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LinkedIn, the Microsoft-owned professional networking platform, on Wednesday announced layoffs in&nbsp;its sales, operations, and support departments. But apart from full-time employees losing their jobs, media&nbsp;reports&nbsp;indicate that offer letters previously extended to new hires were also rescinded.&nbsp;

One such individual is Lea Schuhmacher, a former intern at LinkedIn and a participant in the company's Business Leadership Programme, which has been discontinued.

Schuhmacher revealed in&nbsp;a LinkedIn post that the company had offered her a role back in September 2022. However, after months of anticipation, the offer was unexpectedly revoked, leaving her in a state of uncertainty.

Schuhmacher expressed her disappointment and added&nbsp;that she had turned down other job offers&nbsp;based on LinkedIn's assurance of employment.

"Today, LinkedIn announced not only its 'difficult decision' to lay off hundreds of employees but also to discontinue the Business Leadership Programme that I was supposed to be a part of," her&nbsp;LinkedIn post read.&nbsp;

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Another individual, Connor Bernal, who was also part of the Business Leadership Programme and had worked in&nbsp;LinkedIn's strategy and product team, pointed out the irony of LinkedIn announcing layoffs on its 20th anniversary. Despite being directly affected, he expressed optimism about the platform's potential to help individuals like him in their job search.&nbsp;

<iframe allowfullscreen="" frameborder="0" height="774" src="https://www.linkedin.com/embed/feed/update/urn:li:share:7061775563677470720" title="Embedded post" width="504"></iframe>

On the same day, LinkedIn decided to shut&nbsp;its China-specific application, InCareers. To facilitate a smooth transition, the company has allowed&nbsp;InCareers&nbsp;users&nbsp;to download their data before the&nbsp;August 9 deadline.&nbsp;

Earlier this year, LinkedIn had laid&nbsp;off employees from its recruitment department due to challenging macroeconomic conditions. One of the affected&nbsp;employees, Melanie Quandt, publicly criticised the company for offering&nbsp;'insufficient' benefits and severance packages.&nbsp;

"Feeling awful for all of us that were impacted. It will take a lot for me to trust an employer again," Quandt wrote on LinkedIn.&nbsp;

LinkedIn, the Microsoft-owned professional networking platform, on Wednesday announced layoffs in its sales, operations, and support departments. But apart from full-time employees losing their jobs, media reports indicate that offer letters previously extended to new hires were also rescinded.

LinkedIn, the Microsoft-owned professional networking platform, on Wednesday announced layoffs in its sales, operations, and support departments. But apart from full-time employees losing their jobs, media reports indicate that offer letters previously extended to new hires were also rescinded. One such individual is Lea Schuhmacher, a former intern at LinkedIn and a participant in the company's Business Leadership Programme, which has been discontinued. Schuhmacher revealed in a LinkedIn post that the company had offered her a role back in September 2022. However, after months of anticipation, the offer was unexpectedly revoked, leaving her in a state of uncertainty. Schuhmacher expressed her disappointment and added that she had turned down other job offers based on LinkedIn's assurance of employment. "Today, LinkedIn announced not only its 'difficult decision' to lay off hundreds of employees but also to discontinue the Business Leadership Programme that I was supposed to be a part of," her LinkedIn post read. × Another individual, Connor Bernal, who was also part of the Business Leadership Programme and had worked in LinkedIn's strategy and product team, pointed out the irony of LinkedIn announcing layoffs on its 20th anniversary. Despite being directly affected, he expressed optimism about the platform's potential to help individuals like him in their job search. On the same day, LinkedIn decided to shut its China-specific application, InCareers. To facilitate a smooth transition, the company has allowed InCareers users to download their data before the August 9 deadline. Earlier this year, LinkedIn had laid off employees from its recruitment department due to challenging macroeconomic conditions. One of the affected employees, Melanie Quandt, publicly criticised the company for offering 'insufficient' benefits and severance packages. "Feeling awful for all of us that were impacted. It will take a lot for me to trust an employer again," Quandt wrote on LinkedIn.

LinkedIn layoffs: Woman says her job offer was rescinded before she could join

Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy.

The scrapping of FPO in February caused the port-to-power conglomerate's market worth to drop by more than $140 billion.

Also Read | <a href="https://www.wionews.com/world/former-us-marine-to-face-manslaughter-charges-over-death-of-jordan-neely-591478">Former US Marine to face manslaughter charges over death of Jordan Neely</a>

‘’The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement or a preferential issue,'' company's regulatory filing said to the stock exchanges on 10th May.

Adani Green Energy, the organization's arm for renewable energy, also made the announcement that it will seek funding after its board on May 13 approves the idea.

On May 12, the Supreme Court will hear the Securities and Exchange Board of India's (SEBI) request for a six-month extension to finish the investigation into the Adani Group.

Also Read | <a href="https://www.wionews.com/world/e-jean-carroll-might-sue-trump-over-cnn-town-hall-remarks-591474">E. Jean Carroll might sue Trump over CNN town hall remarks</a>

Sebi had requested an extension from India's apex court in order to complete its probe into the claims made against the conglomerate by US-based short seller Hindenburg.

The securities regulatory body said that Adani Group's transactions involving listed, unlisted, and offshore businesses need further inquiries. US short-seller Hindenburg accused the Gautam Adani-led business of regulatory disclosure lapses and stock price manipulation in a report that was made public in late January.

The Adani Group, on the other hand, has denied the accusations and maintained that it conforms with all legal and disclosure obligations. Adani Enterprises announced last week that it has re-appointed executive chairman Gautam Adani's for another five years.

Watch | Gravitas: Israeli attacks kill 4 Islamic jihad members in the Gaza strip

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Along with reporting a more than doubling of net profit to 722 crore in Q4FY23, the company had strong growth in its road and airport sectors.&nbsp;

Adani Enterprises' overall net profit for the fiscal year that ended in March 2023 tripled from the previous year to $2,472 crore, while its sales increased by more than 97% to $1.32 lakh crore. For the fiscal year 2022–2023, the board approved a dividend of $1.20 per share.

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Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy.

Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy. The scrapping of FPO in February caused the port-to-power conglomerate's market worth to drop by more than $140 billion. Also Read | Former US Marine to face manslaughter charges over death of Jordan Neely ‘’The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement or a preferential issue,'' company's regulatory filing said to the stock exchanges on 10th May. Adani Green Energy, the organization's arm for renewable energy, also made the announcement that it will seek funding after its board on May 13 approves the idea. On May 12, the Supreme Court will hear the Securities and Exchange Board of India's (SEBI) request for a six-month extension to finish the investigation into the Adani Group. Also Read | E. Jean Carroll might sue Trump over CNN town hall remarks Sebi had requested an extension from India's apex court in order to complete its probe into the claims made against the conglomerate by US-based short seller Hindenburg. The securities regulatory body said that Adani Group's transactions involving listed, unlisted, and offshore businesses need further inquiries. US short-seller Hindenburg accused the Gautam Adani-led business of regulatory disclosure lapses and stock price manipulation in a report that was made public in late January. The Adani Group, on the other hand, has denied the accusations and maintained that it conforms with all legal and disclosure obligations. Adani Enterprises announced last week that it has re-appointed executive chairman Gautam Adani's for another five years. Watch | Gravitas: Israeli attacks kill 4 Islamic jihad members in the Gaza strip × Along with reporting a more than doubling of net profit to 722 crore in Q4FY23, the company had strong growth in its road and airport sectors. Adani Enterprises' overall net profit for the fiscal year that ended in March 2023 tripled from the previous year to $2,472 crore, while its sales increased by more than 97% to $1.32 lakh crore. For the fiscal year 2022–2023, the board approved a dividend of $1.20 per share. 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. ×

Adani Enterprises to consider fundraising after scrapped FPO

In a strategic move to expand its presence in the Indian market, tech&nbsp;behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India.

The US tech giant said that it is eyeing $1 billion worth of combined exports and domestic market production from India, which will be seen as a&nbsp;boost to India's vision of becoming a global manufacturing hub.&nbsp;

Speaking to CNBC-TV18, Cisco CEO Chuck Robbins revealed that the manufacturing facility will come up in the southern Indian city of Chennai. Robbins also expressed optimism that&nbsp;the facility will be&nbsp;up and running within the next 12 months.

As per reports, Cisco plans to manufacture a select few high-volume products and gradually expand its product portfolio in India.&nbsp;

Robbins described India as the “number one growth opportunity over the next decade" and added that it will&nbsp;contribute almost 10 percent to&nbsp;the company's revenue in the coming years.

“I think when you talk to government leaders, the consistency around the single mission what they believe they can achieve for India is clear and we are excited to be a small part of it," Robbins told PTI.&nbsp;

Cisco's manufacturing plans were announced after a meeting between Chuck Robbins and Prime Minister Narendra Modi in New Delhi on Wednesday.&nbsp;

<blockquote class="twitter-tweet">
Delighted to meet you <a href="https://twitter.com/ChuckRobbins?ref_src=twsrc%5Etfw">@ChuckRobbins</a> and good to see <a href="https://twitter.com/Cisco?ref_src=twsrc%5Etfw">@Cisco</a> harnessing the wide range of opportunities available in India. <a href="https://t.co/AvtvwrrHYj">https://t.co/AvtvwrrHYj</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1656333422669987840?ref_src=twsrc%5Etfw">May 10, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Cisco's plan&nbsp;to manufacture in India stems from its strategy to establish a diverse and resilient global supply chain. By supporting India's ambition to become a global manufacturing hub, Cisco aims to tap into the country's rapidly developing digital economy.&nbsp;

"India is of strategic importance for Cisco, and we continue to bet on India. Today's announcement marks a significant milestone to power the next phase of growth for Cisco,"&nbsp;Daisy Chittilapilly, Cisco's Country Head, told Reuters.&nbsp;

Prime Minister Modi's government has been actively working to position India as a global electronics hub, attracting suppliers and device assemblers to establish their operations in the country.&nbsp;

(With agency inputs)&nbsp;

In a strategic move to expand its presence in the Indian market, tech behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India.

In a strategic move to expand its presence in the Indian market, tech behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India. The US tech giant said that it is eyeing $1 billion worth of combined exports and domestic market production from India, which will be seen as a boost to India's vision of becoming a global manufacturing hub. Speaking to CNBC-TV18, Cisco CEO Chuck Robbins revealed that the manufacturing facility will come up in the southern Indian city of Chennai. Robbins also expressed optimism that the facility will be up and running within the next 12 months. As per reports, Cisco plans to manufacture a select few high-volume products and gradually expand its product portfolio in India. Robbins described India as the “number one growth opportunity over the next decade" and added that it will contribute almost 10 percent to the company's revenue in the coming years. “I think when you talk to government leaders, the consistency around the single mission what they believe they can achieve for India is clear and we are excited to be a small part of it," Robbins told PTI. Cisco's manufacturing plans were announced after a meeting between Chuck Robbins and Prime Minister Narendra Modi in New Delhi on Wednesday. Delighted to meet you @ChuckRobbins and good to see @Cisco harnessing the wide range of opportunities available in India. https://t.co/AvtvwrrHYj — Narendra Modi (@narendramodi) May 10, 2023 Cisco's plan to manufacture in India stems from its strategy to establish a diverse and resilient global supply chain. By supporting India's ambition to become a global manufacturing hub, Cisco aims to tap into the country's rapidly developing digital economy. "India is of strategic importance for Cisco, and we continue to bet on India. Today's announcement marks a significant milestone to power the next phase of growth for Cisco," Daisy Chittilapilly, Cisco's Country Head, told Reuters. Prime Minister Modi's government has been actively working to position India as a global electronics hub, attracting suppliers and device assemblers to establish their operations in the country. (With agency inputs)

In boost to 'Make In India', Tech giant Cisco to start manufacturing in India

Crunch talks between US President Joe Biden and senior Republicans have been postponed until early next week to allow staff to continue working, the White House said in a statement Thursday.&nbsp;

A source familiar with the meetings between Democratic and Republican leaders said this was a positive development and that talks between the two sides were progressing, making Friday not the right moment for the leaders to meet.

But the Republican speaker of the House of Representatives, Kevin McCarthy, accused Democrats, including Senate Minority Leader Chuck Schumer, of holding up the deal.&nbsp;

"President Biden and Senator Schumer are stuck on no, they have no plan, no proposed savings and no clue," he told reporters shortly after the White House announced the talks had been postponed.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-pres-biden-house-speaker-mccarthy-meeting-on-debt-ceiling-ends-with-no-movement-talks-to-continue-590804">US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms</a>

"The staff has met the last two days, we think it's productive for the staff to meet again," McCarthy said, adding he expected there would be another meeting between senior Republican and Democratic leaders next week.&nbsp;

Averting the 'X-date'&nbsp; 
 
The two sides remain sharply divided over the debt ceiling, with Republicans in Congress insisting that Biden agree to significant budget cuts in exchange for support to lift the limit before the country runs out of money to pay its existing bills.

Democrats have been calling for a "clean" increase of the borrowing limit, accusing Republicans of using extreme tactics to push their political agenda ahead of the so-called "X-date" -- the point at which the US will be unable to meet its financial obligations. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-debt-limit-crisis-rise-in-market-bets-on-probability-of-default-591190">US debt limit crisis: Rise in market bets on probability of default</a>

The planned talks between Biden and McCarthy were the second scheduled for this week, as both sides look to avoid the X-date, which US Treasury Secretary Janet Yellen has warned could come as soon as June 1.&nbsp;

President Biden suggested earlier this week that he may cancel a planned trip to Asia if talks do not yield a breakthrough on the debt ceiling.&nbsp;

Earlier this week, former president Donald Trump suggested at a CNN event that Republicans should trigger a default if Biden fails to agree to spending cuts.&nbsp;

"I say that the Republicans out there, congressmen, senators, if they don't give you massive cuts, you're gonna have to do a default," said Trump, who is the current frontrunner for the 2024 Republican nomination.&nbsp;

'Serious repercussions' 
 
Calls for the US to avert a debt default have been growing as the X-date approaches.&nbsp;

"The debt ceiling is potentially catastrophic," JPMorgan's chief executive Jamie Dimon said in interview with Bloomberg TV on Thursday.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-whats-us-debt-ceiling-why-is-it-such-a-big-deal-554338">EXPLAINED: What's US debt ceiling &amp; why is it such a big deal?</a>

"People should remember the American financial system is the foundation to the global economic system," he said, adding he hoped a debt default could be avoided. &nbsp;

Earlier Thursday, the International Monetary Fund also warned of severe consequences if the US didn't pay its debts.

"Our assessment is that there would be very serious repercussions not only for the US but also for the global economy should there be a US debt default," IMF communications director Julie Kozack told reporters, encouraging all parties to urgently resolve the matter. 
 
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Crunch talks between US President Joe Biden and senior Republicans have been postponed until early next week to allow staff to continue working, the White House said in a statement Thursday.

Crunch talks between US President Joe Biden and senior Republicans have been postponed until early next week to allow staff to continue working, the White House said in a statement Thursday. A source familiar with the meetings between Democratic and Republican leaders said this was a positive development and that talks between the two sides were progressing, making Friday not the right moment for the leaders to meet. But the Republican speaker of the House of Representatives, Kevin McCarthy, accused Democrats, including Senate Minority Leader Chuck Schumer, of holding up the deal. "President Biden and Senator Schumer are stuck on no, they have no plan, no proposed savings and no clue," he told reporters shortly after the White House announced the talks had been postponed. ALSO READ | US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms "The staff has met the last two days, we think it's productive for the staff to meet again," McCarthy said, adding he expected there would be another meeting between senior Republican and Democratic leaders next week. Averting the 'X-date' The two sides remain sharply divided over the debt ceiling, with Republicans in Congress insisting that Biden agree to significant budget cuts in exchange for support to lift the limit before the country runs out of money to pay its existing bills. Democrats have been calling for a "clean" increase of the borrowing limit, accusing Republicans of using extreme tactics to push their political agenda ahead of the so-called "X-date" -- the point at which the US will be unable to meet its financial obligations. ALSO READ | US debt limit crisis: Rise in market bets on probability of default The planned talks between Biden and McCarthy were the second scheduled for this week, as both sides look to avoid the X-date, which US Treasury Secretary Janet Yellen has warned could come as soon as June 1. President Biden suggested earlier this week that he may cancel a planned trip to Asia if talks do not yield a breakthrough on the debt ceiling. Earlier this week, former president Donald Trump suggested at a CNN event that Republicans should trigger a default if Biden fails to agree to spending cuts. "I say that the Republicans out there, congressmen, senators, if they don't give you massive cuts, you're gonna have to do a default," said Trump, who is the current frontrunner for the 2024 Republican nomination. 'Serious repercussions' Calls for the US to avert a debt default have been growing as the X-date approaches. "The debt ceiling is potentially catastrophic," JPMorgan's chief executive Jamie Dimon said in interview with Bloomberg TV on Thursday. ALSO READ | EXPLAINED: What's US debt ceiling & why is it such a big deal? "People should remember the American financial system is the foundation to the global economic system," he said, adding he hoped a debt default could be avoided. Earlier Thursday, the International Monetary Fund also warned of severe consequences if the US didn't pay its debts. "Our assessment is that there would be very serious repercussions not only for the US but also for the global economy should there be a US debt default," IMF communications director Julie Kozack told reporters, encouraging all parties to urgently resolve the matter. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US debt ceiling talks postponed until next week: White House

UK Lawmakers launch an investigation into food-supply chain as food price inflation hits 46-year high. Cross-party committee will examine overall profits and risks in the industry while EFRA committee examines impact of external factors on supply chain.

UK cost of living crisis: Lawmakers launch probe into the food inflation crisis

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts.

Reuters reported that the rand dropped by as much as 2.4 percent to 19.3413 on Thursday, marking one of the worst performances in the developing world this year. The decline comes as the nation grapples with a series of challenges, ranging from allegations of supplying weapons to Russia, energy shortages, and China's economic fluctuations.

Recent allegations of South Africa -- the country has declared its neutrality on the Ukraine conflict&nbsp;-- providing weapons and ammunition to Russia have added a new layer of geopolitical uncertainty, further shaking investor confidence in the rand's stability. However, the currency's downward trajectory predates the recent allegations.

The nation's exports have been hit by the economic slowdown in China, while frequent&nbsp;power outages pose&nbsp;a serious threat to future economic growth.&nbsp;Both factors, coupled with the recent allegations, have intensified the overall risk factors associated with the South African rand.

President Cyril Ramaphosa's relative absence has also had a bearing on the rand. “For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress,” Bloomberg quoted Robert Hoodless, an analyst at InTouch Capital Markets, as saying.&nbsp;

The consequences of the rand's decline could be seen across the country's&nbsp;financial landscape. South Africa's benchmark index on Thursday experienced a third consecutive day of decline, heading towards its lowest close in over a month.

South Africa's currency bonds are among the worst-performing emerging-market securities, with the yield on government debt due in 2032 rising 0.33 percent&nbsp;to reach 11.6 percent on Thursday.&nbsp;With investor sentiment weakening under the current circumstances, experts&nbsp;have raised doubts about the rand's ability to rebound.&nbsp;

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts. Reuters reported that the rand dropped by as much as 2.

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts. Reuters reported that the rand dropped by as much as 2.4 percent to 19.3413 on Thursday, marking one of the worst performances in the developing world this year. The decline comes as the nation grapples with a series of challenges, ranging from allegations of supplying weapons to Russia, energy shortages, and China's economic fluctuations. Recent allegations of South Africa -- the country has declared its neutrality on the Ukraine conflict -- providing weapons and ammunition to Russia have added a new layer of geopolitical uncertainty, further shaking investor confidence in the rand's stability. However, the currency's downward trajectory predates the recent allegations. The nation's exports have been hit by the economic slowdown in China, while frequent power outages pose a serious threat to future economic growth. Both factors, coupled with the recent allegations, have intensified the overall risk factors associated with the South African rand. President Cyril Ramaphosa's relative absence has also had a bearing on the rand. “For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress,” Bloomberg quoted Robert Hoodless, an analyst at InTouch Capital Markets, as saying. The consequences of the rand's decline could be seen across the country's financial landscape. South Africa's benchmark index on Thursday experienced a third consecutive day of decline, heading towards its lowest close in over a month. South Africa's currency bonds are among the worst-performing emerging-market securities, with the yield on government debt due in 2032 rising 0.33 percent to reach 11.6 percent on Thursday. With investor sentiment weakening under the current circumstances, experts have raised doubts about the rand's ability to rebound.

South African Rand hits rock bottom, takes a dive amid multiple turmoils

The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm.

Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.5 percent.

Things were going great for Lu Zhongfang and her son Li Yongxin, the ed-tech company's founders. Their combined fortune reached $21 billion dollars at one point of time.&nbsp;

But Covid-19 and its economic consequences played spoilsport. The rising uncertainty around private jobs led to the Chinese looking for more stable career options. Bureaucracy is considered one such career option, where people have lifetime job security.&nbsp;

Consider these numbers: in November 2019, 1 million Chinese citizens appeared for filling 24,000 jobs. Three years later, nearly 2.6 million candidates sat for the examinations to secure 37,000 jobs.&nbsp;

This was a classic case of high demand and low supply. Initially, this conundrum worked well for the company. The company's policy of ensuring up to 100 percent fee refund to subscribers who fail the examination helped it woo more customers.

But refund policy also triggered the company's downfall. The average fee refund rate in 2019 stood at 44 percent, which rose to 70 percent by 2022, as per a Bloomberg report.&nbsp;

The business losses of the last two years have impacted the billionaire duo's net worth. From a peak of $21 billion, it has now fallen to less than $1 billion. The billionaire duo have also started selling their shares, in a bid to raise cash and keep the company operations running. Their company reported a loss of $346 million in 2021 and of $158 million last year, media reports said.&nbsp;

The situation may worsen for the ed-tech company. As per reports, over 11 million Chinese students are expected to graduate and enter the job&nbsp;market this year. Given the uncertain economic situation in China, many of them may probably sit for the exam to enter government services.&nbsp;

The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm. Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.

The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm. Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.5 percent. Things were going great for Lu Zhongfang and her son Li Yongxin, the ed-tech company's founders. Their combined fortune reached $21 billion dollars at one point of time. But Covid-19 and its economic consequences played spoilsport. The rising uncertainty around private jobs led to the Chinese looking for more stable career options. Bureaucracy is considered one such career option, where people have lifetime job security. Consider these numbers: in November 2019, 1 million Chinese citizens appeared for filling 24,000 jobs. Three years later, nearly 2.6 million candidates sat for the examinations to secure 37,000 jobs. This was a classic case of high demand and low supply. Initially, this conundrum worked well for the company. The company's policy of ensuring up to 100 percent fee refund to subscribers who fail the examination helped it woo more customers. But refund policy also triggered the company's downfall. The average fee refund rate in 2019 stood at 44 percent, which rose to 70 percent by 2022, as per a Bloomberg report. The business losses of the last two years have impacted the billionaire duo's net worth. From a peak of $21 billion, it has now fallen to less than $1 billion. The billionaire duo have also started selling their shares, in a bid to raise cash and keep the company operations running. Their company reported a loss of $346 million in 2021 and of $158 million last year, media reports said. The situation may worsen for the ed-tech company. As per reports, over 11 million Chinese students are expected to graduate and enter the job market this year. Given the uncertain economic situation in China, many of them may probably sit for the exam to enter government services.

Chinese tycoons lose $20 billion as company's student refund policy backfires

The US debt limit standoff makes the world nervous as IMF asks the Republicans and the Democrats to come to a consensus as delaying it would lead to serious consequences especially is US ends up defaulting. It might further lead to higher interest rates and broader instability.

IMF: Serious consequences if the US Lawmakers don't reach consensus on US debt limit

In a significant development for India's e-commerce landscape, the Open Network for Digital Commerce (ONDC), the government's open e-commerce network, has expanded its operations to 236 cities across the country, a senior official told Reuters on Thursday.&nbsp;

This expansion comes with the addition of over 36,000 merchants, enabling small businesses and retailers to access the processes and technologies typically dominated by major e-commerce platforms like Amazon and Walmart.

Launched last year, ONDC operates as a non-profit organization dedicated to fostering inclusivity and accessibility in e-commerce for both consumers and small merchants.&nbsp;By displaying products and services from all participating e-commerce platforms in search results across various apps on its network, ONDC is helping level the playing field and promote fair competition.

T. Koshy, CEO of ONDC, has emphasized the network's commitment to supporting small merchants and making e-commerce more accessible.&nbsp;"ONDC is handholding small merchants while aiming to make e-commerce more inclusive and accessible for consumers," Reuters quotes Koshy.

He also revealed that the network is witnessing a steady increase in transactions, indicating its growing popularity among users.

ONDC: Redefining the E-commerce Game

The Indian government has expressed concerns about existing e-commerce platforms being tightly controlled, which limits the participation of many small players. ONDC is seen as a solution to this issue, expected to increase competition in the market and foster innovation among startups.

Taking the initiative a step further, ONDC is currently in talks with cab operators to expand its services to at least four cities. After successfully launching mobility operations in two cities in South India, over 55,000 taxi cab owners have already joined the network. Consumers are also benefiting from this move, with approximately 35,000 rides being booked through the platform daily.

The introduction of ONDC has enabled cab owners to provide services while reducing the hefty commissions paid to other platforms, allowing them to offer more affordable rates to passengers. Reuters quoted Shaikh Salauddin, head of the Telangana Four-Wheeler Drivers Association and a taxi driver, as saying that&nbsp;the ONDC initiative benefits&nbsp;both consumers and small players.

With ambitious goals in mind, ONDC aims to raise e-commerce penetration in India from the current 8 percent to 25 percent of consumer purchases within the next two years. This transformation is expected to have a significant impact, given India's population of 1.4 billion people.

Adding to the network's capabilities, the state-run Indian postal service, with a vast network of nearly 160,000 post offices, will also join ONDC. This collaboration will enable the provision of logistics services to small traders across the country, further strengthening the support system for small businesses.

&nbsp;

(With agency inputs)&nbsp;

In a significant development for India's e-commerce landscape, the Open Network for Digital Commerce (ONDC), the government's open e-commerce network, has expanded its operations to 236 cities across the country, a senior official told Reuters on Thursday.

In a significant development for India's e-commerce landscape, the Open Network for Digital Commerce (ONDC), the government's open e-commerce network, has expanded its operations to 236 cities across the country, a senior official told Reuters on Thursday. This expansion comes with the addition of over 36,000 merchants, enabling small businesses and retailers to access the processes and technologies typically dominated by major e-commerce platforms like Amazon and Walmart. Launched last year, ONDC operates as a non-profit organization dedicated to fostering inclusivity and accessibility in e-commerce for both consumers and small merchants. By displaying products and services from all participating e-commerce platforms in search results across various apps on its network, ONDC is helping level the playing field and promote fair competition. T. Koshy, CEO of ONDC, has emphasized the network's commitment to supporting small merchants and making e-commerce more accessible. "ONDC is handholding small merchants while aiming to make e-commerce more inclusive and accessible for consumers," Reuters quotes Koshy. He also revealed that the network is witnessing a steady increase in transactions, indicating its growing popularity among users. ONDC: Redefining the E-commerce Game The Indian government has expressed concerns about existing e-commerce platforms being tightly controlled, which limits the participation of many small players. ONDC is seen as a solution to this issue, expected to increase competition in the market and foster innovation among startups. Taking the initiative a step further, ONDC is currently in talks with cab operators to expand its services to at least four cities. After successfully launching mobility operations in two cities in South India, over 55,000 taxi cab owners have already joined the network. Consumers are also benefiting from this move, with approximately 35,000 rides being booked through the platform daily. The introduction of ONDC has enabled cab owners to provide services while reducing the hefty commissions paid to other platforms, allowing them to offer more affordable rates to passengers. Reuters quoted Shaikh Salauddin, head of the Telangana Four-Wheeler Drivers Association and a taxi driver, as saying that the ONDC initiative benefits both consumers and small players. With ambitious goals in mind, ONDC aims to raise e-commerce penetration in India from the current 8 percent to 25 percent of consumer purchases within the next two years. This transformation is expected to have a significant impact, given India's population of 1.4 billion people. Adding to the network's capabilities, the state-run Indian postal service, with a vast network of nearly 160,000 post offices, will also join ONDC. This collaboration will enable the provision of logistics services to small traders across the country, further strengthening the support system for small businesses. (With agency inputs)

Government's open network revolution: ONDC spreads its wings to 236 cities

While Chinese companies have reported a big spurt in earnings in the first three months of 2023, the real story lies in the consumption pattern of the Chinese population. While the covid fatigue encouraged the Chinese to spend more on dining, travel and luxury goods. Spending on daily consumer goods has remained lukewarm.

Chinese companies see a spurt in earnings in 2023

U.S. Inflation eased slightly in April but still remained elevated. Moderating price pressures is good news for the U.S. As that gives the federal reserve room to pause. The consumer price index rose by a below-forecast 4.9% from a year earlier, the first sub-5% reading in two years.

US inflation cooler than expected in April

Will the US default on its debt? That's the biggest question that everyone's asking right now. And if financial markets in the United States are to be believed, the risk of a default has risen.&nbsp;

The cost to insure against the US defaulting on its debt has jumped, amid the stalemate in Washington DC over the debt ceiling limit.&nbsp;The cost stood at 73 basis points, up from 72 basis points on Tuesday. This is the highest level since 2009.

As per one analysis,&nbsp;the probability of default is&nbsp;double the level from two months earlier and nearly 10 times higher than at the beginning of 2023.&nbsp;

A market measure called credit default swap, or CDS, is used to understand investors thinking on a country's ability to repay its debt.&nbsp; The current CDS levels for the United States have only been seen by developing economies and junk-rated nations. This shows that investors have lost confidence the United States ability to repay its debt.

The cost is now equal to what it is for Greece, Brazil and Mexico, which have defaulted many times. These countries have a credit rating many rungs below the investment grade rating of the US.

Meanwhile, US President Joe Biden said that Congress needs to move fast to increase the $31.4 trillion debt ceiling.

"Because if we default on our debt, the whole world is in trouble. This is a manufactured crisis. There's no question about America's ability to pay its bills," said Biden.&nbsp;

The X-date is fast approaching when the world's largest economy could run out of money to pay its bills. Treasury Secretary Janet Yellen believes that could be as early as June 1.

Wall Street executives who have advised the US Treasury's debt operations for the past 25 years said on Tuesday that any delay on bond payments by the Treasury would be an event of "seismic proportions" for financial markets and the economy.

Moody's Analytics has assigned a 10 percent&nbsp;probability that the debt limit would be breached. "What once seemed unimaginable now seems a real threat," it said.

Politicians are really running out of time and will need to come to a consensus soon. The political posturing and war of words will only make investors more nervous between now and June 1.

(With agency inputs)&nbsp;

Will the US default on its debt? That's the biggest question that everyone's asking right now. And if financial markets in the United States are to be believed, the risk of a default has risen.

Will the US default on its debt? That's the biggest question that everyone's asking right now. And if financial markets in the United States are to be believed, the risk of a default has risen. The cost to insure against the US defaulting on its debt has jumped, amid the stalemate in Washington DC over the debt ceiling limit. The cost stood at 73 basis points, up from 72 basis points on Tuesday. This is the highest level since 2009. As per one analysis, the probability of default is double the level from two months earlier and nearly 10 times higher than at the beginning of 2023. A market measure called credit default swap, or CDS, is used to understand investors thinking on a country's ability to repay its debt. The current CDS levels for the United States have only been seen by developing economies and junk-rated nations. This shows that investors have lost confidence the United States ability to repay its debt. The cost is now equal to what it is for Greece, Brazil and Mexico, which have defaulted many times. These countries have a credit rating many rungs below the investment grade rating of the US. Meanwhile, US President Joe Biden said that Congress needs to move fast to increase the $31.4 trillion debt ceiling. "Because if we default on our debt, the whole world is in trouble. This is a manufactured crisis. There's no question about America's ability to pay its bills," said Biden. The X-date is fast approaching when the world's largest economy could run out of money to pay its bills. Treasury Secretary Janet Yellen believes that could be as early as June 1. Wall Street executives who have advised the US Treasury's debt operations for the past 25 years said on Tuesday that any delay on bond payments by the Treasury would be an event of "seismic proportions" for financial markets and the economy. Moody's Analytics has assigned a 10 percent probability that the debt limit would be breached. "What once seemed unimaginable now seems a real threat," it said. Politicians are really running out of time and will need to come to a consensus soon. The political posturing and war of words will only make investors more nervous between now and June 1. (With agency inputs)

US debt limit crisis: Rise in market bets on probability of default

Tech giant Microsoft said on Wednesday that it will not raise salaries for full-time employees this year. The announcement comes as the company focuses on the lucrative world of generative AI.

Tough times at Microsoft: Salaries stay put

There seems to be more trouble for Icahn enterprises. The latest target of US short seller Hindenburg. The company's shares fell 20% on Wednesday. That came after Icahn disclosed that the US attorney's office had sought critical financial information.

US seeks financial details from Icahn

The Bank of England on Thursday lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year.&nbsp;

The BoE hiked the rate by a quarter-point to 4.5 per cent -- its 12th increase in a row with UK annual inflation stuck above 10 per cent, fuelling a cost-of-living crisis across Britain.&nbsp;

Global policymakers are battling elevated inflation caused largely by runaway energy bills following last year's invasion of Ukraine by major oil and gas producer Russia.&nbsp;

Following a regular policy meeting, the BoE warned of "considerable uncertainties" on when UK inflation would return to its two per cent target, as soaring food prices offset sharp drops in energy costs.&nbsp;

At the same time, the central bank made a record&nbsp;upgrade to its British GDP forecast, adding there would be only a small impact from the recent turmoil in the commercial banking sector.&nbsp;

"Six months ago, we were expecting a shallow but long recession," BoE governor Andrew Bailey told a press conference.&nbsp;

"Since then, energy prices have fallen substantially and economic activity is holding up much better than expected."&nbsp;

'Modest but positive' growth

Bailey said the UK would this year experience "modest but positive economic growth and a much smaller increase in unemployment". &nbsp;

"We think inflation will fall quite sharply over the coming months," he added.&nbsp;

Official data Friday is expected to show the UK economy grew during the first quarter of this year after narrowly avoiding a recession in the last three months of 2022.&nbsp;

The rate decision comes one week after UK Prime Minister Rishi Sunak's Conservative government suffered a drubbing in local elections, as voters gave their verdict over rampant living costs despite government efforts to partly subsidise energy bills.&nbsp;

The nation has been plagued by strikes as high inflation erodes the value of wages. Train staff will walk out again on Friday following months of industrial action across the private and public sectors.&nbsp;

The latest BoE hike is set to deepen the crunch in living standards as retail banks pass on the increase, resulting in higher repayments on loans, including mortgages.&nbsp;

At the same time, those who can afford to save will benefit from increased fixed returns on investments.&nbsp;

"Although it is good news that the Bank of England is no longer forecasting a recession, today's interest rate rise will obviously be very disappointing for families with mortgages," said British finance minister Jeremy Hunt. &nbsp;

Highest inflation in G7

Thursday's news took British borrowing costs to a level last seen in October 2008, before rates were slashed during the global financial crisis.&nbsp;

The BoE has ramped up borrowing costs from a record-low of 0.1 per cent in December 2021.&nbsp;

Its latest hike came one week after the European Central Bank and the Federal Reserve implemented quarter-point rate increases as inflationary pressures eased only slightly in the eurozone and the United States.&nbsp;

UK annual inflation stood at 10.1 per cent in March, the highest level in the Group of Seven richest nations.&nbsp;

Sunak and the BoE blame the high level in part on rises to pay and have urged employers to show restraint.&nbsp;

BoE chief economist Huw Pill recently stated that Britons need "to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices via higher wages".&nbsp;

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The Bank of England on Thursday lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year.

The Bank of England on Thursday lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year. The BoE hiked the rate by a quarter-point to 4.5 per cent -- its 12th increase in a row with UK annual inflation stuck above 10 per cent, fuelling a cost-of-living crisis across Britain. Global policymakers are battling elevated inflation caused largely by runaway energy bills following last year's invasion of Ukraine by major oil and gas producer Russia. Following a regular policy meeting, the BoE warned of "considerable uncertainties" on when UK inflation would return to its two per cent target, as soaring food prices offset sharp drops in energy costs. At the same time, the central bank made a record upgrade to its British GDP forecast, adding there would be only a small impact from the recent turmoil in the commercial banking sector. "Six months ago, we were expecting a shallow but long recession," BoE governor Andrew Bailey told a press conference. "Since then, energy prices have fallen substantially and economic activity is holding up much better than expected." 'Modest but positive' growth Bailey said the UK would this year experience "modest but positive economic growth and a much smaller increase in unemployment".  "We think inflation will fall quite sharply over the coming months," he added. Official data Friday is expected to show the UK economy grew during the first quarter of this year after narrowly avoiding a recession in the last three months of 2022. The rate decision comes one week after UK Prime Minister Rishi Sunak's Conservative government suffered a drubbing in local elections, as voters gave their verdict over rampant living costs despite government efforts to partly subsidise energy bills. The nation has been plagued by strikes as high inflation erodes the value of wages. Train staff will walk out again on Friday following months of industrial action across the private and public sectors. The latest BoE hike is set to deepen the crunch in living standards as retail banks pass on the increase, resulting in higher repayments on loans, including mortgages. At the same time, those who can afford to save will benefit from increased fixed returns on investments. "Although it is good news that the Bank of England is no longer forecasting a recession, today's interest rate rise will obviously be very disappointing for families with mortgages," said British finance minister Jeremy Hunt.  Highest inflation in G7 Thursday's news took British borrowing costs to a level last seen in October 2008, before rates were slashed during the global financial crisis. The BoE has ramped up borrowing costs from a record-low of 0.1 per cent in December 2021. Its latest hike came one week after the European Central Bank and the Federal Reserve implemented quarter-point rate increases as inflationary pressures eased only slightly in the eurozone and the United States. UK annual inflation stood at 10.1 per cent in March, the highest level in the Group of Seven richest nations. Sunak and the BoE blame the high level in part on rises to pay and have urged employers to show restraint. BoE chief economist Huw Pill recently stated that Britons need "to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices via higher wages". You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bank of England lifts interest rate to 15-year high

After three years of pandemic restrictions, the people of China have made a splash in the realms of dining, travel, and luxury goods. However, as the dust settles, it becomes apparent that routine consumer items are still awaiting their turn in the spotlight.&nbsp;

First-quarter corporate results cited by Reuters suggest that consumer caution, fueled by global growth concerns and job prospects, has dampened overall demand and confidence despite the broader economic recovery.

According to Bank of America Securities estimates, China's A-shares experienced a 3.2 percent growth in earnings during the first quarter compared to the previous year, bouncing back from a 5.7 percent drop in the final quarter of 2022. The economy itself performed better than expected during this period, but the benefits to companies were far from uniform.

While restaurants and tourism businesses experienced a robust recovery, with earnings in the travel-related consumer services sector surging by 155 percent, the food-and-beverage sector saw a respectable 18 percent jump, and the automobile industry observed a more modest 8 percent increase.&nbsp;

On the other hand, home furnishings and apparel firms witnessed a decline of 9 percent in their earnings.&nbsp;The materials sector suffered the worst results, with earnings in steel and building materials tumbling over 60 percent.&nbsp;

Analysts aoptimistic about future prospects

Digging deeper into the sub-sectors reveals a clearer picture of the divergence in consumer behavior.&nbsp;

Major jewelry brands, such as Lao Feng Xiang and Chow Tai Seng, boasted double-digit growth in earnings. However, the leading cosmetics firm, Bloomage Biotechnology, saw a 17 percent decline in net profit due to lukewarm online sales.

Real estate, healthcare, and apparel also underperformed, while financials, consumer services, and utilities outshined with positive growth.

Norman Villamin, the group chief strategist at UBP, suggests that consumer confidence will be gradually restored over time.&nbsp;According to Villamin, consumers start slowly, but as the year progresses and they grow more comfortable, they gradually increase their spending.

Analysts are optimistic that the first quarter marked the low point for 2023, and full-year earnings are expected to reach double digits.&nbsp;

According to Refinitiv data, companies listed on the Shanghai Stock Exchange are forecasted to achieve a 26 percent growth in earnings for the year.&nbsp;

"Investors may look past the first-quarter results and focus on the momentum of earnings revision for the second quarter," suggests Redmond Wong, the Greater China market strategist at Saxo Markets.&nbsp;

(With agency inputs) 
&nbsp;

After three years of pandemic restrictions, the people of China have made a splash in the realms of dining, travel, and luxury goods. However, as the dust settles, it becomes apparent that routine consumer items are still awaiting their turn in the spotlight.

After three years of pandemic restrictions, the people of China have made a splash in the realms of dining, travel, and luxury goods. However, as the dust settles, it becomes apparent that routine consumer items are still awaiting their turn in the spotlight. First-quarter corporate results cited by Reuters suggest that consumer caution, fueled by global growth concerns and job prospects, has dampened overall demand and confidence despite the broader economic recovery. According to Bank of America Securities estimates, China's A-shares experienced a 3.2 percent growth in earnings during the first quarter compared to the previous year, bouncing back from a 5.7 percent drop in the final quarter of 2022. The economy itself performed better than expected during this period, but the benefits to companies were far from uniform. While restaurants and tourism businesses experienced a robust recovery, with earnings in the travel-related consumer services sector surging by 155 percent, the food-and-beverage sector saw a respectable 18 percent jump, and the automobile industry observed a more modest 8 percent increase. On the other hand, home furnishings and apparel firms witnessed a decline of 9 percent in their earnings. The materials sector suffered the worst results, with earnings in steel and building materials tumbling over 60 percent. Analysts aoptimistic about future prospects Digging deeper into the sub-sectors reveals a clearer picture of the divergence in consumer behavior. Major jewelry brands, such as Lao Feng Xiang and Chow Tai Seng, boasted double-digit growth in earnings. However, the leading cosmetics firm, Bloomage Biotechnology, saw a 17 percent decline in net profit due to lukewarm online sales. Real estate, healthcare, and apparel also underperformed, while financials, consumer services, and utilities outshined with positive growth. Norman Villamin, the group chief strategist at UBP, suggests that consumer confidence will be gradually restored over time. According to Villamin, consumers start slowly, but as the year progresses and they grow more comfortable, they gradually increase their spending. Analysts are optimistic that the first quarter marked the low point for 2023, and full-year earnings are expected to reach double digits. According to Refinitiv data, companies listed on the Shanghai Stock Exchange are forecasted to achieve a 26 percent growth in earnings for the year. "Investors may look past the first-quarter results and focus on the momentum of earnings revision for the second quarter," suggests Redmond Wong, the Greater China market strategist at Saxo Markets. (With agency inputs)

China's consumer conundrum: From high-end bliss to low-key miss, spending habits diverge

Trouble seems to be brewing for Icahn Enterprises, the latest target of US-based short seller Hindenburg Research.&nbsp;

Its shares fell 20 percent on Wednesday after the company disclosed that the US authorities had sought critical financial information. Icahn Enterprises' stock fell 20 percent to 30.36 dollars per share, pushing its market value down to about&nbsp;$11 billion.&nbsp;

However, the company said it is cooperating with the authorities and expressed confidence that it would come out clean.

"We believe that we maintain a strong compliance program and, while no assurances can be made and we are still evaluating the matter, we do not currently believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows," the company said in a statement.&nbsp;

The latest development comes just days after Hindenburg's Research&nbsp;accused Icahn Enterprises of a number of irregularities.&nbsp;

On May 2, the Nathan Anderson-led firm had accused Icahn of inflating its market valuation by 75 percent or more. The US short seller noted that the company trades at a premium of more than 200 percent to its Net Asset Value (NAV). The short seller accused Icahn of overstating the market value of its holdings in other companies. It also alleged that Icahn relies on a "Ponzi-like" structure to pay dividends.&nbsp;

The accusation did a major damage to Icahn's market value. Icahn's shares hit an intraday low of $31.78 - their lowest in more than a decade - on May 3. The company's founder, prominent investor-activist Carl Icahn, lost $7.5 billion in just a single day.&nbsp;

But, Icahn reiterated that it stands behind the fundamentals of its business. “We have full confidence in the integrity of our presented financials and our reporting," CEO David Willetts said.&nbsp;

The company is expected to respond to Hindenburg's allegations on Thursday.

Trouble seems to be brewing for Icahn Enterprises, the latest target of US-based short seller Hindenburg Research. Its shares fell 20 percent on Wednesday after the company disclosed that the US authorities had sought critical financial information.

Trouble seems to be brewing for Icahn Enterprises, the latest target of US-based short seller Hindenburg Research. Its shares fell 20 percent on Wednesday after the company disclosed that the US authorities had sought critical financial information. Icahn Enterprises' stock fell 20 percent to 30.36 dollars per share, pushing its market value down to about $11 billion. However, the company said it is cooperating with the authorities and expressed confidence that it would come out clean. "We believe that we maintain a strong compliance program and, while no assurances can be made and we are still evaluating the matter, we do not currently believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows," the company said in a statement. The latest development comes just days after Hindenburg's Research accused Icahn Enterprises of a number of irregularities. On May 2, the Nathan Anderson-led firm had accused Icahn of inflating its market valuation by 75 percent or more. The US short seller noted that the company trades at a premium of more than 200 percent to its Net Asset Value (NAV). The short seller accused Icahn of overstating the market value of its holdings in other companies. It also alleged that Icahn relies on a "Ponzi-like" structure to pay dividends. The accusation did a major damage to Icahn's market value. Icahn's shares hit an intraday low of $31.78 - their lowest in more than a decade - on May 3. The company's founder, prominent investor-activist Carl Icahn, lost $7.5 billion in just a single day. But, Icahn reiterated that it stands behind the fundamentals of its business. “We have full confidence in the integrity of our presented financials and our reporting," CEO David Willetts said. The company is expected to respond to Hindenburg's allegations on Thursday.

Battered by Hindenburg allegations, Icahn's shares fall 20% in a single day

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday.

Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause.

The consumer price index (CPI) rose by a below-forecast 4.9 percent from a year earlier, the first sub-5 percent reading in two years. Notably, economists had forecast the rate to be 5 percent.

The annual CPI peaked at 9.1 percent last June, posting its biggest increase since November 1981, and is subsiding as last year’s initial surge in energy prices following Russia’s invasion of Ukraine drops out of the calculation.

But the reactions to the latest US inflation report were mixed.&nbsp;

For some analysts, the inflation report does not give a clear signal on Federal Reserve's rate path.

“Today’s consumer inflation report supports the case for the Fed to seriously contemplate a pause in rate hikes in June, but does not support any near-term rate cuts,” said Scott Anderson, chief economist at Bank of the West in San Francisco.

Inflation has definitely moderated from overheated rates last year. But it still remains elevated and above the Federal Reserve's target of 2 percent.

“On balance, inflation is still too high and it is not going to fall back to 2% if it increases 0.4% a month,” Chris Low, chief economist at FHN Financial in New York, told Reuters.&nbsp;

The Federal Reserve's dichotomy is whether to look at inflation and hike rates or focus on the banking crisis.&nbsp;The aggressive rate hikes over the past year have hurt the banking industry heavily. But the central bank had no choice but to list rates because of soaring inflation.

Now, the domino effect of banks collapsing is keeping the US central bank on its toes.

(With agency inputs)&nbsp;

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday. Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause.

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday. Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause. The consumer price index (CPI) rose by a below-forecast 4.9 percent from a year earlier, the first sub-5 percent reading in two years. Notably, economists had forecast the rate to be 5 percent. The annual CPI peaked at 9.1 percent last June, posting its biggest increase since November 1981, and is subsiding as last year’s initial surge in energy prices following Russia’s invasion of Ukraine drops out of the calculation. But the reactions to the latest US inflation report were mixed. For some analysts, the inflation report does not give a clear signal on Federal Reserve's rate path. “Today’s consumer inflation report supports the case for the Fed to seriously contemplate a pause in rate hikes in June, but does not support any near-term rate cuts,” said Scott Anderson, chief economist at Bank of the West in San Francisco. Inflation has definitely moderated from overheated rates last year. But it still remains elevated and above the Federal Reserve's target of 2 percent. “On balance, inflation is still too high and it is not going to fall back to 2% if it increases 0.4% a month,” Chris Low, chief economist at FHN Financial in New York, told Reuters. The Federal Reserve's dichotomy is whether to look at inflation and hike rates or focus on the banking crisis. The aggressive rate hikes over the past year have hurt the banking industry heavily. But the central bank had no choice but to list rates because of soaring inflation. Now, the domino effect of banks collapsing is keeping the US central bank on its toes. (With agency inputs)

US inflation eases in April: Markets see only tiny possibility of June rate hike

The next time you stop by at a Wendy's drive-thru in the US, an AI chatbot will probably take your order. Reports say the popular fast-food joint will begin testing AI chatbots for drive-thrus in June.

AI Chatbots to take orders at Wendy's

European refiners are being hit hard by a surge in prices for middle eastern crude, as the region faces limited supplies of 'medium sour' crude since imposing sanctions on Russian shipments late last year. With prices soaring to all-time highs, the pressure is on for Europe to find new sources of affordable crude to keep the wheels turning.

Barrel of woes: Europe's oil woes escalate as prices skyrocket

Apple may have briefly been overtaken by Saudi Aramco as the world's most valuable company before clawing back to that position. But Aramco seems like a more attractive stock for shareholder returns and the reason for that is dividends!

Saudi Aramco's dividends to jump to $20 bn

The next time you stop by at a Wendy's drive-thru in the United States, there is a high possibility that an AI chatbot may take your order.

Media reports say that the popular US fast-food joint will begin testing artificial intelligence chatbots for drive-thrus from June.

This is being done to improve customer service amid a labour shortage, add media reports.&nbsp;

"AI chatbots create a huge opportunity for us to deliver a truly differentiated, faster and frictionless experience for our customers," CEO Todd Penegor said in a statement.&nbsp;

The first test location will be a Wendy's restaurant in Colombus, which is located in the US state of Ohio.&nbsp;

During the test phase, a restaurant employee will monitor the drive-thru to make sure the AI-powered chatbot can address customer requests.&nbsp;

The chatbot, which will have a female voice, has been programmed to understand requested items that aren’t phrased exactly as they appear on the menu.

After the chatbot&nbsp;confirms the order on the screen, a ticket will make its way to the kitchen.&nbsp;&nbsp;

Rise of AI chatbots

Deploying AI chatbots is being seen not just as an alternative to human labour but also as a cost-effective tool.

Wendy's has claimed that 80 percent of its customers like to order via drive-thrus, which gained massive popularity during the Covid-19 pandemic.&nbsp;

Many experts believe that using AI to take orders could help Wendy’s because it is behind its competitors in wait time and accuracy.

it will also help the company to accelerate its growth while cutting costs.

The release of OpenAI's ChatGPT in November last year triggered renewed interest in artificial intelligence among companies.&nbsp;

ChatGPT's instant success -- it took just five days for it to reach one million users -- started a race among tech giants to use the AI-powered chatbot technology in business.

However, opinions on artificial intelligence has divided the world.&nbsp;While some fear that AI may takeaway jobs, adding to the unemployment burden, others believe that the technology can make lives easier.&nbsp;

The next time you stop by at a Wendy's drive-thru in the United States, there is a high possibility that an AI chatbot may take your order. Media reports say that the popular US fast-food joint will begin testing artificial intelligence chatbots for drive-thrus from June.

The next time you stop by at a Wendy's drive-thru in the United States, there is a high possibility that an AI chatbot may take your order. Media reports say that the popular US fast-food joint will begin testing artificial intelligence chatbots for drive-thrus from June. This is being done to improve customer service amid a labour shortage, add media reports. "AI chatbots create a huge opportunity for us to deliver a truly differentiated, faster and frictionless experience for our customers," CEO Todd Penegor said in a statement. The first test location will be a Wendy's restaurant in Colombus, which is located in the US state of Ohio. During the test phase, a restaurant employee will monitor the drive-thru to make sure the AI-powered chatbot can address customer requests. The chatbot, which will have a female voice, has been programmed to understand requested items that aren’t phrased exactly as they appear on the menu. After the chatbot confirms the order on the screen, a ticket will make its way to the kitchen. Rise of AI chatbots Deploying AI chatbots is being seen not just as an alternative to human labour but also as a cost-effective tool. Wendy's has claimed that 80 percent of its customers like to order via drive-thrus, which gained massive popularity during the Covid-19 pandemic. Many experts believe that using AI to take orders could help Wendy’s because it is behind its competitors in wait time and accuracy. it will also help the company to accelerate its growth while cutting costs. The release of OpenAI's ChatGPT in November last year triggered renewed interest in artificial intelligence among companies. ChatGPT's instant success -- it took just five days for it to reach one million users -- started a race among tech giants to use the AI-powered chatbot technology in business. However, opinions on artificial intelligence has divided the world. While some fear that AI may takeaway jobs, adding to the unemployment burden, others believe that the technology can make lives easier.

Soon, AI-powered chatbots to take customer orders at Wendy's

In a tale that blends tinsel town turmoil with financial fiasco, Hudson Pacific Properties, a major Hollywood landlord, finds itself in a predicament as it grapples with the fallout from an ongoing writers'&nbsp;strike.

The real estate investment firm made a shocking announcement on Monday: the withdrawal of its 2023 financial guidance and a 40 percent to 50 percent slash in its dividend. Following the announcement, Hudson Pacific's shares plunged&nbsp;nearly 11 percent to $4.61 at 9:51 a.m. in New York on Tuesday, Bloomberg reported.&nbsp;

Known for its affiliation with the glittering world of showbiz, Hudson Pacific has&nbsp;an impressive repertoire of 60 sound stages and 1,600 production vehicles, making it one of the largest owners of studio space in Hollywood. But&nbsp;the ongoing strike by the Writers Guild of America&nbsp;has left&nbsp;Hudson Pacific in the lurch.

The company's troubles were brewing even before the strike began on May 2. The pandemic's lingering effects haunted Hudson Pacific's office buildings, leaving vacancies in their wake. As leases expired in the San Francisco area and Silicon Valley, cash rents took a nosedive of 4.9 percent, and office vacancies expanded.

To add insult to injury, Hudson Pacific's adjusted funds from operations stood at a mere 35 cents per share, missing the 41-cent estimate compiled by Bloomberg.

The company had set the stage for a more prosperous performance.&nbsp;It had&nbsp;triumphantly acquired buildings used by studios to craft their cinematic masterpieces, spanning the bustling streets of Los Angeles to the fog-kissed shores of the United Kingdom. Just last year, the company stunned onlookers by investing a staggering $360 million to acquire Quixote Studios. This move seemed poised to catapult the company to new heights, reminiscent of a heroic plot twist. But&nbsp;life rarely imitates art.

With a touch of melancholy, the company revealed that it had already sensed a disturbance in the studio business, particularly in March.

In previous writer's strikes, studios would race against time to complete their projects before the impending work stoppage. However, this time, entertainment companies chose a different path, slashing spending on programming due to years of financial losses from their streaming services. This has&nbsp;left Hudson Pacific and its peers in a spot of bother.&nbsp;

All eyes are now on the company's management, which will hold a conference call with investors at noon (New York time) on Tuesday.&nbsp;

In a tale that blends tinsel town turmoil with financial fiasco, Hudson Pacific Properties, a major Hollywood landlord, finds itself in a predicament as it grapples with the fallout from an ongoing writers' strike.

In a tale that blends tinsel town turmoil with financial fiasco, Hudson Pacific Properties, a major Hollywood landlord, finds itself in a predicament as it grapples with the fallout from an ongoing writers' strike. The real estate investment firm made a shocking announcement on Monday: the withdrawal of its 2023 financial guidance and a 40 percent to 50 percent slash in its dividend. Following the announcement, Hudson Pacific's shares plunged nearly 11 percent to $4.61 at 9:51 a.m. in New York on Tuesday, Bloomberg reported. Known for its affiliation with the glittering world of showbiz, Hudson Pacific has an impressive repertoire of 60 sound stages and 1,600 production vehicles, making it one of the largest owners of studio space in Hollywood. But the ongoing strike by the Writers Guild of America has left Hudson Pacific in the lurch. The company's troubles were brewing even before the strike began on May 2. The pandemic's lingering effects haunted Hudson Pacific's office buildings, leaving vacancies in their wake. As leases expired in the San Francisco area and Silicon Valley, cash rents took a nosedive of 4.9 percent, and office vacancies expanded. To add insult to injury, Hudson Pacific's adjusted funds from operations stood at a mere 35 cents per share, missing the 41-cent estimate compiled by Bloomberg. The company had set the stage for a more prosperous performance. It had triumphantly acquired buildings used by studios to craft their cinematic masterpieces, spanning the bustling streets of Los Angeles to the fog-kissed shores of the United Kingdom. Just last year, the company stunned onlookers by investing a staggering $360 million to acquire Quixote Studios. This move seemed poised to catapult the company to new heights, reminiscent of a heroic plot twist. But life rarely imitates art. With a touch of melancholy, the company revealed that it had already sensed a disturbance in the studio business, particularly in March. In previous writer's strikes, studios would race against time to complete their projects before the impending work stoppage. However, this time, entertainment companies chose a different path, slashing spending on programming due to years of financial losses from their streaming services. This has left Hudson Pacific and its peers in a spot of bother. All eyes are now on the company's management, which will hold a conference call with investors at noon (New York time) on Tuesday.

Hollywood drama unleashed: Hudson Pacific Properties hit by writers' strike

Just days after the World Health Organisation (W.H.O.) declared that Covid is no longer a "global health emergency", US vaccine maker Novavax on Tuesday announced that it will let go of 25 percent of its employees as part of a new restructuring plan.&nbsp;

The exact number of employees being laid off is&nbsp;unclear. But media reports said that Novavax had around 2,000 employees by the end of 2022. As part of the restructuring plan, the pharma company will also consolidate its facilities and infrastructure.

"Reducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity," said John C Jacobs, President and Chief Executive Officer, Novavax in a statement.&nbsp;

The decision to cut jobs comes at a time when global vaccine makers, including Pfizer and Moderna, are seeing a fall in demand for Covid-19 vaccines. In order to reorient its Covid-19 vaccines,&nbsp;Novavax is looking to combine its Covid shot with a preventive vaccine for influenza.

The fall in Covid-19 vaccine sales&nbsp;impacted Novavax in the first three months of 2023. The company's total revenue stood at just $81 million in the first quarter of 2023. For the same period in 2022, this figure stood at $704 million.&nbsp;

Meanwhile, job cuts at the pharma company helped its shares rise by nearly 50 percent and end on a two-year high on Tuesday. The stock had fallen about 86 percent over the past year amid concerns about whether the company would be able to stay in business.

Compared to Moderna and Pfizer, Novavax was a latecomer in the vaccine race. But the Covid-19 vaccine&nbsp;helped the company record better numbers in 2022.&nbsp;

Novavax's total revenue for 2022 stood at $1.9 billion, 73 percent higher compared to 2021. Nuvaxovid, its flagship Covid-19 vaccine helped the company improve its sales numbers last year.&nbsp;

But with the WHO declaring Covid-19 as no longer a threat to the global health system, the company is looking to revamp its inventory for the post-Covid era.&nbsp; 
&nbsp;

Just days after the World Health Organisation (W.H.O.) declared that Covid is no longer a "global health emergency", US vaccine maker Novavax on Tuesday announced that it will let go of 25 percent of its employees as part of a new restructuring plan.

Just days after the World Health Organisation (W.H.O.) declared that Covid is no longer a "global health emergency", US vaccine maker Novavax on Tuesday announced that it will let go of 25 percent of its employees as part of a new restructuring plan. The exact number of employees being laid off is unclear. But media reports said that Novavax had around 2,000 employees by the end of 2022. As part of the restructuring plan, the pharma company will also consolidate its facilities and infrastructure. "Reducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity," said John C Jacobs, President and Chief Executive Officer, Novavax in a statement. The decision to cut jobs comes at a time when global vaccine makers, including Pfizer and Moderna, are seeing a fall in demand for Covid-19 vaccines. In order to reorient its Covid-19 vaccines, Novavax is looking to combine its Covid shot with a preventive vaccine for influenza. The fall in Covid-19 vaccine sales impacted Novavax in the first three months of 2023. The company's total revenue stood at just $81 million in the first quarter of 2023. For the same period in 2022, this figure stood at $704 million. Meanwhile, job cuts at the pharma company helped its shares rise by nearly 50 percent and end on a two-year high on Tuesday. The stock had fallen about 86 percent over the past year amid concerns about whether the company would be able to stay in business. Compared to Moderna and Pfizer, Novavax was a latecomer in the vaccine race. But the Covid-19 vaccine helped the company record better numbers in 2022. Novavax's total revenue for 2022 stood at $1.9 billion, 73 percent higher compared to 2021. Nuvaxovid, its flagship Covid-19 vaccine helped the company improve its sales numbers last year. But with the WHO declaring Covid-19 as no longer a threat to the global health system, the company is looking to revamp its inventory for the post-Covid era.

Vaccine maker Novavax to let go of 25% of its workforce as part of restructure plan

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry.&nbsp;

Iraq, a major oil producer, has set the official selling price of Basrah Medium crude at the highest level in over a year for June. The situation has intensified after&nbsp;Saudi Arabia's decision to raise the price of heavier oil for Europe. Surprisingly, for Asia, West Asian oil producers have either maintained stable costs or even slashed them for June, Bloomberg reported.

European refiners have&nbsp;faced difficulties in procuring crude oil&nbsp;ever since the West imposed sanctions on Russian shipments.

The flow of oil from Russia -- The eastern European nation has been European&nbsp;Union's&nbsp;top supplier -- has considerably declined since 2022, coinciding&nbsp;with a loss of barrels from the Mediterranean port of Ceyhan. This has exacerbated&nbsp;the strain on European refiners.&nbsp;

Adding to the turmoil, exports of Kurdish crude from northern Iraq have stopped since late March due to an ongoing payment dispute between Iraq and Turkey. The lack of resolution to this dispute prevents nearly half a million barrels a day of oil, comparable to Russia's, from being shipped through Turkey.

The absence of Kurdish crude in the market further tightens the supply and demand dynamics, forcing European refiners to explore other options and pay a premium for denser Middle Eastern barrels, according to Bloomberg.

It is&nbsp;worth noting that crude oils such as Russian Urals and Iraq's Basrah Medium typically yield more oil products such as diesel and fuel oil. However, these varieties are generally offered at discounted prices compared to other types due to their higher sulfur levels.

The competition for Basrah Medium crude has intensified in Europe over the past month. According to reports, approximately 23 million barrels of Iraqi crude are expected to be imported into the region this month, a significant increase from the 16 million barrels recorded in April. The growing demand for Basrah Medium crude and supply constraints have pushed prices to their highest levels.

European refiners are now faced with the challenge of balancing their energy needs while managing the escalating costs of crude oil. The industry is closely monitoring developments in the payment dispute between Iraq and Turkey, as a resolution could alleviate some of the supply pressure on the market.

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry.

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry. Iraq, a major oil producer, has set the official selling price of Basrah Medium crude at the highest level in over a year for June. The situation has intensified after Saudi Arabia's decision to raise the price of heavier oil for Europe. Surprisingly, for Asia, West Asian oil producers have either maintained stable costs or even slashed them for June, Bloomberg reported. European refiners have faced difficulties in procuring crude oil ever since the West imposed sanctions on Russian shipments. The flow of oil from Russia -- The eastern European nation has been European Union's top supplier -- has considerably declined since 2022, coinciding with a loss of barrels from the Mediterranean port of Ceyhan. This has exacerbated the strain on European refiners. Adding to the turmoil, exports of Kurdish crude from northern Iraq have stopped since late March due to an ongoing payment dispute between Iraq and Turkey. The lack of resolution to this dispute prevents nearly half a million barrels a day of oil, comparable to Russia's, from being shipped through Turkey. The absence of Kurdish crude in the market further tightens the supply and demand dynamics, forcing European refiners to explore other options and pay a premium for denser Middle Eastern barrels, according to Bloomberg. It is worth noting that crude oils such as Russian Urals and Iraq's Basrah Medium typically yield more oil products such as diesel and fuel oil. However, these varieties are generally offered at discounted prices compared to other types due to their higher sulfur levels. The competition for Basrah Medium crude has intensified in Europe over the past month. According to reports, approximately 23 million barrels of Iraqi crude are expected to be imported into the region this month, a significant increase from the 16 million barrels recorded in April. The growing demand for Basrah Medium crude and supply constraints have pushed prices to their highest levels. European refiners are now faced with the challenge of balancing their energy needs while managing the escalating costs of crude oil. The industry is closely monitoring developments in the payment dispute between Iraq and Turkey, as a resolution could alleviate some of the supply pressure on the market.

Sour and expensive: Europe's crude oil woes reach a boiling point

Two senior members of the European Central Bank (ECB) have&nbsp;taken a stand against the banking &amp; finance industry's failure to promote gender diversity in its upper ranks.

Frank Elderson, an ECB Executive Board member and Elizabeth McCaul, an ECB's Supervisory Board member, have expressed their disappointment with the current state of affairs in a blog post on Tuesday, as per a Bloomberg report.

While acknowledging that&nbsp;some progress has been made in promoting gender diversity, they believed that targets set by banks have remained insufficient.&nbsp;Describing banking as "still a man's world", Elderson and McCaul have called for more ambitious but credible gender diversity targets.&nbsp;

The ECB has integrated gender diversity into its guide for fit and proper assessments since 2021, ensuring that the right senior managers assume leadership roles within banks. However, of the 361 chief executives named at significant institutions and their subsidiaries between 2020 and 2022, over 300 were men.

While the average diversity targets for management bodies rose from 32 percent in 2020 to 34 percent by the end of last year, the ECB has revealed&nbsp;that approximately one-third of significant institutions did not meet their own targets. This lack of progress has led Elderson and McCaul to doubt the achievability of these targets in the near future.

Moreover, the ECB duo has&nbsp;emphasised&nbsp;the need for countries to adopt the&nbsp;European Union's forthcoming Women on Boards Directive. According to this directive, boards will only be considered balanced when at least 40 percent&nbsp;of the members are female.&nbsp;

Elderson and McCaul have also affirmed their commitment to utilising the existing supervisory tools available within national legislation to insist on improvements and address any internal governance shortcomings related to gender diversity within banks.

In a related study, the&nbsp;International Monetary Fund (IMF) has criticised central banks, including the ECB, for their inadequate progress in achieving gender diversity. According to the IMF survey, central banks, on average, filled less than half of their positions with women. Furthermore, the study revealed that the hired women were often relegated to lower-paid administrative roles or human relations.

Goldman Sachs settles gender discrimination&nbsp;suit&nbsp;

In a groundbreaking move, Goldman Sachs&nbsp;has agreed to pay a staggering $215 million to resolve a long-standing class-action lawsuit accusing the Wall Street powerhouse of systematic underpayment of women.

Reuters reported that the New York-based bank has settled the matter with lawyers, who represent&nbsp;approximately 2,800 female associates and vice presidents, marking a significant step towards addressing gender inequality in the financial sector.

The imminent trial, scheduled to commence in June in New York, would have offered a rare public platform for examining the pervasive issue of inequality within the industry. It is worth noting that, except for one, all of the six largest US&nbsp;banks have historically been led by men. Recognising the potential impact of this high-profile trial, the two parties hurriedly worked to settle before the proceedings began.

Notably, the settlement amount exceeds the sum paid by Smith Barney several decades ago to resolve the infamous "Boom-Boom Room" suit, which had accused the firm of harassment and discrimination.

Two senior members of the European Central Bank (ECB) have taken a stand against the banking & finance industry's failure to promote gender diversity in its upper ranks.

Two senior members of the European Central Bank (ECB) have taken a stand against the banking & finance industry's failure to promote gender diversity in its upper ranks. Frank Elderson, an ECB Executive Board member and Elizabeth McCaul, an ECB's Supervisory Board member, have expressed their disappointment with the current state of affairs in a blog post on Tuesday, as per a Bloomberg report. While acknowledging that some progress has been made in promoting gender diversity, they believed that targets set by banks have remained insufficient. Describing banking as "still a man's world", Elderson and McCaul have called for more ambitious but credible gender diversity targets. The ECB has integrated gender diversity into its guide for fit and proper assessments since 2021, ensuring that the right senior managers assume leadership roles within banks. However, of the 361 chief executives named at significant institutions and their subsidiaries between 2020 and 2022, over 300 were men. While the average diversity targets for management bodies rose from 32 percent in 2020 to 34 percent by the end of last year, the ECB has revealed that approximately one-third of significant institutions did not meet their own targets. This lack of progress has led Elderson and McCaul to doubt the achievability of these targets in the near future. Moreover, the ECB duo has emphasised the need for countries to adopt the European Union's forthcoming Women on Boards Directive. According to this directive, boards will only be considered balanced when at least 40 percent of the members are female. Elderson and McCaul have also affirmed their commitment to utilising the existing supervisory tools available within national legislation to insist on improvements and address any internal governance shortcomings related to gender diversity within banks. In a related study, the International Monetary Fund (IMF) has criticised central banks, including the ECB, for their inadequate progress in achieving gender diversity. According to the IMF survey, central banks, on average, filled less than half of their positions with women. Furthermore, the study revealed that the hired women were often relegated to lower-paid administrative roles or human relations. Goldman Sachs settles gender discrimination suit In a groundbreaking move, Goldman Sachs has agreed to pay a staggering $215 million to resolve a long-standing class-action lawsuit accusing the Wall Street powerhouse of systematic underpayment of women. Reuters reported that the New York-based bank has settled the matter with lawyers, who represent approximately 2,800 female associates and vice presidents, marking a significant step towards addressing gender inequality in the financial sector. The imminent trial, scheduled to commence in June in New York, would have offered a rare public platform for examining the pervasive issue of inequality within the industry. It is worth noting that, except for one, all of the six largest US banks have historically been led by men. Recognising the potential impact of this high-profile trial, the two parties hurriedly worked to settle before the proceedings began. Notably, the settlement amount exceeds the sum paid by Smith Barney several decades ago to resolve the infamous "Boom-Boom Room" suit, which had accused the firm of harassment and discrimination.

Banking's gender gap exposed: ECB and IMF call for diversity revolution