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French luxury magnet Bernard Arnault&nbsp;saw his fortune decline by&nbsp;$11.2 billion&nbsp;on Tuesday after&nbsp;fears of a slowing U.S. and China economy rattled global&nbsp;luxury stocks.&nbsp; Nevertheless, he continues to remain the world's richest man, with a substantial fortune of $191.6 billion, according to the latest Bloomberg Billionaires Index.

In 2023, the stocks of European luxury brands have recorded&nbsp;a remarkable surge, thanks to rising demand in the US and China. This has helped Arnault to&nbsp;add&nbsp;$29.5 billion to his net worth this year, further consolidating his&nbsp;position as the world's richest man.&nbsp;

However, recent concerns about a slowing U.S. and China economy have ignited fears of reduced demand for luxury products. These fears triggered a 5 percent&nbsp;decline in LVMH's shares in Paris, resulting in a $30 billion loss to European luxury brands on Tuesday.&nbsp;

Tuesday's decline represented&nbsp;the largest drop the company has experienced in over a year. However, LVMH's stock price remains 23 percent higher than it was at the beginning of the year.

The significant reduction in Arnault's fortune narrowed the gap between him and the world's second-wealthiest person, Elon Musk, to $11.4 billion. Elon Musk, who previously overtook Arnault to become the world's richest person, lost his crown after an eventful takeover of Twitter.&nbsp;

Bernard Arnault, the founder of LVMH, has been an influential figure in the world of luxury brands. LVMH houses renowned luxury brands like Louis Vuitton and Christian Dior, among others.&nbsp;

French luxury magnet Bernard Arnault saw his fortune decline by $11.2 billion on Tuesday after fears of a slowing U.S. and China economy rattled global luxury stocks.

French luxury magnet Bernard Arnault saw his fortune decline by $11.2 billion on Tuesday after fears of a slowing U.S. and China economy rattled global luxury stocks. Nevertheless, he continues to remain the world's richest man, with a substantial fortune of $191.6 billion, according to the latest Bloomberg Billionaires Index. In 2023, the stocks of European luxury brands have recorded a remarkable surge, thanks to rising demand in the US and China. This has helped Arnault to add $29.5 billion to his net worth this year, further consolidating his position as the world's richest man. However, recent concerns about a slowing U.S. and China economy have ignited fears of reduced demand for luxury products. These fears triggered a 5 percent decline in LVMH's shares in Paris, resulting in a $30 billion loss to European luxury brands on Tuesday. Tuesday's decline represented the largest drop the company has experienced in over a year. However, LVMH's stock price remains 23 percent higher than it was at the beginning of the year. The significant reduction in Arnault's fortune narrowed the gap between him and the world's second-wealthiest person, Elon Musk, to $11.4 billion. Elon Musk, who previously overtook Arnault to become the world's richest person, lost his crown after an eventful takeover of Twitter. Bernard Arnault, the founder of LVMH, has been an influential figure in the world of luxury brands. LVMH houses renowned luxury brands like Louis Vuitton and Christian Dior, among others.

Billionaire Bernard Arnault's fortune takes a hit amid luxury market turbulence

The Malaysian Palm Oil Board (MPOB) announced on Thursday (May 25) that the El Niño&nbsp;weather pattern might reduce crude palm oil production by 1 to 3 million tonnes next year.

El Niño&nbsp;was unlikely to have an impact on production this year, according to MPOB Director-General Ahmad Parveez Ghulam Kadir, as reported by Reuters.&nbsp;

<h2>What could be the toll of an El Niño in 2023?</h2>

Climate experts now predict that an El Nino&nbsp;weather trend will prevail until the end of this year and the early months of 2024. And they're warning that it might be a powerful one.

If such is the case, the consequences might be substantial. Scientists have previously warned that with growing emissions and a strong El Nio, there is a 66 per cent&nbsp;probability that the globe will breach a critical 1.5°C global warming limit at least once between now and 2027, reported the BBC.&nbsp;However, it may also bring destructive extreme weather, including as heavy rain and floods, to towns in the United States and worldwide during winter.

"We're projecting an above 90 per cent&nbsp;probability that there will be El Niño conditions through the winter," says David DeWitt, director of the US National Oceanic and Atmospheric Administration's Climate Prediction Center.

"There's an 80 per cent&nbsp;probability that we're going to be in El Niño in July," he added.&nbsp;

The impacts of this might last for a long time; according to a recent analysis by academics at Dartmouth College in Hanover, New Hampshire, an El Nio commencing in 2023 could cost the world economy up to $3.4 trillion (£2.7 trillion) over the next five years. And they claim that after two earlier extremely significant El Nio episodes in 1982-83 and 1997-98, the US GDP was 3 per cent&nbsp;lower half a decade later than it would have been otherwise. They projected that if a catastrophe of this size occurred now, it would cost the US economy $699 billion (£565 billion).

However, coastal tropical nations such as Peru and Indonesia had a 10 per cent&nbsp;reduction in GDP following the same El Nio episodes, according to the study. They estimate that if climate change increases the frequency and ferocity of El Nio episodes, global economic losses would total $84 trillion (£68 trillion) this century.

"El Niño is not simply a shock from which an economy immediately recovers. Our study shows that economic productivity in the wake of El Niño is depressed for a much longer time than simply the year after the event," said&nbsp;Justin Mankin, co-author of the study and assistant professor of geography at Dartmouth College, who spoke to the BBC.

(With inputs from agencies)

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The Malaysian Palm Oil Board (MPOB) announced on Thursday (May 25) that the El Niño weather pattern might reduce crude palm oil production by 1 to 3 million tonnes next year.

The Malaysian Palm Oil Board (MPOB) announced on Thursday (May 25) that the El Niño weather pattern might reduce crude palm oil production by 1 to 3 million tonnes next year. El Niño was unlikely to have an impact on production this year, according to MPOB Director-General Ahmad Parveez Ghulam Kadir, as reported by Reuters. What could be the toll of an El Niño in 2023? Climate experts now predict that an El Nino weather trend will prevail until the end of this year and the early months of 2024. And they're warning that it might be a powerful one. If such is the case, the consequences might be substantial. Scientists have previously warned that with growing emissions and a strong El Nio, there is a 66 per cent probability that the globe will breach a critical 1.5°C global warming limit at least once between now and 2027, reported the BBC. However, it may also bring destructive extreme weather, including as heavy rain and floods, to towns in the United States and worldwide during winter. "We're projecting an above 90 per cent probability that there will be El Niño conditions through the winter," says David DeWitt, director of the US National Oceanic and Atmospheric Administration's Climate Prediction Center. "There's an 80 per cent probability that we're going to be in El Niño in July," he added. The impacts of this might last for a long time; according to a recent analysis by academics at Dartmouth College in Hanover, New Hampshire, an El Nio commencing in 2023 could cost the world economy up to $3.4 trillion (£2.7 trillion) over the next five years. And they claim that after two earlier extremely significant El Nio episodes in 1982-83 and 1997-98, the US GDP was 3 per cent lower half a decade later than it would have been otherwise. They projected that if a catastrophe of this size occurred now, it would cost the US economy $699 billion (£565 billion). However, coastal tropical nations such as Peru and Indonesia had a 10 per cent reduction in GDP following the same El Nio episodes, according to the study. They estimate that if climate change increases the frequency and ferocity of El Nio episodes, global economic losses would total $84 trillion (£68 trillion) this century. "El Niño is not simply a shock from which an economy immediately recovers. Our study shows that economic productivity in the wake of El Niño is depressed for a much longer time than simply the year after the event," said Justin Mankin, co-author of the study and assistant professor of geography at Dartmouth College, who spoke to the BBC. (With inputs from agencies) WATCH WION LIVE HERE:

Malaysia's palm oil production could fall by 1-3 mn tonnes in 2024 due to El Niño

Alibaba Group Holding Ltd, the Chinese tech behemoth, is restructuring&nbsp;its cloud&nbsp;operations in anticipation of an upcoming initial public offering (IPO).

As part of its preparations for the IPO, the company has commenced a round of downsizing, impacting approximately 7 percent of its workforce, a Reuters report said.

This development comes as Alibaba adapts to regulatory changes in China and seeks to position its cloud service as a leader in the dynamic market.&nbsp;

Alibaba's cloud division, a key player in China's cloud service landscape,&nbsp;plans to offer severance packages to affected employees, the report added.&nbsp;

Last week, the China-based tech giant&nbsp;announced&nbsp;its intention&nbsp;to separate&nbsp;its cloud computing segment and make it an independent publicly traded company in the next 12 months.&nbsp;

Layoffs Today, IPO Tomorrow

While Alibaba did not provide an immediate response to requests for comment, the downsizing measures indicate the company's strategy to reshape its structure and ensure a more efficient and agile business model fit for an IPO listing.&nbsp;

With China's largest cloud service slated for listing next year, Alibaba is keen on fortifying its position in the market and capitalizing on the evolving dynamics of the tech industry.

In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to to drive future growth and enhance profitability.

(Inputs from Reuters)

Alibaba Group Holding Ltd, the Chinese tech behemoth, is restructuring its cloud operations in anticipation of an upcoming initial public offering (IPO). As part of its preparations for the IPO, the company has commenced a round of downsizing, impacting approximately 7 percent of its workforce, a Reuters report said.

Alibaba Group Holding Ltd, the Chinese tech behemoth, is restructuring its cloud operations in anticipation of an upcoming initial public offering (IPO). As part of its preparations for the IPO, the company has commenced a round of downsizing, impacting approximately 7 percent of its workforce, a Reuters report said. This development comes as Alibaba adapts to regulatory changes in China and seeks to position its cloud service as a leader in the dynamic market. Alibaba's cloud division, a key player in China's cloud service landscape, plans to offer severance packages to affected employees, the report added. Last week, the China-based tech giant announced its intention to separate its cloud computing segment and make it an independent publicly traded company in the next 12 months. Layoffs Today, IPO Tomorrow While Alibaba did not provide an immediate response to requests for comment, the downsizing measures indicate the company's strategy to reshape its structure and ensure a more efficient and agile business model fit for an IPO listing. With China's largest cloud service slated for listing next year, Alibaba is keen on fortifying its position in the market and capitalizing on the evolving dynamics of the tech industry. In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to to drive future growth and enhance profitability. (Inputs from Reuters)

China: Alibaba's cloud business cuts jobs ahead of upcoming IPO

In a move that will further inflame relations between the two nations, lawmakers in the United States have called for retaliation against China for banning memory chipmaker Micron Technology.

US Representative Mike Gallagher, who chairs a Congressional committee focusing on China, has proposed adding Changxin Memory technologies to a "blacklist" that would prevent it from doing business with American companies.

His colleague Michael McCaul, who is the chairman of the House Foreign Affairs Committee, also slammed Beijing and called for a response. Bloomberg quoted McCaul as saying, "I urge the administration to use the many authorities Congress has given it to hold the CCP accountable."&nbsp;

The chips that power most technical developments, from artificial intelligence to self-driving vehicles, are produced by Changxin Memory, one of a handful of significant Chinese enterprises that reflect Beijing's ambitions to equal the US in terms of technology.

Moreover, the Chinese chipmaker wants to create history by launching an initial public offering in its home market this year, with a potential valuation of more than $14.5 billion.

The US lawmaker's proposal was in response to Beijing's decision to prevent Micron from supplying China's key infrastructure for reasons of national security.&nbsp;

China's move was an unprecedented step that has already sparked charges of overreach. Tensions over technology have been rising amid dueling claims of "economic coercion" since the US put broad export restrictions on semiconductor equipment to china.

On Wednesday, Mao Ning, a spokesperson for China's foreign ministry, defended the government's decision to withdraw from Micron.&nbsp;

"The cybersecurity review on micron's products sold in China is carried out according to China's laws, and the decision was made based on facts," Bloomberg quoted her as saying.&nbsp;

Ning added that the United States has placed dozens of Chinese businesses and individuals "into all kinds of lists and imposed all kinds of restrictions" without providing any evidence to support their inclusion.

In a move that will further inflame relations between the two nations, lawmakers in the United States have called for retaliation against China for banning memory chipmaker Micron Technology.

In a move that will further inflame relations between the two nations, lawmakers in the United States have called for retaliation against China for banning memory chipmaker Micron Technology. US Representative Mike Gallagher, who chairs a Congressional committee focusing on China, has proposed adding Changxin Memory technologies to a "blacklist" that would prevent it from doing business with American companies. His colleague Michael McCaul, who is the chairman of the House Foreign Affairs Committee, also slammed Beijing and called for a response. Bloomberg quoted McCaul as saying, "I urge the administration to use the many authorities Congress has given it to hold the CCP accountable." The chips that power most technical developments, from artificial intelligence to self-driving vehicles, are produced by Changxin Memory, one of a handful of significant Chinese enterprises that reflect Beijing's ambitions to equal the US in terms of technology. Moreover, the Chinese chipmaker wants to create history by launching an initial public offering in its home market this year, with a potential valuation of more than $14.5 billion. The US lawmaker's proposal was in response to Beijing's decision to prevent Micron from supplying China's key infrastructure for reasons of national security. China's move was an unprecedented step that has already sparked charges of overreach. Tensions over technology have been rising amid dueling claims of "economic coercion" since the US put broad export restrictions on semiconductor equipment to china. On Wednesday, Mao Ning, a spokesperson for China's foreign ministry, defended the government's decision to withdraw from Micron. "The cybersecurity review on micron's products sold in China is carried out according to China's laws, and the decision was made based on facts," Bloomberg quoted her as saying. Ning added that the United States has placed dozens of Chinese businesses and individuals "into all kinds of lists and imposed all kinds of restrictions" without providing any evidence to support their inclusion.

Chip war intensifies: Lawmakers want US to 'blacklist' Chinese firm after Micron ban

In a moment of respite for UK Prime Minister Rishi Sunak, the country’s annual inflation rate dropped to a 13-month low of 8.7 per cent in April,&nbsp;from 10.1% in March, registering the biggest fall since the cost of living crisis began, but food prices still remain&nbsp;elevated at one of the highest levels in 45 years,&nbsp;according to official data.

The development bringing some respite&nbsp;comes after months of post-pandemic cost-of-living crisis aggravated by war in Ukraine had&nbsp;pushed up energy prices in one of the coldest winters in Europe in recent times.&nbsp;

<h2>Britain inflation data: What is the reading?</h2>

According to the UK's Office for National Statistics, the rate of price increases came down from 10.1 per cent in March,&nbsp;and the inflation in April is down under 10 per cent for the first time since August last year.

ALSO WATCH |&nbsp;UK inflation falls to 8.7% in April, food prices still remain high

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At 8.7 per cent, it was at the lowest level since March last year, when the rate stood at 7.0 per cent.

"However, prices in general remain substantially higher than they were this time last year, with annual food price inflation near historic highs," said ONS chief economist Grant Fitzner in an official statement. 
 
The rate at which food prices are rising fell for the second month in a row in May but remains ‘incredibly high’, says research firm Kantar.

Prices were up by 17.2% from a year ago in the four weeks to the middle of May, down from 17.3% last month, it said. Food price rises are expected to ease further later this year, it added.

<h2>UK inflation drop: What is the catch?</h2>

The inflation rate continues to remain above the Bank of England's (BoE) prediction for inflation of 8.4 per cent last month.

Britain's annual inflation rate in April was also the highest among the G-7 countries in the Group of Seven rich economies, which include&nbsp;Canada, France, Germany, Italy, Japan and the United States.

Meanwhile, the target rate of 2.0 per cent remains very far off for the UK government. Prime Minister Rishi Sunak's government has said that the inflation may drop up to about 5.0 per cent by the end of 2023.

“Last month, the rate of inflation fell notably as the large energy price rises seen last year were not repeated... but was offset partially by increases in the cost of second-hand cars and cigarettes,” Fitzner added.

<h2>UK economy: Inflation numbers come after IMF U-turn</h2>

The data comes a day after the International Monetary Fund, in a major U-turn on its forecast for the UK economy, said that it expected growth this year just one month after predicting a contraction.

Britain's economy is expected to expand 0.4 per cent in 2023, the IMF said in its latest outlook document, which cited weaker energy prices.

The IMF ripped up its previous forecast in April for a 0.3-per cent contraction.

"The IMF said yesterday we've acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast," UK finance minister Jeremy Hunt said following the release of inflation data on Wednesday. 
 
&nbsp;

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In a moment of respite for UK Prime Minister Rishi Sunak, the country’s annual inflation rate dropped to a 13-month low of 8.7 per cent in April, from 10.1% in March, registering the biggest fall since the cost of living crisis began, but food prices still remain elevated at one of the highest levels in 45 years, according to official data.

In a moment of respite for UK Prime Minister Rishi Sunak, the country’s annual inflation rate dropped to a 13-month low of 8.7 per cent in April, from 10.1% in March, registering the biggest fall since the cost of living crisis began, but food prices still remain elevated at one of the highest levels in 45 years, according to official data. The development bringing some respite comes after months of post-pandemic cost-of-living crisis aggravated by war in Ukraine had pushed up energy prices in one of the coldest winters in Europe in recent times. Britain inflation data: What is the reading? According to the UK's Office for National Statistics, the rate of price increases came down from 10.1 per cent in March, and the inflation in April is down under 10 per cent for the first time since August last year. ALSO WATCH | UK inflation falls to 8.7% in April, food prices still remain high × At 8.7 per cent, it was at the lowest level since March last year, when the rate stood at 7.0 per cent. "However, prices in general remain substantially higher than they were this time last year, with annual food price inflation near historic highs," said ONS chief economist Grant Fitzner in an official statement. The rate at which food prices are rising fell for the second month in a row in May but remains ‘incredibly high’, says research firm Kantar. Prices were up by 17.2% from a year ago in the four weeks to the middle of May, down from 17.3% last month, it said. Food price rises are expected to ease further later this year, it added. UK inflation drop: What is the catch? The inflation rate continues to remain above the Bank of England's (BoE) prediction for inflation of 8.4 per cent last month. Britain's annual inflation rate in April was also the highest among the G-7 countries in the Group of Seven rich economies, which include Canada, France, Germany, Italy, Japan and the United States. Meanwhile, the target rate of 2.0 per cent remains very far off for the UK government. Prime Minister Rishi Sunak's government has said that the inflation may drop up to about 5.0 per cent by the end of 2023. “Last month, the rate of inflation fell notably as the large energy price rises seen last year were not repeated... but was offset partially by increases in the cost of second-hand cars and cigarettes,” Fitzner added. UK economy: Inflation numbers come after IMF U-turn The data comes a day after the International Monetary Fund, in a major U-turn on its forecast for the UK economy, said that it expected growth this year just one month after predicting a contraction. Britain's economy is expected to expand 0.4 per cent in 2023, the IMF said in its latest outlook document, which cited weaker energy prices. The IMF ripped up its previous forecast in April for a 0.3-per cent contraction. "The IMF said yesterday we've acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast," UK finance minister Jeremy Hunt said following the release of inflation data on Wednesday. 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.

PM Rishi Sunak delivers inflation respite for Britain, food prices fall but still remain high

After falling in revenue growth Meta has begun its latest layoff cycle after around 11,000 employees were laid off in the previous cycle between February and March. Meta is now gearing up for another round of layoffs and restructuring probably will shed another 10,000 job roles which will hit sales and marketing roles.

Meta begins new layoff cycle, will shed 10, 000 roles

World’s fourth-largest economy and Europe’s largest, Germany, has entered into recession after the country’s GDP recorded its second quarterly contraction.

The country’s Gross Domestic Product (GDP) from January to March quarter fell by 0.3 per cent, data released by the Federal Statistical Office on Thursday showed. This was the second consecutive drop from the last quarter of 2022, which showed a GDP fall of 0.5 per cent. Two consecutive quarters of decline constitute a technical recession.

The figures come as a major blow to the German government after it last month estimated double growth for this year.

German&nbsp;GDP data showed "surprisingly negative signals," Finance Minister Christian Lindner said on Thursday. He added that comparing Germany with other highly developed economies, the economy was losing potential for growth.

"I don't want Germany to play in a league in which we have to relegate ourselves to the last positions," he said, referring to the forecasts of the International Monetary Fund, which predicted a recession in 2023 only in Germany and Britain among European countries.

Experts say that high inflation contributed to the recession, with prices in April spiking by 7.2 per cent than a year ago.

Germany’s inflation rate is above Europe’s average but below the UK's 8.7 per cent.

<h2>Inflation spiking in Germany</h2>

Data from the statistics office showed that German households decreased their spending in the first quarter, with final consumption expenditure falling 1.2 per cent over that period. Industrial orders were also weaker, reflecting the impact of higher energy prices on businesses. Government spending also witnessed a drop in the first three months of the year.

"The persistence of high price increases continued to be a burden on the German economy at the start of the year," the federal statistics agency Destatis said in a statement.

<h2>Germany enters recession after GDP falls for second successive quarter</h2>

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The latest economic development comes in the wake of high inflation and high-interest rates across the region. The European Central Bank (ECB) is expected to raise rates again at its next meeting on June 15. The central bank has lifted its rates by 375 basis points since July.

Earlier this week, German Central Bank Governor Joachim Nagel said that the ECB has “several” more rate increases ahead.

<h2>Less bleak than anticipated?</h2>

Germany, which is heavily reliant on Russian energy, struggled to look for alternative sources as the West-led sanctions following the Russian invasion of Ukraine in February 2022 continued to put a toll on its economy.

A mild winter in Germany meant that the worst scenarios — such as a gas shortage, which would have ravaged the economy — did not occur.

Germany's last recession came as the COVID-19 pandemic at the start of 2020 prompted governments to effectively shutter whole sectors of the economy.

(With inputs from agencies)

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World’s fourth-largest economy and Europe’s largest, Germany, has entered into recession after the country’s GDP recorded its second quarterly contraction. The country’s Gross Domestic Product (GDP) from January to March quarter fell by 0.

World’s fourth-largest economy and Europe’s largest, Germany, has entered into recession after the country’s GDP recorded its second quarterly contraction. The country’s Gross Domestic Product (GDP) from January to March quarter fell by 0.3 per cent, data released by the Federal Statistical Office on Thursday showed. This was the second consecutive drop from the last quarter of 2022, which showed a GDP fall of 0.5 per cent. Two consecutive quarters of decline constitute a technical recession. The figures come as a major blow to the German government after it last month estimated double growth for this year. German GDP data showed "surprisingly negative signals," Finance Minister Christian Lindner said on Thursday. He added that comparing Germany with other highly developed economies, the economy was losing potential for growth. "I don't want Germany to play in a league in which we have to relegate ourselves to the last positions," he said, referring to the forecasts of the International Monetary Fund, which predicted a recession in 2023 only in Germany and Britain among European countries. Experts say that high inflation contributed to the recession, with prices in April spiking by 7.2 per cent than a year ago. Germany’s inflation rate is above Europe’s average but below the UK's 8.7 per cent. Inflation spiking in Germany Data from the statistics office showed that German households decreased their spending in the first quarter, with final consumption expenditure falling 1.2 per cent over that period. Industrial orders were also weaker, reflecting the impact of higher energy prices on businesses. Government spending also witnessed a drop in the first three months of the year. "The persistence of high price increases continued to be a burden on the German economy at the start of the year," the federal statistics agency Destatis said in a statement. Germany enters recession after GDP falls for second successive quarter The latest economic development comes in the wake of high inflation and high-interest rates across the region. The European Central Bank (ECB) is expected to raise rates again at its next meeting on June 15. The central bank has lifted its rates by 375 basis points since July. Earlier this week, German Central Bank Governor Joachim Nagel said that the ECB has “several” more rate increases ahead. Less bleak than anticipated? Germany, which is heavily reliant on Russian energy, struggled to look for alternative sources as the West-led sanctions following the Russian invasion of Ukraine in February 2022 continued to put a toll on its economy. A mild winter in Germany meant that the worst scenarios — such as a gas shortage, which would have ravaged the economy — did not occur. Germany's last recession came as the COVID-19 pandemic at the start of 2020 prompted governments to effectively shutter whole sectors of the economy. (With inputs from agencies)

Germany, world’s fourth-largest economy, enters recession

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its&nbsp;latest round of layoffs, representing the final phase of a three-part plan announced in March.&nbsp;

The latest&nbsp;job cuts will eliminate&nbsp;10,000 positions, mostly non-engineering&nbsp;roles like content design and user experience research.&nbsp;

Meta's international headquarters in Dublin will bear a significant impact from the latest wave of cuts, with around 490 employees expected to be affected, representing nearly 20 percent of its Irish workforce.

Moreover, two prominent executives in India, Avinash Pant (Director of Marketing) and Saket Jha Saurabh (Director and Head of Media Partnerships) have also been let go.

CEO Mark Zuckerberg has also hinted at smaller rounds of layoffs in the future, indicating the company's ongoing efforts to optimize its operations.

Meta's previous&nbsp;layoffs, which took place in the fall of 2022,&nbsp;resulted in the termination of over 11,000 employees and brought the company's headcount back to mid-2021 levels.&nbsp;

Stock Intact, Job Isn't

Despite the massive reduction in workforce, Meta's stock has more than doubled in value this year, positioning Meta as one of the standout performers in the prestigious S&amp;P 500 index.&nbsp;

The rising stock value of Meta&nbsp;in 2023 can be attributed to the tech giant's&nbsp;unwavering commitment to artificial intelligence and its strategic implementation of cost-cutting measures, reports said.&nbsp;

The decision to downsize the workforce comes in response to Meta's months of slowing revenue growth, influenced by factors such as high inflation and a decline in digital advertising due to the contraction of the pandemic-driven e-commerce boom.

Meta has also been channeling substantial investments into its Reality Labs unit, focused on developing the metaverse and enhancing the infrastructure to support artificial intelligence endeavors. However, these investments incurred a loss of $13.7 billion for the Reality Labs unit in 2022.

(Inputs from various agencies)

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its latest round of layoffs, representing the final phase of a three-part plan announced in March.

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its latest round of layoffs, representing the final phase of a three-part plan announced in March. The latest job cuts will eliminate 10,000 positions, mostly non-engineering roles like content design and user experience research. Meta's international headquarters in Dublin will bear a significant impact from the latest wave of cuts, with around 490 employees expected to be affected, representing nearly 20 percent of its Irish workforce. Moreover, two prominent executives in India, Avinash Pant (Director of Marketing) and Saket Jha Saurabh (Director and Head of Media Partnerships) have also been let go. CEO Mark Zuckerberg has also hinted at smaller rounds of layoffs in the future, indicating the company's ongoing efforts to optimize its operations. Meta's previous layoffs, which took place in the fall of 2022, resulted in the termination of over 11,000 employees and brought the company's headcount back to mid-2021 levels. Stock Intact, Job Isn't Despite the massive reduction in workforce, Meta's stock has more than doubled in value this year, positioning Meta as one of the standout performers in the prestigious S&P 500 index. The rising stock value of Meta in 2023 can be attributed to the tech giant's unwavering commitment to artificial intelligence and its strategic implementation of cost-cutting measures, reports said. The decision to downsize the workforce comes in response to Meta's months of slowing revenue growth, influenced by factors such as high inflation and a decline in digital advertising due to the contraction of the pandemic-driven e-commerce boom. Meta has also been channeling substantial investments into its Reality Labs unit, focused on developing the metaverse and enhancing the infrastructure to support artificial intelligence endeavors. However, these investments incurred a loss of $13.7 billion for the Reality Labs unit in 2022. (Inputs from various agencies)

Meta's 10,000 layoff target: Non-engineering roles take a hit

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US&nbsp;debt ceiling.

White House and congressional Republican negotiators are seeking to resolve a months-long impasse over raising the US&nbsp;government's $31.4 trillion government debt limit, with the nation facing the risk of default in as soon as nine days.

Georgieva, speaking at a press conference in London, said a US&nbsp;default would damage both the U.S. and the global economies, representing a powerful incentive for negotiators to reach an agreement.

"We have seen historically that discussions on the debt ceiling in the United States have always been quite tense, but always resulted in solutions," she said.

"Let's see how much this will be driven to the 11th hour. Hopefully we won't have to wait that long."

Georgieva was in London to present the IMF's annual assessment of Britain's economy, which it now expects will avoid recession but continue to suffer from high inflation and muted growth in the near term.

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US debt ceiling.

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US debt ceiling. White House and congressional Republican negotiators are seeking to resolve a months-long impasse over raising the US government's $31.4 trillion government debt limit, with the nation facing the risk of default in as soon as nine days. Georgieva, speaking at a press conference in London, said a US default would damage both the U.S. and the global economies, representing a powerful incentive for negotiators to reach an agreement. "We have seen historically that discussions on the debt ceiling in the United States have always been quite tense, but always resulted in solutions," she said. "Let's see how much this will be driven to the 11th hour. Hopefully we won't have to wait that long." Georgieva was in London to present the IMF's annual assessment of Britain's economy, which it now expects will avoid recession but continue to suffer from high inflation and muted growth in the near term.

IMF chief hopes US debt ceiling deal will come before '11th hour'

Veteran oil industry analyst Paul Sankey has sounded the alarm on&nbsp;the rising&nbsp;Russian oil exports to Asia and its threat&nbsp;to Saudi Arabia's dominance in the global oil market.&nbsp;

In a recent interview with Bloomberg TV, Sankey pointed out that Saudi Arabia's price premiums were being eroded by the increasing competition from Russian oil, making it a pressing concern for the oil-rich kingdom.

Sankey expressed skepticism towards Saudi Arabia's claims that market short sellers were solely responsible for the underwhelming oil prices. Instead, he emphasised that the overall oil balance, particularly the challenge posed by Russia, should be the primary focus for the Saudis.&nbsp;

While squeezing speculators may provide short-term relief, the long-term problem lies in addressing the competition from Russia and maintaining market share, he argued.&nbsp;

"Frankly, I don't know why they're so obsessed with speculators. I mean, you can squeeze speculators on a short-term basis. But the real problem is the overall oil balance," Sankey told Bloomberg TV on Wednesday.

The Quest For Asian Domination Begins

Focusing on Russia's strategy, Sankey said that Russia has been redirecting its oil exports towards Asian markets, thereby cutting into the traditional long-term Saudi premium for selling oil to Asia. He emphasized that the impact of this competition between the two oil giants on market share and overall competition is far more significant than currently appreciated.

Sankey also pointed out that despite the seemingly good relations between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, it is still being determined whether the same rapport extends to their respective oil ministers. This potential tension between the two oil giants raises concerns as they have previously coordinated production efforts.

Russia's efforts to diversify its energy exports stem from the sanctions that have&nbsp;restricted its access to European markets. Consequently, Russia has sought alternative destinations for its oil exports, with China and India accounting for approximately 90 percent of its seaborne crude shipments.&nbsp;

Moreover, Russia's Deputy Prime Minister, Alexander Novak, recently hinted at the possibility of supplying 40 percent of China's energy needs, indicating a sustained reliance on the Asian market.

As the global oil landscape continues to evolve, Saudi Arabia faces a formidable challenge from Russia's expanding presence in Asia. To maintain its position as a dominant player in the oil market, Sankey told Bloomberg TV that the kingdom must find effective strategies to compete with Russia's growing influence.&nbsp;

(With agency inputs)

Veteran oil industry analyst Paul Sankey has sounded the alarm on the rising Russian oil exports to Asia and its threat to Saudi Arabia's dominance in the global oil market.

Veteran oil industry analyst Paul Sankey has sounded the alarm on the rising Russian oil exports to Asia and its threat to Saudi Arabia's dominance in the global oil market. In a recent interview with Bloomberg TV, Sankey pointed out that Saudi Arabia's price premiums were being eroded by the increasing competition from Russian oil, making it a pressing concern for the oil-rich kingdom. Sankey expressed skepticism towards Saudi Arabia's claims that market short sellers were solely responsible for the underwhelming oil prices. Instead, he emphasised that the overall oil balance, particularly the challenge posed by Russia, should be the primary focus for the Saudis. While squeezing speculators may provide short-term relief, the long-term problem lies in addressing the competition from Russia and maintaining market share, he argued. "Frankly, I don't know why they're so obsessed with speculators. I mean, you can squeeze speculators on a short-term basis. But the real problem is the overall oil balance," Sankey told Bloomberg TV on Wednesday. The Quest For Asian Domination Begins Focusing on Russia's strategy, Sankey said that Russia has been redirecting its oil exports towards Asian markets, thereby cutting into the traditional long-term Saudi premium for selling oil to Asia. He emphasized that the impact of this competition between the two oil giants on market share and overall competition is far more significant than currently appreciated. Sankey also pointed out that despite the seemingly good relations between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, it is still being determined whether the same rapport extends to their respective oil ministers. This potential tension between the two oil giants raises concerns as they have previously coordinated production efforts. Russia's efforts to diversify its energy exports stem from the sanctions that have restricted its access to European markets. Consequently, Russia has sought alternative destinations for its oil exports, with China and India accounting for approximately 90 percent of its seaborne crude shipments. Moreover, Russia's Deputy Prime Minister, Alexander Novak, recently hinted at the possibility of supplying 40 percent of China's energy needs, indicating a sustained reliance on the Asian market. As the global oil landscape continues to evolve, Saudi Arabia faces a formidable challenge from Russia's expanding presence in Asia. To maintain its position as a dominant player in the oil market, Sankey told Bloomberg TV that the kingdom must find effective strategies to compete with Russia's growing influence. (With agency inputs)

Russia challenges Saudi Arabia's throne in Asian oil trade: Veteran analyst

In a move that could revolutionize the country's electric vehicle industry, Tata Motors, the Indian owner of Jaguar Land Rover, is on the verge of selecting Britain for its multi-billion-pound electric car battery plant.&nbsp;

The decision, according to media reports, is expected to be finalized during an upcoming visit by Tata's CEO to London.&nbsp;

The proposed plant could bring an impressive 9,000 jobs to Somerset, a picturesque county in southwest England.

This proposed investment is a significant boost to the British car industry and a major win for Prime Minister Rishi Sunak, who has been pressured to attract car manufacturers to the country.&nbsp;

UK's finance minister, Jeremy Hunt, had recently alluded to a significant development in Britain's electric vehicle battery-making capacity, and Tata Motors' choice of Britain over Spain is set to fulfill that promise.

A Big Boost for Britain’s EV Dream

The establishment of the battery plant in Britain would address the country's lag in global battery capacity and bolster its electric vehicle sector, which relies on the production of heavy batteries close to car manufacturing plants.

Moreover, it would alleviate concerns raised by major automakers, including Vauxhall owner Stellantis and Ford, who had warned that post-Brexit trade rules could render their operations unfeasible.

The British government's business department has refrained from commenting on the report, while Tata Motors and its parent company, Tata Sons, haven't responded to requests for comment.

However, if the deal is sealed, it would mark a significant milestone for the British automotive industry and strengthen the UK's position in the race to dominate the electric vehicle market.

Furthermore, the battery plant's establishment would secure the future of the UK's electric vehicle sector and protect British cars from potential tariffs under the upcoming post-Brexit regulations. This newfound capability to produce batteries domestically would shield the British automotive industry from potential trade hurdles, enabling it to remain competitive internationally.

(With inputs from Reuters)

In a move that could revolutionize the country's electric vehicle industry, Tata Motors, the Indian owner of Jaguar Land Rover, is on the verge of selecting Britain for its multi-billion-pound electric car battery plant.

In a move that could revolutionize the country's electric vehicle industry, Tata Motors, the Indian owner of Jaguar Land Rover, is on the verge of selecting Britain for its multi-billion-pound electric car battery plant. The decision, according to media reports, is expected to be finalized during an upcoming visit by Tata's CEO to London. The proposed plant could bring an impressive 9,000 jobs to Somerset, a picturesque county in southwest England. This proposed investment is a significant boost to the British car industry and a major win for Prime Minister Rishi Sunak, who has been pressured to attract car manufacturers to the country. UK's finance minister, Jeremy Hunt, had recently alluded to a significant development in Britain's electric vehicle battery-making capacity, and Tata Motors' choice of Britain over Spain is set to fulfill that promise. A Big Boost for Britain’s EV Dream The establishment of the battery plant in Britain would address the country's lag in global battery capacity and bolster its electric vehicle sector, which relies on the production of heavy batteries close to car manufacturing plants. Moreover, it would alleviate concerns raised by major automakers, including Vauxhall owner Stellantis and Ford, who had warned that post-Brexit trade rules could render their operations unfeasible. The British government's business department has refrained from commenting on the report, while Tata Motors and its parent company, Tata Sons, haven't responded to requests for comment. However, if the deal is sealed, it would mark a significant milestone for the British automotive industry and strengthen the UK's position in the race to dominate the electric vehicle market. Furthermore, the battery plant's establishment would secure the future of the UK's electric vehicle sector and protect British cars from potential tariffs under the upcoming post-Brexit regulations. This newfound capability to produce batteries domestically would shield the British automotive industry from potential trade hurdles, enabling it to remain competitive internationally. (With inputs from Reuters)

Tata Motors all set to choose UK for its new electric car battery plant

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax.&nbsp;

As per a Reuters report, LIC's profit after tax stood at 134.28 billion rupees in the last quarter of FY23 (January to March 2023), which is a substantial increase compared to 23.72 billion rupees posted a year earlier.

To add to LIC's bumper profits, its strategic move to transfer a substantial amount of 72.99 billion rupees from its non-participating fund to the shareholders' fund has fortified its financial position. The fund stood at 272.41 billion rupees, as on March 31, 2023.

The state-owned insurer reported an even better&nbsp;standalone net profit in the first three months of 2023.&nbsp;

The state-owned insurer posted a standalone net profit of Rs 13,427.8 in the Q4 of 2023, which is a whopping six-fold rise from Rs 2,371.5 crore&nbsp;in the March quarter of 2022.

Backed by exceptional financial results, LIC has declared a final dividend of three&nbsp;rupees per share for the recently-concluded financial year. This announcement will be welcomed by LIC's shareholders, who have taken a 32 percent hit since the insurer was listed in May 2022.

During the fourth quarter of 2022-23, LIC experienced a year-on-year decline of 8.3 percent in standalone net premium income, amounting to Rs 1.31 lakh crore. However, on a sequential basis, the premium income showed a notable increase of 17.9 percent.

According to LIC, first-year premium declined 12.33 percent year-on-year to reach Rs 12,811.2 crore. On the other hand, the renewal premium grew 6.8 percent to reach Rs 76,009 crore.

(With inputs from Reuters)

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax. As per a Reuters report, LIC's profit after tax stood at 134.

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax. As per a Reuters report, LIC's profit after tax stood at 134.28 billion rupees in the last quarter of FY23 (January to March 2023), which is a substantial increase compared to 23.72 billion rupees posted a year earlier. To add to LIC's bumper profits, its strategic move to transfer a substantial amount of 72.99 billion rupees from its non-participating fund to the shareholders' fund has fortified its financial position. The fund stood at 272.41 billion rupees, as on March 31, 2023. The state-owned insurer reported an even better standalone net profit in the first three months of 2023. The state-owned insurer posted a standalone net profit of Rs 13,427.8 in the Q4 of 2023, which is a whopping six-fold rise from Rs 2,371.5 crore in the March quarter of 2022. Backed by exceptional financial results, LIC has declared a final dividend of three rupees per share for the recently-concluded financial year. This announcement will be welcomed by LIC's shareholders, who have taken a 32 percent hit since the insurer was listed in May 2022. During the fourth quarter of 2022-23, LIC experienced a year-on-year decline of 8.3 percent in standalone net premium income, amounting to Rs 1.31 lakh crore. However, on a sequential basis, the premium income showed a notable increase of 17.9 percent. According to LIC, first-year premium declined 12.33 percent year-on-year to reach Rs 12,811.2 crore. On the other hand, the renewal premium grew 6.8 percent to reach Rs 76,009 crore. (With inputs from Reuters)

LIC Q4 results: India's top insurer sees 112% surge in net profit

US lawmakers have called for retaliation against China for its move to ban memory chips maker micron technology and that may further inflame relations between the two nations. Representative Mike Gallagher, who chairs a congressional committee focusing on china, has proposed adding Changxin memory technologies to a "blacklist" that would prevent it from doing business with American companies.

US mull blacklisting Chinese chipmaker

A fall in oil prices has always been a major concern for Saudi Arabia. For long, Saudis have blamed US based short sellers, in other words, those who bet that oil prices will fall, for the volatility in oil prices. But a veteran analyst feels that saudi's biggest headache may be another oil producer - Russia.

Expert: Saudi oil faces threat from Russia

A Tata motor, the owner of Jaguar Land Rover, is set to choose the United Kingdom as the location for its multi-billion pound electric car battery plant. This decision could bring thousands of jobs to Somerset in southwest England, and provide a much-needed boost to the UK’s electric vehicle industry.

Jaguar Land Rover chooses UK for car battery plant

Renowned billionaire investor Carl Icahn finds himself in an unexpected position after US short-seller Hindenburg Research targeted his investment vehicle, Icahn Enterprises LP, earlier this month.&nbsp;

However, the 87-year-old Icahn, known as the Lone Wolf of Wall Street, is unfazed by the accusations and continues to focus on his upcoming proxy fight at gene-sequencing company Illumina Inc, a Bloomberg report has said.&nbsp;

In a report released on May 2, Hindenburg Research had alleged that the Icahn's stock is significantly overvalued relative to its underlying holdings and questioned its ability to sustain its high dividends, which attract investors.&nbsp;

The fallout from Hindenburg's report has resulted in at least a $15 billion decline in Icahn's net worth, damaging the billionaire's legendary reputation. However, it is business as usual for him.&nbsp;

Despite the upheaval caused by Hindenburg Research's accusations, Icahn has largely dismissed the uncomfortable questions. Icahn Enterprises issued a statement calling the report "self-serving," while Icahn himself declined to address Hindenburg and its report directly during a recent interview with Bloomberg.

While acknowledging his costly blunders, including a $9 billion loss from incorrectly betting on a market crash, Icahn has maintained his unwavering focus on his core expertise: reshaping the companies he invests in. &nbsp;

The past decade has witnessed a significant decline of over 60 percent in the stock price of Icahn Enterprises, while the S&amp;P 500 has surged by approximately 153 percent. Although Icahn Enterprises has managed to compensate to some extent through dividends, providing shareholders with a modest total return of about 6 percent, it pales compared to the S&amp;P's impressive return of around 206 percent.

Carl Icahn's reputation as a corporate raider turned activist investor has made him a figure of both awe and fear on Wall Street. His legendary battles with companies such as TWA, RJR Nabisco, Marvel, Texaco, and Blockbuster have solidified his position as a formidable corporate force. However, the recent Hindenburg report has presented Icahn with a unique and unexpected challenge, leaving some to speculate that he is experiencing unprecedented humiliation.

A Bloomberg report quoted Mark Stevens, Icahn's biographer, as suggesting that the financial blow pales in comparison to the personal impact Icahn has experienced by being outsmarted. As Icahn Enterprises plans to repurchase $500 million of its shares on the open market, Icahn is already strategising his defense. Despite the odds, Icahn's reputation as a savvy chess player who thinks several moves ahead leaves room for speculation on his next move.

Renowned billionaire investor Carl Icahn finds himself in an unexpected position after US short-seller Hindenburg Research targeted his investment vehicle, Icahn Enterprises LP, earlier this month.

Renowned billionaire investor Carl Icahn finds himself in an unexpected position after US short-seller Hindenburg Research targeted his investment vehicle, Icahn Enterprises LP, earlier this month. However, the 87-year-old Icahn, known as the Lone Wolf of Wall Street, is unfazed by the accusations and continues to focus on his upcoming proxy fight at gene-sequencing company Illumina Inc, a Bloomberg report has said. In a report released on May 2, Hindenburg Research had alleged that the Icahn's stock is significantly overvalued relative to its underlying holdings and questioned its ability to sustain its high dividends, which attract investors. The fallout from Hindenburg's report has resulted in at least a $15 billion decline in Icahn's net worth, damaging the billionaire's legendary reputation. However, it is business as usual for him. Despite the upheaval caused by Hindenburg Research's accusations, Icahn has largely dismissed the uncomfortable questions. Icahn Enterprises issued a statement calling the report "self-serving," while Icahn himself declined to address Hindenburg and its report directly during a recent interview with Bloomberg. While acknowledging his costly blunders, including a $9 billion loss from incorrectly betting on a market crash, Icahn has maintained his unwavering focus on his core expertise: reshaping the companies he invests in. The past decade has witnessed a significant decline of over 60 percent in the stock price of Icahn Enterprises, while the S&P 500 has surged by approximately 153 percent. Although Icahn Enterprises has managed to compensate to some extent through dividends, providing shareholders with a modest total return of about 6 percent, it pales compared to the S&P's impressive return of around 206 percent. Carl Icahn's reputation as a corporate raider turned activist investor has made him a figure of both awe and fear on Wall Street. His legendary battles with companies such as TWA, RJR Nabisco, Marvel, Texaco, and Blockbuster have solidified his position as a formidable corporate force. However, the recent Hindenburg report has presented Icahn with a unique and unexpected challenge, leaving some to speculate that he is experiencing unprecedented humiliation. A Bloomberg report quoted Mark Stevens, Icahn's biographer, as suggesting that the financial blow pales in comparison to the personal impact Icahn has experienced by being outsmarted. As Icahn Enterprises plans to repurchase $500 million of its shares on the open market, Icahn is already strategising his defense. Despite the odds, Icahn's reputation as a savvy chess player who thinks several moves ahead leaves room for speculation on his next move.

Icahn vs Hindenburg: A Wall Street Heavyweight match for the ages

Adani group stocks rallied on Tuesday, extending gains for the third straight session. The group also powered Indian equity benchmarks, with the nifty-50 index about 500 points away from a record high. What helped was an U.S. investment firm's decision to increase its stake in Adani group stocks.

U.S. investment firm GQG increases stake in Adani

More than 30 billion dollars was erased from the luxury goods sector in just one day and that puts a damper on the blazing gain in the industry this year driven by overseas demand especially from China. According to Bloomberg, Hermes International had its shares 5.5 percent, while Loius Vuitton declined by 4% and Gucci Kering SA dropped over 2%.

Luxury stocks lose $30 billion in one day, demand fears hurts luxury firms' stock

In a major legal victory for tech billionaire Elon Musk, a class-action lawsuit accusing him of cheating Twitter shareholders has been dismissed by a U.S. District Judge in San Francisco.

The lawsuit alleged that Musk manipulated the system during the acquisition of the social media giant. However, the judge ruled that the plaintiff lacked standing to sue and found no evidence to support the claims of harm caused by Musk's actions, Reuters reported on Tuesday.

The lawsuit, filed by William Heresniak, claimed that Musk's delayed disclosure of a 9.2 percent stake in Twitter allowed him to purchase additional shares at a lesser price before the buyout was announced. It also alleged that the deal's closing took place 1 1/2 months later than planned, causing harm to shareholders.

However, U.S. District Judge Charles Breyer dismissed the case, stating that Heresniak lacked standing to sue because he focused on the "wrongs associated with" Musk's buyout rather than the fairness of the buyout itself, reported Reuters. The judge emphasised that the plaintiff did not demonstrate any specific harm resulting from Musk's belated disclosure or the delayed closing.

Furthermore, the judge found no proof to support the claim that Musk helped two friends on Twitter's board, Jack Dorsey and Egon Durban, breach their fiduciary duties by favoring their own and Musk's interests. The decision to allow Dorsey to roll over his approximately $1 billion worth of Twitter shares into an equity stake in the new company was determined to be a legitimate reduction in Musk's payment at closing and not an improper diversion of funds from other shareholders.

Musk, who was the world's richest man for the most part of 2022,&nbsp;bought Twitter for $44 billion in April last year. After Musk's&nbsp;takeover, the then publicly-traded firm became private. Notably, after Musk completed the takeover in October last year, Twitter has been on a makeover spree.&nbsp;

While&nbsp;the lawsuit against Musk has been dismissed, Twitter's troubles are far from over.&nbsp;

The microblogging platform continues to face challenges in maintaining ad revenue. Advertisers have expressed concerns about their ads being associated with hate speech or inappropriate content due to the platform's relaxed content rules.

Moreover, Musk's recent appointment of former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO adds an intriguing twist to the ongoing saga.&nbsp;

(Inputs from Reuters)

In a major legal victory for tech billionaire Elon Musk, a class-action lawsuit accusing him of cheating Twitter shareholders has been dismissed by a U.S. District Judge in San Francisco.

In a major legal victory for tech billionaire Elon Musk, a class-action lawsuit accusing him of cheating Twitter shareholders has been dismissed by a U.S. District Judge in San Francisco. The lawsuit alleged that Musk manipulated the system during the acquisition of the social media giant. However, the judge ruled that the plaintiff lacked standing to sue and found no evidence to support the claims of harm caused by Musk's actions, Reuters reported on Tuesday. The lawsuit, filed by William Heresniak, claimed that Musk's delayed disclosure of a 9.2 percent stake in Twitter allowed him to purchase additional shares at a lesser price before the buyout was announced. It also alleged that the deal's closing took place 1 1/2 months later than planned, causing harm to shareholders. However, U.S. District Judge Charles Breyer dismissed the case, stating that Heresniak lacked standing to sue because he focused on the "wrongs associated with" Musk's buyout rather than the fairness of the buyout itself, reported Reuters. The judge emphasised that the plaintiff did not demonstrate any specific harm resulting from Musk's belated disclosure or the delayed closing. Furthermore, the judge found no proof to support the claim that Musk helped two friends on Twitter's board, Jack Dorsey and Egon Durban, breach their fiduciary duties by favoring their own and Musk's interests. The decision to allow Dorsey to roll over his approximately $1 billion worth of Twitter shares into an equity stake in the new company was determined to be a legitimate reduction in Musk's payment at closing and not an improper diversion of funds from other shareholders. Musk, who was the world's richest man for the most part of 2022, bought Twitter for $44 billion in April last year. After Musk's takeover, the then publicly-traded firm became private. Notably, after Musk completed the takeover in October last year, Twitter has been on a makeover spree. While the lawsuit against Musk has been dismissed, Twitter's troubles are far from over. The microblogging platform continues to face challenges in maintaining ad revenue. Advertisers have expressed concerns about their ads being associated with hate speech or inappropriate content due to the platform's relaxed content rules. Moreover, Musk's recent appointment of former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO adds an intriguing twist to the ongoing saga. (Inputs from Reuters)

Elon Musk dodges Twitter lawsuit bullet: Judge dismisses cheating claims 

In a nation grappling with the exchange and depositing of ₹2,000 notes, confusion reigns supreme. On the first day, customers found themselves caught in a whirlwind of differing requirements across banks. While some banks demanded official identity cards and forms, others took a more relaxed approach. The lack of consistency left people puzzled and frustrated as they faced hurdles in their attempts to exchange their currency.

Rs 2000 notes withdrawn: Confusion galore | World Business Watch

Egypt is in an economic crisis, its the worst in several decades. The cash-strapped land of pyramids needs to decide whether it wants to go for another round of currency devaluation or attract investments from West Asia before securing a $3 billion IMF loan.

Egypt's IMF package hits roadblock | World Business Watch

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than&nbsp;$30 billion over&nbsp;fears of a softening US economy hitting demand.&nbsp;

According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices.

The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune.&nbsp;

Over the past year, the luxury sector's meteoric rise&nbsp;has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs.

Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world.&nbsp;

A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022.

US, Asia demand boosts luxury brands

The United States and Asia represent significant markets for the European luxury brands.

Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags.

LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year.&nbsp;

According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent.

But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices. The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune. Over the past year, the luxury sector's meteoric rise has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs. Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world. A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022. US, Asia demand boosts luxury brands The United States and Asia represent significant markets for the European luxury brands. Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags. LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year. According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent. But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Steep sell-off: Luxury stocks lose $30 billion in one day over US demand fears

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022.

Moody's added&nbsp;that India will be the fastest-growing G-20 economy for the next few years, largely because of a young workforce, increasing urbanisation, and rising government spending on infrastructure.&nbsp;

Interestingly, India holds the presidency of the G20 group of nations this year.&nbsp;

But Moody's also highlighted several red flags for India's economy. The ratings agency said bureaucracy could slow approval processes to set up businesses, which would hamper economic growth.

Moody's said that a slacking bureaucracy may drive away foreign investors to other Asian destinations like Indonesia and Vietnam. "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment, especially when competing with other developing economies in the region," Moody's Investors Service said.

The credit rating agency added that limited liberalisation in business regulations could harm India's growth prospects too. "Lack of certainty around the amount of time needed for land acquisition approvals, regulatory clearances, obtaining licenses and setting up businesses can materially prolong project gestation," the credit rating agency said.&nbsp;

However, Moody's also took note of the Indian government's efforts to reform the economy.

The US credit rating agency said that recent reforms like making labour laws flexible, raising the agricultural sector's efficiency, expanding investment in infrastructure, incentivising investment in manufacturing, and strengthening the financial sector will help India's economy. But Moody's added that effective implementation of the reforms will be key.&nbsp;

The Moody's projection came just a day after India's Reserve Bank of India said that the country's growth trajectory was steadfast, supported by a robust banking sector and a steadfast commitment to financial stability.

In its latest assessment cited by Reuters, the Reserve Bank of India revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23.

Over a week ago, the UN had projected&nbsp;that the Indian economy would&nbsp;grow by 6.7 per cent in 2024, emerging as one of the few bright spots.&nbsp;

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022.

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022. Moody's added that India will be the fastest-growing G-20 economy for the next few years, largely because of a young workforce, increasing urbanisation, and rising government spending on infrastructure. Interestingly, India holds the presidency of the G20 group of nations this year. But Moody's also highlighted several red flags for India's economy. The ratings agency said bureaucracy could slow approval processes to set up businesses, which would hamper economic growth. Moody's said that a slacking bureaucracy may drive away foreign investors to other Asian destinations like Indonesia and Vietnam. "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment, especially when competing with other developing economies in the region," Moody's Investors Service said. The credit rating agency added that limited liberalisation in business regulations could harm India's growth prospects too. "Lack of certainty around the amount of time needed for land acquisition approvals, regulatory clearances, obtaining licenses and setting up businesses can materially prolong project gestation," the credit rating agency said. However, Moody's also took note of the Indian government's efforts to reform the economy. The US credit rating agency said that recent reforms like making labour laws flexible, raising the agricultural sector's efficiency, expanding investment in infrastructure, incentivising investment in manufacturing, and strengthening the financial sector will help India's economy. But Moody's added that effective implementation of the reforms will be key. The Moody's projection came just a day after India's Reserve Bank of India said that the country's growth trajectory was steadfast, supported by a robust banking sector and a steadfast commitment to financial stability. In its latest assessment cited by Reuters, the Reserve Bank of India revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23. Over a week ago, the UN had projected that the Indian economy would grow by 6.7 per cent in 2024, emerging as one of the few bright spots.

India to remain fastest growing G20 economy for the next few years: Moody's

The uproar over TCS or tax collected at source for international credit or debit card transactions has finally subsided after the Indian finance ministry clarified that there will not be any TCS on spending up to Rs 7 lakh ($8,470).

"To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up to Rs 7 lakh ($8,470) per financial year will be excluded from the LRS limits and hence, will not attract any TCS," the ministry said.

Nevertheless, international spending exceeding Rs 7 lakh ($8,470) will be taxed at the rate of 20 per cent with effect from July 1, the ministry added.

The clarification came days after the Indian government decided to bring overseas credit card spending under Liberalised Remittance Scheme (LRS). Debit card spending was already part of LRS.

The announcement came as a much-needed relief for international travelers, who often use credit cards to make foreign currency payments. But that was not before people criticized the levy as "tax terrorism" and sought its rollback.&nbsp;

But the reader will be wrong to think that this TCS policy is new. In fact, it is a part of the Liberalised Remittances Scheme (LRS), which was formulated under the Foreign Exchange Management Act, 1999, or FEMA. Under LRS, Indian residents are allowed to send up to $250,000 per year (April to March) outside India.

"TCS has been applicable on foreign remittances since 1961, and under the LRS since 2004. Over the years, there have been several changes in how much TCS is deducted and in what situation. Prior to the latest amendment, forex instruments, foreign currency, Forex cards, and debit cards&nbsp;attracted a TCS," said Adhil Shetty, CEO, Bankbazaar.com.

Shetty told wionews.com that the only exemption was credit cards, which has&nbsp;now been brought into the ambit of TCS under LRS. This he argued will remove the differential treatment between debit cards and credit cards and capture the total expenditures under LRS.

"Up to Rs 7 lakh, everything is the same. But if you are spending over Rs 7 lakh internationally, through a single or multiple credit card, how will that be tracked and taxed? We need some clarity on that matter," noted Shetty.

The uproar over TCS or tax collected at source for international credit or debit card transactions has finally subsided after the Indian finance ministry clarified that there will not be any TCS on spending up to Rs 7 lakh ($8,470).

The uproar over TCS or tax collected at source for international credit or debit card transactions has finally subsided after the Indian finance ministry clarified that there will not be any TCS on spending up to Rs 7 lakh ($8,470). "To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up to Rs 7 lakh ($8,470) per financial year will be excluded from the LRS limits and hence, will not attract any TCS," the ministry said. Nevertheless, international spending exceeding Rs 7 lakh ($8,470) will be taxed at the rate of 20 per cent with effect from July 1, the ministry added. The clarification came days after the Indian government decided to bring overseas credit card spending under Liberalised Remittance Scheme (LRS). Debit card spending was already part of LRS. The announcement came as a much-needed relief for international travelers, who often use credit cards to make foreign currency payments. But that was not before people criticized the levy as "tax terrorism" and sought its rollback. But the reader will be wrong to think that this TCS policy is new. In fact, it is a part of the Liberalised Remittances Scheme (LRS), which was formulated under the Foreign Exchange Management Act, 1999, or FEMA. Under LRS, Indian residents are allowed to send up to $250,000 per year (April to March) outside India. "TCS has been applicable on foreign remittances since 1961, and under the LRS since 2004. Over the years, there have been several changes in how much TCS is deducted and in what situation. Prior to the latest amendment, forex instruments, foreign currency, Forex cards, and debit cards attracted a TCS," said Adhil Shetty, CEO, Bankbazaar.com. Shetty told wionews.com that the only exemption was credit cards, which has now been brought into the ambit of TCS under LRS. This he argued will remove the differential treatment between debit cards and credit cards and capture the total expenditures under LRS. "Up to Rs 7 lakh, everything is the same. But if you are spending over Rs 7 lakh internationally, through a single or multiple credit card, how will that be tracked and taxed? We need some clarity on that matter," noted Shetty.

Need more clarity on taxing international spending of over Rs 7 lakh: Bankbazaar CEO

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for&nbsp;the world's largest cryptocurrency platform.&nbsp;&nbsp;

According to a Reuters report, Binance allegedly&nbsp;commingled customer funds with company revenue in 2020 and 2021, in violation of US financial rules that require companies to keep them separate.&nbsp;

In simple terms, commingling means mixing customer and corporate funds. This is a grey area in financing and makes it difficult for outsiders to know whether a company is healthy or not. Under the US law, commingling is considered illegal for companies. A company found commingling can lose liability protection and creditors may be able to make a claim against its personal assets.

However, Binance has denied commingling allegations, calling the Reuters&nbsp;report "weak". The company said that there was no commingling of funds, adding that it was "100 percent corporate funds".&nbsp;

<blockquote class="twitter-tweet">
Let me explain just how desperate a journalist <a href="https://twitter.com/Reuters?ref_src=twsrc%5Etfw">@Reuters</a> is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a…
— Patrick Hillmann (@PRHillmann) <a href="https://twitter.com/PRHillmann/status/1660987014626287617?ref_src=twsrc%5Etfw">May 23, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Binance Communications Head Patrick Hillman dubbed the Reuters report as a "1000 words of conspiracy theories with zero evidence other than a 'former insider'" and accused the news agency of "making stuff up".&nbsp;

A Reuters report, quoting unnamed sources, alleged that the cryptocurrency platform commingled sums that ran into billions of dollars on an almost daily basis in accounts the exchange held at failed US lender Silvergate Bank.

The news agency reviewed a bank record showing that on February 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money.

According to the report, Binance converted the commingled money into the dollar-linked token BUSD between 2020 and 2021.&nbsp;BUSD are “stablecoins” that are backed by dollars and designed to hold a steady value.

The money flows at Binance indicated a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators told Reuters.

Silvergate, the crypto-friendly bank&nbsp;on its way to closing&nbsp;down, became the lead banker for the crypto exchange in 2019, when it allowed US customers to trade on its platform. Binance,&nbsp;which was initially outside of the global financial system, was compelled to open conventional bank accounts to deposit the dollars it received from clients and to finance investments.&nbsp;

The reports of commingling by Binance is a potential red flag for investors and highlights the regulatory grey area that exists in the crypto space.&nbsp;

In December 2022, the founder of bankrupt FTX crypto exchange, Sam Bankman-Fried, was also accused of commingling client funds. According to US authorities, he used commingled funds to finance venture capital investments, political donations and real estate purchases.

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for the world's largest cryptocurrency platform.

Just months after authorities in the United States sued Binance for "illegal” exchange and a “sham” compliance programme, more trouble seems to be brewing for the world's largest cryptocurrency platform. According to a Reuters report, Binance allegedly commingled customer funds with company revenue in 2020 and 2021, in violation of US financial rules that require companies to keep them separate. In simple terms, commingling means mixing customer and corporate funds. This is a grey area in financing and makes it difficult for outsiders to know whether a company is healthy or not. Under the US law, commingling is considered illegal for companies. A company found commingling can lose liability protection and creditors may be able to make a claim against its personal assets. However, Binance has denied commingling allegations, calling the Reuters report "weak". The company said that there was no commingling of funds, adding that it was "100 percent corporate funds". Let me explain just how desperate a journalist @Reuters is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a… — Patrick Hillmann (@PRHillmann) May 23, 2023 Binance Communications Head Patrick Hillman dubbed the Reuters report as a "1000 words of conspiracy theories with zero evidence other than a 'former insider'" and accused the news agency of "making stuff up". A Reuters report, quoting unnamed sources, alleged that the cryptocurrency platform commingled sums that ran into billions of dollars on an almost daily basis in accounts the exchange held at failed US lender Silvergate Bank. The news agency reviewed a bank record showing that on February 10, 2021, Binance mixed $20 million from a corporate account with $15 million from an account that received customer money. According to the report, Binance converted the commingled money into the dollar-linked token BUSD between 2020 and 2021. BUSD are “stablecoins” that are backed by dollars and designed to hold a steady value. The money flows at Binance indicated a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues, three former U.S. regulators told Reuters. Silvergate, the crypto-friendly bank on its way to closing down, became the lead banker for the crypto exchange in 2019, when it allowed US customers to trade on its platform. Binance, which was initially outside of the global financial system, was compelled to open conventional bank accounts to deposit the dollars it received from clients and to finance investments. The reports of commingling by Binance is a potential red flag for investors and highlights the regulatory grey area that exists in the crypto space. In December 2022, the founder of bankrupt FTX crypto exchange, Sam Bankman-Fried, was also accused of commingling client funds. According to US authorities, he used commingled funds to finance venture capital investments, political donations and real estate purchases.

Binance commingled customer funds and company revenue, says report; company denies claims

Egypt finds itself in a race against time as it strives to resolve its currency dilemma while pursuing much-needed financial assistance from Gulf countries and the International Monetary Fund (IMF).

The North African nation is grappling with economic challenges, including a struggling currency and the urgent need for external funding.&nbsp;The country has been engaged in negotiations with Gulf partners, including Saudi Arabia, the United Arab Emirates (UAE), and Kuwait, to secure much-needed aid. Furthermore, Egypt is also exploring options to secure additional funding from the IMF.

The nation had previously secured a $5.2 billion loan under an IMF program, which expired in 2021. Egypt's government now seeks a new agreement that would provide access to further financial resources and support its reform agenda.

However, the successful conclusion of these negotiations hinges on Egypt addressing its weakening currency and demonstrating a clear path towards economic stability.

The currency has already experienced a significant decline, having lost nearly half its value since last year, resulting in heightened inflation, which has&nbsp;30 percent. In an attempt to stabilize the currency, the Egyptian pound has been devalued thrice since early 2022.

Nevertheless, investors remain skeptical, believing that the currency has yet to reach its lowest point. Currently trading at 30.9 against the dollar, experts anticipate a potential further drop of at least 16 percent&nbsp;to 37 by the end of the year.

To tackle the currency challenge, Egypt has taken measures to enhance foreign exchange liquidity and stabilize the Egyptian pound. The Central Bank of Egypt has intervened in the market to manage exchange rate fluctuations and mitigate excessive volatility.

The black market exchange rates have added to Egyptian government's&nbsp;worry, with the widening gap between official and unofficial rates fueling speculation. This has led to heightened volatility and uncertainty in&nbsp;the economy, affecting investor confidence and impeding economic recovery.

Egypt&nbsp;needs to resolve its currency crisis&nbsp;to&nbsp;not only secure an IMF assistance but also raise the confidence levels of its Arab allies who are willing to invest in the country. A stable pound would provide a much-needed boost to Egypt's economy,&nbsp;attract more foreign investment, and drive sustainable growth.

A stable pound would also demonstrate the government's commitment to implementing reforms, improving the business climate, and enhancing transparency.

However, challenges remain, and time is running out for Egypt.&nbsp;

Egypt finds itself in a race against time as it strives to resolve its currency dilemma while pursuing much-needed financial assistance from Gulf countries and the International Monetary Fund (IMF).

Egypt finds itself in a race against time as it strives to resolve its currency dilemma while pursuing much-needed financial assistance from Gulf countries and the International Monetary Fund (IMF). The North African nation is grappling with economic challenges, including a struggling currency and the urgent need for external funding. The country has been engaged in negotiations with Gulf partners, including Saudi Arabia, the United Arab Emirates (UAE), and Kuwait, to secure much-needed aid. Furthermore, Egypt is also exploring options to secure additional funding from the IMF. The nation had previously secured a $5.2 billion loan under an IMF program, which expired in 2021. Egypt's government now seeks a new agreement that would provide access to further financial resources and support its reform agenda. However, the successful conclusion of these negotiations hinges on Egypt addressing its weakening currency and demonstrating a clear path towards economic stability. The currency has already experienced a significant decline, having lost nearly half its value since last year, resulting in heightened inflation, which has 30 percent. In an attempt to stabilize the currency, the Egyptian pound has been devalued thrice since early 2022. Nevertheless, investors remain skeptical, believing that the currency has yet to reach its lowest point. Currently trading at 30.9 against the dollar, experts anticipate a potential further drop of at least 16 percent to 37 by the end of the year. To tackle the currency challenge, Egypt has taken measures to enhance foreign exchange liquidity and stabilize the Egyptian pound. The Central Bank of Egypt has intervened in the market to manage exchange rate fluctuations and mitigate excessive volatility. The black market exchange rates have added to Egyptian government's worry, with the widening gap between official and unofficial rates fueling speculation. This has led to heightened volatility and uncertainty in the economy, affecting investor confidence and impeding economic recovery. Egypt needs to resolve its currency crisis to not only secure an IMF assistance but also raise the confidence levels of its Arab allies who are willing to invest in the country. A stable pound would provide a much-needed boost to Egypt's economy, attract more foreign investment, and drive sustainable growth. A stable pound would also demonstrate the government's commitment to implementing reforms, improving the business climate, and enhancing transparency. However, challenges remain, and time is running out for Egypt.

Egypt's IMF package faces challenges as devaluation concerns weigh on economy