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The US Federal Trade Commission (FTC) on Tuesday filed a lawsuit on Tuesday seeking to block Amgen Inc.'s proposed $27.8 billion acquisition of Horizon Therapeutics Plc. The US trade regulator has alleged&nbsp;that the merger would create a monopoly for medications treating thyroid eye disease and chronic refractory gout, hampering competition and potentially leading to higher drug prices.

According to the sealed complaint filed in Illinois Federal Court, the acquisition would allow Amgen to further solidify Horizon's dominant position in the market. The FTC's complaint has&nbsp;sought&nbsp;an injunction to halt the merger until the commission could&nbsp;proceed with an in-house trial to determine whether the proposed deal violates&nbsp;antitrust law.

While opposing Amgen's billion-dollar deal, FTC's Competition Bureau Director&nbsp;Holly Vedova&nbsp;has emphasised the need for preventing pharmaceutical companies&nbsp;from consolidating&nbsp;monopolies.&nbsp;“Rampant consolidation in the pharmaceutical industry has given powerful companies a pass to exorbitantly hike prescription drug prices, deny patients access to more affordable generics, and hamstring innovation in life-saving markets,” Bloomberg quoted Vedova as saying.&nbsp;

Amgen, however, has countered FTC's allegations, stating that the claim of a potential 'multiproduct discount' was speculative and did not align with the competitive dynamics of the real world, a Bloomberg report noted. Horizon Therapeutics has also issued a statement, denying claims made&nbsp;by the US trade regulator.&nbsp;

'Multiproduct discount' is a monopolistic practice&nbsp;often frowned upon by the market. While it gives multiple products in one bundle at cheaper rates, this practice often&nbsp;forces smaller competitors to exit the market in the long run.&nbsp;

FTC vs. Big Pharma&nbsp;

This lawsuit marks the first time since 2009 that the FTC has taken legal action to prevent a pharmaceutical merger. In the past, the agency typically allowed mergers to proceed on the condition that the companies divested any overlapping treatments. However, under the leadership of Lina Khan, the US trade regulator has adopted a more stringent approach, challenging high-profile deals such as Microsoft Corp.'s proposed acquisition of Activision Blizzard Inc. and Intercontinental Exchange Inc.'s purchase of Black Knight Inc, a mortgage software rival.

Amgen, a prominent player in the pharmaceutical industry with 27 approved drugs, including popular treatments for rheumatoid arthritis and psoriasis, now faces scrutiny over its acquisition strategy. On the other hand, Horizon Therapeutics distributes 11 drug products in the US, including Tepezza, which is used to treat thyroid eye disease, and Krystexxa, a medication&nbsp;for chronic refractory gout. These medications currently enjoy a lack of competition in the market, generating significant revenue for Horizon in 2022 — $1.97 billion for Tepezza and $716 million for Krystexxa, as reported in company filings.

Under the Biden administration, the regulator&nbsp;has closely examined mergers, conduct, and pricing practices within the hospital, physician practice, pharmaceutical, and medical device sectors. Its scrutiny has resulted in five hospitals abandoning their merger plans&nbsp;in the past two years. Additionally, the FTC has launched investigations into pharmaceutical benefit managers like Cigna Group's Express Scripts and CVS Health Corp.'s Caremark to explore their potential role in driving up drug prices.

(With agency inputs)&nbsp;

The US Federal Trade Commission (FTC) on Tuesday filed a lawsuit on Tuesday seeking to block Amgen Inc.'s proposed $27.8 billion acquisition of Horizon Therapeutics Plc.

The US Federal Trade Commission (FTC) on Tuesday filed a lawsuit on Tuesday seeking to block Amgen Inc.'s proposed $27.8 billion acquisition of Horizon Therapeutics Plc. The US trade regulator has alleged that the merger would create a monopoly for medications treating thyroid eye disease and chronic refractory gout, hampering competition and potentially leading to higher drug prices. According to the sealed complaint filed in Illinois Federal Court, the acquisition would allow Amgen to further solidify Horizon's dominant position in the market. The FTC's complaint has sought an injunction to halt the merger until the commission could proceed with an in-house trial to determine whether the proposed deal violates antitrust law. While opposing Amgen's billion-dollar deal, FTC's Competition Bureau Director Holly Vedova has emphasised the need for preventing pharmaceutical companies from consolidating monopolies. “Rampant consolidation in the pharmaceutical industry has given powerful companies a pass to exorbitantly hike prescription drug prices, deny patients access to more affordable generics, and hamstring innovation in life-saving markets,” Bloomberg quoted Vedova as saying. Amgen, however, has countered FTC's allegations, stating that the claim of a potential 'multiproduct discount' was speculative and did not align with the competitive dynamics of the real world, a Bloomberg report noted. Horizon Therapeutics has also issued a statement, denying claims made by the US trade regulator. 'Multiproduct discount' is a monopolistic practice often frowned upon by the market. While it gives multiple products in one bundle at cheaper rates, this practice often forces smaller competitors to exit the market in the long run. FTC vs. Big Pharma This lawsuit marks the first time since 2009 that the FTC has taken legal action to prevent a pharmaceutical merger. In the past, the agency typically allowed mergers to proceed on the condition that the companies divested any overlapping treatments. However, under the leadership of Lina Khan, the US trade regulator has adopted a more stringent approach, challenging high-profile deals such as Microsoft Corp.'s proposed acquisition of Activision Blizzard Inc. and Intercontinental Exchange Inc.'s purchase of Black Knight Inc, a mortgage software rival. Amgen, a prominent player in the pharmaceutical industry with 27 approved drugs, including popular treatments for rheumatoid arthritis and psoriasis, now faces scrutiny over its acquisition strategy. On the other hand, Horizon Therapeutics distributes 11 drug products in the US, including Tepezza, which is used to treat thyroid eye disease, and Krystexxa, a medication for chronic refractory gout. These medications currently enjoy a lack of competition in the market, generating significant revenue for Horizon in 2022 — $1.97 billion for Tepezza and $716 million for Krystexxa, as reported in company filings. Under the Biden administration, the regulator has closely examined mergers, conduct, and pricing practices within the hospital, physician practice, pharmaceutical, and medical device sectors. Its scrutiny has resulted in five hospitals abandoning their merger plans in the past two years. Additionally, the FTC has launched investigations into pharmaceutical benefit managers like Cigna Group's Express Scripts and CVS Health Corp.'s Caremark to explore their potential role in driving up drug prices. (With agency inputs)

US trade regulator wants to block Amgen's $28 billion deal on hold. Here's why

Ride-hailing company Lyft Inc on Tuesday appointed Erin Brewer as its new Chief Financial Officer (CFO). She will replace Elaine Paul, who has served as Lyft's CFO since January 2022.

Paul's departure is set for May 19, while Brewer is expected to assume her new responsibilities on July 10, as per Reuters. In the interim, Lisa Blackwood-Kapral, the Chief Accounting Officer at Lyft, will serve as the finance chief.

Brewer's appointment is crucial for Lyft as it seeks to strengthen its financial position and navigate a competitive market. The company has experienced significant challenges recently, including intense price competition with its larger rival, Uber.

Brewer brings a wealth of financial expertise to her new role. She had served as the Managing Director of enterprise finance at Charles Schwab &amp; Co, where she played a crucial role in financial strategy and decision-making. She was also the head of strategy and finance at the software company Atlassian.&nbsp;

Lyft&nbsp;hits the reset button

The appointment of a new CFO is part of a broader restructuring effort at Lyft.&nbsp;

The company appointed David Risher as its new CEO in March, replacing co-founder Logan Green. A former Amazon executive, Risher wasted no time implementing changes, including a significant reduction in the company's workforce. Over 1,000 jobs were cut, representing 26 percent of its corporate headcount, along with a freeze on hiring for an additional 250 roles.&nbsp;

Lyft&nbsp;stocks have significantly declined in value since the company's&nbsp;listing&nbsp;in 2019.

However, the company remains optimistic about its long-term prospects.&nbsp;In a recent interview with CNBC, Risher hoped to create&nbsp;an outstanding customer experience that would make people no longer compare Lyft to Uber but instead recognise the unique value Lyft offers.

Despite the fierce price war, Lyft's survival is regarded as essential for the ride-hailing industry's overall health and vitality.&nbsp;

In addition to providing healthy competition to Uber, Lyft plays a vital role in offering consumers a valuable choice in the market. As the mobility market gains momentum, Lyft's resurgence becomes crucial in reviving the industry and putting the wheels of progress back in motion.

(Inputs from Reuters)

Ride-hailing company Lyft Inc on Tuesday appointed Erin Brewer as its new Chief Financial Officer (CFO). She will replace Elaine Paul, who has served as Lyft's CFO since January 2022.

Ride-hailing company Lyft Inc on Tuesday appointed Erin Brewer as its new Chief Financial Officer (CFO). She will replace Elaine Paul, who has served as Lyft's CFO since January 2022. Paul's departure is set for May 19, while Brewer is expected to assume her new responsibilities on July 10, as per Reuters. In the interim, Lisa Blackwood-Kapral, the Chief Accounting Officer at Lyft, will serve as the finance chief. Brewer's appointment is crucial for Lyft as it seeks to strengthen its financial position and navigate a competitive market. The company has experienced significant challenges recently, including intense price competition with its larger rival, Uber. Brewer brings a wealth of financial expertise to her new role. She had served as the Managing Director of enterprise finance at Charles Schwab & Co, where she played a crucial role in financial strategy and decision-making. She was also the head of strategy and finance at the software company Atlassian. Lyft hits the reset button The appointment of a new CFO is part of a broader restructuring effort at Lyft. The company appointed David Risher as its new CEO in March, replacing co-founder Logan Green. A former Amazon executive, Risher wasted no time implementing changes, including a significant reduction in the company's workforce. Over 1,000 jobs were cut, representing 26 percent of its corporate headcount, along with a freeze on hiring for an additional 250 roles. Lyft stocks have significantly declined in value since the company's listing in 2019. However, the company remains optimistic about its long-term prospects. In a recent interview with CNBC, Risher hoped to create an outstanding customer experience that would make people no longer compare Lyft to Uber but instead recognise the unique value Lyft offers. Despite the fierce price war, Lyft's survival is regarded as essential for the ride-hailing industry's overall health and vitality. In addition to providing healthy competition to Uber, Lyft plays a vital role in offering consumers a valuable choice in the market. As the mobility market gains momentum, Lyft's resurgence becomes crucial in reviving the industry and putting the wheels of progress back in motion. (Inputs from Reuters)

Lyft appoints Erin Brewer as CFO as ride-hailing company hits reset button

The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets.&nbsp;

The development came in a European Union finance minister meeting in Brussels. Earlier, the rules were approved by the European Parliament last month.

<h2>European Union crypto assets regulation: Expected roll out date</h2>

The crypto assets regulation rules are expected to be rolled out from 2024.

<h2>EU’s rules for crypto assets regulation: Need for regulation</h2>

Regulation of the crypto assets has attained a regulatory urgency following the collapse of the crypto exchange FTX.

"Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism," Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency, was quoted as saying by Reuters.

<h2>EU’s rules for crypto assets regulation: What are they?</h2>

Under new rules, the firms would be required to obtain a licence for issuing, trading and safeguarding crypto assets, tokenised assets and stablecoins.

The EU ministers took steps to combat tax evasion and the use of crypto asset transfers for money laundering by making transactions easier to trace.

They agreed on a requirement that from January 2026 service providers obtain the name of senders and beneficiaries in crypto assets, regardless of the amount being transferred.

There was also agreement on amending rules on how member countries cooperate with each other in taxation to cover transactions in crypto assets, and on exchanging information on advance tax rulings for the wealthiest individuals.

Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for cross-border activity.

<h2>Crypto assets regulation beyond the European Union</h2>

Britain has outlined a phased approach, starting with stablecoins and broadening out to un-backed crypto assets later on. However, no timeline for the exact execution of the regulation has been released so far. 
 
The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them.

Hester Peirce, one of the commissioners at the US derivatives regulator Commodity Futures Trading Commission, said last week that a number of federal and state authorities are trying to figure out what oversight role they could play in the crypto sector.

"We are wandering in the desert a bit," Peirce told a conference, Reuters reported.

(With inputs from agencies) 
 
&nbsp;

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The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets.

The European Union on Tuesday approved the world's first comprehensive set of rules to regulate crypto assets. The development is likely to pile pressure on countries such as Britain and the United States to act in a similar way towards regulation of crypto assets. The development came in a European Union finance minister meeting in Brussels. Earlier, the rules were approved by the European Parliament last month. European Union crypto assets regulation: Expected roll out date The crypto assets regulation rules are expected to be rolled out from 2024. EU’s rules for crypto assets regulation: Need for regulation Regulation of the crypto assets has attained a regulatory urgency following the collapse of the crypto exchange FTX. "Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism," Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency, was quoted as saying by Reuters. EU’s rules for crypto assets regulation: What are they? Under new rules, the firms would be required to obtain a licence for issuing, trading and safeguarding crypto assets, tokenised assets and stablecoins. The EU ministers took steps to combat tax evasion and the use of crypto asset transfers for money laundering by making transactions easier to trace. They agreed on a requirement that from January 2026 service providers obtain the name of senders and beneficiaries in crypto assets, regardless of the amount being transferred. There was also agreement on amending rules on how member countries cooperate with each other in taxation to cover transactions in crypto assets, and on exchanging information on advance tax rulings for the wealthiest individuals. Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for cross-border activity. Crypto assets regulation beyond the European Union Britain has outlined a phased approach, starting with stablecoins and broadening out to un-backed crypto assets later on. However, no timeline for the exact execution of the regulation has been released so far. The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them. Hester Peirce, one of the commissioners at the US derivatives regulator Commodity Futures Trading Commission, said last week that a number of federal and state authorities are trying to figure out what oversight role they could play in the crypto sector. "We are wandering in the desert a bit," Peirce told a conference, Reuters reported. (With inputs from agencies) WATCH WION LIVE HERE

European Union approves world’s first regulation for crypto assets, rollout in 2024

Asian markets are trading mixed ahead of China's retail sales data. Watch out for Japan's topix and India's Nifty50 which are both close to some new highs. The topix is just points shy of its 3-decade high while the nifty is just 2% short of its new lifetime high.

Dollar Index Eases: Gold Rises

Layoffs and cost cuts seem less painful than the latest buzz doing the rounds - bankruptcy. The once-popular digital broadcaster Vice Media and envision healthcare were among at least seven large companies that rushed to file for bankruptcy protection in less than 48 hours.

Record bankruptcy filings in the US | World Business Watch

Microsoft has a big victory in its kitty now. The US tech giant has won EU anti-trust body's approval to buy gaming company Activision. This win is likely to boost Microsoft's case in front of Chinese and South Korean regulators too.

EU okays Microsoft takeover of Activision | World Business Watch

Rupert Stadler (60), former CEO of auto giant Audi pleaded guilty at the "dieselgate" fraud trial in Germany on Tuesday. This made him the highest-ranking former executive to confess in emissions cheating scandal that rocked the car industry.

At a district court in Munich, he admitted that he allowed the vehicles which were equipped with manipulating software to remain on sale even after learning about the scam. Stadler's confession has come as part of a plea deal that will allow him to avoid jail time. He is on trial since 2020.

German car giant Volkswagen -- whose subsidiaries include Porsche, Audi, Skoda and Seat -- plunged into crisis after admitting in September 2015 that it had installed software to rig emission levels in 11 million diesel vehicles worldwide.

Use of the so-called defeat devices meant that the vehicles caused less pollution in lab tests than on the road.

"In the course of addressing the diesel issue" after the revelations became public, Stadler "neglected" to inform business partners that cars with so-called defeat devices were still going on the market, his lawyer Ulrike Thole-Groll told the court in a statement.

She said that in doing so, her client (Stadler), was "accepting that vehicles equipped with the illegal software would go on sale".

Asked by the judge whether the statement was correct, Stadler replied: "Yes."&nbsp;

Until now, Stadler had denied any wrongdoing.&nbsp;

But his defence team announced earlier this month that he had accepted a plea deal that included a confession in exchange for a suspended sentence of up to two years.

Stalder has also agreed to make a payment of 1.1 million euros ($1.2 million). A verdict in this matter is expected to come in June.&nbsp;

Volkswagen, the parent company of Audi, has always said that the 'dieselgate' was&nbsp;something done by a handful of lower-level employees and that they were acting without the knowledge of their superiors.

Stadler himself was not accused of instigating the trickery.

However, prosecutors in Germany say that Stadler knew about the scam by end of September 2015 "at the latest" and he still allowed sale of thousands of more vehicles until early 2018.&nbsp;

Now that Stadler has admitted that he failed to intervene, he faces a conviction for fraud by negligence. His lawyer said that he "regretted" that he was not able to "resolve the crisis".

Stadler had been Audi's chief executive for 11 years when he was arrested in 2018. He was also a member of the management board at Volkswagen group.

(With inputs from agencies)&nbsp;

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Rupert Stadler (60), former CEO of auto giant Audi pleaded guilty at the "dieselgate" fraud trial in Germany on Tuesday. This made him the highest-ranking former executive to confess in emissions cheating scandal that rocked the car industry.

Rupert Stadler (60), former CEO of auto giant Audi pleaded guilty at the "dieselgate" fraud trial in Germany on Tuesday. This made him the highest-ranking former executive to confess in emissions cheating scandal that rocked the car industry. At a district court in Munich, he admitted that he allowed the vehicles which were equipped with manipulating software to remain on sale even after learning about the scam. Stadler's confession has come as part of a plea deal that will allow him to avoid jail time. He is on trial since 2020. German car giant Volkswagen -- whose subsidiaries include Porsche, Audi, Skoda and Seat -- plunged into crisis after admitting in September 2015 that it had installed software to rig emission levels in 11 million diesel vehicles worldwide. Use of the so-called defeat devices meant that the vehicles caused less pollution in lab tests than on the road. "In the course of addressing the diesel issue" after the revelations became public, Stadler "neglected" to inform business partners that cars with so-called defeat devices were still going on the market, his lawyer Ulrike Thole-Groll told the court in a statement. She said that in doing so, her client (Stadler), was "accepting that vehicles equipped with the illegal software would go on sale". Asked by the judge whether the statement was correct, Stadler replied: "Yes." Until now, Stadler had denied any wrongdoing. But his defence team announced earlier this month that he had accepted a plea deal that included a confession in exchange for a suspended sentence of up to two years. Stalder has also agreed to make a payment of 1.1 million euros ($1.2 million). A verdict in this matter is expected to come in June. Volkswagen, the parent company of Audi, has always said that the 'dieselgate' was something done by a handful of lower-level employees and that they were acting without the knowledge of their superiors. Stadler himself was not accused of instigating the trickery. However, prosecutors in Germany say that Stadler knew about the scam by end of September 2015 "at the latest" and he still allowed sale of thousands of more vehicles until early 2018. Now that Stadler has admitted that he failed to intervene, he faces a conviction for fraud by negligence. His lawyer said that he "regretted" that he was not able to "resolve the crisis". Stadler had been Audi's chief executive for 11 years when he was arrested in 2018. He was also a member of the management board at Volkswagen group. (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 ×

Former CEO of Audi pleads guilty to 'dieselgate' fraud to avoid jail time

Exxon Mobil Corp on Monday settled a long-running human rights lawsuit with Indonesian villagers who accused Indonesian soldiers hired as guards by the Houston-based oil and gas company of committing murder and torture.

The Exxon case was set for a jury trial in Washington starting May 24 but that no more remains the case.

<h2>Exxon Mobil Corp Vs. Indonesian villagers: The resolution</h2>

According to a federal court filing in Washington DC, the two sides&nbsp;have resolved the contentious case which first came to the fore in 2001.&nbsp;

Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers &amp; Toll, told Reuters that the terms for resolution are confidential.

A spokesperson for Exxon Mobil further told Reuters that the settlement "brings closure for all parties."

The lawsuit led to the abrupt 2021 resignation of Alex Oh as the US Securities and Exchange Commission’s enforcement director, after a U.S. judge raised concerns about Oh’s conduct while representing Exxon at law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison.

<h2>What was the case about?</h2>

The case accused the company of negligence in contracting with Indonesian soldiers to guard its operations in the country’s Aceh territory during a period of violence and unrest.

The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers.&nbsp; 
 
The villagers at the centre of the two-decade long legal battle over alleged human rights abuses&nbsp;say they were subjected to torture, sexual assault, and beatings by Indonesian soldiers contracted by ExxonMobil.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/exxonmobil-ceo-gets-massive-pay-hike-after-highest-ever-profits-582542">ExxonMobil CEO gets massive pay hike after highest ever profits</a>

The alleged abuses took place at a time when the Indonesian military had deployed thousands of troops in the province to crush a long-running rebellion by pro-independence fighters. A peace agreement came only after the Indian Ocean tsunami of 2004 killed at least 170,000 people in Aceh, on the northern tip of Sumatra island.

Fryszman said the plaintiffs, 11 villagers, who were not named in court filings, broke down in tears at news of the settlement.

ALSO WATCH |&nbsp;WION Climate Tracker: ExxonMobil sowed doubt about climate change?

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"They have been fighting this case for 20 years against one of the world’s most powerful corporations,” Fryszman was quoted as saying by Reuters.

Exxon argued in court filings that there were insufficient links between the company and wrongdoing committed by Indonesian soldiers. This argument was rejected by the US District Judge Royce Lamberth.

Lamberth last year ordered Exxon to pay about $289,000 in sanctions after finding that Oh, while a partner at Paul Weiss, improperly accused opposing counsel of acting "unhinged" during a deposition.

(With inputs from agencies) 
 
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Exxon Mobil Corp on Monday settled a long-running human rights lawsuit with Indonesian villagers who accused Indonesian soldiers hired as guards by the Houston-based oil and gas company of committing murder and torture.

Exxon Mobil Corp on Monday settled a long-running human rights lawsuit with Indonesian villagers who accused Indonesian soldiers hired as guards by the Houston-based oil and gas company of committing murder and torture. The Exxon case was set for a jury trial in Washington starting May 24 but that no more remains the case. Exxon Mobil Corp Vs. Indonesian villagers: The resolution According to a federal court filing in Washington DC, the two sides have resolved the contentious case which first came to the fore in 2001. Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers & Toll, told Reuters that the terms for resolution are confidential. A spokesperson for Exxon Mobil further told Reuters that the settlement "brings closure for all parties." The lawsuit led to the abrupt 2021 resignation of Alex Oh as the US Securities and Exchange Commission’s enforcement director, after a U.S. judge raised concerns about Oh’s conduct while representing Exxon at law firm Paul, Weiss, Rifkind, Wharton & Garrison. What was the case about? The case accused the company of negligence in contracting with Indonesian soldiers to guard its operations in the country’s Aceh territory during a period of violence and unrest. The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers. The villagers at the centre of the two-decade long legal battle over alleged human rights abuses say they were subjected to torture, sexual assault, and beatings by Indonesian soldiers contracted by ExxonMobil. ALSO READ | ExxonMobil CEO gets massive pay hike after highest ever profits The alleged abuses took place at a time when the Indonesian military had deployed thousands of troops in the province to crush a long-running rebellion by pro-independence fighters. A peace agreement came only after the Indian Ocean tsunami of 2004 killed at least 170,000 people in Aceh, on the northern tip of Sumatra island. Fryszman said the plaintiffs, 11 villagers, who were not named in court filings, broke down in tears at news of the settlement. ALSO WATCH | WION Climate Tracker: ExxonMobil sowed doubt about climate change? × "They have been fighting this case for 20 years against one of the world’s most powerful corporations,” Fryszman was quoted as saying by Reuters. Exxon argued in court filings that there were insufficient links between the company and wrongdoing committed by Indonesian soldiers. This argument was rejected by the US District Judge Royce Lamberth. Lamberth last year ordered Exxon to pay about $289,000 in sanctions after finding that Oh, while a partner at Paul Weiss, improperly accused opposing counsel of acting "unhinged" during a deposition. (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.

US oil major ExxonMobil resolves torture case of Indonesian villagers, keeps terms confidential

Pepe, a coin inspired by an anthropomorphized frog popular in internet memes, leapt nearly 7,000% in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5.

Toad-ally crazy: Pepe Memecoin leaps 7,000%

While lawmakers continue to hold marathon meetings to reach a deal on hiking the debt limit, another debt crisis is looming in the United States.

A New York Federal Reserve report shows that the credit card debt of Americans stood at a whopping $986 billion — just a few billions short of the $1 trillion mark — as of March 31, 2023.

But this insanely high debt level has another layer to it.

Credit card balances remained flat in the first three months, indicating that US households depended on their credit cards for their daily spending.

In the US, household expenditure through credit cards rises during the holiday season, which coincides with the last month of the year. In the subsequent months, households usually focus on reducing their debt burden through repayment. &nbsp;

However, 2023 has turned out to be an anomaly as US households began feeling the pinch of rising inflation and the adverse impact of a slowing economy.

Ballooning household debt

The typical US consumer culture of 'buy first, pay later' has been helping households to ward off immediate expenditure. But this has also increased the debt burden to record levels each year.

The report states that aggregate household debt rose $148 billion in the first quarter of 2023 to reach $17.05 trillion.

The debt burden on US households is unlikely to go down this year, courtesy of the slower wage growth compared to inflation. According to the US Department of Labour Statistics,&nbsp;real average weekly&nbsp;wages (inflation-adjusted) declined by&nbsp;0.6 percent between April 2022 and April&nbsp;2023.&nbsp;

A 2022 survey by Bankrate recorded 55 per cent of employees stating that their incomes did not keep pace with the rising costs of goods and services. Though slightly better in 2023, the inflation situation is still at elevated levels. This means that individuals will likely take solace in credit to make their payments.

The&nbsp;ballooning debt on households is a bad omen for the US economy. Rising household debts contributed to a recession in 2008-09. By the end of 2008, US household debt hit $12.68 trillion after an eight-year-long housing boom. But once the housing bubble burst, debt levels declined dramatically, voluntarily and involuntarily.

"While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. Households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing," a 2013 Federal Reserve of New York report read.

A major red flag that banks will face in 2023 is debt delinquency, a scenario when individuals delay their debt repayments. &nbsp;As of March 2023, the overall delinquency rate remained low by historical levels, at 2.6 per cent. However, the share of debt turning delinquent — loans not paid for over 30 days — is rising for most loan types, including credit cards.

But will we see a massive decline in household debt levels, like between 2009 and 2013? Only time — or a recession later this year — will tell us.

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While lawmakers continue to hold marathon meetings to reach a deal on hiking the debt limit, another debt crisis is looming in the United States. A New York Federal Reserve report shows that the credit card debt of Americans stood at a whopping $986 billion — just a few billions short of the $1 trillion mark — as of March 31, 2023.

While lawmakers continue to hold marathon meetings to reach a deal on hiking the debt limit, another debt crisis is looming in the United States. A New York Federal Reserve report shows that the credit card debt of Americans stood at a whopping $986 billion — just a few billions short of the $1 trillion mark — as of March 31, 2023. But this insanely high debt level has another layer to it. Credit card balances remained flat in the first three months, indicating that US households depended on their credit cards for their daily spending. In the US, household expenditure through credit cards rises during the holiday season, which coincides with the last month of the year. In the subsequent months, households usually focus on reducing their debt burden through repayment. However, 2023 has turned out to be an anomaly as US households began feeling the pinch of rising inflation and the adverse impact of a slowing economy. Ballooning household debt The typical US consumer culture of 'buy first, pay later' has been helping households to ward off immediate expenditure. But this has also increased the debt burden to record levels each year. The report states that aggregate household debt rose $148 billion in the first quarter of 2023 to reach $17.05 trillion. The debt burden on US households is unlikely to go down this year, courtesy of the slower wage growth compared to inflation. According to the US Department of Labour Statistics, real average weekly wages (inflation-adjusted) declined by 0.6 percent between April 2022 and April 2023. A 2022 survey by Bankrate recorded 55 per cent of employees stating that their incomes did not keep pace with the rising costs of goods and services. Though slightly better in 2023, the inflation situation is still at elevated levels. This means that individuals will likely take solace in credit to make their payments. The ballooning debt on households is a bad omen for the US economy. Rising household debts contributed to a recession in 2008-09. By the end of 2008, US household debt hit $12.68 trillion after an eight-year-long housing boom. But once the housing bubble burst, debt levels declined dramatically, voluntarily and involuntarily. "While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. Households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing," a 2013 Federal Reserve of New York report read. A major red flag that banks will face in 2023 is debt delinquency, a scenario when individuals delay their debt repayments. As of March 2023, the overall delinquency rate remained low by historical levels, at 2.6 per cent. However, the share of debt turning delinquent — loans not paid for over 30 days — is rising for most loan types, including credit cards. But will we see a massive decline in household debt levels, like between 2009 and 2013? Only time — or a recession later this year — will tell us. WATCH WION LIVE HERE

Nearly $1 trillion & counting: US households are drowning in credit card debt

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains.

PepeCoin, inspired by a frog named 'Pepe', which often features in&nbsp;internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5.

PepeCoin is a memecoin -- coins based on popular internet memes. Memecoins came into prominence through dogecoin, which has been patronised by Twitter owner Elon Musk.&nbsp;

PepeCoin's performance has sparked renewed investor interest in memecoin category&nbsp;as a whole. Their overall trading volumes have jumped to $2.6 billion in the first week of May from $408,000 the week before.&nbsp;

However, market players have warned that traders and investors could get badly burned by memecoins. They argue that they lack practical use beyond speculation, distinguishing them from more mainstream coins like bitcoin and ether.

Regulatory fears&nbsp;

Recently, crypto prices came&nbsp;under selling pressure after investors weighed a news report about two of the biggest institutional liquidity providers dialing back their crypto-trading businesses in the United States.

Jane Street and Jump Crypto, two of the biggest crypto market makers, have said they will take a step back from crypto trading in the United States, where regulators continue their crackdown on the nascent industry.

Just a few months back, the US Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, had issued a joint statement warning banks of the liquidity risks associated with banking crypto firms.

(With agency inputs)

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains. PepeCoin, inspired by a frog named 'Pepe', which often features in internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.

Move over Dogecoin and Shiba Inu, there is a new memecoin on the block. PepeCoin is the new memecoin hitting the market with stratospheric gains. PepeCoin, inspired by a frog named 'Pepe', which often features in internet memes, leapt nearly 7,000 percent in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5. PepeCoin is a memecoin -- coins based on popular internet memes. Memecoins came into prominence through dogecoin, which has been patronised by Twitter owner Elon Musk. PepeCoin's performance has sparked renewed investor interest in memecoin category as a whole. Their overall trading volumes have jumped to $2.6 billion in the first week of May from $408,000 the week before. However, market players have warned that traders and investors could get badly burned by memecoins. They argue that they lack practical use beyond speculation, distinguishing them from more mainstream coins like bitcoin and ether. Regulatory fears Recently, crypto prices came under selling pressure after investors weighed a news report about two of the biggest institutional liquidity providers dialing back their crypto-trading businesses in the United States. Jane Street and Jump Crypto, two of the biggest crypto market makers, have said they will take a step back from crypto trading in the United States, where regulators continue their crackdown on the nascent industry. Just a few months back, the US Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, had issued a joint statement warning banks of the liquidity risks associated with banking crypto firms. (With agency inputs)

Move over Dogecoin: Memecoin PepeCoin jumps 7,000% since its 16 April debut

PVR INOX Ltd, the leading multiplex operator in India,&nbsp;on Monday&nbsp;announced a staggering quarterly loss of 3.33 billion rupees ($40.72 million) in its fourth quarter (January-March 2023)&nbsp;report.&nbsp;

PVR INOX will close down 50 underperforming cinemas in the next six months, to optimise operations and reallocate resources for future growth and stability.&nbsp;

The quarter's revenue stood at 11.43 billion rupees, while total expenses amounted to 13.64 billion rupees.

This significant setback can be attributed to one-time impairment charges and expenses incurred due to the planned closures of 50 underperforming cinemas in the next six months.&nbsp;

This quarter's financial report marks the first consolidated results for PVR INOX since the completion of the merger, providing a comprehensive snapshot of their combined performance.

Average ticket prices experienced a slight decline from 244 rupees to 239 rupees compared to the previous quarter. Additionally, the average food and beverage spend per patron decreased from 133 rupees to 119 rupees.

Despite the quarterly loss, shares of the company closed 1.2 percent higher on Monday, signaling investor confidence in PVR INOX's ability to navigate these challenging times and bounce back stronger.

PVR INOX looks to bounce back

The multiplex giant plans to open 150-175 additional screens in 2023-24, which underscores their determination to recapture the imagination of moviegoers and restore the grandeur of the silver screen experience.

Despite recent volatility at the box office, PVR INOX expresses confidence in the industry's stabilization over the next two to three quarters.&nbsp;

It is also counting on 'big screen spectacle' films recently emerging as bright spots. Bollywood hit 'Pathaan' managed to attract customers during the quarter, alongside Hollywood films like 'Ant-man and The Wasp - Quantamania' and 'John Wick-4', which delivered commendable performances, providing a glimmer of hope for the company.

(Inputs From Reuters)

PVR INOX Ltd, the leading multiplex operator in India, on Monday announced a staggering quarterly loss of 3.33 billion rupees ($40.72 million) in its fourth quarter (January-March 2023) report.

PVR INOX Ltd, the leading multiplex operator in India, on Monday announced a staggering quarterly loss of 3.33 billion rupees ($40.72 million) in its fourth quarter (January-March 2023) report. PVR INOX will close down 50 underperforming cinemas in the next six months, to optimise operations and reallocate resources for future growth and stability. The quarter's revenue stood at 11.43 billion rupees, while total expenses amounted to 13.64 billion rupees. This significant setback can be attributed to one-time impairment charges and expenses incurred due to the planned closures of 50 underperforming cinemas in the next six months. This quarter's financial report marks the first consolidated results for PVR INOX since the completion of the merger, providing a comprehensive snapshot of their combined performance. Average ticket prices experienced a slight decline from 244 rupees to 239 rupees compared to the previous quarter. Additionally, the average food and beverage spend per patron decreased from 133 rupees to 119 rupees. Despite the quarterly loss, shares of the company closed 1.2 percent higher on Monday, signaling investor confidence in PVR INOX's ability to navigate these challenging times and bounce back stronger. PVR INOX looks to bounce back The multiplex giant plans to open 150-175 additional screens in 2023-24, which underscores their determination to recapture the imagination of moviegoers and restore the grandeur of the silver screen experience. Despite recent volatility at the box office, PVR INOX expresses confidence in the industry's stabilization over the next two to three quarters. It is also counting on 'big screen spectacle' films recently emerging as bright spots. Bollywood hit 'Pathaan' managed to attract customers during the quarter, alongside Hollywood films like 'Ant-man and The Wasp - Quantamania' and 'John Wick-4', which delivered commendable performances, providing a glimmer of hope for the company. (Inputs From Reuters)

PVR INOX's Box Office blues: A quarter marked by major losses

Vodafone becomes the latest company to opt for job cuts just weeks after welcoming a new CEO reports suggests that 11,000 jobs will be cut in the next three years.

New Vodafone CEO presses reset button as 2,000 jobs are cut due to commercial agility

Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well.

China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants.

"The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press.

According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter.

“The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics.

“External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference.

Fu Linghui was quoted by Associated Press.

Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record.

“Stabilizing and expanding employment of young people will require continued hard work,” Li said.

Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target.

“The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected.

Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well. China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants. "The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press. According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter. “The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics. “External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference. Fu Linghui was quoted by Associated Press. Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record. “Stabilizing and expanding employment of young people will require continued hard work,” Li said. Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target. “The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.” 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 ×

One in five Chinese is unemployed, reveals official data

In a groundbreaking development, Indian carmakers have reached an agreement to eliminate import taxes on a limited number of vehicles in a trade deal with Britain. According to Reuters, the move promises improved access to India's thriving automobile market, the third-largest in the world. While the proposal seeks to enhance trade prospects, industry experts debate the extent of its impact due to the limited quota.

India currently imposes import taxes ranging from 70 percent to 100 percent on cars, but under the proposed plan, these rates will be gradually reduced to 10 percent over a five-year period. However, this tax reduction will only apply to a maximum of 46,200 vehicles, as proposed by the Society of Indian Automobile Manufacturers (SIAM) to the government. Additionally, SIAM has expressed openness to a zero percent import tax if deemed necessary during the negotiations.

Outside of the limited quota, SIAM has suggested a gradual reduction of the import tax on cars to 30 percent over a ten-year period, with the possibility of further cuts beyond the fifth year, contingent upon the growth of overall import volumes from Britain.

India's automobile market, known for its high import taxes, has long been a topic of contention for global automakers. Companies such as Tesla previously postponed their entry into the Indian market due to the challenging tax environment. The proposed import tax reductions aim to address this concern and open up new avenues for international automakers, fostering increased competition and innovation.

India witnessed a record-breaking sale of 4 million cars in the fiscal year ending March 31, 2023. SIAM's proposal for zero duties initially focuses on 26,400 cars in the first year, gradually increasing to a maximum of 46,200 vehicles over a decade. It is important to note that this quota applies exclusively to combustion engine cars, with electric, hybrid, hydrogen, and fuel cell vehicles excluded from the proposal.

While some experts argue that the limited number of vehicles proposed under the scheme might not yield significant results, others believe that even a small entry into India's vast market can be highly profitable and influential.

This marks the first time that Indian carmakers have agreed to such substantial import tax cuts, reflecting their response to mounting pressure from the government to relinquish their protectionist position. However, concerns have been raised regarding the potential impact on domestic manufacturing, with some arguing that cheaper and easier imports for global automakers could hamper investments in the domestic industry.

Additionally, the fear of setting a precedent in future trade negotiations with other major players like the European Union (EU), Japan, and South Korea has been expressed by industry sources. The outcome of the ongoing India-Britain trade pact negotiations holds significant implications for the trajectory of trade relationships and potential economic growth.

The negotiations between India and Britain began in January of the previous year with the aim of doubling trade to a staggering $100 billion by 2030. Although the countries missed the initial October 2022 deadline to conclude the deal, discussions have continued, highlighting the complexity and significance of this trade agreement.

How reduction in import taxes can be helpful

The reduction in import taxes is seen as a crucial step toward unlocking India's immense market potential and attracting foreign investment. It is anticipated that this move will foster healthy competition, stimulate technological advancements, and provide consumers with a wider range of options at more competitive prices.

First and foremost, it will create an environment conducive to increased foreign investment. By lowering the financial barriers associated with import taxes, international automakers will find it more enticing to establish a presence in India. This, in turn, can lead to the establishment of new manufacturing facilities, job creation, and the infusion of advanced technologies into the domestic automotive sector.

Moreover, the reduction in import taxes will foster healthy competition among both domestic and international players. As automakers vie for a larger share of the Indian market, consumers can anticipate a wider selection of vehicles at more competitive prices. This will not only provide greater choice and affordability but also incentivize the development of vehicles tailored to Indian preferences and needs.

(Inputs from Reuters)

In a groundbreaking development, Indian carmakers have reached an agreement to eliminate import taxes on a limited number of vehicles in a trade deal with Britain.

In a groundbreaking development, Indian carmakers have reached an agreement to eliminate import taxes on a limited number of vehicles in a trade deal with Britain. According to Reuters, the move promises improved access to India's thriving automobile market, the third-largest in the world. While the proposal seeks to enhance trade prospects, industry experts debate the extent of its impact due to the limited quota. India currently imposes import taxes ranging from 70 percent to 100 percent on cars, but under the proposed plan, these rates will be gradually reduced to 10 percent over a five-year period. However, this tax reduction will only apply to a maximum of 46,200 vehicles, as proposed by the Society of Indian Automobile Manufacturers (SIAM) to the government. Additionally, SIAM has expressed openness to a zero percent import tax if deemed necessary during the negotiations. Outside of the limited quota, SIAM has suggested a gradual reduction of the import tax on cars to 30 percent over a ten-year period, with the possibility of further cuts beyond the fifth year, contingent upon the growth of overall import volumes from Britain. India's automobile market, known for its high import taxes, has long been a topic of contention for global automakers. Companies such as Tesla previously postponed their entry into the Indian market due to the challenging tax environment. The proposed import tax reductions aim to address this concern and open up new avenues for international automakers, fostering increased competition and innovation. India witnessed a record-breaking sale of 4 million cars in the fiscal year ending March 31, 2023. SIAM's proposal for zero duties initially focuses on 26,400 cars in the first year, gradually increasing to a maximum of 46,200 vehicles over a decade. It is important to note that this quota applies exclusively to combustion engine cars, with electric, hybrid, hydrogen, and fuel cell vehicles excluded from the proposal. While some experts argue that the limited number of vehicles proposed under the scheme might not yield significant results, others believe that even a small entry into India's vast market can be highly profitable and influential. This marks the first time that Indian carmakers have agreed to such substantial import tax cuts, reflecting their response to mounting pressure from the government to relinquish their protectionist position. However, concerns have been raised regarding the potential impact on domestic manufacturing, with some arguing that cheaper and easier imports for global automakers could hamper investments in the domestic industry. Additionally, the fear of setting a precedent in future trade negotiations with other major players like the European Union (EU), Japan, and South Korea has been expressed by industry sources. The outcome of the ongoing India-Britain trade pact negotiations holds significant implications for the trajectory of trade relationships and potential economic growth. The negotiations between India and Britain began in January of the previous year with the aim of doubling trade to a staggering $100 billion by 2030. Although the countries missed the initial October 2022 deadline to conclude the deal, discussions have continued, highlighting the complexity and significance of this trade agreement. How reduction in import taxes can be helpful The reduction in import taxes is seen as a crucial step toward unlocking India's immense market potential and attracting foreign investment. It is anticipated that this move will foster healthy competition, stimulate technological advancements, and provide consumers with a wider range of options at more competitive prices. First and foremost, it will create an environment conducive to increased foreign investment. By lowering the financial barriers associated with import taxes, international automakers will find it more enticing to establish a presence in India. This, in turn, can lead to the establishment of new manufacturing facilities, job creation, and the infusion of advanced technologies into the domestic automotive sector. Moreover, the reduction in import taxes will foster healthy competition among both domestic and international players. As automakers vie for a larger share of the Indian market, consumers can anticipate a wider selection of vehicles at more competitive prices. This will not only provide greater choice and affordability but also incentivize the development of vehicles tailored to Indian preferences and needs. (Inputs from Reuters)

India-UK automobile trade likely to get a big boost. Here's why

British telecom giant Vodafone on Tuesday announced a massive job cut, which will impact at least 11,000 employees over the next three years. In a statement, Chief Executive Officer (CEO) <a href="https://www.wionews.com/business-economy/vodafone-appoints-margherita-della-valle-as-ceo-587804">Della Vella said</a>, "Our performance has not been good enough. To consistently deliver, Vodafone must change." Vella added that the organisation would be simplified, cutting out complexity to regain its competitiveness.&nbsp;

"We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” she added

According to a report by the news agency Reuters, the job cuts are the biggest in the history of the group, which employs around 100,000 people.

Vodafone also said on Tuesday that it would generate about 3.3 billion euros of cash this financial year, compared with 4.8 billion euros in the year to end-March it reported, and around 3.6 billion euros expected by analysts.

ALSO WATCH | Vodafone gets a new CEO

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The telecom giant pointed out that Germany, its biggest market was underperforming which combined with higher energy costs resulted in a 1.3 per cent decline in group core earnings to 14.7 billion euros for the year to end-March.&nbsp;

However, Vodafone said that group revenue increased by 0.3% to 45.7 billion euros driven by growth in Africa and higher equipment sales, offset by lower European service revenue and adverse exchange rate movements.

Recently, Vodafone had cut jobs in several of its big markets, shedding 1,000 in Italy earlier this year and a report said it was looking to axe 1,300 jobs in Germany.&nbsp;

Tuesday's announcement comes days after Vodafone and CK Hutchison were set to unveil a mobile tie-up in the United Kingdom (UK) soon. Commenting on the proposed tie-up, Vodafone there could be no certainty that any transaction would ultimately be agreed upon, Reuters reported.&nbsp;

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British telecom giant Vodafone on Tuesday announced a massive job cut, which will impact at least 11,000 employees over the next three years. In a statement, Chief Executive Officer (CEO) Della Vella said, "Our performance has not been good enough.

British telecom giant Vodafone on Tuesday announced a massive job cut, which will impact at least 11,000 employees over the next three years. In a statement, Chief Executive Officer (CEO) Della Vella said, "Our performance has not been good enough. To consistently deliver, Vodafone must change." Vella added that the organisation would be simplified, cutting out complexity to regain its competitiveness. "We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” she added According to a report by the news agency Reuters, the job cuts are the biggest in the history of the group, which employs around 100,000 people. Vodafone also said on Tuesday that it would generate about 3.3 billion euros of cash this financial year, compared with 4.8 billion euros in the year to end-March it reported, and around 3.6 billion euros expected by analysts. ALSO WATCH | Vodafone gets a new CEO × The telecom giant pointed out that Germany, its biggest market was underperforming which combined with higher energy costs resulted in a 1.3 per cent decline in group core earnings to 14.7 billion euros for the year to end-March. However, Vodafone said that group revenue increased by 0.3% to 45.7 billion euros driven by growth in Africa and higher equipment sales, offset by lower European service revenue and adverse exchange rate movements. Recently, Vodafone had cut jobs in several of its big markets, shedding 1,000 in Italy earlier this year and a report said it was looking to axe 1,300 jobs in Germany. Tuesday's announcement comes days after Vodafone and CK Hutchison were set to unveil a mobile tie-up in the United Kingdom (UK) soon. Commenting on the proposed tie-up, Vodafone there could be no certainty that any transaction would ultimately be agreed upon, Reuters reported. 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.

Vodafone to cut 11,000 jobs over next three years, biggest layoffs in company's history

In some good news for the Indian economy, the country's foreign exchange reserves jumped to a 11-month high. India's import cover rose by about 7.2 billion dollars to nearly 596 billion dollars in the week that ended on May 5.

India's Forex reserves near the $600 billion mark | World Business Watch

Asian markets are currently showing mixed results. This follows two weeks of losses on wall street due to uncertainties around the US debt ceiling. Despite this, India's Nifty50 has been performing well and is just a few points away from reaching a new lifetime high.

Markets Roundup: Asian markets stutter

Canada's housing market is breaking all the rules, defying expectations, and staging a remarkable comeback after a year-long slump. But here's the twist: Just as the housing market is bouncing back, higher borrowing costs are expected to throw a wrench in the rest of the economy.

Canada's housing sector defies the odds | World Business Watch

Adani group's flagship and utility firm seek to raise 2.6 billion from the market. That signals the Indian business empire now wants to focus on growth after a scathing Hindenburg report forced it into damage control.

Adani group to raise $2.6 BN fresh capital

In a pivotal step towards reform, the government has sold a 9.5 percent stake in state-run telecom Egypt. Valued at 3.7 billion Egyptian pounds, this sale marks a significant milestone in Egypt's efforts to revitalize its economy and attract investment.

Egypt to sell stake in govt-owned firm

All eyes will be on China when it releases its latest economic data on Tuesday.

Many China watchers feel that the monthly data is likely to show China's economy doing a lot better than in reality.&nbsp;

Industrial output and retail sales are likely to have grown rapidly in April compared to the same period last year. This is because of the rebound in demand and recovery of supply chains after Covid restrictions were lifted in late 2022.&nbsp;

But the world must take the data with a major caveat -- the low base effect. Many analysts believe that comparing the upcoming data with last year won't be the right thing to do.&nbsp;

“China’s April activity data will probably offer another instance of headline figures that can’t be taken at face value," Bloomberg quoted economists Chang Shu and David Qu as saying.&nbsp;

It is to be noted that China's economy slowed down significantly last year after the government imposed strict Covid-19 restrictions, especially in Shanghai - the commercial hub of China.&nbsp;

In 2022, China grew by just 3 percent, the lowest rate in nearly 40 years.&nbsp;

Instead, analysts are likely to compare the April data with the previous months of 2023 for a better perspective.

Recent figures have shown that all is not well in China.

Cooling of demand is clearly visible in China, as consumer prices barely grew last month. At 0.1 percent year-on-year growth, inflation rate in April 2023 was the slowest since 2021.&nbsp;

Housing market sales have starting to fizzle after housing sales and prices recovered briefly following a 18-month-long slump, as per a Bloomberg report. Notably, the property sector is crucial for China's economy as it accounts for one-fifth of the Gross Domestic Product.&nbsp;

Imports and exports, too, have slowed down amid a global downturn.

China's exports in March grew by 14.8 percent year-on-year, but slowed down to 8.5 percent in April. On the other hand, China's imports shrunk 1.4 percent (year-on-year) in March. The overall fall in imports widening to 7.9 percent in April.&nbsp;

Now, only time will tell if China can lead the global growth this year as the International Monetary Fund projects.&nbsp;

&nbsp;

(With agency inputs)&nbsp;

All eyes will be on China when it releases its latest economic data on Tuesday. Many China watchers feel that the monthly data is likely to show China's economy doing a lot better than in reality.

All eyes will be on China when it releases its latest economic data on Tuesday. Many China watchers feel that the monthly data is likely to show China's economy doing a lot better than in reality. Industrial output and retail sales are likely to have grown rapidly in April compared to the same period last year. This is because of the rebound in demand and recovery of supply chains after Covid restrictions were lifted in late 2022. But the world must take the data with a major caveat -- the low base effect. Many analysts believe that comparing the upcoming data with last year won't be the right thing to do. “China’s April activity data will probably offer another instance of headline figures that can’t be taken at face value," Bloomberg quoted economists Chang Shu and David Qu as saying. It is to be noted that China's economy slowed down significantly last year after the government imposed strict Covid-19 restrictions, especially in Shanghai - the commercial hub of China. In 2022, China grew by just 3 percent, the lowest rate in nearly 40 years. Instead, analysts are likely to compare the April data with the previous months of 2023 for a better perspective. Recent figures have shown that all is not well in China. Cooling of demand is clearly visible in China, as consumer prices barely grew last month. At 0.1 percent year-on-year growth, inflation rate in April 2023 was the slowest since 2021. Housing market sales have starting to fizzle after housing sales and prices recovered briefly following a 18-month-long slump, as per a Bloomberg report. Notably, the property sector is crucial for China's economy as it accounts for one-fifth of the Gross Domestic Product. Imports and exports, too, have slowed down amid a global downturn. China's exports in March grew by 14.8 percent year-on-year, but slowed down to 8.5 percent in April. On the other hand, China's imports shrunk 1.4 percent (year-on-year) in March. The overall fall in imports widening to 7.9 percent in April. Now, only time will tell if China can lead the global growth this year as the International Monetary Fund projects. (With agency inputs)

Rebound or downturn?: China to release key economic data on Tuesday

The European Union (EU) on Monday (May 15) gave a go-ahead to Microsoft's USD 69 billion takeover of US gaming giant Activision Blizzard. The acquisition was blocked by British competition regulator just weeks ago.

The deal also faces uncertain situation in the US. Last year, the Federal Trade Commission (FTC) launched legal action to block the acquisition. This was one of Washington's biggest-ever interventions to stop tech industry consolidation.

Xbox-owner Microsoft launched its gigantic bid for Activision Blizzard early last year to create the world's third biggest gaming firm by revenue after China's Tencent and Japan's PlayStation maker Sony, provoking antitrust concerns.

Activision Blizzard's hit titles include 'Candy Crush', 'World of Warcraft' and more. If Microsoft's acquisition bid goes ahead, it will be biggest ever deal in gaming.

The European Commission, the bloc's powerful antitrust authority, said the approval was "conditional on full compliance with the commitments offered by Microsoft".

"The commitments fully address the competition concerns identified by the commission and represent a significant improvement for cloud gaming as compared to the current situation," it added in a statement.

European Commission said that if Microsoft lives up to its promises, it will allow gamers to stream Activision's titles on any cloud gaming streaming services operating in Europe.

"The European Commission has required Microsoft to license popular Activision Blizzard games automatically to competing cloud gaming services," Microsoft vice chair Brad Smith said.&nbsp;

"This will apply globally and will empower millions of consumers worldwide to play these games on any device they choose."

AFP quoted experts who said that unless Microsoft wins appeal against UK's Competition and Markets Authority (CMA), it will be game over for the bid.

The CMA blocked the bid over concerns it could kill competition in the fast-growing cloud gaming market, and lead to less choice for British gamers in the future.

"If Microsoft does not win the appeal in the CAT, it cannot proceed with the acquisition even if the European Commission now approves it," said Anne Witt, a professor of anti-trust law at EDHEC business school in France.

(With inputs from agencies)

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The European Union (EU) on Monday (May 15) gave a go-ahead to Microsoft's USD 69 billion takeover of US gaming giant Activision Blizzard. The acquisition was blocked by British competition regulator just weeks ago.

The European Union (EU) on Monday (May 15) gave a go-ahead to Microsoft's USD 69 billion takeover of US gaming giant Activision Blizzard. The acquisition was blocked by British competition regulator just weeks ago. The deal also faces uncertain situation in the US. Last year, the Federal Trade Commission (FTC) launched legal action to block the acquisition. This was one of Washington's biggest-ever interventions to stop tech industry consolidation. Xbox-owner Microsoft launched its gigantic bid for Activision Blizzard early last year to create the world's third biggest gaming firm by revenue after China's Tencent and Japan's PlayStation maker Sony, provoking antitrust concerns. Activision Blizzard's hit titles include 'Candy Crush', 'World of Warcraft' and more. If Microsoft's acquisition bid goes ahead, it will be biggest ever deal in gaming. The European Commission, the bloc's powerful antitrust authority, said the approval was "conditional on full compliance with the commitments offered by Microsoft". "The commitments fully address the competition concerns identified by the commission and represent a significant improvement for cloud gaming as compared to the current situation," it added in a statement. European Commission said that if Microsoft lives up to its promises, it will allow gamers to stream Activision's titles on any cloud gaming streaming services operating in Europe. "The European Commission has required Microsoft to license popular Activision Blizzard games automatically to competing cloud gaming services," Microsoft vice chair Brad Smith said. "This will apply globally and will empower millions of consumers worldwide to play these games on any device they choose." AFP quoted experts who said that unless Microsoft wins appeal against UK's Competition and Markets Authority (CMA), it will be game over for the bid. The CMA blocked the bid over concerns it could kill competition in the fast-growing cloud gaming market, and lead to less choice for British gamers in the future. "If Microsoft does not win the appeal in the CAT, it cannot proceed with the acquisition even if the European Commission now approves it," said Anne Witt, a professor of anti-trust law at EDHEC business school in France. (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 ×

EU greenlights Microsoft takeover of Activision Blizzard

An economic recession in the US soon? Well, the Wall Street believes that recession has already arrived.

US corporate earnings are experiencing what might become the worst prolonged drop in the last seven years. This comes at a time when the US economy teeters on the verge of disaster as the stalemate over hiking the debt limit continues. As the first quarter earnings season winds down, analysts predict that S&amp;P500 company profits fell 3.7 percent year-over-year.&nbsp;

Data provided by Bloomberg reveals that 78 percent of companies beat projections.But that is less spectacular than it seems because analysts lowered their expectations before the season began.

Importantly, it was corporate America's second consecutive quarter of fall in profit. The S&amp;P500 index has posted no gains since major Wall Street lenders kicked off the earnings season in mid-April. Bloomberg Intelligence predicts a further 7.3 percent drop in profit in April–June.

Analysts have further downgraded their estimates. They now expect higher rates and waning consumer demand to hurt profitability beyond the third quarter of this year. This shows a lengthier profit recession than during the Covid-19 pandemic.

During 2015–2016, when the US Federal Reserve launched its previous rate hike cycle, profits fell for more than three quarters.&nbsp;

(With agency inputs)&nbsp;

An economic recession in the US soon? Well, the Wall Street believes that recession has already arrived. US corporate earnings are experiencing what might become the worst prolonged drop in the last seven years.

An economic recession in the US soon? Well, the Wall Street believes that recession has already arrived. US corporate earnings are experiencing what might become the worst prolonged drop in the last seven years. This comes at a time when the US economy teeters on the verge of disaster as the stalemate over hiking the debt limit continues. As the first quarter earnings season winds down, analysts predict that S&P500 company profits fell 3.7 percent year-over-year. Data provided by Bloomberg reveals that 78 percent of companies beat projections.But that is less spectacular than it seems because analysts lowered their expectations before the season began. Importantly, it was corporate America's second consecutive quarter of fall in profit. The S&P500 index has posted no gains since major Wall Street lenders kicked off the earnings season in mid-April. Bloomberg Intelligence predicts a further 7.3 percent drop in profit in April–June. Analysts have further downgraded their estimates. They now expect higher rates and waning consumer demand to hurt profitability beyond the third quarter of this year. This shows a lengthier profit recession than during the Covid-19 pandemic. During 2015–2016, when the US Federal Reserve launched its previous rate hike cycle, profits fell for more than three quarters. (With agency inputs)

United States already in a recession? Yes, the Wall Street feels so

India's foreign exchange reserves have jumped to a 11-month high, the latest Reserve Bank of India data shows. India's import cover rose by about $7.2 billion to nearly $596 billion in the week that ended on May 5.

In the week that ended on April 28, India's forex reserves stood at a 10-month high of $588.78 billion.

The latest data shows India's forex reserves are not far from the record high of $645 billion, which was reach in October 2021.

This is good news for the country, as India's reserves had declined significantly after the Russia-Ukraine war. The Reserve Bank of India has been deploying its forex kitty to defend the rupee when investors sheltered into the U.S. dollar.

In the April 28-May 5 week, the foreign currency assets, a major component of the reserves, increased by nearly $6.536 billion to reach $526.021 billion. The foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

A healthy forex currency reserve helps India pay for its imports and keep the rupee stable.

Meanwhile, Gold reserves increased by USD 659 million to USD 46.315 billion, while the Special Drawing Rights (SDRs) came down by $19 million to $18.447 billion. India's reserve position with the International Monetary Fund (IMF) rose by $20 million to $5.192 billion in the week that ended on May 5.

Interestingly, India's growing forex reserves are in contrast to Sri Lanka, Pakistan and Bangladesh, where declining forex reserves are making import payments difficult. This clearly shows India's prominence and a growing disparity in Asia.

(With agency inputs)&nbsp;

India's foreign exchange reserves have jumped to a 11-month high, the latest Reserve Bank of India data shows. India's import cover rose by about $7.2 billion to nearly $596 billion in the week that ended on May 5.

India's foreign exchange reserves have jumped to a 11-month high, the latest Reserve Bank of India data shows. India's import cover rose by about $7.2 billion to nearly $596 billion in the week that ended on May 5. In the week that ended on April 28, India's forex reserves stood at a 10-month high of $588.78 billion. The latest data shows India's forex reserves are not far from the record high of $645 billion, which was reach in October 2021. This is good news for the country, as India's reserves had declined significantly after the Russia-Ukraine war. The Reserve Bank of India has been deploying its forex kitty to defend the rupee when investors sheltered into the U.S. dollar. In the April 28-May 5 week, the foreign currency assets, a major component of the reserves, increased by nearly $6.536 billion to reach $526.021 billion. The foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves. A healthy forex currency reserve helps India pay for its imports and keep the rupee stable. Meanwhile, Gold reserves increased by USD 659 million to USD 46.315 billion, while the Special Drawing Rights (SDRs) came down by $19 million to $18.447 billion. India's reserve position with the International Monetary Fund (IMF) rose by $20 million to $5.192 billion in the week that ended on May 5. Interestingly, India's growing forex reserves are in contrast to Sri Lanka, Pakistan and Bangladesh, where declining forex reserves are making import payments difficult. This clearly shows India's prominence and a growing disparity in Asia. (With agency inputs)

India's foreign exchange reserves reach 11-month high

International tourism is rebounding to pre-pandemic levels, as twice as many people travelled during the first quarter of 2023 than in the same period last year, according to the United Nations’ World Tourism Organization (UNWTO). The latest data showed that approximately 235 million tourists travelled internationally in the first three months of this year, reaching 80 per cent of pre-pandemic levels.

<h2>960 million people travelled abroad</h2>

The UNWTO acknowledged the resilience of the tourism sector, citing that 960 million people had travelled abroad last year, representing a recovery to 66 per cent of pre-pandemic figures.&nbsp;

<h2>Middle East saw the strongest recovery</h2>

The Middle East saw the strongest recovery, exceeding its 2019 arrivals by 15 per cent and recovering to pre-pandemic numbers in a full quarter. Europe reached 90 per cent of its pre-pandemic levels, driven by strong intra-regional demand. Meanwhile, Africa and the Americas were at 88 per cent and 85 per cent of their 2019 levels, respectively.&nbsp;

Asia and the Pacific have accelerated their recovery to 54 per cent of pre-pandemic levels, with the UN agency writing that the upward trend is set to accelerate now that most destinations, including China, have reopened.&nbsp;

UNWTO Secretary-General Zurab Pololikashvili commented, “The start of the year has shown again tourism’s unique ability to bounce back. In many places, we are close to or even above pre-pandemic levels of arrivals… However, we must remain alert to challenges ranging from geopolitical insecurity, staffing shortages, and the potential impact of the cost-of-living crisis on tourism, and we must ensure tourism’s return delivers on its responsibilities as a solution to the climate emergency and as a driver of inclusive development.”

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-italy-singapore-egypt--more-worst-tourism-campaigns-of-all-time-587717">Italy, Hong Kong, Egypt &amp; more: Worst tourism campaigns of all time</a>

The report also highlighted that international tourism receipts hit the $1 trillion mark in 2022, growing 50 per cent in real terms compared to 2021, driven by the rebound in international travel. Global visitor spending reached 64 per cent of pre-pandemic levels, it added.

<h2>COVID-19 no longer a health emergency</h2>

According to the World Health Organisation (WHO), Covid-19 is no longer a "global health emergency". The announcement, which comes three years after it initially raised its highest level of warning over the virus, came as a significant step towards putting an end to the pandemic.

As of 24 April, slightly over 3,500 people had died from the illness, down from a peak of more than 100,000 per week in January 2021, according to officials. According to the WHO director, the epidemic claimed at least seven million lives worldwide.

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International tourism is rebounding to pre-pandemic levels, as twice as many people travelled during the first quarter of 2023 than in the same period last year, according to the United Nations’ World Tourism Organization (UNWTO).

International tourism is rebounding to pre-pandemic levels, as twice as many people travelled during the first quarter of 2023 than in the same period last year, according to the United Nations’ World Tourism Organization (UNWTO). The latest data showed that approximately 235 million tourists travelled internationally in the first three months of this year, reaching 80 per cent of pre-pandemic levels. 960 million people travelled abroad The UNWTO acknowledged the resilience of the tourism sector, citing that 960 million people had travelled abroad last year, representing a recovery to 66 per cent of pre-pandemic figures. Middle East saw the strongest recovery The Middle East saw the strongest recovery, exceeding its 2019 arrivals by 15 per cent and recovering to pre-pandemic numbers in a full quarter. Europe reached 90 per cent of its pre-pandemic levels, driven by strong intra-regional demand. Meanwhile, Africa and the Americas were at 88 per cent and 85 per cent of their 2019 levels, respectively. Asia and the Pacific have accelerated their recovery to 54 per cent of pre-pandemic levels, with the UN agency writing that the upward trend is set to accelerate now that most destinations, including China, have reopened. UNWTO Secretary-General Zurab Pololikashvili commented, “The start of the year has shown again tourism’s unique ability to bounce back. In many places, we are close to or even above pre-pandemic levels of arrivals… However, we must remain alert to challenges ranging from geopolitical insecurity, staffing shortages, and the potential impact of the cost-of-living crisis on tourism, and we must ensure tourism’s return delivers on its responsibilities as a solution to the climate emergency and as a driver of inclusive development.” Also Read | Italy, Hong Kong, Egypt & more: Worst tourism campaigns of all time The report also highlighted that international tourism receipts hit the $1 trillion mark in 2022, growing 50 per cent in real terms compared to 2021, driven by the rebound in international travel. Global visitor spending reached 64 per cent of pre-pandemic levels, it added. COVID-19 no longer a health emergency According to the World Health Organisation (WHO), Covid-19 is no longer a "global health emergency". The announcement, which comes three years after it initially raised its highest level of warning over the virus, came as a significant step towards putting an end to the pandemic. As of 24 April, slightly over 3,500 people had died from the illness, down from a peak of more than 100,000 per week in January 2021, according to officials. According to the WHO director, the epidemic claimed at least seven million lives worldwide. WATCH WION LIVE HERE ×

International tourism to soon reach pre-pandemic levels: UNWTO