling automaker, unveiled a record operating profit of 1.44 trillion yen ($9.5 billion) in the quarter ending September, marking a 155.6 per cent increase from the previous year. This surge in earnings is driven by increased sales across all global regions, encompassing the United States, Asia, and Toyota's home market. Over the first six months of this fiscal year, Toyota witnessed a surge in car sales when compared to the same period a year earlier, reaffirming its strong position in the global automotive market. While Toyota has faced criticism for its perceived hesitance in embracing battery electric vehicles (EVs), the company embarked on a significant overhaul of its EV strategy in June. Toyota made a substantial commitment to enhance the driving range and reduce the costs of electric vehicles. Market sentiment appears to be rallying around this new strategy, and Toyota is experiencing renewed interest in its line-up of gasoline-electric hybrids. This resurgence in hybrid interest coincides with a recent decline in enthusiasm for pure EVs, particularly in the United States, where consumers grapple with higher financing costs. Hybrids continue to make up over 90 per cent of Toyota's electrified car sales. In the quarter ending September, hybrid sales experienced a substantial 41 per cent increase, totalling 888,000 vehicles. This surge in hybrid sales indicates the continued demand for these vehicles, which tend to be more cost-effective than some battery-powered EVs. Despite Toyota's performance, analysts have highlighted a set of challenges that lie ahead, particularly in the Chinese market. In China, the rapid ascent of domestic EV manufacturers and the swift transition to battery-powered vehicles have posed difficulties for companies like Nissan Motor and Honda Motor. According to Reuters, Chief Financial Officer Yoichi Miyazaki acknowledged that China is currently experiencing a "very severe price competition," particularly concerning battery EVs. Additionally, Toyota faces competitive challenges in Southeast Asian markets such as Thailand, where a surge in Chinese investments, driven by the increasing demand for EVs, has led to intense competition. Despite this, Toyota is determined to navigate these competitive landscapes as it aims to further its growth plans. The company recently announced an $8 billion boost in investment in a North Carolina plant focused on manufacturing batteries for hybrids, plug-in hybrids, and full-battery vehicles. Toyota's second-quarter results have led to an upward revision of its full-year profit forecast. The company now expects a full-year profit of 4.5 trillion yen, up from the previous projection of 3 trillion yen. The favourable impact of foreign exchange rates, attributed to a weaker yen, plays a significant role in this revised profit outlook. The company assumed an average rate of 141 yen per dollar for its calculations for the 2023-24 financial year, compared to the previous rate of 125 yen per dollar. Additionally, Toyota has announced a 100 billion yen share buyback program, and its shares gained 4.7 per cent following the release of these results, contributing to a 2.4 per cent increase in Japan's benchmark Nikkei index. (With inputs from Reuters) WATCH WION LIVE HERE

Toyota achieves impressive Q2 profit amid weak yen and growing hybrid demand 

The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic, Reuters reported on Wednesday.

Though the government's decision only impacts a small percentage of all loans, it could result in losses for lenders in the event that the loans are not repaid. Meanwhile, there is pressure on the Conservative administration to lower the losses from its Covid loans because of complaints that the borrower checks were insufficient and the anti-fraud procedures were put in place too late.

As per the Reuters report, British Business Bank has already removed state guarantees from 10,786 loans as of October 11, according to figures obtained through a Freedom of Information request. &nbsp;

A spokesperson for the UK's business department said that lenders have been engaging with British Business Bank over the loan schemes. These discussions revolve around the question whether it would be suitable to eliminate any loans from the guarantee.

The UK Finance, a lobbying group representing the industry, pointed out that in some cases, lenders have voluntarily removed loans from the guarantee, even when the guarantee might be valid. &nbsp;

This action places the full burden of potential losses on the lenders, ensuring that taxpayers are not exposed to any further financial risks. A breakdown of the removal of state guarantee loans by lender, however, was not disclosed, according to Reuters' report. &nbsp;

In response to the economic challenges brought about by the pandemic, the UK government established three government-guaranteed loan programs in the first half of 2020, with an aim to support businesses impacted by the Covid-19 crisis. &nbsp;

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These programs included the Bounce Back Loan Scheme, which provided 100 per cent guarantees on loans to smaller businesses for rapid access to financing. While these loans were intended to support businesses swiftly, they have faced criticism for the high levels of fraudulent activity. &nbsp;

In contrast, the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme, targeting larger companies, received 80 per cent guarantees from the UK government and have experienced considerably lower levels of fraud. &nbsp;

(With inputs from Reuters and Bloomberg) &nbsp;

The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic, Reuters reported on Wednesday.

The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic, Reuters reported on Wednesday. Though the government's decision only impacts a small percentage of all loans, it could result in losses for lenders in the event that the loans are not repaid. Meanwhile, there is pressure on the Conservative administration to lower the losses from its Covid loans because of complaints that the borrower checks were insufficient and the anti-fraud procedures were put in place too late. As per the Reuters report, British Business Bank has already removed state guarantees from 10,786 loans as of October 11, according to figures obtained through a Freedom of Information request. A spokesperson for the UK's business department said that lenders have been engaging with British Business Bank over the loan schemes. These discussions revolve around the question whether it would be suitable to eliminate any loans from the guarantee. The UK Finance, a lobbying group representing the industry, pointed out that in some cases, lenders have voluntarily removed loans from the guarantee, even when the guarantee might be valid. This action places the full burden of potential losses on the lenders, ensuring that taxpayers are not exposed to any further financial risks. A breakdown of the removal of state guarantee loans by lender, however, was not disclosed, according to Reuters' report. In response to the economic challenges brought about by the pandemic, the UK government established three government-guaranteed loan programs in the first half of 2020, with an aim to support businesses impacted by the Covid-19 crisis. WATCH WION LIVE HERE These programs included the Bounce Back Loan Scheme, which provided 100 per cent guarantees on loans to smaller businesses for rapid access to financing. While these loans were intended to support businesses swiftly, they have faced criticism for the high levels of fraudulent activity. In contrast, the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme, targeting larger companies, received 80 per cent guarantees from the UK government and have experienced considerably lower levels of fraud. (With inputs from Reuters and Bloomberg)

UK removes guarantees on £1 bn Covid loans. Here's why it matters

Japanese Prime Minister Fumio Kishida unveiled a comprehensive&nbsp;$113 billion&nbsp;economic package, aimed at controlling the effects of surging inflation.

The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.&nbsp;

According to Reuters, the government plans to compile a supplementary budget of 13.1 trillion yen for the ongoing fiscal year in order to&nbsp;finance a significant portion of the expenditure.&nbsp;

The prolonged period during which inflation has consistently exceeded the central bank's two per cent target has been taking a toll on consumer spending and casting a shadow on Japan's economic recovery.&nbsp;

The ever-increasing cost of living has played a pivotal role in driving down Kishida's approval ratings, putting immense pressure on him to alleviate the hardships faced by households. &nbsp;

While the prime minister acknowledges that economic growth remains strong, wage increases have been insufficient to counterbalance the surge in prices. As a solution, he envisions returning a portion of the expected increase in tax revenues generated by the robust economy back to households, effectively cushioning the impact of inflation.&nbsp;

The latest move comes close on heels of the Bank of Japan allowing 10-year government bond yields to rise above 1 per cent, in response to the yen's weakening over the previous 18 months.&nbsp;

(With inputs from Reuters)&nbsp;

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Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.

Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills. According to Reuters, the government plans to compile a supplementary budget of 13.1 trillion yen for the ongoing fiscal year in order to finance a significant portion of the expenditure. The prolonged period during which inflation has consistently exceeded the central bank's two per cent target has been taking a toll on consumer spending and casting a shadow on Japan's economic recovery. The ever-increasing cost of living has played a pivotal role in driving down Kishida's approval ratings, putting immense pressure on him to alleviate the hardships faced by households. While the prime minister acknowledges that economic growth remains strong, wage increases have been insufficient to counterbalance the surge in prices. As a solution, he envisions returning a portion of the expected increase in tax revenues generated by the robust economy back to households, effectively cushioning the impact of inflation. The latest move comes close on heels of the Bank of Japan allowing 10-year government bond yields to rise above 1 per cent, in response to the yen's weakening over the previous 18 months. (With inputs from Reuters) WATCH WION LIVE HERE

Japan announces $113 bn package to counter inflation woes 

The World Gold Council (WGC) on Tuesday expressed concerns that gold prices reaching near record highs may diminish the demand for gold in India during the country's peak festival season.&nbsp;

India, the world's second-largest gold consumer, is now witnessing a potential drop in gold purchases, which could lead to the lowest buying volumes in three years, stated the WGC.&nbsp;

The surge in gold prices in India, particularly in the December quarter, which traditionally sees the highest sales of the year, is expected to limit purchases during the festive season. &nbsp;

Reuters cited Somasundaram PR, the regional chief executive officer of WGC's Indian operations, as saying that local gold prices have surged this week, nearing the all-time high set earlier this year. Last year, gold prices during the December quarter were nearly 20 per cent lower compared to this year.&nbsp;

Typically, gold demand in India strengthens towards the end of the year, coinciding with the traditional wedding season and major festivals such as Diwali and Dusherra, where purchasing gold is considered auspicious. However, the soaring prices could potentially reduce the demand. &nbsp;

While gold consumption in India during the July-September quarter increased by 10 per cent due to a correction in local prices, overall demand for the year is expected to decline by around 3.3 per cent, according to Somasundaram. This could result in 2023 seeing the lowest demand for gold in three years.&nbsp;

Higher gold prices have also led some individuals to sell their old jewellery and coins, resulting in a 37 per cent surge in scrap supplies in the first nine months of the year, as reported by WGC data. The trend is likely to continue into the December quarter if gold prices remain at their current levels.&nbsp;

(With inputs from Reuters)&nbsp;

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The World Gold Council (WGC) on Tuesday expressed concerns that gold prices reaching near record highs may diminish the demand for gold in India during the country's peak festival season.

The World Gold Council (WGC) on Tuesday expressed concerns that gold prices reaching near record highs may diminish the demand for gold in India during the country's peak festival season. India, the world's second-largest gold consumer, is now witnessing a potential drop in gold purchases, which could lead to the lowest buying volumes in three years, stated the WGC. The surge in gold prices in India, particularly in the December quarter, which traditionally sees the highest sales of the year, is expected to limit purchases during the festive season. Reuters cited Somasundaram PR, the regional chief executive officer of WGC's Indian operations, as saying that local gold prices have surged this week, nearing the all-time high set earlier this year. Last year, gold prices during the December quarter were nearly 20 per cent lower compared to this year. Typically, gold demand in India strengthens towards the end of the year, coinciding with the traditional wedding season and major festivals such as Diwali and Dusherra, where purchasing gold is considered auspicious. However, the soaring prices could potentially reduce the demand. While gold consumption in India during the July-September quarter increased by 10 per cent due to a correction in local prices, overall demand for the year is expected to decline by around 3.3 per cent, according to Somasundaram. This could result in 2023 seeing the lowest demand for gold in three years. Higher gold prices have also led some individuals to sell their old jewellery and coins, resulting in a 37 per cent surge in scrap supplies in the first nine months of the year, as reported by WGC data. The trend is likely to continue into the December quarter if gold prices remain at their current levels. (With inputs from Reuters) WATCH WION LIVE HERE

Gold demand in India dims amid soaring prices: Report 

Shares of Nvidia Corp, a prominent player in the artificial intelligence (AI) industry, tumbled by nearly 5 per cent, reaching a five-month low in the wake of a report that the company may be compelled to cancel advanced chip orders valued at up to $5 billion destined for China.&nbsp;

According to Reuters, the reason behind this potential cancellation is the necessity to comply with new U.S. government restrictions.&nbsp;

Nvidia's stock price plunged to as low as $392.30, representing a 4.7 per cent decline. This marks the lowest level the company's stock has reached since mid-June. The stock, which played a significant role in driving the Nasdaq's gains, has now fallen by nearly 20 per cent from its record high close of $493.55 achieved on August 31.&nbsp;

Nvidia recently received notification that its AI chip orders, set for delivery to major Chinese technology firms in the next year, including giants like Alibaba Group, ByteDance (the parent company of TikTok), and Baidu, are now subject to the most recent export restrictions unveiled by the U.S. Commerce Department.

Tom Plumb, the CEO and lead portfolio manager at Plumb Funds, noted, "The stock is getting oversold," adding that Nvidia had previously indicated that the impact of these restrictions would be more long-term rather than immediate. Despite the current volatility, he still views Nvidia as a strong long-term investment.&nbsp;

A Nvidia spokesperson told Reuters about the "high demand" for its advanced chips, which often entail a significant lead time for production. The company is actively working on distributing orders to a broad range of customers in the United States and elsewhere, emphasising that these new export controls are not anticipated to have a significant short-term impact.&nbsp;

This development follows the Biden administration's imposition of export restrictions earlier this month on the shipment of AI chips designed by Nvidia and other firms to China. The objective of these restrictions is to prevent Beijing from accessing cutting-edge U.S. technologies that could potentially strengthen its military capabilities. These new regulations are scheduled to go into effect in November and encompass export controls extending to countries such as Iran and Russia.&nbsp;

(With inputs from Reuters)&nbsp;

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Shares of Nvidia Corp, a prominent player in the artificial intelligence (AI) industry, tumbled by nearly 5 per cent, reaching a five-month low in the wake of a report that the company may be compelled to cancel advanced chip orders valued at up to $5 billion destined for China.

Shares of Nvidia Corp, a prominent player in the artificial intelligence (AI) industry, tumbled by nearly 5 per cent, reaching a five-month low in the wake of a report that the company may be compelled to cancel advanced chip orders valued at up to $5 billion destined for China. According to Reuters, the reason behind this potential cancellation is the necessity to comply with new U.S. government restrictions. Nvidia's stock price plunged to as low as $392.30, representing a 4.7 per cent decline. This marks the lowest level the company's stock has reached since mid-June. The stock, which played a significant role in driving the Nasdaq's gains, has now fallen by nearly 20 per cent from its record high close of $493.55 achieved on August 31. Nvidia recently received notification that its AI chip orders, set for delivery to major Chinese technology firms in the next year, including giants like Alibaba Group, ByteDance (the parent company of TikTok), and Baidu, are now subject to the most recent export restrictions unveiled by the U.S. Commerce Department. Tom Plumb, the CEO and lead portfolio manager at Plumb Funds, noted, "The stock is getting oversold," adding that Nvidia had previously indicated that the impact of these restrictions would be more long-term rather than immediate. Despite the current volatility, he still views Nvidia as a strong long-term investment. A Nvidia spokesperson told Reuters about the "high demand" for its advanced chips, which often entail a significant lead time for production. The company is actively working on distributing orders to a broad range of customers in the United States and elsewhere, emphasising that these new export controls are not anticipated to have a significant short-term impact. This development follows the Biden administration's imposition of export restrictions earlier this month on the shipment of AI chips designed by Nvidia and other firms to China. The objective of these restrictions is to prevent Beijing from accessing cutting-edge U.S. technologies that could potentially strengthen its military capabilities. These new regulations are scheduled to go into effect in November and encompass export controls extending to countries such as Iran and Russia. (With inputs from Reuters) WATCH WION LIVE HERE

Nvidia's shares plunge to five-month low amid cancelled China orders

In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980. This generation, often overshadowed by their successors, the millennials, has its own unique story.

Many GenXers entered the workforce right as the new millennium began. They might not have had the kickstart of millennials, but they benefited from a high-capex environment between 2004 and 2010. Contrary to common belief, GenXers often feel less stress and can maintain focus at work.

According to the 2023 Asia Mental Health Index, younger employees under 40 are nearly 50% more likely to feel mentally and physically exhausted at the end of their workday.

The report indicates a direct link between mental health and productivity.

On the other hand, GenZs tend to feel the most stress, with those between 20 to 29 years old experiencing significant mental strain. GenXers have a work ethic distinct from GenZs. They started working during the late 1990s, during the liberalization period. Their work ethos differs too. GenXers can stretch, work late, and prioritize work-life balance, while GenZs embrace technology and remote work.

During a crisis, GenXers remain calm and persistent, whereas younger generations tend to burn out faster. GenXers bring in a unique working style, including passive aggressiveness, which is distinct from younger workers. They often enjoy better financial stability and emergency savings, leading to improved concentration at work.

But there's a visible age bias in hiring, as companies tend to favour younger employees. Experts suggest this might be the wrong approach.

Valuing older employees can be a strategic move for organizations. The ideal workplace combines the strengths of each generation, including the GenXers, the millennials, and the adaptable GenZs. Embrace the diversity of generations in the modern workplace, and you'll find a recipe for success.

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In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980.

In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980. This generation, often overshadowed by their successors, the millennials, has its own unique story. Many GenXers entered the workforce right as the new millennium began. They might not have had the kickstart of millennials, but they benefited from a high-capex environment between 2004 and 2010. Contrary to common belief, GenXers often feel less stress and can maintain focus at work. According to the 2023 Asia Mental Health Index, younger employees under 40 are nearly 50% more likely to feel mentally and physically exhausted at the end of their workday. The report indicates a direct link between mental health and productivity. On the other hand, GenZs tend to feel the most stress, with those between 20 to 29 years old experiencing significant mental strain. GenXers have a work ethic distinct from GenZs. They started working during the late 1990s, during the liberalization period. Their work ethos differs too. GenXers can stretch, work late, and prioritize work-life balance, while GenZs embrace technology and remote work. During a crisis, GenXers remain calm and persistent, whereas younger generations tend to burn out faster. GenXers bring in a unique working style, including passive aggressiveness, which is distinct from younger workers. They often enjoy better financial stability and emergency savings, leading to improved concentration at work. But there's a visible age bias in hiring, as companies tend to favour younger employees. Experts suggest this might be the wrong approach. Valuing older employees can be a strategic move for organizations. The ideal workplace combines the strengths of each generation, including the GenXers, the millennials, and the adaptable GenZs. Embrace the diversity of generations in the modern workplace, and you'll find a recipe for success. WATCH WION LIVE HERE

The Generational Work Symphony: GenX, Millennials, and GenZ in a crescendo of success

FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November.&nbsp;

The Bankman-Fried's trial revolves around allegations of defrauding FTX customers, looting customer funds to support his Alameda Research hedge fund, and making substantial donations to U.S. political campaigns.&nbsp;

During the trial, Bankman-Fried reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible."&nbsp;

“I deeply regret not taking a deeper look into it,” Reuters quoted him as saying. &nbsp;

He faced extensive cross-examination, particularly regarding his limited investigation into an inflated debt issue within Alameda in June 2022. The former billionaire admitted to prioritising high-level updates and attributed his inaction to his busy colleagues.&nbsp;

Prosecutor Danielle Sassoon also questioned Bankman-Fried about his relationship with Bahamian officials and the decision to allow FTX customers in the Bahamas to withdraw funds when withdrawals for others had been halted. The prosecution insinuated that Bankman-Fried's actions may have been influenced by a desire to maintain control of funds transferred to the Bahamas after FTX's bankruptcy.&nbsp;

Under direct examination from his lawyers, Bankman-Fried admitted to making "mistakes" that harmed FTX customers and employees but denied any fraudulent activities or fund misappropriation.&nbsp;

Bankman-Fried expressed a mix of emotions during his testimony, including defiance, regret, and frustration at comments and actions taken out of context. He admitted to only discovering in October 2022, shortly before FTX's bankruptcy, that Alameda had spent customer funds from FTX. He attributed this failure to not thoroughly investigate the situation to his trust in his friends and deputies.&nbsp;

Despite the prosecution's claims that he was intimately involved in decisions that allowed Alameda to take billions from FTX customers, Bankman-Fried asserted that he was less involved in day-to-day operations and decision-making than his associates suggested. He claimed he had "essentially uninvolved" himself from core operations after relinquishing the CEO role, the BBC reported.&nbsp;

The fraud trial against Sam Bankman-Fried is expected to culminate with closing arguments, with the entrepreneur potentially facing a life sentence in prison if convicted on seven federal charges, including wire fraud, securities fraud, and money laundering.&nbsp;

Bankman-Fried's defence team has maintained that he followed "reasonable" business practices as his companies rapidly expanded and emphasised his admission of managerial mistakes while denying any intent to commit fraud.&nbsp;

Moreover, Bankman-Fried's decision to testify in his own defence is being seen as a pivotal moment in the trial, as he aims to persuade the jury to dismiss allegations supported by the testimonies of his former top deputies, some of whom had pleaded guilty.&nbsp;

(With inputs from Reuters)&nbsp;

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FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November.

FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November. The Bankman-Fried's trial revolves around allegations of defrauding FTX customers, looting customer funds to support his Alameda Research hedge fund, and making substantial donations to U.S. political campaigns. During the trial, Bankman-Fried reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible." “I deeply regret not taking a deeper look into it,” Reuters quoted him as saying. He faced extensive cross-examination, particularly regarding his limited investigation into an inflated debt issue within Alameda in June 2022. The former billionaire admitted to prioritising high-level updates and attributed his inaction to his busy colleagues. Prosecutor Danielle Sassoon also questioned Bankman-Fried about his relationship with Bahamian officials and the decision to allow FTX customers in the Bahamas to withdraw funds when withdrawals for others had been halted. The prosecution insinuated that Bankman-Fried's actions may have been influenced by a desire to maintain control of funds transferred to the Bahamas after FTX's bankruptcy. Under direct examination from his lawyers, Bankman-Fried admitted to making "mistakes" that harmed FTX customers and employees but denied any fraudulent activities or fund misappropriation. Bankman-Fried expressed a mix of emotions during his testimony, including defiance, regret, and frustration at comments and actions taken out of context. He admitted to only discovering in October 2022, shortly before FTX's bankruptcy, that Alameda had spent customer funds from FTX. He attributed this failure to not thoroughly investigate the situation to his trust in his friends and deputies. Despite the prosecution's claims that he was intimately involved in decisions that allowed Alameda to take billions from FTX customers, Bankman-Fried asserted that he was less involved in day-to-day operations and decision-making than his associates suggested. He claimed he had "essentially uninvolved" himself from core operations after relinquishing the CEO role, the BBC reported. The fraud trial against Sam Bankman-Fried is expected to culminate with closing arguments, with the entrepreneur potentially facing a life sentence in prison if convicted on seven federal charges, including wire fraud, securities fraud, and money laundering. Bankman-Fried's defence team has maintained that he followed "reasonable" business practices as his companies rapidly expanded and emphasised his admission of managerial mistakes while denying any intent to commit fraud. Moreover, Bankman-Fried's decision to testify in his own defence is being seen as a pivotal moment in the trial, as he aims to persuade the jury to dismiss allegations supported by the testimonies of his former top deputies, some of whom had pleaded guilty. (With inputs from Reuters) WATCH WION LIVE HERE

'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial

Finnish telecom giant&nbsp;Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology. Nokia's complaint asserts that Amazon's Prime Video and Twitch streaming services, as well as HP's computers, violate its patents concerning video streaming compression, delivery, and other relevant technology.&nbsp;

&nbsp;The telecom company has stated that both Amazon and HP declined to obtain licenses for these patents and, instead, utilised Nokia's technology to enhance the efficiency and quality of video streaming. Nokia has also initiated related lawsuits against Amazon in Germany, India, the United Kingdom, and the European Unified Patent Court. &nbsp;

According to Reuters, Nokia expressed its hope that Amazon and HP would recognise their obligations and engage in negotiations for licensing in good faith. The lawsuits specify that dozens of companies have already secured licenses for Nokia's video encoding and decoding patents. These patents enable high-quality video streaming while reducing bandwidth and data-storage requirements. Moreover, some of these patents are considered essential to the International Telecommunication Union standards for video coding technology. &nbsp;

Nokia maintains that it offered Amazon and HP licenses on fair terms, but they have not accepted the terms, leading to the legal action. Nokia is seeking court orders to halt Amazon and HP's alleged patent infringement and is pursuing monetary damages, the specific amount of which has not been disclosed.&nbsp;

Nokia's patent portfolio, as announced earlier this year during a 5G wireless patent license agreement with Apple, is the result of investments in research and development, totalling over 140 billion euros. It encompasses approximately 20,000 patent families, underscoring the company's commitment to innovation. The lawsuits against Amazon and HP, addressing video streaming patent infringement, mark Nokia's proactive efforts to protect its intellectual property and ensure that its technology is used in compliance with established standards.&nbsp;

The cases are as follows: Nokia Technologies OY v. Amazon.com Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01236 and Nokia Technologies OY v. HP Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01237. Legal representation for Nokia includes Warren Lipschitz, Josh Newcomer, and Kevin Burgess from McKool Smith, as well as Ted Stevenson, John Haynes, and Nicholas Tsui from Alston &amp; Bird. Attorneys for Amazon and HP are not yet identified.&nbsp;

(With inputs from Reuters)&nbsp;

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Finnish telecom giant Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology.

Finnish telecom giant Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology. Nokia's complaint asserts that Amazon's Prime Video and Twitch streaming services, as well as HP's computers, violate its patents concerning video streaming compression, delivery, and other relevant technology. The telecom company has stated that both Amazon and HP declined to obtain licenses for these patents and, instead, utilised Nokia's technology to enhance the efficiency and quality of video streaming. Nokia has also initiated related lawsuits against Amazon in Germany, India, the United Kingdom, and the European Unified Patent Court. According to Reuters, Nokia expressed its hope that Amazon and HP would recognise their obligations and engage in negotiations for licensing in good faith. The lawsuits specify that dozens of companies have already secured licenses for Nokia's video encoding and decoding patents. These patents enable high-quality video streaming while reducing bandwidth and data-storage requirements. Moreover, some of these patents are considered essential to the International Telecommunication Union standards for video coding technology. Nokia maintains that it offered Amazon and HP licenses on fair terms, but they have not accepted the terms, leading to the legal action. Nokia is seeking court orders to halt Amazon and HP's alleged patent infringement and is pursuing monetary damages, the specific amount of which has not been disclosed. Nokia's patent portfolio, as announced earlier this year during a 5G wireless patent license agreement with Apple, is the result of investments in research and development, totalling over 140 billion euros. It encompasses approximately 20,000 patent families, underscoring the company's commitment to innovation. The lawsuits against Amazon and HP, addressing video streaming patent infringement, mark Nokia's proactive efforts to protect its intellectual property and ensure that its technology is used in compliance with established standards. The cases are as follows: Nokia Technologies OY v. Amazon.com Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01236 and Nokia Technologies OY v. HP Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01237. Legal representation for Nokia includes Warren Lipschitz, Josh Newcomer, and Kevin Burgess from McKool Smith, as well as Ted Stevenson, John Haynes, and Nicholas Tsui from Alston & Bird. Attorneys for Amazon and HP are not yet identified. (With inputs from Reuters) WATCH WION LIVE HERE

Nokia sues Amazon and HP for patent infringement in video streaming 

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent.

While the specific details of the bankruptcy filing remain undisclosed, reports suggest that WeWork is actively considering submitting a Chapter 11 petition in New Jersey, based on insider information cited by a Wall Street Journal report. &nbsp;

WeWork's financial turmoil has been brewing for some time, marked by its recent agreement with creditors to temporarily postpone payments on a portion of its substantial debt. This grace period is rapidly drawing to a close, increasing the pressure on the company.

At the heart of WeWork's financial difficulties lie its formidable long-term debt, which stood at $2.9 billion as of the end of June, and a staggering $13 billion tied up in long-term leases. These financial obligations have become increasingly burdensome as borrowing costs continue to rise, which in turn, has taken a toll on the entire commercial real estate sector.

In 2019, the company was privately valued at an astounding $47 billion. However, the company's plans to go public in the same year unravelled due to investor scepticism about its business model, which involved securing long-term leases and then renting them out for shorter periods, along with concerns about its financial losses. &nbsp;

WeWork eventually did go public in 2021 but at a much-reduced valuation. Throughout this time, WeWork's primary supporter, Japanese conglomerate SoftBank, continued to provide billions to the start-up, despite its ongoing financial struggles and losses.

In August, WeWork took the unprecedented step of casting "substantial doubt" on its ability to continue operations. Since then, the company's problems have only intensified, with several key executives, including CEO Sandeep Mathrani, departing this year.

(With inputs from Reuters)

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The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading.

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent. While the specific details of the bankruptcy filing remain undisclosed, reports suggest that WeWork is actively considering submitting a Chapter 11 petition in New Jersey, based on insider information cited by a Wall Street Journal report. WeWork's financial turmoil has been brewing for some time, marked by its recent agreement with creditors to temporarily postpone payments on a portion of its substantial debt. This grace period is rapidly drawing to a close, increasing the pressure on the company. At the heart of WeWork's financial difficulties lie its formidable long-term debt, which stood at $2.9 billion as of the end of June, and a staggering $13 billion tied up in long-term leases. These financial obligations have become increasingly burdensome as borrowing costs continue to rise, which in turn, has taken a toll on the entire commercial real estate sector. In 2019, the company was privately valued at an astounding $47 billion. However, the company's plans to go public in the same year unravelled due to investor scepticism about its business model, which involved securing long-term leases and then renting them out for shorter periods, along with concerns about its financial losses. WeWork eventually did go public in 2021 but at a much-reduced valuation. Throughout this time, WeWork's primary supporter, Japanese conglomerate SoftBank, continued to provide billions to the start-up, despite its ongoing financial struggles and losses. In August, WeWork took the unprecedented step of casting "substantial doubt" on its ability to continue operations. Since then, the company's problems have only intensified, with several key executives, including CEO Sandeep Mathrani, departing this year. (With inputs from Reuters) WATCH WION LIVE HERE

WeWork nears bankruptcy amidst crushing debt and plummeting value

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Some workers even donned Halloween costumes as part of their protest, an initiative led by the Times Tech Guild (TTG).&nbsp;

This strike comes in response to The New York Times issuing its return-to-office policy, a decision that predates the recognition of the tech guild, which occurred early last year. At that time, tech workers voted overwhelmingly, with a tally of 404-88, to join the NewsGuild of New York. This move bestowed bargaining rights upon TTG, establishing it as the largest tech union in the United States.&nbsp;

For over a year, tech workers represented by the union have engaged in contract negotiations with The New York Times. The company's refusal to recognise their bargaining rights concerning return-to-office policies has spurred this demonstration. Kathy Zhang, unit chair for the guild that comprises software engineers and data analysts, described the situation as an attempt by the Times to intimidate the workforce.&nbsp;

A spokesperson for the media organisation expressed the belief that flexibility, allowing employees to work both in the office and remotely, serves the interests of all involved parties. Additionally, the spokesperson asserted that the U.S. National Labour Relations Board had not ruled against their approach. &nbsp;

This statement came in response to a Bloomberg News report claiming that the agency's prosecutors had concluded that the company violated federal law by unilaterally implementing a return-to-office plan without negotiation with the union. In the absence of a resolution, a regional director of the agency is expected to file a complaint against The New York Times.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Some workers even donned Halloween costumes as part of their protest, an initiative led by the Times Tech Guild (TTG). This strike comes in response to The New York Times issuing its return-to-office policy, a decision that predates the recognition of the tech guild, which occurred early last year. At that time, tech workers voted overwhelmingly, with a tally of 404-88, to join the NewsGuild of New York. This move bestowed bargaining rights upon TTG, establishing it as the largest tech union in the United States. For over a year, tech workers represented by the union have engaged in contract negotiations with The New York Times. The company's refusal to recognise their bargaining rights concerning return-to-office policies has spurred this demonstration. Kathy Zhang, unit chair for the guild that comprises software engineers and data analysts, described the situation as an attempt by the Times to intimidate the workforce. A spokesperson for the media organisation expressed the belief that flexibility, allowing employees to work both in the office and remotely, serves the interests of all involved parties. Additionally, the spokesperson asserted that the U.S. National Labour Relations Board had not ruled against their approach. This statement came in response to a Bloomberg News report claiming that the agency's prosecutors had concluded that the company violated federal law by unilaterally implementing a return-to-office plan without negotiation with the union. In the absence of a resolution, a regional director of the agency is expected to file a complaint against The New York Times. (With inputs from Reuters) WATCH WION LIVE HERE

New York Times tech workers stage half-day strike over return-to-office rules 

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