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Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

The Barclays report, based on spending through debit and credit cards between September 24 and October 21, shows an increase of only 2.6 per cent compared to the same period in the previous year. This marks the smallest annual surge since September 2022 and represents a significant decline from the 4.2 per cent growth observed in the prior month.

The survey reveals that 37 per cent of households are planning to reduce their Christmas spending due to high day-to-day expenses. On the other hand, only 13 per cent of households plan to increase their expenditure during the holiday season. The survey involved 2,000 households.

Consumer price inflation in the UK rose to a significant 6.7 per cent in September, leading to a decline in the volume of goods and services purchased by British consumers in real terms. As the festive season approaches, concerns about the increasing cost of living appear to have had a significant impact on consumer behaviour.

Esme Harwood, director at Barclays, has observed a change in consumer behaviour in the UK. Britons are now more careful with spending, particularly on non-essential items like clothes and dining out. This shift in focus is due to people saving up for the upcoming holiday season and budgeting for increased winter fuel bills. Additionally, the recent hot weather has impacted spending on indoor leisure experiences.

During the overall pullback in spending, the hospitality sector has been a notable exception. The spending at pubs, bars, and clubs grew by 5.9 per cent, due to the enthusiasm of fans who gathered to watch the Rugby World Cup.

According to a report&nbsp;from the British Retail Consortium (BRC), consumer spending has been subdued. The BRC report indicates that major retailers witnessed a slowdown in spending growth, dropping to a three-month low of 2.5 per cent in October from 2.7 per cent in September. The BRC data covers the period between October 1 and October 28.

It notes the improved demand for autumn and winter outdoor clothing as the weather turned wetter and cooler towards the end of the month. However,&nbsp;non-food spending declined by 1.0 per cent over the same period, highlighting a significant disparity in consumer spending patterns.

Helen Dickinson, CEO of the British Retail Consortium, said that households must delay Christmas spending for Black Friday deals, amid the uncertain economic outlook.&nbsp;

(With inputs from Reuters)

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Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year. The Barclays report, based on spending through debit and credit cards between September 24 and October 21, shows an increase of only 2.6 per cent compared to the same period in the previous year. This marks the smallest annual surge since September 2022 and represents a significant decline from the 4.2 per cent growth observed in the prior month. The survey reveals that 37 per cent of households are planning to reduce their Christmas spending due to high day-to-day expenses. On the other hand, only 13 per cent of households plan to increase their expenditure during the holiday season. The survey involved 2,000 households. Consumer price inflation in the UK rose to a significant 6.7 per cent in September, leading to a decline in the volume of goods and services purchased by British consumers in real terms. As the festive season approaches, concerns about the increasing cost of living appear to have had a significant impact on consumer behaviour. Esme Harwood, director at Barclays, has observed a change in consumer behaviour in the UK. Britons are now more careful with spending, particularly on non-essential items like clothes and dining out. This shift in focus is due to people saving up for the upcoming holiday season and budgeting for increased winter fuel bills. Additionally, the recent hot weather has impacted spending on indoor leisure experiences. During the overall pullback in spending, the hospitality sector has been a notable exception. The spending at pubs, bars, and clubs grew by 5.9 per cent, due to the enthusiasm of fans who gathered to watch the Rugby World Cup. According to a report from the British Retail Consortium (BRC), consumer spending has been subdued. The BRC report indicates that major retailers witnessed a slowdown in spending growth, dropping to a three-month low of 2.5 per cent in October from 2.7 per cent in September. The BRC data covers the period between October 1 and October 28. It notes the improved demand for autumn and winter outdoor clothing as the weather turned wetter and cooler towards the end of the month. However, non-food spending declined by 1.0 per cent over the same period, highlighting a significant disparity in consumer spending patterns. Helen Dickinson, CEO of the British Retail Consortium, said that households must delay Christmas spending for Black Friday deals, amid the uncertain economic outlook. (With inputs from Reuters) WATCH WION LIVE HERE

Shocker ahead of Christmas: British consumer spending growth slows

Indian ed-tech&nbsp;company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million.

The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to sources cited by Bloomberg.&nbsp;&nbsp;

Byju's has been actively seeking to raise up to $1 billion by divesting two entities: Great Learning and Epic, as part of its broader strategy to streamline its operations and address its outstanding financial obligations. This development aligns with earlier reports by Reuters from September.&nbsp;

The prospective sale of Epic is expected to assist Byju's in raising funds to manage its disputed $1.2 billion term loan, Bloomberg's report indicates. The report also notes that other potential buyers, including Duolingo, a company specialising in the development of mobile learning platforms, have expressed interest in acquiring Epic.&nbsp;

At the time of reporting, Byju's had not provided a response to Reuters' request for comment, while Joffre Capital and Duolingo remained unavailable for immediate contact due to time zone differences with the United States.&nbsp;

The sale process for Epic is being overseen by Moelis and Co, and a final agreement could be reached as soon as this month, as mentioned in the report.&nbsp;

Byju's, with support from investors like General Atlantic, Prosus, and Silver Lake, had achieved a valuation of $22 billion in 2022. However, the company has faced a series of challenges, including the resignation of its auditor and board members, along with the ongoing negotiations related to a $1.2 billion loan repayment over the last several months.&nbsp;

(With inputs from Reuters)&nbsp;

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Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million.

Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to sources cited by Bloomberg. Byju's has been actively seeking to raise up to $1 billion by divesting two entities: Great Learning and Epic, as part of its broader strategy to streamline its operations and address its outstanding financial obligations. This development aligns with earlier reports by Reuters from September. The prospective sale of Epic is expected to assist Byju's in raising funds to manage its disputed $1.2 billion term loan, Bloomberg's report indicates. The report also notes that other potential buyers, including Duolingo, a company specialising in the development of mobile learning platforms, have expressed interest in acquiring Epic. At the time of reporting, Byju's had not provided a response to Reuters' request for comment, while Joffre Capital and Duolingo remained unavailable for immediate contact due to time zone differences with the United States. The sale process for Epic is being overseen by Moelis and Co, and a final agreement could be reached as soon as this month, as mentioned in the report. Byju's, with support from investors like General Atlantic, Prosus, and Silver Lake, had achieved a valuation of $22 billion in 2022. However, the company has faced a series of challenges, including the resignation of its auditor and board members, along with the ongoing negotiations related to a $1.2 billion loan repayment over the last several months. (With inputs from Reuters) WATCH WION LIVE HERE

Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million 

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce.

Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. The economists, citing a 2022 report by PwC, revealed that 73 per cent of Singaporean workers favoured a hybrid work model between June 2022 and May 2023. This percentage is significantly higher than the global average of 63 per cent.

The appeal for remote work has remained stable at around 20 per cent of the workforce, which is slightly higher than pre-COVID-19 levels. However, this trend in Singapore is different from the global pattern, where education and gender play a major role. In Singapore, factors like age, perceived productivity, and the sectors in which individuals are employed primarily shape the inclination towards remote work.

Khan and MacDonald noted that in Singapore, younger individuals have a greater desire for remote work. Additionally, those who perceive themselves as being more productive are more inclined towards working from home. It is important to note that remote work prevalence varies across different sectors.

During the pandemic in 2020, around 77 per cent of employed residents in digital sectors such as information and communications as well as financial services worked remotely. This is a stark contrast to only 11 per cent of the food and beverage services sector and 28 per cent in health and social services

The economists highlighted insights provided by the Ministry of Manpower (MOM) about the changing nature of work arrangements in Singapore. The MOM's data revealed that in 2021, over 90 per cent of establishments in Singapore offered at least one flexible work arrangement, significantly higher than the 50 per cent average in the six years before the pandemic. Even though the figure dropped to 71 per cent in 2022, it remained higher than pre-pandemic levels. Furthermore, the MOM's survey in 2022 showed that 34 per cent of employed residents worked from home at least once a month.

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A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce.

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. The economists, citing a 2022 report by PwC, revealed that 73 per cent of Singaporean workers favoured a hybrid work model between June 2022 and May 2023. This percentage is significantly higher than the global average of 63 per cent. The appeal for remote work has remained stable at around 20 per cent of the workforce, which is slightly higher than pre-COVID-19 levels. However, this trend in Singapore is different from the global pattern, where education and gender play a major role. In Singapore, factors like age, perceived productivity, and the sectors in which individuals are employed primarily shape the inclination towards remote work. Khan and MacDonald noted that in Singapore, younger individuals have a greater desire for remote work. Additionally, those who perceive themselves as being more productive are more inclined towards working from home. It is important to note that remote work prevalence varies across different sectors. During the pandemic in 2020, around 77 per cent of employed residents in digital sectors such as information and communications as well as financial services worked remotely. This is a stark contrast to only 11 per cent of the food and beverage services sector and 28 per cent in health and social services The economists highlighted insights provided by the Ministry of Manpower (MOM) about the changing nature of work arrangements in Singapore. The MOM's data revealed that in 2021, over 90 per cent of establishments in Singapore offered at least one flexible work arrangement, significantly higher than the 50 per cent average in the six years before the pandemic. Even though the figure dropped to 71 per cent in 2022, it remained higher than pre-pandemic levels. Furthermore, the MOM's survey in 2022 showed that 34 per cent of employed residents worked from home at least once a month. WATCH WION LIVE HERE

IMF economists highlight Singapore's strong preference for remote work

This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up. Investors are also awaiting a rate decision by the reserve bank of Australia.

South Korea’s kospi erased Monday’s gains when the index posted its best session since late march 2020 after the country re-imposed a ban on short selling.

In Japan, the nikkei 225 slipped in its first hour of trade and extended those losses.

Overnight in the U.S., all three indexes eked out narrow gains to build on last week’s strong rally. The Nasdaq composite jumped to finish higher, &nbsp;notching its longest positive streak since January.

Oil prices eased, giving up most of the gains from the previous day, on concerns over weak demand in China.

Gold eased as investors cautiously turned back to riskier assets, and positioned for a host of federal reserve speakers this week including Jerome Powell for clarity on U.S. rate cuts.

Risk appetite is a bit better and there have been no major surprise developments from the Israel-Hammas war, and this is taking away a little bit of the safe-haven bidding for gold and silver.

Remember, bullion gained over 7 per cent in October as the West Asia conflict boosted safe-haven demand.

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This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up.

This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up. Investors are also awaiting a rate decision by the reserve bank of Australia. South Korea’s kospi erased Monday’s gains when the index posted its best session since late march 2020 after the country re-imposed a ban on short selling. In Japan, the nikkei 225 slipped in its first hour of trade and extended those losses. Overnight in the U.S., all three indexes eked out narrow gains to build on last week’s strong rally. The Nasdaq composite jumped to finish higher, notching its longest positive streak since January. Oil prices eased, giving up most of the gains from the previous day, on concerns over weak demand in China. Gold eased as investors cautiously turned back to riskier assets, and positioned for a host of federal reserve speakers this week including Jerome Powell for clarity on U.S. rate cuts. Risk appetite is a bit better and there have been no major surprise developments from the Israel-Hammas war, and this is taking away a little bit of the safe-haven bidding for gold and silver. Remember, bullion gained over 7 per cent in October as the West Asia conflict boosted safe-haven demand. WATCH WION LIVE HERE

Global Markets Roundup | China's lower than expected exports leads to sell-off in Asian markets

The biggest companies across the world do not seem to be serious about tackling carbon emissions. A report by net zero trackers, an independent data consortium, shows that just a fraction of the world's 2,000 biggest listed companies meet the united nations guidelines for what constitutes a quality pledge. However, nearly half of the world's 2,000 biggest listed companies have set a target to get to net-zero emissions by mid-century.

Corporate Net Zero: Only 4% of targets meet UN’s strict criteria

China's deflationary pressures persist, highlighting the precarious nature of the country's economic recovery as the year 2023 draws to a close. Economists polled by Bloomberg predict that Chinese consumer prices fell back into deflation in October.

Navigating China's fragile consumer price landscape

The soaring onion prices ahead of the Diwali festival have sparked concerns among consumers across various states. Onions, a staple ingredient in the diverse Indian cuisine, have reached an alarming ₹100 per kilogram, prompting immediate actions from both state and central governments.

Decoding government's efforts to tackle onion price surge

Foxconn, the largest supplier to apple, saw its revenue drop 4.6% in October to $23 billion. Hon Hai has traditionally had its busiest quarter in the last three months of the year due to year-end iphone shipments.

Foxconn faces decline in sales as China investigates

The non-oil sector in Saudi Arabia had its greatest employment growth in nine years in October as the world's largest crude exporter looks to diversify.

Saudi Arabia's non-oil economy shows resilience in October | World Business Watch

A new report from investment management firm Blackrock states that parity between men and women has helped companies earn 29% higher profits in the last decade. Companies, where women are appropriately represented in the middle management, have generated 0.36% higher monthly returns, compared to companies where women representation is poor.

Women-led hedge funds outperform in last 16 years | World Business News

The cost of Israel's ongoing war with Hamas in the Gaza strip is estimated to be as high as $51 billion, according to preliminary figures reported by the Calcalist financial newspaper. This figure, equivalent to 10% of Israel's gross domestic product, is based on several key assumptions, including the conflict lasting between eight to 12 months.

Cost of conflict: Israel's cost of war with Hamas estimated at $51 billion | World Business Watch

Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets.

According to a Bloomberg report, leaders of the OPEC+ coalition jointly announced this decision in separate official statements on Sunday. Riyadh has significantly reduced its daily crude production by 1 million barrels, while Moscow is curbing its oil exports by 300,000 barrels. These actions are in addition to previous production cuts implemented with other OPEC+ member nations.

Saudi Arabia intends to review its production levels in the coming month and will consider the options of "extending the cut, deepening the cut, or increasing production," as stated by the Saudi Press Agency.

Russia's Deputy Prime Minister, Alexander Novak, echoed these sentiments in a separate statement.

Recent weeks have seen fluctuations in oil prices due to concerns about the conflict between Israel and Hamas potentially escalating into a larger regional conflict involving major crude producer Iran. On Friday, Brent futures closed just under $85 a barrel in London.

Should a broader conflict ensue, it might prompt both Saudi Arabia and Russia to reassess their planned production cuts. The International Energy Agency has warned about the potential risks posed by high fuel prices to global inflation and the economy. Nevertheless, for now, the Organisation of Petroleum Exporting Countries (OPEC) and its partners remain committed to keeping oil supplies under strict control.

Saudi Arabia, in particular, may be motivated to continue these production cuts as it seeks oil prices as high as $100, according to Bloomberg Economics. Such high prices are essential to fund ambitious projects like Neom, a futuristic city, and the acquisition of prominent athletes for domestic sports franchises. On the other hand, President Vladimir Putin relies on petroleum revenues to finance ongoing efforts related to the situation in Ukraine.

According to Bloomberg, Saudi Energy Minister Prince Abdulaziz bin Salman previously stated at the Future Investment Initiative conference in Riyadh that the kingdom's oil-market strategy has been effective.

Additionally, signs of weakness in physical oil markets may incentivise Saudi Arabia to maintain its course. Declining profits in the fuel-making sector and rising freight costs for transporting crude across regions have posed challenges. Despite industry expectations, substantial inventory declines have yet to materialise, as observed by Goldman Sachs Group Inc.

Eurasia Group, a consultancy, suggests that Saudi Arabia might be compelled to extend its unilateral 1 million barrel-a-day production cut into 2024 if market conditions continue to deteriorate. The International Energy Agency predicts that a new surplus in supply will emerge early next year as demand growth slows significantly.

The entire OPEC+ coalition, comprised of 23 nations, is scheduled to convene for a ministerial meeting on November 26 to review the policy for 2024.

(With inputs from Bloomberg)

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Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets.

Saudi Arabia and Russia have confirmed their commitment to maintaining oil supply reductions of over 1 million barrels per day until the end of the year, even as geopolitical tensions in West Asia continue to unsettle global oil markets. According to a Bloomberg report, leaders of the OPEC+ coalition jointly announced this decision in separate official statements on Sunday. Riyadh has significantly reduced its daily crude production by 1 million barrels, while Moscow is curbing its oil exports by 300,000 barrels. These actions are in addition to previous production cuts implemented with other OPEC+ member nations. Saudi Arabia intends to review its production levels in the coming month and will consider the options of "extending the cut, deepening the cut, or increasing production," as stated by the Saudi Press Agency. Russia's Deputy Prime Minister, Alexander Novak, echoed these sentiments in a separate statement. Recent weeks have seen fluctuations in oil prices due to concerns about the conflict between Israel and Hamas potentially escalating into a larger regional conflict involving major crude producer Iran. On Friday, Brent futures closed just under $85 a barrel in London. Should a broader conflict ensue, it might prompt both Saudi Arabia and Russia to reassess their planned production cuts. The International Energy Agency has warned about the potential risks posed by high fuel prices to global inflation and the economy. Nevertheless, for now, the Organisation of Petroleum Exporting Countries (OPEC) and its partners remain committed to keeping oil supplies under strict control. Saudi Arabia, in particular, may be motivated to continue these production cuts as it seeks oil prices as high as $100, according to Bloomberg Economics. Such high prices are essential to fund ambitious projects like Neom, a futuristic city, and the acquisition of prominent athletes for domestic sports franchises. On the other hand, President Vladimir Putin relies on petroleum revenues to finance ongoing efforts related to the situation in Ukraine. According to Bloomberg, Saudi Energy Minister Prince Abdulaziz bin Salman previously stated at the Future Investment Initiative conference in Riyadh that the kingdom's oil-market strategy has been effective. Additionally, signs of weakness in physical oil markets may incentivise Saudi Arabia to maintain its course. Declining profits in the fuel-making sector and rising freight costs for transporting crude across regions have posed challenges. Despite industry expectations, substantial inventory declines have yet to materialise, as observed by Goldman Sachs Group Inc. Eurasia Group, a consultancy, suggests that Saudi Arabia might be compelled to extend its unilateral 1 million barrel-a-day production cut into 2024 if market conditions continue to deteriorate. The International Energy Agency predicts that a new surplus in supply will emerge early next year as demand growth slows significantly. The entire OPEC+ coalition, comprised of 23 nations, is scheduled to convene for a ministerial meeting on November 26 to review the policy for 2024. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions

Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today.

Japan's Nikkei 225, returning from a long weekend, opened with a 2 per cent gain, while South Korea’s kospi led early gains in the region.

US stocks closed higher on Friday, benefiting from the soft jobs report that drove bond yields lower, resulting in the best week for major indexes in 2023.

The S&amp;P 500 marked its first five-day winning streak since June.

Crude oil prices increased in early trade, partly due to reduced concerns about more federal reserve rate hikes. However, traders remain cautious with several key economic readings, especially from China, scheduled for this week.

Chinese trade data, to be released on Tuesday, is expected to offer insights into commodity demand in the country.

Safe-haven buying eased, causing gold prices to drop in early trading. Although US weekly jobless claims pushed gold above $2,000 per ounce, it couldn't sustain this level. Investors seem to believe that the Israel-Hamas conflict will likely remain contained. On the other hand, the perception that the global interest rate cycle may be nearing an end could support gold moving forward.

In the cryptocurrency markets, ripple, an enterprise-grade cryptocurrency, is sending strong bullish signals as it tests the $1 per token mark. Ripple surprised crypto enthusiasts with a 30 per cent surge in less than two weeks, while bitcoin experienced a 15 per cent surge during the same period.

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Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today.

Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today. Japan's Nikkei 225, returning from a long weekend, opened with a 2 per cent gain, while South Korea’s kospi led early gains in the region. US stocks closed higher on Friday, benefiting from the soft jobs report that drove bond yields lower, resulting in the best week for major indexes in 2023. The S&P 500 marked its first five-day winning streak since June. Crude oil prices increased in early trade, partly due to reduced concerns about more federal reserve rate hikes. However, traders remain cautious with several key economic readings, especially from China, scheduled for this week. Chinese trade data, to be released on Tuesday, is expected to offer insights into commodity demand in the country. Safe-haven buying eased, causing gold prices to drop in early trading. Although US weekly jobless claims pushed gold above $2,000 per ounce, it couldn't sustain this level. Investors seem to believe that the Israel-Hamas conflict will likely remain contained. On the other hand, the perception that the global interest rate cycle may be nearing an end could support gold moving forward. In the cryptocurrency markets, ripple, an enterprise-grade cryptocurrency, is sending strong bullish signals as it tests the $1 per token mark. Ripple surprised crypto enthusiasts with a 30 per cent surge in less than two weeks, while bitcoin experienced a 15 per cent surge during the same period. WATCH WION LIVE HERE

Global Markets Roundup | Safe-haven buying eases, risk sentiment improves

India's dynamic startup landscape has witnessed a commendable transformation over the last five years, and what truly sets this narrative apart is the&nbsp;rise of women at the forefront of entrepreneurship.&nbsp;

As per a recently published report titled, '<a href="https://ifmrlead.org/wp-content/uploads/2023/10/Women-in-India-s-Startup-Ecosystem-Report-WISER_October_2023.pdf">Women in India's Startup Ecosystem Report</a>' (WISER), women-led startups&nbsp;have risen to 18 per cent&nbsp;in the past five years.&nbsp;signalling a compelling shift in the gender dynamics of business.&nbsp;

The WISER report's data draws from the active participation of more than 200 startups,&nbsp;including prominent names that have now achieved unicorn status, such as Urban Company, Meesho, and Zomato.

Here are the major takeaways of the report:

<h2>17% of India's unicorns are led by women</h2>

In 2017, India had approximately 6,000 <a href="https://www.wionews.com/business-economy/paytm-founder-launches-36-mn-fund-to-boost-ai-and-ev-startups-report-650639">startups</a>, with just 10 per cent of them being spearheaded by women.

Jump to 2022, and the startup landscape has surged to 80,000, with women-led startups now comprising a notable 18 per cent of the total.

As per the report, 105 startups became unicorns (with a current valuation of US$1 billion or more)&nbsp;in 2022 from 13 in 2017. Out of which, women-driven startups unicorns increased from 8 per cent&nbsp;to 17 per cent.

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&nbsp;

<h2>Women increasingly taking on senior roles in startups</h2>

The report highlights the increasing presence of women in leadership roles in startups compared to traditional corporate settings.

In startups, 32 per cent of managerial positions are held by women, while in corporations, it's 21 per cent.

The contrast is even more significant in top-level roles, with startups having 18 per cent&nbsp;women compared to corporations with just 5 per cent.

Notably, startups founded by women tend to have 2.5 times more women in senior positions compared to those founded by men.

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<h2>Ten years into the role, situations change for women</h2>

While women and men start their startup careers on an equal footing, women's progress in terms of experience and seniority falls behind. After more than 10 years, a considerably smaller proportion of women attain top leadership positions in startups, currently at 24 per cent for women compared to 40 per cent&nbsp;for men.

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India's dynamic startup landscape has witnessed a commendable transformation over the last five years, and what truly sets this narrative apart is the rise of women at the forefront of entrepreneurship.

India's dynamic startup landscape has witnessed a commendable transformation over the last five years, and what truly sets this narrative apart is the rise of women at the forefront of entrepreneurship. As per a recently published report titled, 'Women in India's Startup Ecosystem Report' (WISER), women-led startups have risen to 18 per cent in the past five years. signalling a compelling shift in the gender dynamics of business. The WISER report's data draws from the active participation of more than 200 startups, including prominent names that have now achieved unicorn status, such as Urban Company, Meesho, and Zomato. Here are the major takeaways of the report: 17% of India's unicorns are led by women In 2017, India had approximately 6,000 startups, with just 10 per cent of them being spearheaded by women. Jump to 2022, and the startup landscape has surged to 80,000, with women-led startups now comprising a notable 18 per cent of the total. As per the report, 105 startups became unicorns (with a current valuation of US$1 billion or more) in 2022 from 13 in 2017. Out of which, women-driven startups unicorns increased from 8 per cent to 17 per cent. × Women increasingly taking on senior roles in startups The report highlights the increasing presence of women in leadership roles in startups compared to traditional corporate settings. In startups, 32 per cent of managerial positions are held by women, while in corporations, it's 21 per cent. The contrast is even more significant in top-level roles, with startups having 18 per cent women compared to corporations with just 5 per cent. Notably, startups founded by women tend to have 2.5 times more women in senior positions compared to those founded by men. × Ten years into the role, situations change for women While women and men start their startup careers on an equal footing, women's progress in terms of experience and seniority falls behind. After more than 10 years, a considerably smaller proportion of women attain top leadership positions in startups, currently at 24 per cent for women compared to 40 per cent for men. ×

Data Lab: Women-led Indian startups surge to 18% in past five years

Zhang Hongli, the former vice president of the Industrial and Commercial Bank of China (ICBC), is under investigation for suspected corruption, China's Central Commission for Discipline Inspection said on Saturday (Nov 4). According to the commission, Zhang was suspected of serious disciplinary and legal violations. The ruling Communist Party did not provide any further details.

He is the latest former top banker to come under official scrutiny over corruption allegations as Chinese President Xi Jinping has waged a sweeping campaign on deep-seated official corruption since coming to power more than a decade back.&nbsp;

A few weeks back, the country's top prosecutor formally arrested Bank of China's <a href="https://www.wionews.com/business-economy/former-bank-of-china-chairman-liu-liange-arrested-for-corruption-647392">former chairperson Liu Lian'ge</a> following months of investigation. Lian'ge, 62, had been under investigation for severe violations of discipline and law, the anti-corruption watchdog said.&nbsp;

He was arrested on suspicion of taking bribes and illegally granting loans.&nbsp;

At the start of October, <a href="https://www.wionews.com/world/china-former-head-of-state-owned-banking-giant-fired-from-ccp-644586">Li Xiaopeng, the former head of Everbright Group</a>, was fired from the Communist Party and dismissed from public service. Li accepted gifts and money, defied a party policy on improving conduct and "attempted to obstruct the investigation into his case".

"Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities," a report by the Xinhua news agency said.&nbsp;

Li had previously served in leadership positions in various major Chinese banks. The investigation found that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money.&nbsp;

(With inputs from agencies)

Zhang Hongli, the former vice president of the Industrial and Commercial Bank of China (ICBC), is under investigation for suspected corruption, China's Central Commission for Discipline Inspection said on Saturday (Nov 4).

Zhang Hongli, the former vice president of the Industrial and Commercial Bank of China (ICBC), is under investigation for suspected corruption, China's Central Commission for Discipline Inspection said on Saturday (Nov 4). According to the commission, Zhang was suspected of serious disciplinary and legal violations. The ruling Communist Party did not provide any further details. He is the latest former top banker to come under official scrutiny over corruption allegations as Chinese President Xi Jinping has waged a sweeping campaign on deep-seated official corruption since coming to power more than a decade back. A few weeks back, the country's top prosecutor formally arrested Bank of China's former chairperson Liu Lian'ge following months of investigation. Lian'ge, 62, had been under investigation for severe violations of discipline and law, the anti-corruption watchdog said. He was arrested on suspicion of taking bribes and illegally granting loans. At the start of October, Li Xiaopeng, the former head of Everbright Group, was fired from the Communist Party and dismissed from public service. Li accepted gifts and money, defied a party policy on improving conduct and "attempted to obstruct the investigation into his case". "Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities," a report by the Xinhua news agency said. Li had previously served in leadership positions in various major Chinese banks. The investigation found that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money. (With inputs from agencies)

China: Former top official of bank under investigation for suspected corruption

Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday.

The company reported that the strong travel demand experienced during the summer season has extended into the slower final months, with leisure travellers increasingly choosing more expensive seats.&nbsp;

According to a statement released on Thursday, Lufthansa expects its adjusted operating profit to exceed €2.6 billion ($2.8 billion) this year, surpassing analyst estimates. Furthermore, the company anticipates achieving its earnings margin target of at least 8 per cent by 2024.&nbsp;

Lufthansa highlighted the strength of Christmas season bookings and the ongoing trend of passengers upgrading to first and business class. While the cargo division's earnings dipped to just €1 million in the quarter due to an economic slowdown, overall ticket yields in its airline businesses remained 25 per cent higher than pre-pandemic levels, which significantly boosted their profit.&nbsp;

Bloomberg quoted Lufthansa's CEO, Carsten Spohr, as saying, "Even though the geopolitical situation remains challenging, our booking outlook gives us reason to be positive - not only for a very good group result this year but also beyond."&nbsp;&nbsp;The company's strong performance is attributed to the sustained high demand for air travel, which has allowed them to recover from the financial impact of the COVID-19 pandemic.&nbsp;

However, concerns are emerging about the future of air travel demand, as households grapple with rising inflation, increased interest rates, and geopolitical tensions, particularly in the Middle East. There have been signs that some travellers are starting to avoid bookings to nearby destinations due to these concerns.&nbsp;

Notably, Lufthansa has achieved an operating margin of 8.5 per cent so far this year, doubling the figure from the same period last year, which sets the company on course to achieve its long-term profitability goals by 2024.&nbsp;

Lufthansa's European competitors, British Airways' parent company IAG SA and Air France-KLM, also reported record third-quarter operating profits recently, driven by high demand for summer travel, particularly between Europe and North America. These airlines, however, expressed concerns about the impact of the ongoing conflict between Hamas and Israel on travel to the Middle East, with indications that some travellers are becoming more cautious.&nbsp;

Despite the positive outlook, Lufthansa is mindful of potential geopolitical and macroeconomic risks. The company has stated its commitment to preserving maximum flexibility to adapt its plans if necessary.&nbsp;

Lufthansa continues to expand, as it recently announced plans to hire an additional 2,000 pilots. Moreover, the company is considering an order of 40 regional aircraft, with a decision pending between the Airbus A220s or Embraer E2s, as well as another 40 Airbus A320neos.&nbsp;

In addition, Lufthansa reiterated its intention to seek approval from the European Commission to acquire a 41 per cent stake in Italy's ITA Airways by early 2024, a process that has faced regulatory scrutiny. The company is also in discussions regarding the potential sale of a stake in its Lufthansa Technik maintenance division and expects to make a decision on whether to proceed by the end of the year.&nbsp;

A technical issue was also revealed by Lufthansa, affecting 64 of its A320neos due to problems with their Pratt and Whitney engines. As a result, around 20 aircraft will be unavailable on any given day in 2024. Pratt, which is owned by RTX Corp., has acknowledged that approximately 3,000 jet engines worldwide require inspections due to potentially flawed components made with contaminated metal powder. This issue is expected to ground hundreds of A320neo aircraft over the next three years, with repair times ranging from 250 to 300 days.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday.

Deutsche Lufthansa AG, one of Europe's leading airline groups, has expressed optimism about its financial performance for the current year and beyond as strong travel demand continues to drive their earnings, Bloomberg reported on Thursday. The company reported that the strong travel demand experienced during the summer season has extended into the slower final months, with leisure travellers increasingly choosing more expensive seats. According to a statement released on Thursday, Lufthansa expects its adjusted operating profit to exceed €2.6 billion ($2.8 billion) this year, surpassing analyst estimates. Furthermore, the company anticipates achieving its earnings margin target of at least 8 per cent by 2024. Lufthansa highlighted the strength of Christmas season bookings and the ongoing trend of passengers upgrading to first and business class. While the cargo division's earnings dipped to just €1 million in the quarter due to an economic slowdown, overall ticket yields in its airline businesses remained 25 per cent higher than pre-pandemic levels, which significantly boosted their profit. Bloomberg quoted Lufthansa's CEO, Carsten Spohr, as saying, "Even though the geopolitical situation remains challenging, our booking outlook gives us reason to be positive - not only for a very good group result this year but also beyond." The company's strong performance is attributed to the sustained high demand for air travel, which has allowed them to recover from the financial impact of the COVID-19 pandemic. However, concerns are emerging about the future of air travel demand, as households grapple with rising inflation, increased interest rates, and geopolitical tensions, particularly in the Middle East. There have been signs that some travellers are starting to avoid bookings to nearby destinations due to these concerns. Notably, Lufthansa has achieved an operating margin of 8.5 per cent so far this year, doubling the figure from the same period last year, which sets the company on course to achieve its long-term profitability goals by 2024. Lufthansa's European competitors, British Airways' parent company IAG SA and Air France-KLM, also reported record third-quarter operating profits recently, driven by high demand for summer travel, particularly between Europe and North America. These airlines, however, expressed concerns about the impact of the ongoing conflict between Hamas and Israel on travel to the Middle East, with indications that some travellers are becoming more cautious. Despite the positive outlook, Lufthansa is mindful of potential geopolitical and macroeconomic risks. The company has stated its commitment to preserving maximum flexibility to adapt its plans if necessary. Lufthansa continues to expand, as it recently announced plans to hire an additional 2,000 pilots. Moreover, the company is considering an order of 40 regional aircraft, with a decision pending between the Airbus A220s or Embraer E2s, as well as another 40 Airbus A320neos. In addition, Lufthansa reiterated its intention to seek approval from the European Commission to acquire a 41 per cent stake in Italy's ITA Airways by early 2024, a process that has faced regulatory scrutiny. The company is also in discussions regarding the potential sale of a stake in its Lufthansa Technik maintenance division and expects to make a decision on whether to proceed by the end of the year. A technical issue was also revealed by Lufthansa, affecting 64 of its A320neos due to problems with their Pratt and Whitney engines. As a result, around 20 aircraft will be unavailable on any given day in 2024. Pratt, which is owned by RTX Corp., has acknowledged that approximately 3,000 jet engines worldwide require inspections due to potentially flawed components made with contaminated metal powder. This issue is expected to ground hundreds of A320neo aircraft over the next three years, with repair times ranging from 250 to 300 days. (With inputs from Bloomberg) WATCH WION LIVE HERE

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond 

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.&nbsp;

According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023.&nbsp;

Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company."&nbsp;

Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given&nbsp;the increasing investor interest in the energy transition.&nbsp;

Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price.&nbsp;

The Canadian stock market, as a whole, confronts challenges, with the benchmark S&amp;P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. &nbsp;

Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait.&nbsp;

While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future.&nbsp;

Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market.&nbsp;

John McKenzie, the CEO of TMX Group Ltd,&nbsp;which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline.

Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers.&nbsp;

(Inputs from Bloomberg)&nbsp;

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Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023. Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company." Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given the increasing investor interest in the energy transition. Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price. The Canadian stock market, as a whole, confronts challenges, with the benchmark S&P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait. While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future. Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market. John McKenzie, the CEO of TMX Group Ltd, which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline. Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers. (Inputs from Bloomberg) WATCH WION LIVE HERE

Toronto Stock Exchange grapples with unprecedented IPO drought. Here's why

Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). &nbsp;

The FTC lawsuit, initially filed in September, revealed additional details in a less-redacted version made public on Thursday. This new version outlined Amazon's use of a "secret algorithm internally code-named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases."&nbsp;

Amazon, boasting a vast online superstore with over 1 billion items, has been accused of utilising Project Nessie to extract over a billion dollars directly from American consumers. Amazon's spokesperson&nbsp;Tim Doyle&nbsp;refuted the FTC's characterisation of the pricing tool, emphasising that the company ceased using it several years ago. Doyle explained that Nessie aimed to prevent price matching from causing unsustainably low prices and insisted the tool was employed to maintain fair pricing practices.&nbsp;

The FTC's complaint outlined how Amazon initiated testing of the pricing algorithm in 2010 to gauge whether competitors tracked its prices. Subsequently, Amazon would raise prices for products that were expected to be monitored by rival online retailers. When these competitors matched or increased their prices, Amazon would allegedly persist in selling the product at an inflated price, resulting in an excess profit of $1 billion. &nbsp;

The FTC further claimed that Amazon paused the algorithm during its Prime Day and holiday shopping events to mitigate scrutiny. However, the lawsuit alleged that Amazon reactivated Project Nessie once public attention shifted elsewhere.&nbsp;

The FTC's complaint also detailed Amazon's requirement for sellers under the Prime feature to use its logistics and delivery services, even when more cost-effective alternatives were available. The FTC contended that Amazon enforced this practice, even if sellers preferred to utilise other services that could also cater to customers from different platforms. The fees for Amazon's fulfilment services, charged to sellers, increased from 27 per cent in 2014 to 39.5 per cent in 2018, according to the FTC.&nbsp;

In addition to the allegations regarding pricing and seller practices, the complaint raised questions about Amazon's treatment of other major online stores, such as Walmart.com. The complaint noted that Amazon doesn't permit significant online retailers like Walmart.com to sell on its platform. &nbsp;

In response to the different treatment of Walmart.com compared to smaller sellers, Amazon CEO Jeff Bezos cited the scale and competitive landscape as reasons for this differentiation. The complaint also mentioned that Amazon had allegedly discouraged Walmart from offering discounts to online shoppers who picked up their purchases from Walmart stores, although the details of this section remained heavily rewritten.&nbsp;

(With inputs from Reuters)&nbsp;

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Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.

Amazon.com is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). The FTC lawsuit, initially filed in September, revealed additional details in a less-redacted version made public on Thursday. This new version outlined Amazon's use of a "secret algorithm internally code-named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases." Amazon, boasting a vast online superstore with over 1 billion items, has been accused of utilising Project Nessie to extract over a billion dollars directly from American consumers. Amazon's spokesperson Tim Doyle refuted the FTC's characterisation of the pricing tool, emphasising that the company ceased using it several years ago. Doyle explained that Nessie aimed to prevent price matching from causing unsustainably low prices and insisted the tool was employed to maintain fair pricing practices. The FTC's complaint outlined how Amazon initiated testing of the pricing algorithm in 2010 to gauge whether competitors tracked its prices. Subsequently, Amazon would raise prices for products that were expected to be monitored by rival online retailers. When these competitors matched or increased their prices, Amazon would allegedly persist in selling the product at an inflated price, resulting in an excess profit of $1 billion. The FTC further claimed that Amazon paused the algorithm during its Prime Day and holiday shopping events to mitigate scrutiny. However, the lawsuit alleged that Amazon reactivated Project Nessie once public attention shifted elsewhere. The FTC's complaint also detailed Amazon's requirement for sellers under the Prime feature to use its logistics and delivery services, even when more cost-effective alternatives were available. The FTC contended that Amazon enforced this practice, even if sellers preferred to utilise other services that could also cater to customers from different platforms. The fees for Amazon's fulfilment services, charged to sellers, increased from 27 per cent in 2014 to 39.5 per cent in 2018, according to the FTC. In addition to the allegations regarding pricing and seller practices, the complaint raised questions about Amazon's treatment of other major online stores, such as Walmart.com. The complaint noted that Amazon doesn't permit significant online retailers like Walmart.com to sell on its platform. In response to the different treatment of Walmart.com compared to smaller sellers, Amazon CEO Jeff Bezos cited the scale and competitive landscape as reasons for this differentiation. The complaint also mentioned that Amazon had allegedly discouraged Walmart from offering discounts to online shoppers who picked up their purchases from Walmart stores, although the details of this section remained heavily rewritten. (With inputs from Reuters) WATCH WION LIVE HERE

Amazon accused of illegally boosting profits through secret algorithm

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.&nbsp;

Starbucks intends to pursue an aggressive growth strategy by enhancing the efficiency of its cafes and strengthening its digital business and rewards program. The company is geared toward accelerating renovations in existing stores while simultaneously opening new locations catering to on-the-go customers, featuring formats like double-sided drive-thrus. Furthermore, Starbucks is determined to double its current base of 75 million rewards members over the next five years, with plans to collaborate with partners in the finance and hospitality sectors.&nbsp;

According to a media report, Narasimhan emphasised that the cornerstone of this strategy will be a heightened focus on efficiency, as Starbucks aims to achieve over $3 billion in cost savings. A significant portion of these savings is anticipated to be derived from improvements in the supply chain. Additionally, Starbucks has plans to elevate barista compensation through the provision of more hours and increased wages.&nbsp;

In the past, Starbucks had unveiled a comprehensive plan to revamp its cafes, aimed at helping baristas manage increased workloads in light of the significant shift toward online ordering and heightened personalisation. BNN Bloomberg cited Starbuck’s Chief Financial Officer Rachel Ruggeri, who revealed that the company is committed to investing $1 billion in fiscal year 2024, primarily to boost wages, upgrade equipment, and enhance digital and supply chain operations. &nbsp;

(With inputs from agencies)&nbsp;

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Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference on Friday, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030. Starbucks intends to pursue an aggressive growth strategy by enhancing the efficiency of its cafes and strengthening its digital business and rewards program. The company is geared toward accelerating renovations in existing stores while simultaneously opening new locations catering to on-the-go customers, featuring formats like double-sided drive-thrus. Furthermore, Starbucks is determined to double its current base of 75 million rewards members over the next five years, with plans to collaborate with partners in the finance and hospitality sectors. According to a media report, Narasimhan emphasised that the cornerstone of this strategy will be a heightened focus on efficiency, as Starbucks aims to achieve over $3 billion in cost savings. A significant portion of these savings is anticipated to be derived from improvements in the supply chain. Additionally, Starbucks has plans to elevate barista compensation through the provision of more hours and increased wages. In the past, Starbucks had unveiled a comprehensive plan to revamp its cafes, aimed at helping baristas manage increased workloads in light of the significant shift toward online ordering and heightened personalisation. BNN Bloomberg cited Starbuck’s Chief Financial Officer Rachel Ruggeri, who revealed that the company is committed to investing $1 billion in fiscal year 2024, primarily to boost wages, upgrade equipment, and enhance digital and supply chain operations. (With inputs from agencies) WATCH WION LIVE HERE

Starbucks unveils ambitious growth plans and cost-saving initiatives. Here are the details  

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has reiterated its stance of retaining borrowing costs at a robust 5.25 per cent. &nbsp;

This decision by the Monetary Policy Committee (MPC), voting 6-3 in favour of maintaining this rate, aligns with the consensus reached in September following a series of 14 consecutive interest rate hikes.&nbsp;

The BoE's projection underscores the necessity of a prolonged period of restrictive monetary policy to address the pressing issue of inflation. Highlighting the urgency of this approach, the central bank emphasised the need to "squeeze out of the system" inflation levels that rank among the highest in the world's major economies. &nbsp;

Reuters quoted BoE Governor Andrew Bailey, who highlighted the efforts to curtail inflation, stating, "We will be watching closely to see if further increases in interest rates are needed, but even if they are not needed, it is much too early to be thinking about rate cuts."&nbsp;

The central bank's assessment, however, acknowledges ongoing global uncertainties, particularly the conflict in the Middle East, which poses a risk of higher energy prices potentially feeding into inflation. The BoE remains vigilant about the impact of these external factors on the domestic economy. It also highlighted that strong wage growth is a concern, which could sustain price pressures. &nbsp;

The labour market data, though essential for policy decisions, has faced challenges due to low survey response rates. As a result, the BoE expresses "increasing uncertainties" about official labour market statistics. The central bank anticipates that job growth may have been weaker than initially assumed, and the robust wage growth is expected to moderate over time.&nbsp;

Regarding the economic outlook, the BoE's forecasts indicate a lack of growth in the British economy during the July-September period, with a marginal expansion of just 0.1 per cent in the fourth quarter. The central bank's projections extend to anticipate a static economic scenario for 2024, followed by a modest expansion of 0.25 per cent in 2025. Despite these cautious forecasts, the BoE anticipates a return to its 2 per cent inflation target by the end of 2025, albeit with a slight delay of roughly six months in comparison to previous projections.&nbsp;

Market sentiment suggests that the BoE is likely to maintain the current interest rates at least until August of the following year, potentially signalling a shift toward lowering rates. Economists have varying opinions on when the Bank Rate might decrease. While some believe it could happen in the second quarter of 2024 as inflation cools, others predict rates will remain unchanged throughout the entirety of the next year.&nbsp;

A remarkable aspect within the BoE's assessment of the economy is the prediction of a 4.6 per cent inflation rate in the fourth quarter of 2023. This projection aligns with Prime Minister Rishi Sunak's commitment to achieving price growth this year, an essential element of his political pledge in anticipation of an upcoming election in 2024.&nbsp;

(With inputs from Reuters)&nbsp;

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The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape.

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has reiterated its stance of retaining borrowing costs at a robust 5.25 per cent. This decision by the Monetary Policy Committee (MPC), voting 6-3 in favour of maintaining this rate, aligns with the consensus reached in September following a series of 14 consecutive interest rate hikes. The BoE's projection underscores the necessity of a prolonged period of restrictive monetary policy to address the pressing issue of inflation. Highlighting the urgency of this approach, the central bank emphasised the need to "squeeze out of the system" inflation levels that rank among the highest in the world's major economies. Reuters quoted BoE Governor Andrew Bailey, who highlighted the efforts to curtail inflation, stating, "We will be watching closely to see if further increases in interest rates are needed, but even if they are not needed, it is much too early to be thinking about rate cuts." The central bank's assessment, however, acknowledges ongoing global uncertainties, particularly the conflict in the Middle East, which poses a risk of higher energy prices potentially feeding into inflation. The BoE remains vigilant about the impact of these external factors on the domestic economy. It also highlighted that strong wage growth is a concern, which could sustain price pressures. The labour market data, though essential for policy decisions, has faced challenges due to low survey response rates. As a result, the BoE expresses "increasing uncertainties" about official labour market statistics. The central bank anticipates that job growth may have been weaker than initially assumed, and the robust wage growth is expected to moderate over time. Regarding the economic outlook, the BoE's forecasts indicate a lack of growth in the British economy during the July-September period, with a marginal expansion of just 0.1 per cent in the fourth quarter. The central bank's projections extend to anticipate a static economic scenario for 2024, followed by a modest expansion of 0.25 per cent in 2025. Despite these cautious forecasts, the BoE anticipates a return to its 2 per cent inflation target by the end of 2025, albeit with a slight delay of roughly six months in comparison to previous projections. Market sentiment suggests that the BoE is likely to maintain the current interest rates at least until August of the following year, potentially signalling a shift toward lowering rates. Economists have varying opinions on when the Bank Rate might decrease. While some believe it could happen in the second quarter of 2024 as inflation cools, others predict rates will remain unchanged throughout the entirety of the next year. A remarkable aspect within the BoE's assessment of the economy is the prediction of a 4.6 per cent inflation rate in the fourth quarter of 2023. This projection aligns with Prime Minister Rishi Sunak's commitment to achieving price growth this year, an essential element of his political pledge in anticipation of an upcoming election in 2024. (With inputs from Reuters) WATCH WION LIVE HERE

Bank of England holds firm on 15-year high interest rates amid economic uncertainties 

Our past often determines our present circumstances. The ongoing turmoil in West Asia bears testimony to it.&nbsp;

As the Israel-Hamas war continues, market watchers are worried&nbsp;about the conflict's cascading effect on oil prices and the global economy. Their fears are not unfounded, but deeply rooted in recent history.

In October 1973, a coalition of Arab countries, primarily led by Egypt and Syria, surprised Israel by launching a joint attack on Yom Kippur -- the holiest day for Jews.&nbsp;

Western nations led by the United States immediately came out in support of Israel, their long-time ally in West Asia. The then&nbsp;US President Richard Nixon&nbsp;announced his decision to supply Israel with arms worth $2.2 billion.

But this announcement&nbsp;irked the oil-rich Arab world, which did not recognise Israel's right to exist as a nation. As a result, the&nbsp;OAPEC, which stands for the Organisation of Arab Petroleum Exporting Countries, decided to impose an oil embargo on the West.

Subsequently, a series of production cuts and rate&nbsp;hikes led to skyrocketing oil prices. A barrel of oil traded for around $3 before the Yom Kippur war. It rose four-folds to nearly $12 per barrel by March 1974, when the embargo was lifted.&nbsp;

The United States, a major oil consumer, was badly hit by the embargo, as fuel prices rose from an average of 39 cents per gallon to 53 cents per gallon by 1974.The oil embargo came at a wrong time for the world's largest economy.

Even before the crisis, wholesale prices of industrial commodities were rising at an annual rate of over 10 per cent, while many major industrial materials were in short supply. Moreover, it is widely believed the U.S. oil industry at the time did not posses excess production capacity, especially in times of a crisis.&nbsp;

More than the US, the embargo had a massive impact on Western Europe, ending its three-decade-long period of unaffected prosperity. For some context: Aided by the Marshall Plan, Western Europe witnessed unprecedented levels of economic boom after the second world war.

Western Europe largely depended on oil-rich West Asia for its energy needs, and the embargo not only led to high fuel prices but also exposed the region's fragile energy security. In fact, fuel rationing and dim streetlights, as seen during a wartime, became common in several European countries.&nbsp;

On a wider economic level, some estimates suggest that the oil crisis led to a 4.7 per cent decline in the US' GDP and a 2.5 per cent cut in Europe's GDP.&nbsp;

The West's loss, however, was a massive gain for the oil-producing Arab nations.&nbsp;

While the embargo ended in March 1974, oil prices remained elevated for much of the 1970s. Consequently, high prices helped several oil producing countries to maintain a healthy trade and current account surplus with the West.&nbsp;

Notably, the crisis gave rise to the term 'petro dollar', which is still used in the matters of oil trade, as the commodity is heavily traded in the official US currency.&nbsp;

But the biggest geo-economic impact of the crisis, which can be felt in 2023 too, was the mainstreaming of energy security through oil. Until then, the question of energy security rose only intermittently and was limited to a few countries.

But the global impact of the oil crisis forced countries, especially those in the developed world, to prioritise alternate energy sources and energy conservation.&nbsp;

All in all, the impact of the 1973 oil crisis reverberates to this day.&nbsp;

Our past often determines our present circumstances. The ongoing turmoil in West Asia bears testimony to it. As the Israel-Hamas war continues, market watchers are worried about the conflict's cascading effect on oil prices and the global economy.

Our past often determines our present circumstances. The ongoing turmoil in West Asia bears testimony to it. As the Israel-Hamas war continues, market watchers are worried about the conflict's cascading effect on oil prices and the global economy. Their fears are not unfounded, but deeply rooted in recent history. In October 1973, a coalition of Arab countries, primarily led by Egypt and Syria, surprised Israel by launching a joint attack on Yom Kippur -- the holiest day for Jews. Western nations led by the United States immediately came out in support of Israel, their long-time ally in West Asia. The then US President Richard Nixon announced his decision to supply Israel with arms worth $2.2 billion. But this announcement irked the oil-rich Arab world, which did not recognise Israel's right to exist as a nation. As a result, the OAPEC, which stands for the Organisation of Arab Petroleum Exporting Countries, decided to impose an oil embargo on the West. Subsequently, a series of production cuts and rate hikes led to skyrocketing oil prices. A barrel of oil traded for around $3 before the Yom Kippur war. It rose four-folds to nearly $12 per barrel by March 1974, when the embargo was lifted. The United States, a major oil consumer, was badly hit by the embargo, as fuel prices rose from an average of 39 cents per gallon to 53 cents per gallon by 1974.The oil embargo came at a wrong time for the world's largest economy. Even before the crisis, wholesale prices of industrial commodities were rising at an annual rate of over 10 per cent, while many major industrial materials were in short supply. Moreover, it is widely believed the U.S. oil industry at the time did not posses excess production capacity, especially in times of a crisis. More than the US, the embargo had a massive impact on Western Europe, ending its three-decade-long period of unaffected prosperity. For some context: Aided by the Marshall Plan, Western Europe witnessed unprecedented levels of economic boom after the second world war. Western Europe largely depended on oil-rich West Asia for its energy needs, and the embargo not only led to high fuel prices but also exposed the region's fragile energy security. In fact, fuel rationing and dim streetlights, as seen during a wartime, became common in several European countries. On a wider economic level, some estimates suggest that the oil crisis led to a 4.7 per cent decline in the US' GDP and a 2.5 per cent cut in Europe's GDP. The West's loss, however, was a massive gain for the oil-producing Arab nations. While the embargo ended in March 1974, oil prices remained elevated for much of the 1970s. Consequently, high prices helped several oil producing countries to maintain a healthy trade and current account surplus with the West. Notably, the crisis gave rise to the term 'petro dollar', which is still used in the matters of oil trade, as the commodity is heavily traded in the official US currency. But the biggest geo-economic impact of the crisis, which can be felt in 2023 too, was the mainstreaming of energy security through oil. Until then, the question of energy security rose only intermittently and was limited to a few countries. But the global impact of the oil crisis forced countries, especially those in the developed world, to prioritise alternate energy sources and energy conservation. All in all, the impact of the 1973 oil crisis reverberates to this day.

Flashback Friday: 50 years later, the impact of 1973 oil crisis continues to be felt

In the ever-evolving world of electric vehicles, there's a quiet revolution taking place that's set to change the way we drive. used electric vehicles are becoming a pivotal part of this shift, and one tesla manager - Michael Oates - believes they are absolutely crucial in making sustainable transportation accessible to everyone.

Used EVs: A silent revolution? | World Business Watch

Airbnb's latest earnings report serves as a guiding compass offering insights into the current state of the travel industry.

Airbnb: Quarterly revenue to fall short of expectations

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, on Thursday (Nov 2).&nbsp;

The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after a months-long trial.&nbsp;

Bankman-Fried has been charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have called “one of the biggest financial frauds in American history.”

In the months-long case, prosecutors argued that Bankman-Fried stole $8 billion from the exchange’s customers out of sheer greed.&nbsp;

“Find him guilty,” prosecutor Danielle Sassoon told the jury earlier. “He was ambitious” and had “the arrogance to think that he could get away with a fraud,” she added.

<h2>What happened in the court?</h2>

The jury’s verdict came after some four hours of deliberation and also nearly a year after&nbsp;FTX filed for bankruptcy in a swift corporate meltdown which shocked financial markets.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-takes-witness-stand-at-his-own-fraud-trial-651699">Sam Bankman-Fried takes witness stand at his own fraud trial</a>

Bankman-Fried, who had pleaded not guilty to two counts of fraud and five counts of conspiracy, was seen facing the jury with his hands clasped in front of him as the verdict was being read. He sat with his head in his hands after the verdict.&nbsp;

The verdict also marks a win for the US Justice Department and Damian Williams, the top federal prosecutor in Manhattan, who has sought to rid financial markets of corruption.&nbsp;

“The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it,” Williams told reporters outside the courtroom.

Bankman-Fried, whose conviction on all charges could lead to a sentence of up to 110 years in prison, was seen exiting the Manhattan federal courtroom Thursday night with his head down. US District Judge Lewis Kaplan has set the once-crypto mogul’s sentencing for March 28, 2024.&nbsp;

Bankman-Fried’s defence lawyer Mark Cohen following the verdict, in a statement, said he was “disappointed” but respected the jury’s decision, adding that the former FTX chief “maintains his innocence and will continue to vigorously fight the charges against him.”&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/deeply-regret-ftx-founder-sam-bankman-fried-faces-intense-scrutiny-in-fraud-trial-653768">'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial</a>

<h2>About the trial</h2>

The trial revolves around accusations of FTX defrauding its customers to support its Alameda Research hedge fund, and making substantial donations to political campaigns in the United States.&nbsp;

He was also accused of using customer deposits on his crypto trading platform to cover losses at his hedge fund, pay off loans and even buy real estate, among other expenses.

Earlier this week, in his latest testimony, Bankman-Fried expressed “regret” for failing to investigate the billion-dollar debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-sues-its-own-founder-sam-bankman-fried-to-recover-over-1-bn-617976">FTX sues its own founder Sam Bankman-Fried to recover over $1 bn</a>

The jury also heard 15 days of testimony from former Alameda CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh who were testifying for the prosecution after entering guilty pleas. All three of them have not yet been sentenced.&nbsp;

<h2>What now?</h2>

Bankman-Fried is also set to go on trial on a second set of charges brought by prosecutors which includes alleged foreign bribery and bank fraud conspiracies.

(With inputs from agencies)

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, on Thursday (Nov 2).

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, on Thursday (Nov 2). The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after a months-long trial. Bankman-Fried has been charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have called “one of the biggest financial frauds in American history.” In the months-long case, prosecutors argued that Bankman-Fried stole $8 billion from the exchange’s customers out of sheer greed. “Find him guilty,” prosecutor Danielle Sassoon told the jury earlier. “He was ambitious” and had “the arrogance to think that he could get away with a fraud,” she added. What happened in the court? The jury’s verdict came after some four hours of deliberation and also nearly a year after FTX filed for bankruptcy in a swift corporate meltdown which shocked financial markets. ALSO READ | Sam Bankman-Fried takes witness stand at his own fraud trial Bankman-Fried, who had pleaded not guilty to two counts of fraud and five counts of conspiracy, was seen facing the jury with his hands clasped in front of him as the verdict was being read. He sat with his head in his hands after the verdict. The verdict also marks a win for the US Justice Department and Damian Williams, the top federal prosecutor in Manhattan, who has sought to rid financial markets of corruption. “The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it,” Williams told reporters outside the courtroom. Bankman-Fried, whose conviction on all charges could lead to a sentence of up to 110 years in prison, was seen exiting the Manhattan federal courtroom Thursday night with his head down. US District Judge Lewis Kaplan has set the once-crypto mogul’s sentencing for March 28, 2024. Bankman-Fried’s defence lawyer Mark Cohen following the verdict, in a statement, said he was “disappointed” but respected the jury’s decision, adding that the former FTX chief “maintains his innocence and will continue to vigorously fight the charges against him.” ALSO READ | 'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial About the trial The trial revolves around accusations of FTX defrauding its customers to support its Alameda Research hedge fund, and making substantial donations to political campaigns in the United States. He was also accused of using customer deposits on his crypto trading platform to cover losses at his hedge fund, pay off loans and even buy real estate, among other expenses. Earlier this week, in his latest testimony, Bankman-Fried expressed “regret” for failing to investigate the billion-dollar debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November. ALSO READ | FTX sues its own founder Sam Bankman-Fried to recover over $1 bn The jury also heard 15 days of testimony from former Alameda CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh who were testifying for the prosecution after entering guilty pleas. All three of them have not yet been sentenced. What now? Bankman-Fried is also set to go on trial on a second set of charges brought by prosecutors which includes alleged foreign bribery and bank fraud conspiracies. (With inputs from agencies)

FTX founder Sam Bankman-Fried found guilty of defrauding customers

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday (November 2) not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform as X.

The SEC sued Musk on October 5 to make him testify for the probe. The investigation was launched in April 2022. Musk has filed his objection in the San Francisco federal court. His lawyers have said that the SEC's subpoena exceeds the agency's investigative authority. They've also said that the subpoena is overly burdensome and seeks" irrelevant evidence".

The commission has said that it was looking into Musk's 2022 purchases of Twitter stock and also his statements and SEC filings related to Twitter and that Musk had declined to attend a September interview for the investigation.

Watch | Israel-Hamas war: Elon Musk offers internet to international aid organisation

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The SEC's subpoena exceeds the agency's investigative authority.

Also Read | <a href="https://www.wionews.com/technology/elon-musks-x-slammed-after-inaction-over-pakistani-senators-post-praising-hitler-652757">Elon Musk's X slammed after inaction over Pakistani senator's post praising Hitler</a>

In their filing, Spiro and Musk's other lawyers said in the filing: "The SEC's pursuit of Mr. Musk has crossed the line into harassment".

Musk revealed on April 4, 2022, that he had acquired a 9.2 per cent stake in Twitter. The disclosure was made 11 days after the SEC's deadline for such disclosures. Initially, Musk had said that he planned to be a passive stakeholder. This means that he indicated that he did not plan to take over the company. Later in the same month, he announced that he planned to buy Twitter for USD 44 billion. He subsequently tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform. Twitter then sued Musk to complete the deal and Musk acquired Twitter in October 2022.

Also Read | <a href="https://www.wionews.com/world/explained-what-is-starlink-the-ambitious-global-internet-service-of-elon-musk-652569">Explained: What is Starlink, the ambitious global internet service of Elon Musk?</a>

The SEC has said in a court filing that Musk provided testimony last year in July via video conference but the commission's lawyers have said that they have more questions.

The court filing has said that the SEC has spent 18 months "devoting its formidable resources to investigating Mr. Musk over an allegedly untimely filing," the court filings said. "This is just the latest chapter in a more-than-five-year saga of agency harassment against Mr Musk and related entities."

(With inputs from agencies)

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday (November 2) not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter.

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday (November 2) not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform as X. The SEC sued Musk on October 5 to make him testify for the probe. The investigation was launched in April 2022. Musk has filed his objection in the San Francisco federal court. His lawyers have said that the SEC's subpoena exceeds the agency's investigative authority. They've also said that the subpoena is overly burdensome and seeks" irrelevant evidence". The commission has said that it was looking into Musk's 2022 purchases of Twitter stock and also his statements and SEC filings related to Twitter and that Musk had declined to attend a September interview for the investigation. Watch | Israel-Hamas war: Elon Musk offers internet to international aid organisation × The SEC's subpoena exceeds the agency's investigative authority. Also Read | Elon Musk's X slammed after inaction over Pakistani senator's post praising Hitler In their filing, Spiro and Musk's other lawyers said in the filing: "The SEC's pursuit of Mr. Musk has crossed the line into harassment". Musk revealed on April 4, 2022, that he had acquired a 9.2 per cent stake in Twitter. The disclosure was made 11 days after the SEC's deadline for such disclosures. Initially, Musk had said that he planned to be a passive stakeholder. This means that he indicated that he did not plan to take over the company. Later in the same month, he announced that he planned to buy Twitter for USD 44 billion. He subsequently tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform. Twitter then sued Musk to complete the deal and Musk acquired Twitter in October 2022. Also Read | Explained: What is Starlink, the ambitious global internet service of Elon Musk? The SEC has said in a court filing that Musk provided testimony last year in July via video conference but the commission's lawyers have said that they have more questions. The court filing has said that the SEC has spent 18 months "devoting its formidable resources to investigating Mr. Musk over an allegedly untimely filing," the court filings said. "This is just the latest chapter in a more-than-five-year saga of agency harassment against Mr Musk and related entities." (With inputs from agencies)

Elon Musk opposes SEC's bid for his testimony in Twitter probe

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

FTX founder Sam Bankman-Fried found guilty of defrauding customers

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial.&nbsp;

<a href="https://www.wionews.com/business-economy/ftx-founder-sam-bankman-fried-found-guilty-for-defrauding-customers-654521">Read more here</a>

Bank of England holds firm on 15-year high interest rates amid economic uncertainties

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent.&nbsp;

<a href="https://www.wionews.com/business-economy/bank-of-england-holds-firm-on-15-year-high-interest-rates-amid-economic-uncertainties-654630">Read more here</a>

Amazon accused of illegally boosting profits through secret algorithm

Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC).

<a href="https://www.wionews.com/business-economy/amazon-accused-of-illegally-boosting-profits-through-secret-algorithm-654591">Read more here&nbsp;</a>

Elon Musk opposes SEC's bid for his testimony in Twitter probe

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'.&nbsp;

<a href="https://www.wionews.com/business-economy/elon-musk-opposes-secs-bid-for-his-testimony-in-twitter-probe-654544">Read more here</a> 
&nbsp;

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond

Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%.

<a href="https://www.wionews.com/business-economy/lufthansas-soaring-prospects-strong-travel-demand-fuels-optimism-for-2023-and-beyond-654584">Read more here</a>

Toronto Stock Exchange grapples with unprecedented IPO drought

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993.&nbsp;

<a href="https://www.wionews.com/business-economy/toronto-stock-exchange-grapples-with-unprecedented-ipo-drought-heres-why-654588">Read more here</a>

Starbucks unveils ambitious growth plans and cost-saving initiatives

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

<a href="https://www.wionews.com/business-economy/starbucks-unveils-ambitious-growth-plans-and-cost-saving-initiatives-here-are-the-details-654624">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial. Read more here Bank of England holds firm on 15-year high interest rates amid economic uncertainties The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent. Read more here Amazon accused of illegally boosting profits through secret algorithm Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). Read more here Elon Musk opposes SEC's bid for his testimony in Twitter probe Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'. Read more here Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%. Read more here Toronto Stock Exchange grapples with unprecedented IPO drought Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Read more here Starbucks unveils ambitious growth plans and cost-saving initiatives Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030. Read more here

WION Business Wrap | Sam Bankman-Fried convicted, Amazon's algorithm trouble & more