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Before the Bank of Japan's expected raid decision later in the day, the Asian markets appear to be having a mixed trading session. According to Bank of America, neither rates nor the yield curve control policies of the Bank of Japan are expected to change. After outperforming all other markets, the Nikkei 225 is currently down about 1% and is expected to continue its downward trend for another day.

Wall St. stocks rise over risk-on sentiment

The European Central Bank has hiked the lending rates to the highest levels in the last 22 years. The ECB has increased its lending rate for the eighth consecutive time, this time by 0.25% to a 22 year-high of 3.5%. The hike comes even as the eurozone continues to struggle with high inflation and a contracting economy.

ECB hikes lending rates to a 22-year high

Billionaire Richard Branson's space ambitions are all set to take off this month. His company Virgin Galactic looks set to launch its commercial spaceflight. The news excited the share market as the company's shares rose over 40% on Thursday.

Virgin Galactic targets June 27-30 spaceflight launch

Software giant oracle is the latest to join the job layoff bandwagon. reports suggest that the company has laid off hundreds of employees, withdrawn job offers and cut back open positions in its health unit.

Oracle lays off hundreds of employees in health unit | World Business News

Uber has taken a strategic decision to cease its food delivery operations in Italy and exit the Israeli market. The decision comes as uber aims to focus on markets where it can achieve sustainable growth, and establish a dominant presence.

Uber to shut down food delivery in Italy, exit Israel | World Business News

China's economy faces a dual challenge as youth unemployment reaches an alarming record high, while major economic indicators fall short of expectations.&nbsp;

According to the latest data released by China's National Bureau of Statistics, the unemployment rate among young people aged 16 to 24 soared to a record high of 20.8 percent in May, surpassing the previous peak observed in April. The surge in unemployment&nbsp;indicates that young individuals are encountering significant challenges in finding jobs, as the labour market becomes increasingly competitive.&nbsp;

China's economic performance has been facing&nbsp;setbacks as major indicators continue to&nbsp;fall short of expectations. Retail sales in May grew by 12.7 percent compared to the previous year, failing to meet the projected 13.6 percent growth predicted by experts. Similarly, industrial production only rose by a modest 3.5 percent year-on-year, slightly below the anticipated 3.6 percent as predicted by analysts. Moreover, fixed asset investment for the first five months of the year registered a growth rate of 4 percent, slower than the 4.4 percent forecasted by Reuters. These underwhelming figures point towards a potential slowdown in China's economic recovery and raise concerns about the sustainability of growth.

Acknowledging&nbsp;the challenges posed by the uncertain international environment, the National Bureau of Statistics has&nbsp;pushed for more&nbsp;domestic structural adjustments. Despite the current setbacks, there is cautious optimism for the future. Bureau spokesperson Fu Linghui has expressed optimism about China's economic growth in the second quarter, taking into account the low base of comparison from the previous year. Linghui also anticipates a return to a 'normal' growth pace in the third and fourth quarters. The Chinese government aims to achieve its full-year growth target of around 5 percent GDP growth for 2023.

To counter the economic challenges, experts suggest implementing policy stimulus measures to bolster economic&nbsp;recovery. China has already taken steps to loosen monetary policy, including cutting deposit rates and reducing the seven-day reverse repurchase rate. Furthermore, slowing global growth has affected China's export sector, particularly in the United States and Europe. May's export data showed a significant decline of 7.5 percent year-on-year, highlighting the impact of external factors on China's economic performance. However, there was a slight positive note as imports dropped less than anticipated, down by 4.5 percent from the previous year.

China's economy faces a dual challenge as youth unemployment reaches an alarming record high, while major economic indicators fall short of expectations. According to the latest data released by China's National Bureau of Statistics, the unemployment rate among young people aged 16 to 24 soared to a record high of 20.

China's economy faces a dual challenge as youth unemployment reaches an alarming record high, while major economic indicators fall short of expectations. According to the latest data released by China's National Bureau of Statistics, the unemployment rate among young people aged 16 to 24 soared to a record high of 20.8 percent in May, surpassing the previous peak observed in April. The surge in unemployment indicates that young individuals are encountering significant challenges in finding jobs, as the labour market becomes increasingly competitive. China's economic performance has been facing setbacks as major indicators continue to fall short of expectations. Retail sales in May grew by 12.7 percent compared to the previous year, failing to meet the projected 13.6 percent growth predicted by experts. Similarly, industrial production only rose by a modest 3.5 percent year-on-year, slightly below the anticipated 3.6 percent as predicted by analysts. Moreover, fixed asset investment for the first five months of the year registered a growth rate of 4 percent, slower than the 4.4 percent forecasted by Reuters. These underwhelming figures point towards a potential slowdown in China's economic recovery and raise concerns about the sustainability of growth. Acknowledging the challenges posed by the uncertain international environment, the National Bureau of Statistics has pushed for more domestic structural adjustments. Despite the current setbacks, there is cautious optimism for the future. Bureau spokesperson Fu Linghui has expressed optimism about China's economic growth in the second quarter, taking into account the low base of comparison from the previous year. Linghui also anticipates a return to a 'normal' growth pace in the third and fourth quarters. The Chinese government aims to achieve its full-year growth target of around 5 percent GDP growth for 2023. To counter the economic challenges, experts suggest implementing policy stimulus measures to bolster economic recovery. China has already taken steps to loosen monetary policy, including cutting deposit rates and reducing the seven-day reverse repurchase rate. Furthermore, slowing global growth has affected China's export sector, particularly in the United States and Europe. May's export data showed a significant decline of 7.5 percent year-on-year, highlighting the impact of external factors on China's economic performance. However, there was a slight positive note as imports dropped less than anticipated, down by 4.5 percent from the previous year.

Surging youth unemployment casts shadow on China's economic outlook

Federal prosecutors have made a surprising move in the case of alleged crypto fraudster Sam Bankman-Fried. Prosecutors are seeking to drop five charges against alleged crypto fraudster Sam Bankman-Fried. These charges, including bribery of a foreign government official, have come under scrutiny following a Bahamas court ruling.

Prosecutors move to remove five charges against Sam Bankman-Fried | World Business Watch

Software company Oracle is the latest to join the job layoff bandwagon. Media reports suggest that the company has laid off hundreds of employees, withdrawn job offers and cut back open positions within its health unit.

The laid-off employees will receive severance pay equal to four weeks, plus one additional week for every year of service, and a payout of vacation days.

Reports suggest that Oracle's $28 billion takeover of electronic medical records firm Cerner last year could have been the trigger for the latest round of layoffs.&nbsp;

The deal, which was Oracle’s biggest ever after its acquisition of PeopleSoft in 2004, aimed to help the software maker bolster the services it provides to healthcare clients, including insurers.&nbsp;

It is to be noted that Cerner is the biggest seller of software used for electronic recording of healthcare data in the United States after Epic Systems Corp.&nbsp;

The US Department of Veterans Affairs had hired Cerner in 2018 -- when Donald Trump was the President -- to replace its manual medical records with Cerner's digital technology. The department is&nbsp;charged with providing lifelong healthcare services to eligible military veterans at the 170 VA medical centers and outpatient clinics located throughout the country

However, the $10 billion plan to revamp the medical records system hit a dead end in April this year, amid various privacy and security concerns.&nbsp;

“We’ve heard from Veterans and VA clinicians that the new electronic health record is not meeting expectations – and we’re holding Oracle Cerner and ourselves accountable to get this right,” said Veteran Affairs Secretary Denis McDonough.&nbsp;

Software company Oracle is the latest to join the job layoff bandwagon. Media reports suggest that the company has laid off hundreds of employees, withdrawn job offers and cut back open positions within its health unit.

Software company Oracle is the latest to join the job layoff bandwagon. Media reports suggest that the company has laid off hundreds of employees, withdrawn job offers and cut back open positions within its health unit. The laid-off employees will receive severance pay equal to four weeks, plus one additional week for every year of service, and a payout of vacation days. Reports suggest that Oracle's $28 billion takeover of electronic medical records firm Cerner last year could have been the trigger for the latest round of layoffs. The deal, which was Oracle’s biggest ever after its acquisition of PeopleSoft in 2004, aimed to help the software maker bolster the services it provides to healthcare clients, including insurers. It is to be noted that Cerner is the biggest seller of software used for electronic recording of healthcare data in the United States after Epic Systems Corp. The US Department of Veterans Affairs had hired Cerner in 2018 -- when Donald Trump was the President -- to replace its manual medical records with Cerner's digital technology. The department is charged with providing lifelong healthcare services to eligible military veterans at the 170 VA medical centers and outpatient clinics located throughout the country However, the $10 billion plan to revamp the medical records system hit a dead end in April this year, amid various privacy and security concerns. “We’ve heard from Veterans and VA clinicians that the new electronic health record is not meeting expectations – and we’re holding Oracle Cerner and ourselves accountable to get this right,” said Veteran Affairs Secretary Denis McDonough.

Oracle's medical unit lays off hundreds of employees

China faces a series of challenges. record-breaking youth unemployment rates and major data falling short of expectations have cast a shadow on china's road to recovery. Youth unemployment has reached a record high, with rates soaring to 20.8% in may, surpassing the previous peak set just a month earlier.

Youth unemployment is the latest worry for China's policymakers | World Business Watch

Microsoft Corp shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion.

Microsoft is seen as a leader in the adoption of AI technology in the software industry owing to its huge investment in OpenAI, the San Francisco-based startup that owns the widely popular chatbot ChatGPT.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/european-parliament-votes-in-favour-of-regulating-use-of-ai-across-bloc-604527">European Parliament votes in favour of regulating use of AI across bloc</a>

Last month, Microsoft began rolling out a host of AI upgrades, including ChatGPT, to Azure cloud services as well as its search engine Bing - in a move that seeks to challenge the dominance of Alphabet Inc's Google.

Microsoft's shares closed up 3.2% at $348.10 per share on Thursday. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021.

In addition, Apple Inc shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia set a fresh intraday record of $432.89.

WATCH |&nbsp;AI: Microsoft's ticket to prosperity | World DNA

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Earlier Thursday, JPMorgan analysts raised their price target on Microsoft's stock, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data.

"We reaffirm our bullish-outlier viewpoint on generative AI and continue to see it driving a resurgence of confidence in key software franchises," JPMorgan analysts wrote in a note to clients.

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&nbsp;

Microsoft Corp shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.

Microsoft Corp shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion. Microsoft is seen as a leader in the adoption of AI technology in the software industry owing to its huge investment in OpenAI, the San Francisco-based startup that owns the widely popular chatbot ChatGPT. ALSO READ | European Parliament votes in favour of regulating use of AI across bloc Last month, Microsoft began rolling out a host of AI upgrades, including ChatGPT, to Azure cloud services as well as its search engine Bing - in a move that seeks to challenge the dominance of Alphabet Inc's Google. Microsoft's shares closed up 3.2% at $348.10 per share on Thursday. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021. In addition, Apple Inc shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia set a fresh intraday record of $432.89. WATCH | AI: Microsoft's ticket to prosperity | World DNA × Earlier Thursday, JPMorgan analysts raised their price target on Microsoft's stock, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data. "We reaffirm our bullish-outlier viewpoint on generative AI and continue to see it driving a resurgence of confidence in key software franchises," JPMorgan analysts wrote in a note to clients. WATCH WION LIVE HERE ×

Microsoft Corp valuation rises to record high of $2.6 trillion as shares soar

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments.

The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo.

<h2>How long have these wealthy Chinese been waiting</h2>

Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme.

Five years on, Wang and his family are stuck in limbo.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078&amp;sa=U&amp;ved=2ahUKEwio-dSb6cb_AhWFVmwGHSlECGEQFnoECAkQAg&amp;usg=AOvVaw2n0_IoBP0WAe48ckiVapNt" dir="ltr" href="https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078" target="_blank">Over 6,500 high net worth individuals to leave India in 2023: Report&nbsp;</a>

<h2>What changed?</h2>

While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians.

Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle.&nbsp;

"We were not expecting it would take this long," said Wang as reported by Reuters.&nbsp;

"And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty."

Also read |&nbsp;<a href="https://www.wionews.com/world/a-third-of-domestic-workers-in-malaysia-working-in-forced-labour-conditions-604977">A third of domestic workers in Malaysia working in forced labour conditions</a>

<h2>Visa delays</h2>

During the COVID-19 pandemic, all categories of Australian visas experienced backlogs.

While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer.

In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders.&nbsp;

The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme.

<h2>Future of Australia’s BIIP Programme</h2>

The delays have raised concerns that the government may eliminate the BIIP programme.

Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes.

The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels.

Tony Le Nevez, managing director at residence and citizenship planners Henley &amp; Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future.&nbsp;

"I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open."

Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly.

"I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly."

(With inputs from agencies) 
 
&nbsp;

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Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation.

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments. The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo. How long have these wealthy Chinese been waiting Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme. Five years on, Wang and his family are stuck in limbo. Also read | Over 6,500 high net worth individuals to leave India in 2023: Report What changed? While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians. Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle. "We were not expecting it would take this long," said Wang as reported by Reuters. "And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty." Also read | A third of domestic workers in Malaysia working in forced labour conditions Visa delays During the COVID-19 pandemic, all categories of Australian visas experienced backlogs. While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer. In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders. The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme. Future of Australia’s BIIP Programme The delays have raised concerns that the government may eliminate the BIIP programme. Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes. The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels. Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future. "I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open." Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly. "I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wealthy Chinese stuck in limbo as Australia rethinks its 'Golden Visa' scheme

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday.&nbsp;

The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries.&nbsp;"I will not get tied up in knots with these rivalries...I don’t view China as a rival. You need everybody at the wheel," Banga was quoted as saying in a recent interview.&nbsp;

Banga's statement comes a day after the U.S. Treasury Secretary Janet Yellen dubbed the World Bank and the International Monetary Fund as "counterweights to China".

"Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries. The aid serves as an important counterweight to nontransparent, unsustainable lending from others, like China," she told a US House committee.&nbsp;

Banga instead said that climate change and development are bigger issues to worry than navigating tensions between the world’s two largest economies.

Banga, who replaced David Malpass as the World Bank's top boss, also batted for more private-sector involvement in fighting poverty and climate change.

The 63-year-old added he will do all he can to address the challenges faced by the developing world. The United States is the World Bank’s largest funder. Every president since its creation after World War II has been an American national.&nbsp;

According to a Bloomberg report,&nbsp;Banga’s remarks cut against the mood in Washington DC, where lawmakers and senior officials have characterised China as the most important strategic competitor of the US.

The US has been waging a global campaign to dissuade other countries, especially those that are&nbsp;less-developed and developing, from entering into projects with China. Instead, the world's pre-eminent superpower has been urging the developing world to partner with the West.&nbsp;

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday. The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries.

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday. The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries. "I will not get tied up in knots with these rivalries...I don’t view China as a rival. You need everybody at the wheel," Banga was quoted as saying in a recent interview. Banga's statement comes a day after the U.S. Treasury Secretary Janet Yellen dubbed the World Bank and the International Monetary Fund as "counterweights to China". "Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries. The aid serves as an important counterweight to nontransparent, unsustainable lending from others, like China," she told a US House committee. Banga instead said that climate change and development are bigger issues to worry than navigating tensions between the world’s two largest economies. Banga, who replaced David Malpass as the World Bank's top boss, also batted for more private-sector involvement in fighting poverty and climate change. The 63-year-old added he will do all he can to address the challenges faced by the developing world. The United States is the World Bank’s largest funder. Every president since its creation after World War II has been an American national. According to a Bloomberg report, Banga’s remarks cut against the mood in Washington DC, where lawmakers and senior officials have characterised China as the most important strategic competitor of the US. The US has been waging a global campaign to dissuade other countries, especially those that are less-developed and developing, from entering into projects with China. Instead, the world's pre-eminent superpower has been urging the developing world to partner with the West.

'Don't see China as a rival': New World Bank chief Ajay Banga

The US Federal Reserve paused its interest-rate hiking spree on Wednesday, avoiding what would have been an 11th consecutive increase. &nbsp;According to CNBC, the Fed was analysing the impact of the previous 10 increases on the economy, while leaving the rates unchanged at 5-5.25 per cent. It also added that further interest rate hikes were likely later this year, as the Fed struggles to achieve its inflation target of 2 per cent.

“We have raised our policy interest rate by five percentage points, and we’ve continued to reduce our security holdings at a brisk pace. We’ve covered a lot of ground and the full effects of our tightening have yet to be felt,” Fed Chair Jerome Powell said at a press conference on Wednesday.

<h2>Is inflation under control in US?</h2>

The decision made by Federal Reserve's Federal Open Market Committee (FOMC) indicates a shift in its perspective on inflation. In June of last year, inflation reached a 40-year high of 9.1 per cent due to surging food and energy costs. However, inflation has since declined to 4 per cent in May, the lowest since April 2021.

In a statement, the FOMC explained that maintaining the target range for interest rates during this meeting would allow the committee to evaluate additional information and its implications for monetary policy. The committee will continue to assess the appropriate course of action while monitoring incoming data and its impact on the economic outlook.

<h2>Future interest rate hikes highly likely</h2>

Despite the decision to pause interest rate hikes, Fed officials have hinted that future increases may occur, depending on how close the economy gets to the 2 per cent inflation target. Higher interest rates result in increased borrowing costs, affecting mortgages, car payments, student loans, and other loans.

Watch:&nbsp;Is US economy really rich? Or is it a facade?

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Since March 2022, the Federal Reserve has raised interest rates 10 consecutive times, at a pace reminiscent of the 1980s. The increases have varied from 0.75 per cent during the summer and fall, when inflation was at its peak, to 0.25 per cent seen this spring. The current inflation rate stands at 5 per cent to 5.25 per cent, the highest since the 2008 financial crisis that preceded the 2008 global recession.

<h2>Fed continuously monitoring labour market</h2>

While the Federal Reserve has been using interest rates as a means to control inflation, it has also been closely monitoring the labour market for signs of economic cooling. In January, employers added 517,000 jobs, surpassing expectations and leading Fed officials to believe that interest rate increases could still occur without negatively impacting the job market.

<a href="https://www.wionews.com/business-economy/more-bad-news-for-the-us-economy-trade-deficit-widens-to-6-month-high-602028">Also read:&nbsp;More bad news for the US economy: Trade deficit widens to 6-month high</a>

Recent data from May indicates a robust job market, with the addition of 339,000 jobs. However, the unemployment rate has seen a slight increase from 3.4 per cent in April to 3.7 per cent in May.

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The US Federal Reserve paused its interest-rate hiking spree on Wednesday, avoiding what would have been an 11th consecutive increase. According to CNBC, the Fed was analysing the impact of the previous 10 increases on the economy, while leaving the rates unchanged at 5-5.

The US Federal Reserve paused its interest-rate hiking spree on Wednesday, avoiding what would have been an 11th consecutive increase. According to CNBC, the Fed was analysing the impact of the previous 10 increases on the economy, while leaving the rates unchanged at 5-5.25 per cent. It also added that further interest rate hikes were likely later this year, as the Fed struggles to achieve its inflation target of 2 per cent. “We have raised our policy interest rate by five percentage points, and we’ve continued to reduce our security holdings at a brisk pace. We’ve covered a lot of ground and the full effects of our tightening have yet to be felt,” Fed Chair Jerome Powell said at a press conference on Wednesday. Is inflation under control in US? The decision made by Federal Reserve's Federal Open Market Committee (FOMC) indicates a shift in its perspective on inflation. In June of last year, inflation reached a 40-year high of 9.1 per cent due to surging food and energy costs. However, inflation has since declined to 4 per cent in May, the lowest since April 2021. In a statement, the FOMC explained that maintaining the target range for interest rates during this meeting would allow the committee to evaluate additional information and its implications for monetary policy. The committee will continue to assess the appropriate course of action while monitoring incoming data and its impact on the economic outlook. Future interest rate hikes highly likely Despite the decision to pause interest rate hikes, Fed officials have hinted that future increases may occur, depending on how close the economy gets to the 2 per cent inflation target. Higher interest rates result in increased borrowing costs, affecting mortgages, car payments, student loans, and other loans. Watch: Is US economy really rich? Or is it a facade? × Since March 2022, the Federal Reserve has raised interest rates 10 consecutive times, at a pace reminiscent of the 1980s. The increases have varied from 0.75 per cent during the summer and fall, when inflation was at its peak, to 0.25 per cent seen this spring. The current inflation rate stands at 5 per cent to 5.25 per cent, the highest since the 2008 financial crisis that preceded the 2008 global recession. Fed continuously monitoring labour market While the Federal Reserve has been using interest rates as a means to control inflation, it has also been closely monitoring the labour market for signs of economic cooling. In January, employers added 517,000 jobs, surpassing expectations and leading Fed officials to believe that interest rate increases could still occur without negatively impacting the job market. Also read: More bad news for the US economy: Trade deficit widens to 6-month high Recent data from May indicates a robust job market, with the addition of 339,000 jobs. However, the unemployment rate has seen a slight increase from 3.4 per cent in April to 3.7 per cent in May. WATCH WION LIVE HERE ×

US Federal Reserve halts interest rate hike-spree after 10 increases in a row

The International Monetary Fund has expressed its disappointment over Pakistan's recent annual budget, calling it "insufficient" to meet the aims of its aid programme for the cash-strapped country.&nbsp;

This is not good news for Pakistan, which is currently in a deadlock over getting more funds from the international fund. &nbsp;The IMF's criticism comes just weeks ahead of the July 31 deadline to review a $6.7 billion loan programme.

Pakistan’s Finance Minister Ishaq Dar on Friday unveiled the budget for the 2023/24 fiscal year, targeting economic growth of 3.5 percent.&nbsp;

Collecting more taxes to fill the government's coffers seemed to be the main budget agenda. The Pakistan government said that it targets total tax revenue of 9.2 trillion Pakistani rupees in 2023-24. For the same fiscal, the government aims to generate non-tax revenue of 3 trillion Pakistani rupees.&nbsp;

However, IMF has criticised the tax policies announced in the latest budget. The international lender said that tax policies "misses an opportunity to broaden the tax base in a more progressive way." The organisation added&nbsp;that the new tax expenditures reduce "the fairness of the tax system."

According to the IMF, the new tax amnesty scheme runs against the organisation's conditionality and good governance agenda. According to the international lender's website,&nbsp;the borrower&nbsp;country needs to adjust its economic policies to overcome the problems that led it to seek financial assistance.&nbsp;

Meanwhile, Pakistan is already talking to bilateral creditors in a bid to change some terms of its repayment structure. This is likely to ease the debt burden on the economy.&nbsp;

Pakistan faces about $22 billion of external debt payments for the next fiscal, which begins on July 1. What will worry government officials is the fact that Pakistan's external debt burden is about five times its foreign reserves.

During the week ending on June 2, Pakistan's total foreign exchange reserves stood at around $3.9 billion, after falling nearly $179 million in a week.&nbsp;

Pakistan bracing for extreme weather events

Meanwhile, the South Asian country is aiming to avoid the repeat of the deadly 2022 flashfloods that killed over 1,700 people.&nbsp;

According to a Bloomberg report, Pakistan’s meteorological department has "predicted that there is a possibility of extreme weather events in the summer of 2023."

The report added that these extreme weather events could lead to riverine floods, flash flooding, landslides, and urban flooding.

Last year's flashfloods led to extensive damage to crops, roads and rail infrastructure, with damages totaling more than $30 billion.

The International Monetary Fund has expressed its disappointment over Pakistan's recent annual budget, calling it "insufficient" to meet the aims of its aid programme for the cash-strapped country.

The International Monetary Fund has expressed its disappointment over Pakistan's recent annual budget, calling it "insufficient" to meet the aims of its aid programme for the cash-strapped country. This is not good news for Pakistan, which is currently in a deadlock over getting more funds from the international fund. The IMF's criticism comes just weeks ahead of the July 31 deadline to review a $6.7 billion loan programme. Pakistan’s Finance Minister Ishaq Dar on Friday unveiled the budget for the 2023/24 fiscal year, targeting economic growth of 3.5 percent. Collecting more taxes to fill the government's coffers seemed to be the main budget agenda. The Pakistan government said that it targets total tax revenue of 9.2 trillion Pakistani rupees in 2023-24. For the same fiscal, the government aims to generate non-tax revenue of 3 trillion Pakistani rupees. However, IMF has criticised the tax policies announced in the latest budget. The international lender said that tax policies "misses an opportunity to broaden the tax base in a more progressive way." The organisation added that the new tax expenditures reduce "the fairness of the tax system." According to the IMF, the new tax amnesty scheme runs against the organisation's conditionality and good governance agenda. According to the international lender's website, the borrower country needs to adjust its economic policies to overcome the problems that led it to seek financial assistance. Meanwhile, Pakistan is already talking to bilateral creditors in a bid to change some terms of its repayment structure. This is likely to ease the debt burden on the economy. Pakistan faces about $22 billion of external debt payments for the next fiscal, which begins on July 1. What will worry government officials is the fact that Pakistan's external debt burden is about five times its foreign reserves. During the week ending on June 2, Pakistan's total foreign exchange reserves stood at around $3.9 billion, after falling nearly $179 million in a week. Pakistan bracing for extreme weather events Meanwhile, the South Asian country is aiming to avoid the repeat of the deadly 2022 flashfloods that killed over 1,700 people. According to a Bloomberg report, Pakistan’s meteorological department has "predicted that there is a possibility of extreme weather events in the summer of 2023." The report added that these extreme weather events could lead to riverine floods, flash flooding, landslides, and urban flooding. Last year's flashfloods led to extensive damage to crops, roads and rail infrastructure, with damages totaling more than $30 billion.

IMF criticises Pakistan's budget, red flags new tax policies

Microsoft’s $69 billion takeover of American gaming giant Activision-Blizzard was temporarily blocked by a federal judge in California saying that it "is necessary to maintain the status quo".

The ruling prevents both companies from moving forward&nbsp;with the deal as the court decides whether to issue a preliminary injunction sought by regulators.

The case will be next on June 22 and June 23 in San Francisco federal court to hear evidence in the matter, the ruling stated.

Microsoft and Activision have to submit legal arguments by June 16 to oppose a preliminary injunction, whereas the FTC will have to reply on June 20.

In requesting the preliminary injunction at the Northern California District Court, the US government sought to prevent the companies from finalising the deal before a July 18 deadline.

<h2>Microsoft's deal hits regulatory roadblock | World Business News</h2>

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An FTC hearing is set for August to argue the merits of the deal, and a restraining order would block the accord before that process has run its course.

The California judge would need to agree to stop the deal after hearing arguments by the FTC on why the buyout is illegal and from Microsoft on why it should go ahead.

<h2>FTC’s gripe with the deal</h2>

It comes a day after the FTC sought to block the deal in its in-house court and filed an emergency motion to halt the merger on Monday, arguing that the deal could "substantially lessen competition" in the sector.

"A preliminary injunction is necessary to... prevent interim harm" while the FTC determines whether "the proposed acquisition violates US antitrust law," the regulator said in the filing.

The US regulator has argued that the deal allows Microsoft's Xbox console to have exclusive access to Activision games, which can threaten Nintendo consoles and Sony's PlayStation.

Microsoft has said the deal would be a win-win situation for gamers and gaming companies, and even offered to sign a legally binding agreement with the FTC to provide Call of Duty games to rivals for a decade.

The Microsoft-Activision deal has split the global regulators, and in order for the deal to go through, the parties need approval from regulatory bodies in the UK, the EU and the US.

(With inputs from agencies)

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Microsoft’s $69 billion takeover of American gaming giant Activision-Blizzard was temporarily blocked by a federal judge in California saying that it "is necessary to maintain the status quo".

Microsoft’s $69 billion takeover of American gaming giant Activision-Blizzard was temporarily blocked by a federal judge in California saying that it "is necessary to maintain the status quo". The ruling prevents both companies from moving forward with the deal as the court decides whether to issue a preliminary injunction sought by regulators. The case will be next on June 22 and June 23 in San Francisco federal court to hear evidence in the matter, the ruling stated. Microsoft and Activision have to submit legal arguments by June 16 to oppose a preliminary injunction, whereas the FTC will have to reply on June 20. In requesting the preliminary injunction at the Northern California District Court, the US government sought to prevent the companies from finalising the deal before a July 18 deadline. Microsoft's deal hits regulatory roadblock | World Business News An FTC hearing is set for August to argue the merits of the deal, and a restraining order would block the accord before that process has run its course. The California judge would need to agree to stop the deal after hearing arguments by the FTC on why the buyout is illegal and from Microsoft on why it should go ahead. FTC’s gripe with the deal It comes a day after the FTC sought to block the deal in its in-house court and filed an emergency motion to halt the merger on Monday, arguing that the deal could "substantially lessen competition" in the sector. "A preliminary injunction is necessary to... prevent interim harm" while the FTC determines whether "the proposed acquisition violates US antitrust law," the regulator said in the filing. The US regulator has argued that the deal allows Microsoft's Xbox console to have exclusive access to Activision games, which can threaten Nintendo consoles and Sony's PlayStation. Microsoft has said the deal would be a win-win situation for gamers and gaming companies, and even offered to sign a legally binding agreement with the FTC to provide Call of Duty games to rivals for a decade. The Microsoft-Activision deal has split the global regulators, and in order for the deal to go through, the parties need approval from regulatory bodies in the UK, the EU and the US. (With inputs from agencies) WATCH WION LIVE HERE

Microsoft’s $69 billion takeover of Activision-Blizzard temporarily halted by judge

In a significant development that could have far-reaching implications for Canada's international relations, the Canadian government has decided to suspend its involvement with the Asian Infrastructure Investment Bank (AIIB). The decision comes as the government investigates claims of substantial interference from the Chinese government within the institution. The move marks a critical moment in Canada-China relations and raises questions about the future of Canadian infrastructure investments in Asia.

Established in 2016 with its headquarters in Beijing, the AIIB aimed to invest in sustainable infrastructure projects in Asia and beyond. Canada applied for membership in 2016 and formally entered the institution in 2018, committing a 1 percent membership stake worth $995 million. However, recent allegations of Chinese interference have prompted the Canadian government to take action.

Government's Decision

Finance Minister Chrystia Freeland made the announcement, declaring an immediate halt to all government-led activities at the AIIB, Bloomberg reported. This decision comes shortly after the resignation of Bob Pickard, a Canadian national and the AIIB's global head of communications. Pickard took to Twitter to express his concerns, stating that Communist Party members dominate the bank and have a toxic culture. His resignation has further fueled the controversy surrounding the AIIB.

<blockquote class="twitter-tweet">
I have tendered my resignation as the global comms chief of <a href="https://twitter.com/AIIB_Official?ref_src=twsrc%5Etfw">@AIIB_Official</a>. As a patriotic Canadian, this was my only course. The Bank is dominated by Communist Party members and also has one of the most toxic cultures imaginable. I don’t believe that my country’s interests are…
— Bob Pickard (@BobPickard) <a href="https://twitter.com/BobPickard/status/1668871011968663553?ref_src=twsrc%5Etfw">June 14, 2023</a></blockquote>
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Investigation into Chinese Interference

The Canadian government's decision to suspend involvement with the AIIB stems from the need to investigate the alleged Chinese interference. The Department of Finance has been instructed to lead an immediate review of the claims raised and of Canada's overall involvement with the institution, as per a Bloomberg report. This investigation aims to shed light on the extent of Chinese influence within the AIIB and its potential impact on Canadian interests.

This development comes at a time when the Canadian government is already facing criticism over handling alleged Chinese interference in recent Canadian election campaigns.&nbsp;

Future of Canadian Infrastructure Investments

Canada's decision to suspend its involvement with the AIIB raises questions about the future of Canadian infrastructure investments in Asia. As a member of the AIIB, Canada had committed a substantial stake worth $995 million. With the suspension of activities, the Canadian government will likely reassess its participation and the potential risks associated with continued involvement.

Experts cited by Bloomberg suggest that Canada's move to investigate and suspend involvement with the AIIB highlights the growing concerns about Chinese influence on global financial institutions. The outcome of the investigation will determine the path forward for Canada and its engagement with the AIIB. It also underscores the larger geopolitical challenges faced by countries balancing economic interests with national security concerns in an increasingly interconnected world.

In a significant development that could have far-reaching implications for Canada's international relations, the Canadian government has decided to suspend its involvement with the Asian Infrastructure Investment Bank (AIIB).

In a significant development that could have far-reaching implications for Canada's international relations, the Canadian government has decided to suspend its involvement with the Asian Infrastructure Investment Bank (AIIB). The decision comes as the government investigates claims of substantial interference from the Chinese government within the institution. The move marks a critical moment in Canada-China relations and raises questions about the future of Canadian infrastructure investments in Asia. Established in 2016 with its headquarters in Beijing, the AIIB aimed to invest in sustainable infrastructure projects in Asia and beyond. Canada applied for membership in 2016 and formally entered the institution in 2018, committing a 1 percent membership stake worth $995 million. However, recent allegations of Chinese interference have prompted the Canadian government to take action. Government's Decision Finance Minister Chrystia Freeland made the announcement, declaring an immediate halt to all government-led activities at the AIIB, Bloomberg reported. This decision comes shortly after the resignation of Bob Pickard, a Canadian national and the AIIB's global head of communications. Pickard took to Twitter to express his concerns, stating that Communist Party members dominate the bank and have a toxic culture. His resignation has further fueled the controversy surrounding the AIIB. I have tendered my resignation as the global comms chief of @AIIB_Official. As a patriotic Canadian, this was my only course. The Bank is dominated by Communist Party members and also has one of the most toxic cultures imaginable. I don’t believe that my country’s interests are… — Bob Pickard (@BobPickard) June 14, 2023 Investigation into Chinese Interference The Canadian government's decision to suspend involvement with the AIIB stems from the need to investigate the alleged Chinese interference. The Department of Finance has been instructed to lead an immediate review of the claims raised and of Canada's overall involvement with the institution, as per a Bloomberg report. This investigation aims to shed light on the extent of Chinese influence within the AIIB and its potential impact on Canadian interests. This development comes at a time when the Canadian government is already facing criticism over handling alleged Chinese interference in recent Canadian election campaigns. Future of Canadian Infrastructure Investments Canada's decision to suspend its involvement with the AIIB raises questions about the future of Canadian infrastructure investments in Asia. As a member of the AIIB, Canada had committed a substantial stake worth $995 million. With the suspension of activities, the Canadian government will likely reassess its participation and the potential risks associated with continued involvement. Experts cited by Bloomberg suggest that Canada's move to investigate and suspend involvement with the AIIB highlights the growing concerns about Chinese influence on global financial institutions. The outcome of the investigation will determine the path forward for Canada and its engagement with the AIIB. It also underscores the larger geopolitical challenges faced by countries balancing economic interests with national security concerns in an increasingly interconnected world.

Canada suspends involvement with China-backed bank amid interference probe

In a significant development, Canada has decided to suspend its involvement with the Asian infrastructure investment bank, also known as the AIIB. Finance Minister Chrystia Freeland made the announcement today, declaring an immediate halt to all government-led activities at the bank. This move comes as the Canadian government launches an investigation into alleged substantial interference from the Chinese government within the institution.

Canada pulls plug on AIIB, probes Chinese influence | World Business Watch

Tesla's stock market journey has captured the attention of investors and analysts alike. after an awe-inspiring 13-day winning streak, Tesla's remarkable rally finally met its match, ending on Wednesday. During this unprecedented run, tesla's stock skyrocketed, adding over $200 billion to its market value, a feat that few could have predicted.

Tesla’s impressive 13-day run comes to a halt

New Zealand's economy has taken a significant hit, entering a technical recession as its gross domestic product contracted for the second consecutive quarter. Government data shows that the country's gross domestic product contracted for the second consecutive quarter, with a 0.1% decline in the first quarter.

New Zealand enters recession | World Business Watch

Tesla's stock market rally, which lasted an impressive 13 days, finally came to a halt on Wednesday, a Reuters report said.

During this historic winning streak, the US automaker's shares soared to new heights and added&nbsp;over $200 billion. While the rally significantly boosted the company's worth, it also ignited discussions about its stratospheric valuation and comparisons to other automakers.&nbsp;

Tesla's electrifying rally captivated investors and analysts alike as the company's shares experienced an extraordinary surge, skyrocketing by more than 40 percent. This surge resulted in a staggering $240 billion increase in its market capitalization, surpassing the entire value of Toyota, the second-most valuable automaker globally. With a market value of approximately $814 billion, Tesla's stock price far exceeded the predictions of Wall Street analysts, who had projected a median target of $200, as per Refinitiv data cited by Reuters.

One key catalyst behind Tesla's unprecedented rally was the announcement of legacy U.S. automakers, Ford and General Motors, adopting Tesla's charging system, the North America Charging Standard (NACS). This strategic move effectively established the NACS as the dominant charging infrastructure for 60 percent of the U.S. electric vehicle market, giving Tesla a significant edge over its competitors. While alternative charging systems exist globally, the partnership with Ford and GM solidified Tesla's dominance in the American market.

Valuation and Comparisons

Tesla's stratospheric price-to-earnings (P/E) ratio has raised eyebrows, as it far surpasses that of other automakers. For the&nbsp;uninitiated,&nbsp;the ratio is used for valuing a company. The ratio measures its current share price to its earnings per share (EPS).&nbsp;

With a forward P/E ratio of approximately 62, Tesla finds itself just below Amazon's ratio of 63.7. In contrast, traditional automakers Ford and GM boast significantly lower P/E ratios of 8.2 and 5.6, respectively, as reported by&nbsp;Reuters. Analysts have drawn parallels between Tesla's recent surge and the remarkable trajectory of Amazon, a company that defied investor expectations for years.

Tesla's impressive rally carried consequences for short sellers, who suffered mark-to-market losses of over $7 billion during the 13-day period. This added to their year-to-date losses, which reached nearly $12.7 billion, according to S3 Partners, cited by Reuters. The rollercoaster ride experienced by Tesla's stock price serves as a reminder of the inherent volatility in the market and the potential risks involved in betting against the company.

(With inputs from Reuters)&nbsp;

Tesla's stock market rally, which lasted an impressive 13 days, finally came to a halt on Wednesday, a Reuters report said. During this historic winning streak, the US automaker's shares soared to new heights and added over $200 billion.

Tesla's stock market rally, which lasted an impressive 13 days, finally came to a halt on Wednesday, a Reuters report said. During this historic winning streak, the US automaker's shares soared to new heights and added over $200 billion. While the rally significantly boosted the company's worth, it also ignited discussions about its stratospheric valuation and comparisons to other automakers. Tesla's electrifying rally captivated investors and analysts alike as the company's shares experienced an extraordinary surge, skyrocketing by more than 40 percent. This surge resulted in a staggering $240 billion increase in its market capitalization, surpassing the entire value of Toyota, the second-most valuable automaker globally. With a market value of approximately $814 billion, Tesla's stock price far exceeded the predictions of Wall Street analysts, who had projected a median target of $200, as per Refinitiv data cited by Reuters. One key catalyst behind Tesla's unprecedented rally was the announcement of legacy U.S. automakers, Ford and General Motors, adopting Tesla's charging system, the North America Charging Standard (NACS). This strategic move effectively established the NACS as the dominant charging infrastructure for 60 percent of the U.S. electric vehicle market, giving Tesla a significant edge over its competitors. While alternative charging systems exist globally, the partnership with Ford and GM solidified Tesla's dominance in the American market. Valuation and Comparisons Tesla's stratospheric price-to-earnings (P/E) ratio has raised eyebrows, as it far surpasses that of other automakers. For the uninitiated, the ratio is used for valuing a company. The ratio measures its current share price to its earnings per share (EPS). With a forward P/E ratio of approximately 62, Tesla finds itself just below Amazon's ratio of 63.7. In contrast, traditional automakers Ford and GM boast significantly lower P/E ratios of 8.2 and 5.6, respectively, as reported by Reuters. Analysts have drawn parallels between Tesla's recent surge and the remarkable trajectory of Amazon, a company that defied investor expectations for years. Tesla's impressive rally carried consequences for short sellers, who suffered mark-to-market losses of over $7 billion during the 13-day period. This added to their year-to-date losses, which reached nearly $12.7 billion, according to S3 Partners, cited by Reuters. The rollercoaster ride experienced by Tesla's stock price serves as a reminder of the inherent volatility in the market and the potential risks involved in betting against the company. (With inputs from Reuters)

From supercharged to neutral: Tesla’s winning streak shifts gears

A group of music publishers have filed a lawsuit against Elon Musk's Twitter. The case filed in a federal court in Nashville, Tennessee, accuses the social media giant of fueling its business with numerous copyright music infringements.

<h2>The lawsuit against Twitter</h2>

Seventeen publishers, including Sony Music Publishing, BMG Rights Management, and Universal Music Publishing Group, have accused Twitter of facilitating numerous copyright violations by allowing users to post music without obtaining the necessary licenses.

As per an AFP report quoting&nbsp;National Music Publishers' Association (NMPA) CEO David Israelite, Twitter is the only major social media platform that has completely refused to license the millions of songs available on its service. He claims that Twitter is well aware that music is leaked, released, and streamed by billions of people daily on its platform.

Also read |&nbsp;<a href="https://www.wionews.com/world/france-requests-musk-to-set-up-tesla-factory-in-country-weeks-after-threatening-twitter-with-ban-604542">France requests Musk to set up Tesla factory in country weeks after threatening Twitter with ban</a>

"Twitter stands alone as the largest social media platform that has completely refused to license the millions of songs on its service," said Israelite in reply to AFP.

"Twitter knows full-well that music is leaked, launched, and streamed by billions of people every day on its platform."

<h2>What do the complainants want?</h2>

As per a Reuters report, the publishers are seeking more than $250 million in damages for the alleged infringement of almost 1,700 copyrights.

The lawsuit claims that Twitter's handling of copyright complaints has not improved since Elon Musk's acquisition of the company in late 2022 for $44 billion.&nbsp;

It further argues that Twitter's internal affairs related to this issue are in "disarray".

"On the contrary, Twitter's internal affairs regarding matters pertinent to this case are in disarray," argues the lawsuit.

<h2>Music infringement and other platforms</h2>

In contrast to Twitter, other major platforms such as TikTok, Facebook, and YouTube properly license music from the publishers.&nbsp;

The publishers argue that Twitter actively encourages user infringement, which in turn boosts engagement and advertising revenues for the platform, giving it an unfair advantage over competitors who pay for music licenses.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-lawmakers-want-new-law-to-guard-tiktok-user-data-604492">US: Lawmakers want new law to guard TikTok user data</a>

"Twitter refuses to stop the rampant infringement of copyrighted music... because it knows that the Twitter platform is more popular and profitable if Twitter allows such infringement."

Allowing unlicensed music to be used in Twitter posts gives the platform an edge over competitors such as TikTok, Instagram and YouTube that pay fees to music publishers, speculates the lawsuit.

"Twitter fuels its business with countless infringing copies of musical compositions," alleges the suit.

(With inputs from agencies)

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A group of music publishers have filed a lawsuit against Elon Musk's Twitter. The case filed in a federal court in Nashville, Tennessee, accuses the social media giant of fueling its business with numerous copyright music infringements.

A group of music publishers have filed a lawsuit against Elon Musk's Twitter. The case filed in a federal court in Nashville, Tennessee, accuses the social media giant of fueling its business with numerous copyright music infringements. The lawsuit against Twitter Seventeen publishers, including Sony Music Publishing, BMG Rights Management, and Universal Music Publishing Group, have accused Twitter of facilitating numerous copyright violations by allowing users to post music without obtaining the necessary licenses. As per an AFP report quoting National Music Publishers' Association (NMPA) CEO David Israelite, Twitter is the only major social media platform that has completely refused to license the millions of songs available on its service. He claims that Twitter is well aware that music is leaked, released, and streamed by billions of people daily on its platform. Also read | France requests Musk to set up Tesla factory in country weeks after threatening Twitter with ban "Twitter stands alone as the largest social media platform that has completely refused to license the millions of songs on its service," said Israelite in reply to AFP. "Twitter knows full-well that music is leaked, launched, and streamed by billions of people every day on its platform." What do the complainants want? As per a Reuters report, the publishers are seeking more than $250 million in damages for the alleged infringement of almost 1,700 copyrights. The lawsuit claims that Twitter's handling of copyright complaints has not improved since Elon Musk's acquisition of the company in late 2022 for $44 billion. It further argues that Twitter's internal affairs related to this issue are in "disarray". "On the contrary, Twitter's internal affairs regarding matters pertinent to this case are in disarray," argues the lawsuit. Music infringement and other platforms In contrast to Twitter, other major platforms such as TikTok, Facebook, and YouTube properly license music from the publishers. The publishers argue that Twitter actively encourages user infringement, which in turn boosts engagement and advertising revenues for the platform, giving it an unfair advantage over competitors who pay for music licenses. Also read | US: Lawmakers want new law to guard TikTok user data "Twitter refuses to stop the rampant infringement of copyrighted music... because it knows that the Twitter platform is more popular and profitable if Twitter allows such infringement." Allowing unlicensed music to be used in Twitter posts gives the platform an edge over competitors such as TikTok, Instagram and YouTube that pay fees to music publishers, speculates the lawsuit. "Twitter fuels its business with countless infringing copies of musical compositions," alleges the suit. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Music publishers sue Musk's Twitter for copyright infringement, and 'fueling its business' with stolen content

Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share.

The moves were "in line with our efforts to focus on markets where we have opportunities for sustainable growth", a company spokesperson said.

CEO Dara Khosrowshahi has said Uber will invest only in markets where it can be the largest or second largest player.

Uber trails Just Eat and Glovo in Italian food delivery, and Gett Taxi and Yango in the Israeli taxi and private hire market.

The company, which relies on self-employed contractors for its delivery service, said around 50 Uber employees and thousands of non-employee couriers and restaurants would be affected in Italy.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uber-accused-of-charging-people-higher-prices-when-their-phone-battery-is-low-report-582509">Uber accused of charging customers more when their phone battery is low: Report</a>

It said it will continue to expand its mobility service there, where it works with dispatcher IT taxi.

The company's biggest markets in Europe are Britain, France, Spain and Germany.

Uber says it is seeing strong adoption by taxi drivers in Europe, who use the Uber app to supplement their curb-side ride hailing business.

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Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. The moves were "in line with our efforts to focus on markets where we have opportunities for sustainable growth", a company spokesperson said.

Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. The moves were "in line with our efforts to focus on markets where we have opportunities for sustainable growth", a company spokesperson said. CEO Dara Khosrowshahi has said Uber will invest only in markets where it can be the largest or second largest player. Uber trails Just Eat and Glovo in Italian food delivery, and Gett Taxi and Yango in the Israeli taxi and private hire market. The company, which relies on self-employed contractors for its delivery service, said around 50 Uber employees and thousands of non-employee couriers and restaurants would be affected in Italy. Also read | Uber accused of charging customers more when their phone battery is low: Report It said it will continue to expand its mobility service there, where it works with dispatcher IT taxi. The company's biggest markets in Europe are Britain, France, Spain and Germany. Uber says it is seeing strong adoption by taxi drivers in Europe, who use the Uber app to supplement their curb-side ride hailing business. WATCH WION LIVE HERE:

Uber to shut food delivery business in Italy, exit Israel

Canadian Finance Minister Chrystia Freeland said on Wednesday (June 14) that Canada is freezing ties with the China-led Asian Infrastructure Investment Bank (AIIB) while it probes allegations that it is dominated by the Chinese Communist Party. Freeland said she did not rule out any outcome of the investigation. There are chances that Ottawa will pull out of the bank it officially joined in 2018.

AIIB's global communications director, a Canadian, announced Wednesday that he had resigned from his position and criticised that the bank was "dominated by the Communist Party". AIIB has said that the allegation was baseless and disappointing.

"The Government of Canada will immediately halt all government-led activity at the bank. And I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada's involvement in the AIIB," Freeland told reporters.

She said as the world's democracies worked to limit their strategic vulnerabilities to authoritarian regimes, they must be clear about the ways such governments exercised their influence.

"The review I am announcing today is to be undertaken expeditiously. And I am not ruling out any outcome following its completion," she said.

Watch | World bank chief on US China rivalry

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Reuters reported&nbsp;the Chinese embassy in Ottawa as saying in an email that "the claim that AIIB is controlled by the Communist Party of China&nbsp;is nothing but a lie".

PM Justin Trudeau was in office when Canada joined AIIB. He had attracted criticism from the Conservatives in the opposition. They have long demanded that Ottawa pull out of the bank, alleging&nbsp;that the bank is a tool for China to export authoritarianism.

Canada's relations with China have been frosty for the last five years. Canadian finance minister's remarks mark a new low in relations between the two countries.

Also Read | <a href="https://www.wionews.com/business-economy/dont-see-china-as-a-rival-new-world-bank-chief-ajay-banga-604676">'Don't see China as a rival': New World Bank chief Ajay Banga</a>

The Royal Canadian Mounted Police on Tuesday said that it was investigating allegations that China attempted to intimidate a Canadian federal Conservative legislator. Canada, in the&nbsp;past, has accused China of trying to interfere in its affairs in many ways. This includes illegal police stations and other means. Beijing denies all such allegations.

<h2>What former communications chief said</h2>

Bob Pickard, a former communications chief at AIIB told AFP that he left China hastily over concerns for his safety.

Speaking from Tokyo, he said the bank "serves China's interest" and the Chinese Communist Party (CCP) wields "undue" influence over every aspect of its operations.

"It's a resource to the geopolitical goals of the PRC (People's Republic of China)... in practice, I believe it serves China's interest," he told AFP.

He said that AIIB directed its lending mainly to countries China is focussing on to set up its massive Belt and Road Initiative (BRI).

"These are not disconnected ventures, the Belt and Road initiative and the AIIB... these are similar kinds of countries that China has been trying to cultivate politically."

(With inputs from agencies)

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Canadian Finance Minister Chrystia Freeland said on Wednesday (June 14) that Canada is freezing ties with the China-led Asian Infrastructure Investment Bank (AIIB) while it probes allegations that it is dominated by the Chinese Communist Party.

Canadian Finance Minister Chrystia Freeland said on Wednesday (June 14) that Canada is freezing ties with the China-led Asian Infrastructure Investment Bank (AIIB) while it probes allegations that it is dominated by the Chinese Communist Party. Freeland said she did not rule out any outcome of the investigation. There are chances that Ottawa will pull out of the bank it officially joined in 2018. AIIB's global communications director, a Canadian, announced Wednesday that he had resigned from his position and criticised that the bank was "dominated by the Communist Party". AIIB has said that the allegation was baseless and disappointing. "The Government of Canada will immediately halt all government-led activity at the bank. And I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada's involvement in the AIIB," Freeland told reporters. She said as the world's democracies worked to limit their strategic vulnerabilities to authoritarian regimes, they must be clear about the ways such governments exercised their influence. "The review I am announcing today is to be undertaken expeditiously. And I am not ruling out any outcome following its completion," she said. Watch | World bank chief on US China rivalry × Reuters reported the Chinese embassy in Ottawa as saying in an email that "the claim that AIIB is controlled by the Communist Party of China is nothing but a lie". PM Justin Trudeau was in office when Canada joined AIIB. He had attracted criticism from the Conservatives in the opposition. They have long demanded that Ottawa pull out of the bank, alleging that the bank is a tool for China to export authoritarianism. Canada's relations with China have been frosty for the last five years. Canadian finance minister's remarks mark a new low in relations between the two countries. Also Read | 'Don't see China as a rival': New World Bank chief Ajay Banga The Royal Canadian Mounted Police on Tuesday said that it was investigating allegations that China attempted to intimidate a Canadian federal Conservative legislator. Canada, in the past, has accused China of trying to interfere in its affairs in many ways. This includes illegal police stations and other means. Beijing denies all such allegations. What former communications chief said Bob Pickard, a former communications chief at AIIB told AFP that he left China hastily over concerns for his safety. Speaking from Tokyo, he said the bank "serves China's interest" and the Chinese Communist Party (CCP) wields "undue" influence over every aspect of its operations. "It's a resource to the geopolitical goals of the PRC (People's Republic of China)... in practice, I believe it serves China's interest," he told AFP. He said that AIIB directed its lending mainly to countries China is focussing on to set up its massive Belt and Road Initiative (BRI). "These are not disconnected ventures, the Belt and Road initiative and the AIIB... these are similar kinds of countries that China has been trying to cultivate politically." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Canada suspends ties with Chinese-led AIIB over allegations of Communist domination

Looking beyond Russia-Ukraine war or supply chain issues, Swedish authorities believe that the reason the country recorded higher-than-expected inflation in May is because of Beyonce.

The singer’s decision to kick off her Renaissance tour from Stockholm in May spurred massive demand for hotel bookings and meals which the economists blame for the rise in inflation by 0.2 percentage points..

According to data published by Statistics Sweden on Wednesday, the core inflation, which excludes energy prices, rose to 9.7 per cent in May.

The economists said that restaurants and hotels added 0.3 percentage points to the May figure, while recreation and culture contributed 0.2 percentage points.

<h2>Surprised with inflation figures</h2>

Experts had expected the inflation to hover around 9.4 per cent from 10.5 per cent in April. But they were surprised to find the Beyonce effect having that much impact on the country. The inflation in Sweden peaked at 12.3 per cent in December.

“Beyoncé is responsible for the extra upside surprise this month. It’s quite astonishing for a single event. We haven’t seen this before,” said Michael Grahn, Danske’s chief economist in Sweden, who said that the singer was responsible for the 0.2 percentage points inflation rise.

<h2>Sweden: Will allow NATO to base troops in territory</h2>

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<h2>The Beyonce effect</h2>

Major sporting tournaments often tip the scales on the higher side, but the economists said it was rare for a single event to do so.

In the middle of May, tens and thousands of fans descended to Stockholm to catch the two concerts that kicked off her first solo tour in seven years. Estimates peg the crowd at each concert to be at 46,000, with some forced to stay outside the capital as hotels filled up fast.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-zealand-slips-into-recession-as-gdp-fell-01-per-cent-in-the-march-quarter-604574">New Zealand slips into recession as GDP falls 0.1 per cent in March quarter</a>

There were reports that a number of fans had travelled from overseas to see the shows, taking advantage of the weak Swedish currency and lower ticket prices.

Also read |<a href="https://www.wionews.com/world/wion-explains-new-zealand-loses-almost-decade-old-fight-for-manuka-honey-trademark-heres-what-it-means-595191">&nbsp;WION Explains: New Zealand loses almost decade-old fight for `mānuka honey` trademark. Here`s what it means</a>

In an interview to Wall Street Journal, Grahn said that the effect was “very rare” and he expected the situation to go back to normal in June.

But one economist told the Financial Times newspaper that Sweden might experience a similar inflation bump when Bruce Springsteen plays three nights of concerts in Gothenburg in June.

After Stockholm, Beyoncé moved through several European capitals including Brussels, Cardiff, Edinburgh and five nights in London. She has seven more dates in Germany, the Netherlands and Poland before moving to Canada and the US.

(With inputs from agencies) 
 
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Looking beyond Russia-Ukraine war or supply chain issues, Swedish authorities believe that the reason the country recorded higher-than-expected inflation in May is because of Beyonce.

Looking beyond Russia-Ukraine war or supply chain issues, Swedish authorities believe that the reason the country recorded higher-than-expected inflation in May is because of Beyonce. The singer’s decision to kick off her Renaissance tour from Stockholm in May spurred massive demand for hotel bookings and meals which the economists blame for the rise in inflation by 0.2 percentage points.. According to data published by Statistics Sweden on Wednesday, the core inflation, which excludes energy prices, rose to 9.7 per cent in May. The economists said that restaurants and hotels added 0.3 percentage points to the May figure, while recreation and culture contributed 0.2 percentage points. Surprised with inflation figures Experts had expected the inflation to hover around 9.4 per cent from 10.5 per cent in April. But they were surprised to find the Beyonce effect having that much impact on the country. The inflation in Sweden peaked at 12.3 per cent in December. “Beyoncé is responsible for the extra upside surprise this month. It’s quite astonishing for a single event. We haven’t seen this before,” said Michael Grahn, Danske’s chief economist in Sweden, who said that the singer was responsible for the 0.2 percentage points inflation rise. Sweden: Will allow NATO to base troops in territory The Beyonce effect Major sporting tournaments often tip the scales on the higher side, but the economists said it was rare for a single event to do so. In the middle of May, tens and thousands of fans descended to Stockholm to catch the two concerts that kicked off her first solo tour in seven years. Estimates peg the crowd at each concert to be at 46,000, with some forced to stay outside the capital as hotels filled up fast. Also read | New Zealand slips into recession as GDP falls 0.1 per cent in March quarter There were reports that a number of fans had travelled from overseas to see the shows, taking advantage of the weak Swedish currency and lower ticket prices. Also read | WION Explains: New Zealand loses almost decade-old fight for `mānuka honey` trademark. Here`s what it means In an interview to Wall Street Journal, Grahn said that the effect was “very rare” and he expected the situation to go back to normal in June. But one economist told the Financial Times newspaper that Sweden might experience a similar inflation bump when Bruce Springsteen plays three nights of concerts in Gothenburg in June. After Stockholm, Beyoncé moved through several European capitals including Brussels, Cardiff, Edinburgh and five nights in London. She has seven more dates in Germany, the Netherlands and Poland before moving to Canada and the US. (With inputs from agencies) WATCH WION LIVE HERE

Swedish economists blame Beyonce for higher-than-expected inflation in May

Recent figures show that Bud Light is no longer the top-selling beer in the United States, with Modelo Especial overtaking its spot as the former is facing a months-long boycott. According to a report by consulting firm Bump Williams, in the four weeks leading up to June 3, the sales of Bud Light were down by almost a quarter.&nbsp;

<h2>What prompted the boycott of Bud Light?</h2>

As per reports, Bud Light’s drop in sales can be traced back to early April when 26-year-old, transgender influencer Dylan Mulvaney received a handful of beer cans out of which one was even&nbsp;personalised from the company. She in turn posted a video to promote an upcoming Bud Light contest on Instagram where she has some 1.8 million followers.&nbsp;

The popular TikToker with nearly 11 million followers had been documenting her transition online. The video posted was less than a minute long and is said to&nbsp;mostly be about a $15,000 giveaway that the company sponsored during March Madness.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/trending/who-is-dylan-mulvaney-know-how-the-trans-tiktoker-caused-controversy-between-kid-rock-and-bud-light-579373">Who is Dylan Mulvaney? Know how the Trans TikToker caused controversy between Kid Rock and Bud Light</a>

During the video, Mulvaney&nbsp;also mentions how Bud Light sent her a tallboy can with her face on it to celebrate her first year of womanhood. It was not long after the post that calls for a boycott followed by many prominent voices, including the musician Kid Rock, who posted a video of himself shooting a stack of Bud Light cases.&nbsp;

Additionally, several conservative pundits, right-wing politicians and even celebrities spoke out against the promotion with many posting videos of themselves shooting Bud Light cans. This comes as several states across the US have either proposed or passed bills which affect transgender youth and people from the LGBTQ+ community across the country.

<h2>What happened to Bud Light’s sales?</h2>

Amid the calls for a boycott since earlier this year, Bud Light’s sales slumped.&nbsp;Anheuser-Busch, the beer’s brewer said in early May that they would shift the focus of its marketing campaigns to sports and music. Meanwhile, Anheuser-Busch also announced that it is placing two executives who reportedly oversaw a Bud Light collaboration with a transgender activist on leave.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-bidens-pride-month-event-postponed-due-to-wildfire-smoke-to-unveil-several-lgbtq-proposals-602342">US: Biden’s Pride Month event postponed due to Canada wildfires’ smoke; to unveil several LGBTQ+ proposals</a>

According to the report by Bump Williams using the data collected by research firm Nielsen, Bud Light had managed to keep its position as America’s best-selling beer for the first five months of the year. The report also found that Bud Light’s sales were down about 24 per cent in the week ended June 3 when compared to the same week last year.&nbsp;

However, it is not just Bud Light but also other Anheuser-Busch brands which have taken a hit which include Budweiser and Michelob Ultra. Meanwhile, Anheuser-Busch remained the largest brewer in the country.&nbsp;Wall Street Journal, citing some Bud Light distributors, on Tuesday (June 13), reported that they believe Bud Light may be permanently dethroned.&nbsp;

In a bid to seemingly do some damage control, Bud Light released new ads featuring iconic American imagery including the US flag and horses galloping across open country, reported BBC. Meanwhile, Modelo Especial has taken over as the top-selling beer in the US&nbsp;in May, with 8.4 per cent of American beer sales by value in the period when Bud Light’s sales were declining.&nbsp; 
 
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Recent figures show that Bud Light is no longer the top-selling beer in the United States, with Modelo Especial overtaking its spot as the former is facing a months-long boycott.

Recent figures show that Bud Light is no longer the top-selling beer in the United States, with Modelo Especial overtaking its spot as the former is facing a months-long boycott. According to a report by consulting firm Bump Williams, in the four weeks leading up to June 3, the sales of Bud Light were down by almost a quarter. What prompted the boycott of Bud Light? As per reports, Bud Light’s drop in sales can be traced back to early April when 26-year-old, transgender influencer Dylan Mulvaney received a handful of beer cans out of which one was even personalised from the company. She in turn posted a video to promote an upcoming Bud Light contest on Instagram where she has some 1.8 million followers. The popular TikToker with nearly 11 million followers had been documenting her transition online. The video posted was less than a minute long and is said to mostly be about a $15,000 giveaway that the company sponsored during March Madness. ALSO READ | Who is Dylan Mulvaney? Know how the Trans TikToker caused controversy between Kid Rock and Bud Light During the video, Mulvaney also mentions how Bud Light sent her a tallboy can with her face on it to celebrate her first year of womanhood. It was not long after the post that calls for a boycott followed by many prominent voices, including the musician Kid Rock, who posted a video of himself shooting a stack of Bud Light cases. Additionally, several conservative pundits, right-wing politicians and even celebrities spoke out against the promotion with many posting videos of themselves shooting Bud Light cans. This comes as several states across the US have either proposed or passed bills which affect transgender youth and people from the LGBTQ+ community across the country. What happened to Bud Light’s sales? Amid the calls for a boycott since earlier this year, Bud Light’s sales slumped. Anheuser-Busch, the beer’s brewer said in early May that they would shift the focus of its marketing campaigns to sports and music. Meanwhile, Anheuser-Busch also announced that it is placing two executives who reportedly oversaw a Bud Light collaboration with a transgender activist on leave. ALSO READ | US: Biden’s Pride Month event postponed due to Canada wildfires’ smoke; to unveil several LGBTQ+ proposals According to the report by Bump Williams using the data collected by research firm Nielsen, Bud Light had managed to keep its position as America’s best-selling beer for the first five months of the year. The report also found that Bud Light’s sales were down about 24 per cent in the week ended June 3 when compared to the same week last year. However, it is not just Bud Light but also other Anheuser-Busch brands which have taken a hit which include Budweiser and Michelob Ultra. Meanwhile, Anheuser-Busch remained the largest brewer in the country. Wall Street Journal, citing some Bud Light distributors, on Tuesday (June 13), reported that they believe Bud Light may be permanently dethroned. In a bid to seemingly do some damage control, Bud Light released new ads featuring iconic American imagery including the US flag and horses galloping across open country, reported BBC. Meanwhile, Modelo Especial has taken over as the top-selling beer in the US in May, with 8.4 per cent of American beer sales by value in the period when Bud Light’s sales were declining. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bud Light loses title of top-selling beer in US after months-long boycott: Here’s what happened

In a bold departure from the norm, Zyus life sciences inc., a prominent cannabis oil company, is rewriting the playbook for going public by sidestepping the traditional IPO route, they've opted for a reverse takeover strategy. This strategic maneuver involves merging with a well-established crude producer, Phoenix Canada Oil co. ltd.

Cannabis oil company makes history with unconventional IPO route | World Business Watch