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In a joint statement issued at the end of their two-day meeting in Japan, digital ministers from the Group of Seven (G7) nations have agreed to embrace "risk-based" regulation on artificial intelligence (AI).

The G7 ministers have stressed that such legislation should also maintain an open and enabling environment for the development of AI, Reuters reported.

This approach is in contrast to&nbsp;European legislators, who rushed to impose rules on emerging AI tools like ChatGPT,

The accord establishes a precedent for how big countries will control AI in the face of privacy and security concerns. While noting&nbsp;that policy instruments for accomplishing the common vision and goal of reliable artificial intelligence might vary across G7 members, the ministers emphasised the need to follow an integrated approach on&nbsp;AI governance concerns.

Governments have been watching the success of generative AI tools like ChatGPT, a chatbot developed by Microsoft Corp-backed OpenAI, which has been the world's fastest-growing app&nbsp;since its November 2022 release.

Last month, Italy, a G7 member, took ChatGPT offline to investigate potential violations of personal data rules. While Italy lifted the ban on Friday, it prompted other European privacy regulators to launch investigations.

This year's G7 chair, Japan, has taken a more accommodating stance towards artificial intelligence&nbsp;innovators, vowing support for public and industrial AI deployment.

Japan, which is set to host the G7 Summit in Hiroshima in late May,&nbsp;intends&nbsp;to persuade member nations&nbsp;to agree on flexible governance, rather than preemptive, catch-all regulation,&nbsp;the country's industry minister Yasutoshi Nishimura said.&nbsp;

As AI technologies expand and adapt at a rapid pace, nations are collaborating&nbsp;on designing&nbsp;reasonable policies that balance innovation with privacy, security, and ethical issues.

"Pausing AI is not the right response, and innovation should continue to develop but within certain guardrails that democracies must set," said Jean-Noel Barrot, French Minister for Digital Transition.&nbsp;

Nevertheless, G7 governments have not only&nbsp;highlighted security problems but also several&nbsp;intellectual property concerns.

"Generative AI can produce misleading information and harmful solutions to society if the initial data is fake," said Taro Kono, Japan's digital minister, at a press conference following the agreement.

In a joint statement issued at the end of their two-day meeting in Japan, digital ministers from the Group of Seven (G7) nations have agreed to embrace "risk-based" regulation on artificial intelligence (AI).

In a joint statement issued at the end of their two-day meeting in Japan, digital ministers from the Group of Seven (G7) nations have agreed to embrace "risk-based" regulation on artificial intelligence (AI). The G7 ministers have stressed that such legislation should also maintain an open and enabling environment for the development of AI, Reuters reported. This approach is in contrast to European legislators, who rushed to impose rules on emerging AI tools like ChatGPT, The accord establishes a precedent for how big countries will control AI in the face of privacy and security concerns. While noting that policy instruments for accomplishing the common vision and goal of reliable artificial intelligence might vary across G7 members, the ministers emphasised the need to follow an integrated approach on AI governance concerns. Governments have been watching the success of generative AI tools like ChatGPT, a chatbot developed by Microsoft Corp-backed OpenAI, which has been the world's fastest-growing app since its November 2022 release. Last month, Italy, a G7 member, took ChatGPT offline to investigate potential violations of personal data rules. While Italy lifted the ban on Friday, it prompted other European privacy regulators to launch investigations. This year's G7 chair, Japan, has taken a more accommodating stance towards artificial intelligence innovators, vowing support for public and industrial AI deployment. Japan, which is set to host the G7 Summit in Hiroshima in late May, intends to persuade member nations to agree on flexible governance, rather than preemptive, catch-all regulation, the country's industry minister Yasutoshi Nishimura said. As AI technologies expand and adapt at a rapid pace, nations are collaborating on designing reasonable policies that balance innovation with privacy, security, and ethical issues. "Pausing AI is not the right response, and innovation should continue to develop but within certain guardrails that democracies must set," said Jean-Noel Barrot, French Minister for Digital Transition. Nevertheless, G7 governments have not only highlighted security problems but also several intellectual property concerns. "Generative AI can produce misleading information and harmful solutions to society if the initial data is fake," said Taro Kono, Japan's digital minister, at a press conference following the agreement.

G7 digital ministers call for “risk-based” Artificial Intelligence regulation

Canada's largest strike by federal workers is nearing&nbsp;its third week, causing a backlog in immigration services and leaving thousands of people in limbo.&nbsp;

The strike, which began on April 19, has affected everyone from migrant workers to sponsored relatives, from foreign students to refugee claimants whose hearings have been cancelled.&nbsp;

Reuters reports&nbsp;that while wages are a primary sticking point for the 155,000 federal public servants on strike, the union is also demanding remote work be included in its collective agreement. Other important sticking points during the negotiations include who determines remote work regulations, contracts, and seniority during layoffs.

Since 2021, the union and government have been negotiating a new contract. The union claims its members need assistance with rising living costs, while the government claims it wants an agreement that is fair to both the union and taxpayers.

Both sides agree that members should be paid more but disagree on how much. The government has declared officially that it will not grant a rise of more than 9 percent over three years, whereas the union seeks a greater rise.

Strike threatens to hamper growth

The delay caused by the strike is putting pressure on&nbsp;an already backlogged immigration system trying to catch up with pandemic delays.

Canada has raised its immigration target to a record 500,000 additional permanent residents per year by 2025 to support sectors with labour shortages, ranging from healthcare to construction. However, some would-be newcomers continue to wait&nbsp;abroad, while others have been left wondering whether their permits will expire.&nbsp;

The strike comes at a time when Canada's reduced birth rate makes immigration a major engine of economic growth, and a malfunctioning immigration system might impede efforts to attract smart immigrants.

Tens of thousands of files have not been processed as a result of the strike, according to Immigration, Refugees, and Citizenship Minister Sean Fraser. And the longer the strike continues, the more serious the consequences will be.&nbsp;

Reuters quotes Frazer as saying: "We’re going to continue to work to identify priority areas where people lives may be in danger to ensure we can still maintain those essential functions."&nbsp;

As of February 1 2022, Canada had a logjam of more than 1.8 million immigration petitions, according to data from its immigration department. This included&nbsp;519,030 petitions for permanent residence, 848,598 applications for temporary residency and 448,000 applicants for Canadian citizenship.

However, immigration department officials whose jobs have been disrupted by the strike were unable to provide specifics on the strike's effects on immigration services.&nbsp;

With no end in sight to the strike, the question that many are asking -&nbsp;how long is the wait for migrating to Canada?

(With agency inputs)&nbsp;

Canada's largest strike by federal workers is nearing its third week, causing a backlog in immigration services and leaving thousands of people in limbo. The strike, which began on April 19, has affected everyone from migrant workers to sponsored relatives, from foreign students to refugee claimants whose hearings have been cancelled.

Canada's largest strike by federal workers is nearing its third week, causing a backlog in immigration services and leaving thousands of people in limbo. The strike, which began on April 19, has affected everyone from migrant workers to sponsored relatives, from foreign students to refugee claimants whose hearings have been cancelled. Reuters reports that while wages are a primary sticking point for the 155,000 federal public servants on strike, the union is also demanding remote work be included in its collective agreement. Other important sticking points during the negotiations include who determines remote work regulations, contracts, and seniority during layoffs. Since 2021, the union and government have been negotiating a new contract. The union claims its members need assistance with rising living costs, while the government claims it wants an agreement that is fair to both the union and taxpayers. Both sides agree that members should be paid more but disagree on how much. The government has declared officially that it will not grant a rise of more than 9 percent over three years, whereas the union seeks a greater rise. Strike threatens to hamper growth The delay caused by the strike is putting pressure on an already backlogged immigration system trying to catch up with pandemic delays. Canada has raised its immigration target to a record 500,000 additional permanent residents per year by 2025 to support sectors with labour shortages, ranging from healthcare to construction. However, some would-be newcomers continue to wait abroad, while others have been left wondering whether their permits will expire. The strike comes at a time when Canada's reduced birth rate makes immigration a major engine of economic growth, and a malfunctioning immigration system might impede efforts to attract smart immigrants. Tens of thousands of files have not been processed as a result of the strike, according to Immigration, Refugees, and Citizenship Minister Sean Fraser. And the longer the strike continues, the more serious the consequences will be. Reuters quotes Frazer as saying: "We’re going to continue to work to identify priority areas where people lives may be in danger to ensure we can still maintain those essential functions." As of February 1 2022, Canada had a logjam of more than 1.8 million immigration petitions, according to data from its immigration department. This included 519,030 petitions for permanent residence, 848,598 applications for temporary residency and 448,000 applicants for Canadian citizenship. However, immigration department officials whose jobs have been disrupted by the strike were unable to provide specifics on the strike's effects on immigration services. With no end in sight to the strike, the question that many are asking - how long is the wait for migrating to Canada? (With agency inputs)

Canada: Immigration in limbo as federal strike nears third week

Hold onto your sandwiches, folks, because the world's largest fast-food chain Subway is up for sale, and private equity firms are vying for a piece of the pie. The company has been seeking a buyer since February and hopes to fetch a price tag of more than $10 billion, according to Reuters.

But the current environment for leveraged buyouts has been challenging due to rising interest rates and concerns about an economic slowdown. This has made it difficult for buyout firms to secure financing for their deals.

To overcome this, Subway's financial adviser, JPMorgan Chase &amp; Co, has put together a $5 billion debt financing package that it hopes will entice potential buyers. The package includes a mix of loans and bonds, equivalent to 6.75 times Subway's 12-month earnings before interest, taxes, depreciation, and amortization (EBITDA).

However, this kind of financing may only be a temporary solution, say reports. A potential buyer of Subway would be better off financing the acquisition over time through a whole business securitization (WBS), which necessitates store-by-store due diligence by rating agencies, which might take up to a year.

More than ten private equity firms, including TPG Inc, Bain Capital, Advent International Corp, TDR Capital, Roark Capital, and Goldman Sachs Group Inc's buyout arm, have placed second-round bids for Subway.&nbsp;

The company is now narrowing the pool of potential bidders and will quickly allow them to collaborate before submitting final bids.

Subway has been undergoing a major revamp of its operations, including a menu overhaul and marketing campaign, to deal with outdated decor and declining profits for franchisees.&nbsp;

This turnaround plan has helped sales grow, and the chain reported a 12.1 percent increase in global comparable sales in the first quarter of this year.

Founders Fred DeLuca and Peter Buck started Subway in 1965 with a single restaurant called "Pete's Super Submarines" in Bridgeport, Connecticut. Since then, the chain has grown to nearly 37,000 locations globally. But it has been facing growing competition from rivals such as Firehouse Subs, Jimmy John's, Jersey Mike's Subs, and Potbelly Corp.

Now, only time will tell, but one thing is for sure: this sale is going to be a meaty one.

Hold onto your sandwiches, folks, because the world's largest fast-food chain Subway is up for sale, and private equity firms are vying for a piece of the pie. The company has been seeking a buyer since February and hopes to fetch a price tag of more than $10 billion, according to Reuters.

Hold onto your sandwiches, folks, because the world's largest fast-food chain Subway is up for sale, and private equity firms are vying for a piece of the pie. The company has been seeking a buyer since February and hopes to fetch a price tag of more than $10 billion, according to Reuters. But the current environment for leveraged buyouts has been challenging due to rising interest rates and concerns about an economic slowdown. This has made it difficult for buyout firms to secure financing for their deals. To overcome this, Subway's financial adviser, JPMorgan Chase & Co, has put together a $5 billion debt financing package that it hopes will entice potential buyers. The package includes a mix of loans and bonds, equivalent to 6.75 times Subway's 12-month earnings before interest, taxes, depreciation, and amortization (EBITDA). However, this kind of financing may only be a temporary solution, say reports. A potential buyer of Subway would be better off financing the acquisition over time through a whole business securitization (WBS), which necessitates store-by-store due diligence by rating agencies, which might take up to a year. More than ten private equity firms, including TPG Inc, Bain Capital, Advent International Corp, TDR Capital, Roark Capital, and Goldman Sachs Group Inc's buyout arm, have placed second-round bids for Subway. The company is now narrowing the pool of potential bidders and will quickly allow them to collaborate before submitting final bids. Subway has been undergoing a major revamp of its operations, including a menu overhaul and marketing campaign, to deal with outdated decor and declining profits for franchisees. This turnaround plan has helped sales grow, and the chain reported a 12.1 percent increase in global comparable sales in the first quarter of this year. Founders Fred DeLuca and Peter Buck started Subway in 1965 with a single restaurant called "Pete's Super Submarines" in Bridgeport, Connecticut. Since then, the chain has grown to nearly 37,000 locations globally. But it has been facing growing competition from rivals such as Firehouse Subs, Jimmy John's, Jersey Mike's Subs, and Potbelly Corp. Now, only time will tell, but one thing is for sure: this sale is going to be a meaty one.

US food chain Subway on sale: Who wants a $10 billion sandwich?

Vice Media, the brash digital media disruptor that once charmed media giants like Disney and Fox into investing, is reportedly on the brink of filing for bankruptcy.&nbsp;

While the company is still looking for a potential buyer to avoid bankruptcy, the chances of a successful sale are dwindling, the New York Times reported.&nbsp;

Vice, which began as a punk magazine in the Canadian city of Montreal over two decades ago, slowly evolved into a global media organisation with a film studio, an ad agency, and even an HBO show.

However, the company consistently failed to earn a profit, losing money and laying off employees left and right. In fact, Vice's value today is a tiny fraction of what it was worth in 2017 - $5.7 billion, after a funding round from private equity firm TPG.

If Vice does file for bankruptcy, Fortress Investment Group, the company's largest debtholder, could end up controlling the company. The good news is that Vice will continue operating normally and hold a 45-day auction to sell the company.

Fortress is the most likely to acquire it, so the company's fate appears to be in good hands.Unlike Vice's other investors, which have included Disney and Fox, Fortress holds the senior debt, which implies it is paid first in the case of a sale. Disney has already written down its investments and is not receiving a return.

Vice has already lost a lot of its luster, and the closure of its Vice World News division last week was just another blow to its already shaky foundation.&nbsp;

Employees who saw the division's aggressive coverage, especially when its co-founder, Shane Smith, would report from dangerous locations like North Korea, were left reeling.

The bankruptcy of Vice Media will be a tragic end to the story of the new-media interloper that once sought to overthrow traditional media outlets.&nbsp;

In the meantime, Vice continues to evaluate its options, with its board and stakeholders focused on finding the best path forward.&nbsp;

Vice Media, the brash digital media disruptor that once charmed media giants like Disney and Fox into investing, is reportedly on the brink of filing for bankruptcy.

Vice Media, the brash digital media disruptor that once charmed media giants like Disney and Fox into investing, is reportedly on the brink of filing for bankruptcy. While the company is still looking for a potential buyer to avoid bankruptcy, the chances of a successful sale are dwindling, the New York Times reported. Vice, which began as a punk magazine in the Canadian city of Montreal over two decades ago, slowly evolved into a global media organisation with a film studio, an ad agency, and even an HBO show. However, the company consistently failed to earn a profit, losing money and laying off employees left and right. In fact, Vice's value today is a tiny fraction of what it was worth in 2017 - $5.7 billion, after a funding round from private equity firm TPG. If Vice does file for bankruptcy, Fortress Investment Group, the company's largest debtholder, could end up controlling the company. The good news is that Vice will continue operating normally and hold a 45-day auction to sell the company. Fortress is the most likely to acquire it, so the company's fate appears to be in good hands.Unlike Vice's other investors, which have included Disney and Fox, Fortress holds the senior debt, which implies it is paid first in the case of a sale. Disney has already written down its investments and is not receiving a return. Vice has already lost a lot of its luster, and the closure of its Vice World News division last week was just another blow to its already shaky foundation. Employees who saw the division's aggressive coverage, especially when its co-founder, Shane Smith, would report from dangerous locations like North Korea, were left reeling. The bankruptcy of Vice Media will be a tragic end to the story of the new-media interloper that once sought to overthrow traditional media outlets. In the meantime, Vice continues to evaluate its options, with its board and stakeholders focused on finding the best path forward.

From disruptor to disrupted: Vice Media prepares for bankruptcy

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023.

The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India.

People's Bank of China Governor Yi Gang added that the economy is stabilising while inflation remains low.

Analysts believe that the five per cent growth target is moderate and considers the uncertain&nbsp;domestic and global economic outlook for 2023.&nbsp;

"I'm afraid that reaching our growth target of around five per cent will be no easy task, and will require that we redouble our efforts," said China's newly appointed premier Li Qiang on March 13, while sounding&nbsp;a note of caution.&nbsp;

Under China's collective leadership led by President Xi Jinping, the premier (equal to a prime minister) is in charge of the country's economic affairs.

The new premier's worry&nbsp;is not unfounded.&nbsp;

China, the world's second largest economy, grew by a meagre three per cent in 2022. It missed its official target of 5.5 per cent by a huge margin.&nbsp;There was&nbsp;only one reason for China's shocking economic performance last year – the stringent zero-Covid policy, which majorly impacted the manufacturing and services sector.&nbsp;

Chinese media reports show retail sales –&nbsp;a major indicator of consumer demand –&nbsp;fell by 0.2 per cent last year. Consumption contributed just&nbsp;32.8 percent to the GDP growth, falling from&nbsp;65.4 percent in 2021.

Real estate, another driver of China's growth, tumbled 10 percent last year after one of the biggest real estate developers collapsed in late 2021.

China reported a record trade surplus in 2022, thanks to robust trade with sanctions-hit Russia, a weak Chinese Yuan and rising prices of goods. However, the impact of the global economic slowdown began to show in the final three months of 2022, when China's exports declined for the first time since the pandemic began in early 2020.

The conservative growth target does not mean China has not rebounded from the zero-Covid policy&nbsp;lifted last year. One can already see the positive signs.&nbsp;

In the first two months of 2023, retail sales rose 3.5 percent compared to the same period in 2022.&nbsp;

The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011.

In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy.

“China has rebounded – it's coming along strongly again," an IMF official told a&nbsp;Singaporean news channel&nbsp;this week.

However, he noted that China needed more reforms to manage its growth target for 2023. "But even for a country like China, the longer-term prospects have to be addressed through policy reforms,” he added.

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023. The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India.

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023. The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India. People's Bank of China Governor Yi Gang added that the economy is stabilising while inflation remains low. Analysts believe that the five per cent growth target is moderate and considers the uncertain domestic and global economic outlook for 2023. "I'm afraid that reaching our growth target of around five per cent will be no easy task, and will require that we redouble our efforts," said China's newly appointed premier Li Qiang on March 13, while sounding a note of caution. Under China's collective leadership led by President Xi Jinping, the premier (equal to a prime minister) is in charge of the country's economic affairs. The new premier's worry is not unfounded. China, the world's second largest economy, grew by a meagre three per cent in 2022. It missed its official target of 5.5 per cent by a huge margin. There was only one reason for China's shocking economic performance last year – the stringent zero-Covid policy, which majorly impacted the manufacturing and services sector. Chinese media reports show retail sales – a major indicator of consumer demand – fell by 0.2 per cent last year. Consumption contributed just 32.8 percent to the GDP growth, falling from 65.4 percent in 2021. Real estate, another driver of China's growth, tumbled 10 percent last year after one of the biggest real estate developers collapsed in late 2021. China reported a record trade surplus in 2022, thanks to robust trade with sanctions-hit Russia, a weak Chinese Yuan and rising prices of goods. However, the impact of the global economic slowdown began to show in the final three months of 2022, when China's exports declined for the first time since the pandemic began in early 2020. The conservative growth target does not mean China has not rebounded from the zero-Covid policy lifted last year. One can already see the positive signs. In the first two months of 2023, retail sales rose 3.5 percent compared to the same period in 2022. The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011. In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy. “China has rebounded – it's coming along strongly again," an IMF official told a Singaporean news channel this week. However, he noted that China needed more reforms to manage its growth target for 2023. "But even for a country like China, the longer-term prospects have to be addressed through policy reforms,” he added.

China’s central bank pegs growth at 5% for 2023, in line with government’s target

After revolutionising the telecommunications sector, global tech giant Apple&nbsp;has a new target&nbsp;— the global fintech sector.&nbsp;

Its&nbsp;latest offering, a savings account,&nbsp;has already taken the finance world by storm. Within four days of its launch on April 17, the service&nbsp;accumulated a staggering $1 billion&nbsp;in deposits, as per media reports.

Currently,&nbsp;the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account.&nbsp;The Apple savings account will&nbsp;offer an interest rate of 4.15 percent,&nbsp;which is ten times the national average interest rate in the US.&nbsp;

But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion.&nbsp;

The Apple savings account has come at a time when the US&nbsp;is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year.

In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet,&nbsp;it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service.

Some&nbsp;features of Apple savings account

The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt.&nbsp;

Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm. Within four days of its launch on April 17, the service accumulated a staggering $1 billion in deposits, as per media reports. Currently, the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account. The Apple savings account will offer an interest rate of 4.15 percent, which is ten times the national average interest rate in the US. But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion. The Apple savings account has come at a time when the US is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year. In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet, it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service. Some features of Apple savings account The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt. Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

Apple's latest innovation, a high-yield savings account, may disrupt fintech

Ride-hailing giant Uber posted better-than-expected results for the first quarter of 2023, media reports said on Tuesday.&nbsp;

The company reported an 8-cent loss per share, compared to the 9-cent loss expected by analysts. Its revenue for the quarter came in at $8.82 billion, beating the expected $8.72 billion. Its revenue was up 29 percent compared to&nbsp;the same period in the previous year.&nbsp;

The company's adjusted EBITDA&nbsp;was $761 million, more than the expected $687 million. Its gross bookings for the quarter were $31.4 billion, up 19 percent&nbsp;year-on-year.&nbsp;EBIDTA shows a company's operative performance while gross bookings show the total revenue generated by a business before deductions.&nbsp;

The buoyant Q1 results pushed Uber's&nbsp;shares by 7 percent in the US stock markets.&nbsp;&nbsp;

In the second quarter (April-June) of 2023, Uber expects to report gross bookings between $33 billion to $34 billion and an adjusted EBITDA of $800 million to $850 million.

Expressing his delight over the quarterly results, Uber CEO Dara Khosrowshahi said that its global scale provides a "significant data advantage" over its competitors. He added that Artificial Intelligence has been helping the company&nbsp;predict accurate arrival times for rides and deliveries and expedite driver onboarding by processing documents more "reliably and cost-efficiently."

Mobility, delivery segments drive growth

Meanwhile, Uber's mobility segment reported gross bookings of $14.98 billion in the first quarter, up 40 percent&nbsp;from last year.&nbsp;On the other hand, the delivery segment, including Uber Eats, reported gross bookings of $15.02 billion, up 8 percent compared to last year.&nbsp;

The number of monthly active platform consumers on Uber climbed to 130 million in the fourth quarter, up 13 percent&nbsp;year-on-year. The company reported that 2.12 billion trips were completed on its platform during the period.&nbsp;

According to Khosrowshahi, consumers have been spending more on services and less on retail, which is shipped by freight. "We are seeing prices come down from the historically elevated levels that we saw two years ago," he said.

Uber has had a tumultuous few years since its initial public offering in 2019, with the COVID-19 pandemic significantly impacting its ride-hailing business. However, the company's pivot to its delivery segment helped it stay afloat during the pandemic.

In every quarter of 2022, the company's mobility segment surpassed Uber Eats in total revenue as riders began to take more trips.

Uber’s revenue boom will instill a new wave of confidence among its investors and general public, amid rising layoffs and depleting economy. With its global scale and significant data advantage, Uber is well-positioned to continue to grow its user base and revenue in the coming years.&nbsp;&nbsp;

Ride-hailing giant Uber posted better-than-expected results for the first quarter of 2023, media reports said on Tuesday. The company reported an 8-cent loss per share, compared to the 9-cent loss expected by analysts.

Ride-hailing giant Uber posted better-than-expected results for the first quarter of 2023, media reports said on Tuesday. The company reported an 8-cent loss per share, compared to the 9-cent loss expected by analysts. Its revenue for the quarter came in at $8.82 billion, beating the expected $8.72 billion. Its revenue was up 29 percent compared to the same period in the previous year. The company's adjusted EBITDA was $761 million, more than the expected $687 million. Its gross bookings for the quarter were $31.4 billion, up 19 percent year-on-year. EBIDTA shows a company's operative performance while gross bookings show the total revenue generated by a business before deductions. The buoyant Q1 results pushed Uber's shares by 7 percent in the US stock markets. In the second quarter (April-June) of 2023, Uber expects to report gross bookings between $33 billion to $34 billion and an adjusted EBITDA of $800 million to $850 million. Expressing his delight over the quarterly results, Uber CEO Dara Khosrowshahi said that its global scale provides a "significant data advantage" over its competitors. He added that Artificial Intelligence has been helping the company predict accurate arrival times for rides and deliveries and expedite driver onboarding by processing documents more "reliably and cost-efficiently." Mobility, delivery segments drive growth Meanwhile, Uber's mobility segment reported gross bookings of $14.98 billion in the first quarter, up 40 percent from last year. On the other hand, the delivery segment, including Uber Eats, reported gross bookings of $15.02 billion, up 8 percent compared to last year. The number of monthly active platform consumers on Uber climbed to 130 million in the fourth quarter, up 13 percent year-on-year. The company reported that 2.12 billion trips were completed on its platform during the period. According to Khosrowshahi, consumers have been spending more on services and less on retail, which is shipped by freight. "We are seeing prices come down from the historically elevated levels that we saw two years ago," he said. Uber has had a tumultuous few years since its initial public offering in 2019, with the COVID-19 pandemic significantly impacting its ride-hailing business. However, the company's pivot to its delivery segment helped it stay afloat during the pandemic. In every quarter of 2022, the company's mobility segment surpassed Uber Eats in total revenue as riders began to take more trips. Uber’s revenue boom will instill a new wave of confidence among its investors and general public, amid rising layoffs and depleting economy. With its global scale and significant data advantage, Uber is well-positioned to continue to grow its user base and revenue in the coming years.

Uber accelerates ahead: Q1 results exceed analysts' predictions

Top US financial services&nbsp;firm&nbsp;Morgan Stanley is all set to cut around 3,000 positions by the end of June, reports US TV network CNBC. This will be the second round of layoffs in the US-based multinational company in the last six months.&nbsp;

According to Bloomberg, the layoffs are expected to have the greatest impact on banking and trading staff. The layoffs will affect around 5% of the bank's employees. But financial advisors and support staff&nbsp;will be exempt from the reduction, say reports.&nbsp;

Wall Street's biggest firms are shedding jobs as the industry grapples with a slump in public offerings&nbsp;and mergers this year. As per reports, IPO volumes are down 74% compared to last year, while mergers and debt issuance have remained muted.

From boom to bust

This downturn is a significant change from last year's boom in deals ignited by the pandemic, followed by a bust that began after the Federal Reserve started raising rates to cool an overheating economy.

Wall Street's woes have been exacerbated by rising costs and falling revenue, with Morgan Stanley facing criticism from analysts for posting higher costs in the first quarter as revenue dwindled. Investors are wary of the reduced profit margins due to expenses in the firm's investment bank and wealth management division.

Morgan Stanley's moves are not isolated. The industry began to cut jobs&nbsp;from September 2022, when Goldman Sachs started culling low-performing staff. After other big Wall Street businesses followed suit, Goldman had to resort to yet another, more extensive round of layoffs in January.

In recent weeks, large banks such as Citigroup and Bank of America have also slashed a few hundred positions each, claiming that this will position them well when a resurgence in deals occurs.

Ultimately, Wall Street's future remains uncertain, but the current slump is a reminder that the financial industry is subject to the same boom-and-bust cycles as any other. As firms like Morgan Stanley&nbsp;cut jobs, employees across the 'street' are curious about the industry's future.

(With agency inputs)&nbsp;

Top US financial services firm Morgan Stanley is all set to cut around 3,000 positions by the end of June, reports US TV network CNBC. This will be the second round of layoffs in the US-based multinational company in the last six months.

Top US financial services firm Morgan Stanley is all set to cut around 3,000 positions by the end of June, reports US TV network CNBC. This will be the second round of layoffs in the US-based multinational company in the last six months. According to Bloomberg, the layoffs are expected to have the greatest impact on banking and trading staff. The layoffs will affect around 5% of the bank's employees. But financial advisors and support staff will be exempt from the reduction, say reports. Wall Street's biggest firms are shedding jobs as the industry grapples with a slump in public offerings and mergers this year. As per reports, IPO volumes are down 74% compared to last year, while mergers and debt issuance have remained muted. From boom to bust This downturn is a significant change from last year's boom in deals ignited by the pandemic, followed by a bust that began after the Federal Reserve started raising rates to cool an overheating economy. Wall Street's woes have been exacerbated by rising costs and falling revenue, with Morgan Stanley facing criticism from analysts for posting higher costs in the first quarter as revenue dwindled. Investors are wary of the reduced profit margins due to expenses in the firm's investment bank and wealth management division. Morgan Stanley's moves are not isolated. The industry began to cut jobs from September 2022, when Goldman Sachs started culling low-performing staff. After other big Wall Street businesses followed suit, Goldman had to resort to yet another, more extensive round of layoffs in January. In recent weeks, large banks such as Citigroup and Bank of America have also slashed a few hundred positions each, claiming that this will position them well when a resurgence in deals occurs. Ultimately, Wall Street's future remains uncertain, but the current slump is a reminder that the financial industry is subject to the same boom-and-bust cycles as any other. As firms like Morgan Stanley cut jobs, employees across the 'street' are curious about the industry's future. (With agency inputs)

Layoffs loom over Wall Street as Morgan Stanley plans to cut 3,000 jobs

Apple's highly anticipated quarterly earnings report is set to release on Thursday.&nbsp;

While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report.&nbsp;

The company is set to reveal how much its board has authorized it to spend on share buybacks.&nbsp;Analysts predict that the share buyback plan will be worth $90 billion. This move will&nbsp;highlight the tech giant's massive&nbsp;cash reserves.&nbsp;

This would also reaffirm Apple's position as the 'buyback king', having spent over $572 billion on share repurchases since 2012, more than any other company.&nbsp;

In comparison, Apple's main competitor in the buyback realm, Alphabet, has spent $178.5 billion on share repurchases over the past decade.

However, some analysts have been questioning Apple's buyback strategy. They suggest&nbsp;that the company will work towards becoming net cash neutral in the future.&nbsp;

Cash neutrality is a situation when a company's cash pile will equal its debt, allowing the board to slow down the pace of its capital return.

What to expect from quarterly results

Meanwhile,&nbsp;investors are bracing for a weak quarter, even as official guidance remains&nbsp;unknown.

As per reports, Apple has not provided official guidance since the Covid outbreak began. But management has constantly provided investors with data points about particular product lines and the company's total sales.&nbsp;

According to some estimates, sales will fall again this year in the June quarter.

Apple's sales are expected to fall 4.4 percent year-on-year, while analysts expect Apple's revenue in the third quarter to rise about 2 percent to $84.7 billion.

Notably, Apple continues to sell many products at good margins despite the expected decline.&nbsp;

The earnings report will take into account Apple's continued strength in the market, despite challenges such as decreasing Mac and iPad sales. The company's massive cash reserves and buyback program serve as a reminder of its position as a market leader and its ability to weather economic storms.

Apple's&nbsp;diversifying revenue streams

But there's more to Apple's financial story than share buybacks and dividends.&nbsp;

The tech giant is also expanding its financial services offerings, including its Apple Card and the recently announced Apple Savings account. The new account, launched in partnership with Goldman Sachs, promises a 4.15 percent annual return and no fees.

Apple is following the lead of other tech companies, such as Amazon and Google, which have also ventured into the financial services industry. Apple's move into banking comes as the tech giant seeks to diversify its revenue streams and reduce its reliance on iPhone sales.

Apple's highly anticipated quarterly earnings report is set to release on Thursday. While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report.

Apple's highly anticipated quarterly earnings report is set to release on Thursday. While the company is expected to see a decline in revenue, it will still look to remind investors of its massive market power, as per a CNBC report. The company is set to reveal how much its board has authorized it to spend on share buybacks. Analysts predict that the share buyback plan will be worth $90 billion. This move will highlight the tech giant's massive cash reserves. This would also reaffirm Apple's position as the 'buyback king', having spent over $572 billion on share repurchases since 2012, more than any other company. In comparison, Apple's main competitor in the buyback realm, Alphabet, has spent $178.5 billion on share repurchases over the past decade. However, some analysts have been questioning Apple's buyback strategy. They suggest that the company will work towards becoming net cash neutral in the future. Cash neutrality is a situation when a company's cash pile will equal its debt, allowing the board to slow down the pace of its capital return. What to expect from quarterly results Meanwhile, investors are bracing for a weak quarter, even as official guidance remains unknown. As per reports, Apple has not provided official guidance since the Covid outbreak began. But management has constantly provided investors with data points about particular product lines and the company's total sales. According to some estimates, sales will fall again this year in the June quarter. Apple's sales are expected to fall 4.4 percent year-on-year, while analysts expect Apple's revenue in the third quarter to rise about 2 percent to $84.7 billion. Notably, Apple continues to sell many products at good margins despite the expected decline. The earnings report will take into account Apple's continued strength in the market, despite challenges such as decreasing Mac and iPad sales. The company's massive cash reserves and buyback program serve as a reminder of its position as a market leader and its ability to weather economic storms. Apple's diversifying revenue streams But there's more to Apple's financial story than share buybacks and dividends. The tech giant is also expanding its financial services offerings, including its Apple Card and the recently announced Apple Savings account. The new account, launched in partnership with Goldman Sachs, promises a 4.15 percent annual return and no fees. Apple is following the lead of other tech companies, such as Amazon and Google, which have also ventured into the financial services industry. Apple's move into banking comes as the tech giant seeks to diversify its revenue streams and reduce its reliance on iPhone sales.

Apple: 'Buyback King' looks to gain investor confidence with $90 billion plan

The US Chamber of Commerce has warned about increased surveillance of American companies in China, claiming that it has "dramatically increased" the uncertainties and hazards of doing business overseas.&nbsp;

This warning comes days after Chinese officials questioned management consulting firm Bain &amp; Company staff in Shanghai and closed down Mintz Group's Beijing headquarters.&nbsp;

The lobby group noted&nbsp;that despite Chinese officials expressing openness to greater foreign investment, investors will feel unwelcomed in an environment where risk cannot be properly assessed, and legal uncertainties are rising.&nbsp;

The cases coincide with rising tensions between the United States and China, which have badly affected the confidence of American businesses operating in the world's second-largest economy.

China's counter-espionage law was revised last week, and an amendment is set to take effect in July. The law widens the scope of materials and data the country deems relevant to national security, further increasing risks for American firms.&nbsp;

The lobby group added&nbsp;that it is unclear what the long-term implications of the heightened scrutiny will be.

US-China Tech War

Meanwhile, the US is attempting to slow China's progress in high tech products without hurting US companies. This move comes after the US' microchip export limits, which were enacted last year, have had little impact on China's technology sector.&nbsp;

Notably, these restrictions limited US tech giant Nvidia's&nbsp;chip shipments. But the company&nbsp;designed variants of its processors for the Chinese market that were slowed down to comply with US rules.

However, even the delayed Nvidia chips are being considered an improvement for Chinese enterprises, and&nbsp;highlights the US dilemma of halting China's high-tech advancement.&nbsp;

There are two aspects to the export limitations.&nbsp;

The first limits a chip's ability to calculate exceedingly exact numbers, limiting the use of supercomputers in military research. The second limitation affects artificial intelligence (AI) by limiting chip-to-chip transfer speeds.&nbsp;

Nvidia has not stated whether it will slow down the processors used for AI-based tools like ChatGPT. However, the company said that the government is not attempting to undermine competition or the US industry and that American enterprises can supply products for commercial purposes. 
&nbsp;

(With agency inputs)&nbsp;

The US Chamber of Commerce has warned about increased surveillance of American companies in China, claiming that it has "dramatically increased" the uncertainties and hazards of doing business overseas.

The US Chamber of Commerce has warned about increased surveillance of American companies in China, claiming that it has "dramatically increased" the uncertainties and hazards of doing business overseas. This warning comes days after Chinese officials questioned management consulting firm Bain & Company staff in Shanghai and closed down Mintz Group's Beijing headquarters. The lobby group noted that despite Chinese officials expressing openness to greater foreign investment, investors will feel unwelcomed in an environment where risk cannot be properly assessed, and legal uncertainties are rising. The cases coincide with rising tensions between the United States and China, which have badly affected the confidence of American businesses operating in the world's second-largest economy. China's counter-espionage law was revised last week, and an amendment is set to take effect in July. The law widens the scope of materials and data the country deems relevant to national security, further increasing risks for American firms. The lobby group added that it is unclear what the long-term implications of the heightened scrutiny will be. US-China Tech War Meanwhile, the US is attempting to slow China's progress in high tech products without hurting US companies. This move comes after the US' microchip export limits, which were enacted last year, have had little impact on China's technology sector. Notably, these restrictions limited US tech giant Nvidia's chip shipments. But the company designed variants of its processors for the Chinese market that were slowed down to comply with US rules. However, even the delayed Nvidia chips are being considered an improvement for Chinese enterprises, and highlights the US dilemma of halting China's high-tech advancement. There are two aspects to the export limitations. The first limits a chip's ability to calculate exceedingly exact numbers, limiting the use of supercomputers in military research. The second limitation affects artificial intelligence (AI) by limiting chip-to-chip transfer speeds. Nvidia has not stated whether it will slow down the processors used for AI-based tools like ChatGPT. However, the company said that the government is not attempting to undermine competition or the US industry and that American enterprises can supply products for commercial purposes. (With agency inputs)

From business to chip exports, American firms navigate risks in China

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.&nbsp;The US West Texas Intermediate crude (WTI)&nbsp;fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24.&nbsp;

The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy.

The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth.

However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation.

Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices.&nbsp;&nbsp;“The big question is whether or not we’re going to have more shoes drop in the banking sector," he added.&nbsp;

As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices.&nbsp;

In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market.&nbsp;

Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end.&nbsp;"Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions.

As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks.&nbsp;

The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue.&nbsp;

As the situation remains uncertain, the oil market may experience further volatility in the coming weeks.

(With agency inputs)&nbsp;

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021. The US West Texas Intermediate crude (WTI) fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24. The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy. The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth. However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation. Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices. “The big question is whether or not we’re going to have more shoes drop in the banking sector," he added. As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices. In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market. Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end. "Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions. As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks. The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue. As the situation remains uncertain, the oil market may experience further volatility in the coming weeks. (With agency inputs)

Pain at the pump: Oil prices plummet 4% after Fed rate hike

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par&nbsp;expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports.

The American tech giant reported revenue of $94.8 billion, way higher than the expected $92.96 billion. The company also reported earnings of $1.52 per share, compared to the expected $1.43 per share. According to media reports, company's year-over-year business performance improved compared to the December quarter.&nbsp;

The better-than-expected numbers boosted Apple's shares by 2 percent in the US stock market.&nbsp;

The driving force behind Apple's quarterly performance was its iPhone sales, which amounted to a whopping $51.3 billion. This sales figure was much higher than analysts' expectation of $48.84 billion.&nbsp;

A major reason for Apple's improved performance in the reported quarter. was China. Apple's sales in China were better than expected as consumers there resorted to "revenge spending" after Covid restrictions were lifted late in 2022.&nbsp;

As per Apple's media release, the company's board of directors also approved a $90 billion share buyback program, one of the largest in corporate history. Apple’s board of directors also declared a cash dividend of $0.24 per share, an increase of 4 percent,.&nbsp;

However, all was not well for Apple in the quarter gone by.&nbsp;

Overall sales were down 2.5 percent. This was the second straight quarter of decline in sales, a first for Apple since the Covid-19 pandemic. &nbsp;

Total revenue, too, was down 3 percent compared to the previous quarter, as Apple's iPad and Mac divisions posted revenue losses.

What the future holds for Apple

Apple has exciting plans for the future. The company recently entered the banking sector by launching a savings account. As per reports,&nbsp;users of its 'Apple Card' can earn 4.15 percent&nbsp;on savings accounts, or 10 times higher than the national average.&nbsp;

Its most anticipated announcement is the launch of a new virtual and augmented reality headset. This new product is expected to revolutionize the way we interact with technology.

Overall, Apple's latest earnings beating expectations is a reason to celebrate for the company's investors and fans alike. As always, Apple remains a company to watch in the technology industry, and it will be exciting to see what new innovations and developments it has in store in the coming years.

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports.

Apple Inc on Thursday announced its quarterly earnings, beating Wall Street's below-par expectations. The better-than-expected results were largely driven by better iPhone sales, as per media reports. The American tech giant reported revenue of $94.8 billion, way higher than the expected $92.96 billion. The company also reported earnings of $1.52 per share, compared to the expected $1.43 per share. According to media reports, company's year-over-year business performance improved compared to the December quarter. The better-than-expected numbers boosted Apple's shares by 2 percent in the US stock market. The driving force behind Apple's quarterly performance was its iPhone sales, which amounted to a whopping $51.3 billion. This sales figure was much higher than analysts' expectation of $48.84 billion. A major reason for Apple's improved performance in the reported quarter. was China. Apple's sales in China were better than expected as consumers there resorted to "revenge spending" after Covid restrictions were lifted late in 2022. As per Apple's media release, the company's board of directors also approved a $90 billion share buyback program, one of the largest in corporate history. Apple’s board of directors also declared a cash dividend of $0.24 per share, an increase of 4 percent,. However, all was not well for Apple in the quarter gone by. Overall sales were down 2.5 percent. This was the second straight quarter of decline in sales, a first for Apple since the Covid-19 pandemic. Total revenue, too, was down 3 percent compared to the previous quarter, as Apple's iPad and Mac divisions posted revenue losses. What the future holds for Apple Apple has exciting plans for the future. The company recently entered the banking sector by launching a savings account. As per reports, users of its 'Apple Card' can earn 4.15 percent on savings accounts, or 10 times higher than the national average. Its most anticipated announcement is the launch of a new virtual and augmented reality headset. This new product is expected to revolutionize the way we interact with technology. Overall, Apple's latest earnings beating expectations is a reason to celebrate for the company's investors and fans alike. As always, Apple remains a company to watch in the technology industry, and it will be exciting to see what new innovations and developments it has in store in the coming years.

Apple quarterly results beat expectations, thanks to boost in China sales

The Indian aviation industry is experiencing a turbulent time. The recent bankruptcy of Go First&nbsp;leaves many of its employees feeling like they've been kicked out of the cockpit. But they see something at the end of the tunnel - Air India.

The Tata group, which bought back Air India from the government last year, is offering a new flight plan that includes hiring over 4,200 cabin crew and 900 pilots this year.&nbsp;

The buzz around this opportunity is so intense that Go First pilots and cabin crew were&nbsp;on Thursday seen&nbsp;lining up outside a Tata group hotel near Delhi for walk-in interviews with Air India. It's like a scene from a thriller rom-com, where the betrayal, in the end, seems inevitable.

Reuters quoted a pilot, who joined Go First two years ago, as saying: "We have to jump ship in order to keep our flying licenses current."&nbsp;

Another Go First cabin crew member was ecstatic about the possibility of working for Vistara, a Tata group joint venture with Singapore Airlines. "Vistara has been a dream airline to work with ever since I took one of its flights a few years ago. Plus, with the Tatas, our future would be secure,"&nbsp;a 27-year-old member of Go First’s cabin crew told Reuters.&nbsp;

Air India has already received over 700 applications in response to a recent job advertisement for pilots, with more expected in the future. Sister company Vistara also held interviews for cabin crew and pilots in Delhi and Mumbai.

The pandemic has hit the Indian aviation industry hard, with airlines struggling to stay afloat as passenger numbers plummeted. However, with the easing of lockdown measures and the country's massive population, demand for air travel is expected to soar. It's like a phoenix rising from the ashes, with airlines scrambling to position themselves for the post-pandemic era.

Go First Airline CEO is determined to bring the company back to life, but many employees are being swayed by the siren song of the Tata group's job opportunities. After all, who wouldn't want to trade choppy skies for a secure and steady flight?

Will Go First be able to navigate through&nbsp;choppy waters, or will they be forced to admit defeat and close up shop? Only time will tell us.&nbsp;

(With agency inputs)&nbsp;

The Indian aviation industry is experiencing a turbulent time. The recent bankruptcy of Go First leaves many of its employees feeling like they've been kicked out of the cockpit.

The Indian aviation industry is experiencing a turbulent time. The recent bankruptcy of Go First leaves many of its employees feeling like they've been kicked out of the cockpit. But they see something at the end of the tunnel - Air India. The Tata group, which bought back Air India from the government last year, is offering a new flight plan that includes hiring over 4,200 cabin crew and 900 pilots this year. The buzz around this opportunity is so intense that Go First pilots and cabin crew were on Thursday seen lining up outside a Tata group hotel near Delhi for walk-in interviews with Air India. It's like a scene from a thriller rom-com, where the betrayal, in the end, seems inevitable. Reuters quoted a pilot, who joined Go First two years ago, as saying: "We have to jump ship in order to keep our flying licenses current." Another Go First cabin crew member was ecstatic about the possibility of working for Vistara, a Tata group joint venture with Singapore Airlines. "Vistara has been a dream airline to work with ever since I took one of its flights a few years ago. Plus, with the Tatas, our future would be secure," a 27-year-old member of Go First’s cabin crew told Reuters. Air India has already received over 700 applications in response to a recent job advertisement for pilots, with more expected in the future. Sister company Vistara also held interviews for cabin crew and pilots in Delhi and Mumbai. The pandemic has hit the Indian aviation industry hard, with airlines struggling to stay afloat as passenger numbers plummeted. However, with the easing of lockdown measures and the country's massive population, demand for air travel is expected to soar. It's like a phoenix rising from the ashes, with airlines scrambling to position themselves for the post-pandemic era. Go First Airline CEO is determined to bring the company back to life, but many employees are being swayed by the siren song of the Tata group's job opportunities. After all, who wouldn't want to trade choppy skies for a secure and steady flight? Will Go First be able to navigate through choppy waters, or will they be forced to admit defeat and close up shop? Only time will tell us. (With agency inputs)

From crisis to cockpit: Go First employees flock to Air India for a chance to rise again

Adidas, the German sportswear giant, faces investor unrest ahead of its annual shareholder meeting on Thursday. Two prominent German investors plan to vote against its management and supervisory boards over their poor performance in 2022.&nbsp;

Although these votes are typically formalities in corporate Germany, investors have recently used them to express their dissatisfaction.

Deka Investment and Union Investment have expressed their frustration with Adidas'&nbsp;repeated crises, including the Yeezy collaboration with rapper and designer Kanye West, which imploded after the performer made a string of anti-Semitic remarks.

Adidas's supervisory board, chaired by Thomas Rabe, also faces criticism from shareholder proxy service Glass Lewis, which has urged&nbsp;investors to vote against it. Glass Lewis has criticised the company's handling of diversity matters and called for proof of a real change in the company's culture.

The past year has been difficult for Adidas, as earnings fell and personnel problems arose, leading to a 64 percent decline in its shares till November 2022.

Despite these challenges, Adidas hopes to turn things around with the appointment of Bjorn Gulden, who joined the company in January as the&nbsp;CEO. Gulden has already removed two members of Rorsted's management team and is expected to return Adidas to profitability&nbsp;while improving communication with investors.

Adidas's shares has&nbsp;gained around 65 percent since November 2022, when Gulden was first floated as a successor to Rorsted.

However, the company is still grappling with the issue of unsold Yeezy shoes, which put it in a predicament after it cut ties with Kanye West over his anti-Semitic comments.

According to a company-compiled consensus, Adidas is set to update investors on the unsold stock on May 5 when it reports first-quarter results, which are expected to show a 4 percent decline in net sales to $5.07 billion.

Adidas is currently engaged in discussions regarding Yeezy footwear, even reaching out to those whom Kanye West's controversial comments have negatively impacted. However, finding a resolution is proving to be a difficult task. Despite Adidas ceasing production, the value of Yeezy shoes in the resale market has skyrocketed, with some models doubling in price.

The company is&nbsp;yet to determine what to do with its unsold inventory. Some voices have suggested that if Adidas decides to sell the shoes, the profits should be donated towards the fight against antisemitism. The American Jewish Committee's&nbsp;Holly Huffnagle&nbsp;and the Anti-Defamation League have already expressed their readiness to collaborate with Adidas on this matter.

Adidas, the German sportswear giant, faces investor unrest ahead of its annual shareholder meeting on Thursday. Two prominent German investors plan to vote against its management and supervisory boards over their poor performance in 2022.

Adidas, the German sportswear giant, faces investor unrest ahead of its annual shareholder meeting on Thursday. Two prominent German investors plan to vote against its management and supervisory boards over their poor performance in 2022. Although these votes are typically formalities in corporate Germany, investors have recently used them to express their dissatisfaction. Deka Investment and Union Investment have expressed their frustration with Adidas' repeated crises, including the Yeezy collaboration with rapper and designer Kanye West, which imploded after the performer made a string of anti-Semitic remarks. Adidas's supervisory board, chaired by Thomas Rabe, also faces criticism from shareholder proxy service Glass Lewis, which has urged investors to vote against it. Glass Lewis has criticised the company's handling of diversity matters and called for proof of a real change in the company's culture. The past year has been difficult for Adidas, as earnings fell and personnel problems arose, leading to a 64 percent decline in its shares till November 2022. Despite these challenges, Adidas hopes to turn things around with the appointment of Bjorn Gulden, who joined the company in January as the CEO. Gulden has already removed two members of Rorsted's management team and is expected to return Adidas to profitability while improving communication with investors. Adidas's shares has gained around 65 percent since November 2022, when Gulden was first floated as a successor to Rorsted. However, the company is still grappling with the issue of unsold Yeezy shoes, which put it in a predicament after it cut ties with Kanye West over his anti-Semitic comments. According to a company-compiled consensus, Adidas is set to update investors on the unsold stock on May 5 when it reports first-quarter results, which are expected to show a 4 percent decline in net sales to $5.07 billion. Adidas is currently engaged in discussions regarding Yeezy footwear, even reaching out to those whom Kanye West's controversial comments have negatively impacted. However, finding a resolution is proving to be a difficult task. Despite Adidas ceasing production, the value of Yeezy shoes in the resale market has skyrocketed, with some models doubling in price. The company is yet to determine what to do with its unsold inventory. Some voices have suggested that if Adidas decides to sell the shoes, the profits should be donated towards the fight against antisemitism. The American Jewish Committee's Holly Huffnagle and the Anti-Defamation League have already expressed their readiness to collaborate with Adidas on this matter.

The Yeezy dilemma: Can Adidas avert investor concerns after cutting ties with Kanye?

India has been placed on a watchlist with a negative outlook by a global aviation leasing watchdog, which said it had failed to comply with international aircraft repossession norms after airline Go First was granted bankruptcy protection.

The move by the Aviation Working Group, a UK-based entity that monitors leasing and financing laws, could raise leasing costs for Indian airlines and hurt lessors' confidence just as the world’s third-largest domestic market witness record growth.

Such an outlook will "have a direct and material impact on future financing and leases to Indian airlines", AWG told Go First in a letter copied to India's aviation minister.

Go Airlines (India) Ltd filed for bankruptcy protection last week, blaming "faulty" Pratt &amp; Whitney engines for the grounding of about half its 54 Airbus A320neos. Pratt, part of Raytheon Technologies, says the claims are without evidence and divert attention from the airline's financial woes.

In granting protection, the Indian tribunal ordered a freeze on Go First's assets even though some lessors had already terminated leases and placed requests with the aviation regulator to repossess more than 40 planes.

Failure to process the applications before the freeze was imposed, "results in a negative outlook", AWG said in the notice.

India's aviation ministry and regulator were not immediately available to comment.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/from-crisis-to-cockpit-go-first-employees-flock-to-air-india-for-a-chance-to-rise-again-589191">From crisis to cockpit: Go First employees flock to Air India for a chance to rise again</a>

<h2>TREATY TEST</h2>

The dispute comes as Indian air travel is booming and hundreds of new jets have been ordered by local carriers, who depend heavily on foreign lessors to finance plane purchases.

It is also the latest test of a 2001 treaty designed to smooth the growth of aviation by protecting repossession rights, which hit headlines when Russia blocked the repossession of jets in retaliation over Western Ukraine-related sanctions last year.

India has ratified the so-called Cape Town Convention but has yet to pass a law resolving conflicts with the country's insolvency and bankruptcy code, which is backed by parliament.

"Given (this), implementation of the Convention will run into challenges when read with the bankruptcy laws," said Syed Tamjeed Ahmad, co-founder of aviation law firm Spaviatech Law.

Go First's lessors include SMBC Aviation, CDB Aviation's GY Aviation Leasing, Jackson Square Aviation and BOC Aviation.

WATCH | Go Air says its planes being repossessed, requests for quick decision on bankruptcy

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In its letter to the airline's court-appointed administrator at Go First, AWG said the airline has an "obligation" to preserve the aircraft and maintain their value until the creditors and lessors can take possession.

AWG is a not-for-profit entity co-chaired by Airbus and Boeing. Members include major lessors and financial institutions like Aircastle, BOC Aviation, SMBC Aviation Capital, Deutsche Bank, Goldman Sachs and Morgan Stanley.

The negative outlook by AWG is under what it calls the compliance index, which addresses whether requirements under the Cape Town Convention are met in practice.

India's score has been reduced to 3 from 3.5 earlier.

"If those jets can't get repossessed, everyone in the country pays more. There is a risk premium," said Richard Aboulafia, managing director at Aerodynamic Advisory.

The warning is the second in as many months after AWG in April issued an alert about Vietnam's compliance with international norms in a dispute over repossession of four jets. 
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India has been placed on a watchlist with a negative outlook by a global aviation leasing watchdog, which said it had failed to comply with international aircraft repossession norms after airline Go First was granted bankruptcy protection.

India has been placed on a watchlist with a negative outlook by a global aviation leasing watchdog, which said it had failed to comply with international aircraft repossession norms after airline Go First was granted bankruptcy protection. The move by the Aviation Working Group, a UK-based entity that monitors leasing and financing laws, could raise leasing costs for Indian airlines and hurt lessors' confidence just as the world’s third-largest domestic market witness record growth. Such an outlook will "have a direct and material impact on future financing and leases to Indian airlines", AWG told Go First in a letter copied to India's aviation minister. Go Airlines (India) Ltd filed for bankruptcy protection last week, blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Pratt, part of Raytheon Technologies, says the claims are without evidence and divert attention from the airline's financial woes. In granting protection, the Indian tribunal ordered a freeze on Go First's assets even though some lessors had already terminated leases and placed requests with the aviation regulator to repossess more than 40 planes. Failure to process the applications before the freeze was imposed, "results in a negative outlook", AWG said in the notice. India's aviation ministry and regulator were not immediately available to comment. ALSO READ | From crisis to cockpit: Go First employees flock to Air India for a chance to rise again TREATY TEST The dispute comes as Indian air travel is booming and hundreds of new jets have been ordered by local carriers, who depend heavily on foreign lessors to finance plane purchases. It is also the latest test of a 2001 treaty designed to smooth the growth of aviation by protecting repossession rights, which hit headlines when Russia blocked the repossession of jets in retaliation over Western Ukraine-related sanctions last year. India has ratified the so-called Cape Town Convention but has yet to pass a law resolving conflicts with the country's insolvency and bankruptcy code, which is backed by parliament. "Given (this), implementation of the Convention will run into challenges when read with the bankruptcy laws," said Syed Tamjeed Ahmad, co-founder of aviation law firm Spaviatech Law. Go First's lessors include SMBC Aviation, CDB Aviation's GY Aviation Leasing, Jackson Square Aviation and BOC Aviation. WATCH | Go Air says its planes being repossessed, requests for quick decision on bankruptcy In its letter to the airline's court-appointed administrator at Go First, AWG said the airline has an "obligation" to preserve the aircraft and maintain their value until the creditors and lessors can take possession. AWG is a not-for-profit entity co-chaired by Airbus and Boeing. Members include major lessors and financial institutions like Aircastle, BOC Aviation, SMBC Aviation Capital, Deutsche Bank, Goldman Sachs and Morgan Stanley. The negative outlook by AWG is under what it calls the compliance index, which addresses whether requirements under the Cape Town Convention are met in practice. India's score has been reduced to 3 from 3.5 earlier. "If those jets can't get repossessed, everyone in the country pays more. There is a risk premium," said Richard Aboulafia, managing director at Aerodynamic Advisory. The warning is the second in as many months after AWG in April issued an alert about Vietnam's compliance with international norms in a dispute over repossession of four jets. 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.

Aviation watchdog puts India on watchlist after Go First-Pratt & Whitney tiff over jets

Shopify Inc, a Canadian e-commerce giant, has decided to cut jobs and sell its majority stake in its logistics business to Flexport Inc. to focus on its core e-commerce business, media reports said on Thursday.&nbsp;

The decision will make the company smaller by 20 percent, as&nbsp;2,000 employees will be laid off, a&nbsp;CNBC report said.&nbsp;This move will cost the company nearly $150 million in severance charges, media reports added.&nbsp;

Despite the significant change, Shopify's stock price skyrocketed 27 percent&nbsp;in the Toronto stock market, marking its most significant intraday rise since 2015.

Meanwhile, the company's first-quarter results exceeded analysts' expectations, with revenue coming in at $1.51 billion and gross merchandise volume at $49.6 billion.&nbsp;

During a conference call, Shopify executives explained that the company has&nbsp;to operate faster and move quickly toward its ideal size. CEO&nbsp;Tobi Lütke&nbsp;said that the company will&nbsp;focus on outcomes and impact with the "right numbers".&nbsp;

Shopify’s strategy to adapt and retrench

Shopify's decision to sell its logistics business and cut jobs comes in&nbsp;response to the&nbsp;rise of Amazon's 'Buy with Prime' program&nbsp;and the&nbsp;ever-changing online retail space.

The company initially made a bold move to bet on the long-term growth of online shopping during the pandemic, as customers were forced to stay home. However, as the situation evolved, Shopify's CEO Tobi Lütke moved swiftly to cut&nbsp;about 1,000 jobs last summer, raise prices, and focus&nbsp;on enhancing client offerings.

Shopify's plan to focus on its core business will undoubtedly shake up the e-commerce industry. The move comes amid macroeconomic risks, including slower consumer spending and inflationary pressures. According to a preliminary Statistics Canada estimate, retail sales fell 1.4 percent&nbsp;in March.

Whether Shopify's renewed focus on its core business will help it remain a major player in the ever-changing online retail space remains to be seen. However, with its impressive first-quarter results and commitment to achieving free cash flow profitability for each quarter of 2023, the company seems poised to weather the storm.

Shopify Inc, a Canadian e-commerce giant, has decided to cut jobs and sell its majority stake in its logistics business to Flexport Inc. to focus on its core e-commerce business, media reports said on Thursday.

Shopify Inc, a Canadian e-commerce giant, has decided to cut jobs and sell its majority stake in its logistics business to Flexport Inc. to focus on its core e-commerce business, media reports said on Thursday. The decision will make the company smaller by 20 percent, as 2,000 employees will be laid off, a CNBC report said. This move will cost the company nearly $150 million in severance charges, media reports added. Despite the significant change, Shopify's stock price skyrocketed 27 percent in the Toronto stock market, marking its most significant intraday rise since 2015. Meanwhile, the company's first-quarter results exceeded analysts' expectations, with revenue coming in at $1.51 billion and gross merchandise volume at $49.6 billion. During a conference call, Shopify executives explained that the company has to operate faster and move quickly toward its ideal size. CEO Tobi Lütke said that the company will focus on outcomes and impact with the "right numbers". Shopify’s strategy to adapt and retrench Shopify's decision to sell its logistics business and cut jobs comes in response to the rise of Amazon's 'Buy with Prime' program and the ever-changing online retail space. The company initially made a bold move to bet on the long-term growth of online shopping during the pandemic, as customers were forced to stay home. However, as the situation evolved, Shopify's CEO Tobi Lütke moved swiftly to cut about 1,000 jobs last summer, raise prices, and focus on enhancing client offerings. Shopify's plan to focus on its core business will undoubtedly shake up the e-commerce industry. The move comes amid macroeconomic risks, including slower consumer spending and inflationary pressures. According to a preliminary Statistics Canada estimate, retail sales fell 1.4 percent in March. Whether Shopify's renewed focus on its core business will help it remain a major player in the ever-changing online retail space remains to be seen. However, with its impressive first-quarter results and commitment to achieving free cash flow profitability for each quarter of 2023, the company seems poised to weather the storm.

Shopify's slim-down strategy: Cutting costs, selling logistics arm to bulk up e-commerce profits

The Federal Reserve rate hike on Wednesday led to a deep selloff in US regional banks on Thursday.

Stocks of US regional lenders such as&nbsp;Western Alliance and Pacific West dropped over 60 percent before recouping some losses. First Horizon tumbled as much as 45 percent, its biggest intraday fall since the 2008 financial crisis. Multiple other lenders, both large and small, too were caught up in the panic.

Now, the fear is that another financial shoe may soon drop.&nbsp;

All of this demonstrates how market anxiety persists after a series of bank failures and deposit outflows.

Investors are sounding the alarm that banking sector pressures are far from finished. In such a stressful scenario, some lenders have been trying to assure investors — with little to no avail.

All this despite reassurances from US Fed chair Jerome Powell that authorities are getting closer to managing the issue.

“We like and feel confident about the Fed stepping in to create some backstop for the regional banks post the Silicon Valley Bank-episode. But there's certainly, you know, probably some more weakness to be seen in the sector as time continues to unfold," Jason Ray, founder and investment director, Zenith Wealth Partners, told Reuters.&nbsp;

But the key question is: why global central banks are being blamed for the ongoing banking crisis?&nbsp;

Overall, major economies have raised rates by a whopping 40 percent combined in the current tightening cycle. The Fed has raised rates by 5 percent over the past year after openly dismissing rising inflation as transitory in 2021.

But central banks' rhetoric in recent months has been the need to control soaring inflation. So, it is clear that major central banks were late in tightening policy to reign in inflation.

The central banks&nbsp;failed in their primary job of price stability. Their&nbsp;aggressive pace and the jumbo-sized interest rate hikes make one thing clear - major central banks panicked.

It takes at least two quarters for a policy decision to transmit into the real economy. But as many central banks&nbsp;were reacting rather than being pro-active, they lost control of inflation.

Now, fears of a harsh recession have been reinforced by a roaring selloff in regional banks.

As such, many analysts predict central banks will take their knives out before this year's end. Traders have increased their bets on interest rate cuts from the Fed, with the first rate cut now expected to come as early as July 2023.&nbsp;

If that does happen, then the latest rate hike cycle will be remembered as the biggest policy mistake in the history of central banks.

(With agency inputs)

The Federal Reserve rate hike on Wednesday led to a deep selloff in US regional banks on Thursday. Stocks of US regional lenders such as Western Alliance and Pacific West dropped over 60 percent before recouping some losses.

The Federal Reserve rate hike on Wednesday led to a deep selloff in US regional banks on Thursday. Stocks of US regional lenders such as Western Alliance and Pacific West dropped over 60 percent before recouping some losses. First Horizon tumbled as much as 45 percent, its biggest intraday fall since the 2008 financial crisis. Multiple other lenders, both large and small, too were caught up in the panic. Now, the fear is that another financial shoe may soon drop. All of this demonstrates how market anxiety persists after a series of bank failures and deposit outflows. Investors are sounding the alarm that banking sector pressures are far from finished. In such a stressful scenario, some lenders have been trying to assure investors — with little to no avail. All this despite reassurances from US Fed chair Jerome Powell that authorities are getting closer to managing the issue. “We like and feel confident about the Fed stepping in to create some backstop for the regional banks post the Silicon Valley Bank-episode. But there's certainly, you know, probably some more weakness to be seen in the sector as time continues to unfold," Jason Ray, founder and investment director, Zenith Wealth Partners, told Reuters. But the key question is: why global central banks are being blamed for the ongoing banking crisis? Overall, major economies have raised rates by a whopping 40 percent combined in the current tightening cycle. The Fed has raised rates by 5 percent over the past year after openly dismissing rising inflation as transitory in 2021. But central banks' rhetoric in recent months has been the need to control soaring inflation. So, it is clear that major central banks were late in tightening policy to reign in inflation. The central banks failed in their primary job of price stability. Their aggressive pace and the jumbo-sized interest rate hikes make one thing clear - major central banks panicked. It takes at least two quarters for a policy decision to transmit into the real economy. But as many central banks were reacting rather than being pro-active, they lost control of inflation. Now, fears of a harsh recession have been reinforced by a roaring selloff in regional banks. As such, many analysts predict central banks will take their knives out before this year's end. Traders have increased their bets on interest rate cuts from the Fed, with the first rate cut now expected to come as early as July 2023. If that does happen, then the latest rate hike cycle will be remembered as the biggest policy mistake in the history of central banks. (With agency inputs)

US bank rout rages on: Regional banks extend losses after Fed rate hikes

Peloton recalls more than two million exercise bikes over concerns that the bike’s seat post assembly can break during use and pose fall and injury hazards to the customers. The company has also advised owners to immediately stop using the bikes and contact Peloton for a free repair. As of Thursday (May 11), the shares of Peloton Interactive fell more than eight per cent.&nbsp;

The recall of 2.2 million bikes&nbsp;comes as the Peloton has received several reports of injuries including “a fractured wrist and lacerations” after the bike’s seat broke during use. The bike in question is the Peloton Bikes Model PL01 which was sold from January 2018 through May 2023 and cost nearly $1,400.&nbsp;

The recall was issued by the United States government’s Consumer Product Safety Commission, on Thursday, which also alerted the owners about the risks associated with the bike model. So far, the company has received some 35 reports of the seat post breaking and detaching from the bike during use out of which 13 were of those customers that were injured.&nbsp;

The free repair offered by Peloton also includes a free seat post that can be self-installed. In a statement, issued by the company they said that they identified 35 reports of “seat posts breaking” out of the 2,160,000 bikes sold as of April 30. 
 
“As part of our commitment to product safety, we are voluntarily recalling the seat post of affected units to provide a free replacement seat post,” said Peloton.&nbsp;

The company’s shares have fallen nearly 40 per cent in the past year which is after the rise in popularity that Peloton witnessed during the COVID-19 pandemic due to the closure of gyms. Meanwhile, Peloton is also said to be in the process of a corporate reorganisation.&nbsp;

In October, the company announced that it was cutting around 500 jobs which was months after it fired nearly 800 people and said it is closing its North American distribution network and giving the delivery work to third-party providers.&nbsp;

In 2021, the New York-based company recalled its treadmill model, Tread+ and Tread, after a child died and more than 70 people reported injuries. It was also around this time that the sales had somewhat slowed down as the vaccine rollout had begun and people were heading back to gyms.&nbsp;

In the same year, Peloton CEO and co-founder John Foley resigned as the company was struggling to turn business around.&nbsp; 
 
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Peloton recalls more than two million exercise bikes over concerns that the bike’s seat post assembly can break during use and pose fall and injury hazards to the customers.

Peloton recalls more than two million exercise bikes over concerns that the bike’s seat post assembly can break during use and pose fall and injury hazards to the customers. The company has also advised owners to immediately stop using the bikes and contact Peloton for a free repair. As of Thursday (May 11), the shares of Peloton Interactive fell more than eight per cent. The recall of 2.2 million bikes comes as the Peloton has received several reports of injuries including “a fractured wrist and lacerations” after the bike’s seat broke during use. The bike in question is the Peloton Bikes Model PL01 which was sold from January 2018 through May 2023 and cost nearly $1,400. The recall was issued by the United States government’s Consumer Product Safety Commission, on Thursday, which also alerted the owners about the risks associated with the bike model. So far, the company has received some 35 reports of the seat post breaking and detaching from the bike during use out of which 13 were of those customers that were injured. The free repair offered by Peloton also includes a free seat post that can be self-installed. In a statement, issued by the company they said that they identified 35 reports of “seat posts breaking” out of the 2,160,000 bikes sold as of April 30. “As part of our commitment to product safety, we are voluntarily recalling the seat post of affected units to provide a free replacement seat post,” said Peloton. The company’s shares have fallen nearly 40 per cent in the past year which is after the rise in popularity that Peloton witnessed during the COVID-19 pandemic due to the closure of gyms. Meanwhile, Peloton is also said to be in the process of a corporate reorganisation. In October, the company announced that it was cutting around 500 jobs which was months after it fired nearly 800 people and said it is closing its North American distribution network and giving the delivery work to third-party providers. In 2021, the New York-based company recalled its treadmill model, Tread+ and Tread, after a child died and more than 70 people reported injuries. It was also around this time that the sales had somewhat slowed down as the vaccine rollout had begun and people were heading back to gyms. In the same year, Peloton CEO and co-founder John Foley resigned as the company was struggling to turn business around. 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.

Peloton recalls more than two million bikes over safety issues

Oil prices experienced a 2% drop as concerns over the US debt ceiling standoff and rising jobless claims weighed on market sentiment. The stronger US Dollar further added pressure to crude prices, reaching its highest level in a week against major currencies. Brent crude fell to around $75 per barrel from $78 earlier in the week, sparking recession fears amidst global economic concerns and political tensions. While this may imply cheaper fuel prices, a stronger dollar can strain countries that import oil.

Recession fears ignite oil market turbulence

Bitcoin dropped below the crucial $27,000 level as regulatory concerns weighed on the cryptocurrency market. Ethereum also experienced a 3.1% loss, trading below $1,800. Jane Street and Jump Crypto, major market makers, announced their retreat from crypto trading in the US due to regulatory crackdowns. Despite the downward moves, crypto backers remain unfazed. Analysts are closely monitoring the $25,200 level as a significant support threshold. The joint warning from regulatory authorities earlier about liquidity risks associated with banking crypto firms adds to the challenges faced by the industry.

Cryptos caught in regulatory crosshairs

Saudi Aramco's plans for the mega IPO of its energy-trading business have been postponed, as the state-controlled oil giant slows down preparations. The IPO, expected to be one of the world's largest, is now likely to be delayed until next year unless market conditions improve. The company earnings took a hit, with a 19% decline attributed to falling oil prices. The company reported a net income of $31.9 billion, down from $39.5 billion the previous year.

Saudi Aramco's mega IPO plan postponed

Tunisia and Egypt are on the brink of major debt crises, with Tunisia facing a political crisis and uncertainty over IMF support. Egypt's debt-to-GDP ratio is reaching critical levels, compounded by currency devaluations and dwindling reserves. The countries' fiscal strains could have far-reaching consequences for the region. The involvement of gulf allies and the potential impact on global financial markets further intensify the gravity of the situation.

Drowning in debt: North Africa braces for impact

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year.

Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries. However, certain hourly or equivalent roles may receive salary increases, the company said.&nbsp;

"We are clear that we are helping drive a major platform shift in this new era of artificial intelligence, and doing so in a dynamic, competitive environment while also facing global macroeconomic uncertainties," media reports said quoting Nadella's internal email.&nbsp;

It is to be noted that Microsoft was an early adopter of AI technology, integrating Open AI's ChatGPT with its search engine Bing. According to media reports, Microsoft has invested nearly $13 billion in Open AI.&nbsp;

According to Nadella's email, the decision was carefully considered by senior leadership over several months, with a focus on ensuring the long-term success of the company.

Microsoft also announced that it will reduce the budget for annual bonuses and stock awards to 'historical averages'.

Nevertheless, the email emphasised that Microsoft will remain committed to prioritising and acknowledging exceptional performance by offering substantial rewards. To achieve this, managers will be entrusted with distinguishing and allocating compensation based on individual performance within their assigned budgets, the email read.&nbsp;

This latest announcement comes after Microsoft announced the termination of over 10,000 employees earlier this year. Additionally, LinkedIn, a group firm of Microsoft, recently cut around 716 jobs and announced the closure of its job app in China.

Meanwhile, the&nbsp;decision has disappointed some employees, who view it as a pay cut.

An India-based Microsoft employee, speaking on the condition of anonymity to BQPrime, expressed concerns about the impact on their annual appraisal cycle and the potential for further layoffs if market conditions do not improve.&nbsp;

Indian news website BQPrime cited a Microsoft India spokesperson as saying that compensation would be aligned with the overall market, even though there won't be a hike in salaries&nbsp;this year.&nbsp;

"While we will not be providing salary increases for our full-time salaried employees this year, we will continue to invest in our employees through promotions, bonus and stock," the spokesperson told BQPrime.&nbsp;

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year. Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries.

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year. Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries. However, certain hourly or equivalent roles may receive salary increases, the company said. "We are clear that we are helping drive a major platform shift in this new era of artificial intelligence, and doing so in a dynamic, competitive environment while also facing global macroeconomic uncertainties," media reports said quoting Nadella's internal email. It is to be noted that Microsoft was an early adopter of AI technology, integrating Open AI's ChatGPT with its search engine Bing. According to media reports, Microsoft has invested nearly $13 billion in Open AI. According to Nadella's email, the decision was carefully considered by senior leadership over several months, with a focus on ensuring the long-term success of the company. Microsoft also announced that it will reduce the budget for annual bonuses and stock awards to 'historical averages'. Nevertheless, the email emphasised that Microsoft will remain committed to prioritising and acknowledging exceptional performance by offering substantial rewards. To achieve this, managers will be entrusted with distinguishing and allocating compensation based on individual performance within their assigned budgets, the email read. This latest announcement comes after Microsoft announced the termination of over 10,000 employees earlier this year. Additionally, LinkedIn, a group firm of Microsoft, recently cut around 716 jobs and announced the closure of its job app in China. Meanwhile, the decision has disappointed some employees, who view it as a pay cut. An India-based Microsoft employee, speaking on the condition of anonymity to BQPrime, expressed concerns about the impact on their annual appraisal cycle and the potential for further layoffs if market conditions do not improve. Indian news website BQPrime cited a Microsoft India spokesperson as saying that compensation would be aligned with the overall market, even though there won't be a hike in salaries this year. "While we will not be providing salary increases for our full-time salaried employees this year, we will continue to invest in our employees through promotions, bonus and stock," the spokesperson told BQPrime.

In AI era, Microsoft holds the purse strings: Salaries frozen but bonuses remain

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter.

According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent.&nbsp;

However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year.&nbsp;In the same period, oil activities grew only by 1.3 percent.&nbsp;

Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities.

As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030.&nbsp;Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy.&nbsp;

The increased push towards&nbsp;the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown.

Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects.&nbsp;

However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices.&nbsp;

This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years.

The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.&nbsp;

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent. However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year. In the same period, oil activities grew only by 1.3 percent. Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities. As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030. Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy. The increased push towards the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown. Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects. However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices. This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years. The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.

Saudi Arabia's economy grew slower in 2023 but non-oil sector got a boost

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.&nbsp;

Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration.&nbsp;

Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent.&nbsp;

"We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call.&nbsp;

India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow.

“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call.

The company recently opened its first two retail stores in India -- in Mumbai and Delhi.&nbsp;

According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung.

The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales.&nbsp;

'Mass layoffs a last resort'

Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company.

“I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview.&nbsp;

Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring.

While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs.&nbsp;This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic.

(With&nbsp;agency inputs)&nbsp; 
&nbsp;

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States. Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration. Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent. "We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call. India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow. “There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call. The company recently opened its first two retail stores in India -- in Mumbai and Delhi. According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung. The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales. 'Mass layoffs a last resort' Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview. Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring. While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs. This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic. (With agency inputs)

Apple CEO Tim Cook bets on India, other emerging markets for higher sales

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy.

According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure. The major banks, with assets worth $250 billion or more, are attributing&nbsp;the possible credit restriction to an ambiguous economic situation.

Although regulators and officials have taken decisive actions to tackle the crises, worries about the economic outlook, credit quality, and funding liquidity could cause banks and other financial institutions to reduce the supply of credit to the economy. Consequently, there could be a sharp contraction in credit availability that would increase the cost of funding for businesses and households, ultimately resulting in a slowdown of economic activity.

The Federal Reserve has identified credit crunch as one of the most significant current risks to the financial system, despite not being the most likely scenario. Financial Times reports that this reflects mounting concerns about the potential impact of recent banking turmoil on the economy, making it one of the most turbulent times in the US&nbsp;since the global financial crisis of 2008.

Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has warned that a credit squeeze could lead to a recession. This warning comes as the U.S. faces a possible debt default, as the White House and Congress are&nbsp;yet to agree on raising the borrowing limit of $31.4 trillion. To avoid a catastrophic impact on the economy and markets, a deal must be reached by early June.&nbsp;

The Federal Reserve has warned about potential vulnerabilities in the commercial real estate market, indicating that a decline in property prices could result in losses for creditors holding commercial real estate debt. To mitigate these risks, Financial Times reports that the central bank will increase its monitoring of commercial real estate loans and implement more rigorous examination procedures for banks with high levels of exposure to this sector.

Banks resilient in the face of interest rate hike

While the Fed's&nbsp;report highlights&nbsp;potential risks to the financial system from the credit crunch and the commercial real estate sector, it also brought some good news.

The Fed report indicates&nbsp;that the household sector might be less vulnerable to economic shocks, thanks to moderate borrowing levels and the majority of household debt owed by those with higher credit scores. Additionally, the Fed has expressed confidence that most banks could cope with tighter monetary policy.

Despite the turbulence experienced by banks in March, the central bank's&nbsp;report suggests that most banks have a solid financial foundation to withstand potential challenges resulting from higher interest rates.

The report indicates that most banks have high capital levels and moderate exposure to interest rate risk. Moreover, as of the fourth quarter of 2022, banks in the US, particularly those considered globally systemically important, were found to be well capitalized, which positions them to navigate any uncertainties in the near future.

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy. According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure.

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy. According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure. The major banks, with assets worth $250 billion or more, are attributing the possible credit restriction to an ambiguous economic situation. Although regulators and officials have taken decisive actions to tackle the crises, worries about the economic outlook, credit quality, and funding liquidity could cause banks and other financial institutions to reduce the supply of credit to the economy. Consequently, there could be a sharp contraction in credit availability that would increase the cost of funding for businesses and households, ultimately resulting in a slowdown of economic activity. The Federal Reserve has identified credit crunch as one of the most significant current risks to the financial system, despite not being the most likely scenario. Financial Times reports that this reflects mounting concerns about the potential impact of recent banking turmoil on the economy, making it one of the most turbulent times in the US since the global financial crisis of 2008. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has warned that a credit squeeze could lead to a recession. This warning comes as the U.S. faces a possible debt default, as the White House and Congress are yet to agree on raising the borrowing limit of $31.4 trillion. To avoid a catastrophic impact on the economy and markets, a deal must be reached by early June. The Federal Reserve has warned about potential vulnerabilities in the commercial real estate market, indicating that a decline in property prices could result in losses for creditors holding commercial real estate debt. To mitigate these risks, Financial Times reports that the central bank will increase its monitoring of commercial real estate loans and implement more rigorous examination procedures for banks with high levels of exposure to this sector. Banks resilient in the face of interest rate hike While the Fed's report highlights potential risks to the financial system from the credit crunch and the commercial real estate sector, it also brought some good news. The Fed report indicates that the household sector might be less vulnerable to economic shocks, thanks to moderate borrowing levels and the majority of household debt owed by those with higher credit scores. Additionally, the Fed has expressed confidence that most banks could cope with tighter monetary policy. Despite the turbulence experienced by banks in March, the central bank's report suggests that most banks have a solid financial foundation to withstand potential challenges resulting from higher interest rates. The report indicates that most banks have high capital levels and moderate exposure to interest rate risk. Moreover, as of the fourth quarter of 2022, banks in the US, particularly those considered globally systemically important, were found to be well capitalized, which positions them to navigate any uncertainties in the near future.

Banks brace for impact: US Fed reveals potential strains from higher interest rates