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Iphone sales for quarter one have put Apple in a sweet spot despite concerns from analysts. This was held in parts by Apple's efforts to find new markets for future growth. Among those top bets, is India. For more, watch the video.

Apple in a sweet spot to cash-in India's growth?

The online recruitment-offering site LinkedIn on Monday announced it would be terminating the jobs of 716 employees as well as phasing out its China-focused job application.

LinkedIn CEO Ryan Roslansky wrote a letter to employees, informing them about the job cuts. He cited trimming headcount in the sales, operations and support teams to streamline the company's operations and remove flab to make quicker decisions.&nbsp;

"With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors," said&nbsp;Roslansky in the letter.&nbsp;

He added that the changes would result in the creation of 250 new jobs and those laid off would be eligible to apply for those roles.&nbsp;

As for its China operations, the company said it will be phasing out its InCareeers app from the country by August 9. LinkedIn had decided to withdraw from mainland China in 2021 citing a 'challenging environment'.&nbsp;

"Despite our initial progress, InCareer faced fierce competition and a challenging macroeconomic climate, which ultimately led us to the decision of discontinuing the service," the company told users of the website.

<a href="https://www.wionews.com/videos/another-round-of-jobs-cuts-at-meta-thousands-of-workers-could-be-impacted-reports-565005">WATCH |&nbsp;Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports</a>

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Despite witnessing an increase in revenue each quarter last year, the Microsoft-owned platform is joining the likes of other tech giants in laying off employees.&nbsp;

<h2>LinkedIn's previous round of firings</h2>

Notably, in February earlier this year, after Microsoft announced plans to lay off around 10,000 employees, a significant amount of firing took place in the&nbsp;recruitment department of LinkedIn as well.&nbsp;

While the numbers were not confirmed at the time, several employees took to social media platforms to lament the sudden firing.&nbsp;

LinkedIn's ex-staff member Nicole Zawacki (who was employed as "diversity, inclusion and belonging sourcing lead") wrote that it will take a "little time" for her to process.

"Today I'm taking a little time to myself to process, but if anyone has any positions within Talent Acquisition or your Diversity team, or know of someone who does, I would sincerely appreciate any advice,” Zawacki posted.&nbsp;

<a href="https://www.wionews.com/world/job-providing-platform-linkedin-sacks-employees-from-recruitment-team-561925">ALSO READ |&nbsp;Job-providing platform, LinkedIn, sacks employees from its recruitment team</a>

The tech sector has witnessed a bloodbath over the last one and a half years. Amazon&nbsp;led the pack in firings by laying off almost 27,000 workers worldwide. Facebook owner Meta has terminated 21,000 jobs while Google's parent company Alphabet has laid off as many as 12,000 workers.&nbsp;

(With inputs from agencies)

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The online recruitment-offering site LinkedIn on Monday announced it would be terminating the jobs of 716 employees as well as phasing out its China-focused job application.

The online recruitment-offering site LinkedIn on Monday announced it would be terminating the jobs of 716 employees as well as phasing out its China-focused job application. LinkedIn CEO Ryan Roslansky wrote a letter to employees, informing them about the job cuts. He cited trimming headcount in the sales, operations and support teams to streamline the company's operations and remove flab to make quicker decisions. "With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors," said Roslansky in the letter. He added that the changes would result in the creation of 250 new jobs and those laid off would be eligible to apply for those roles. As for its China operations, the company said it will be phasing out its InCareeers app from the country by August 9. LinkedIn had decided to withdraw from mainland China in 2021 citing a 'challenging environment'. "Despite our initial progress, InCareer faced fierce competition and a challenging macroeconomic climate, which ultimately led us to the decision of discontinuing the service," the company told users of the website. WATCH | Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports × Despite witnessing an increase in revenue each quarter last year, the Microsoft-owned platform is joining the likes of other tech giants in laying off employees. LinkedIn's previous round of firings Notably, in February earlier this year, after Microsoft announced plans to lay off around 10,000 employees, a significant amount of firing took place in the recruitment department of LinkedIn as well. While the numbers were not confirmed at the time, several employees took to social media platforms to lament the sudden firing. LinkedIn's ex-staff member Nicole Zawacki (who was employed as "diversity, inclusion and belonging sourcing lead") wrote that it will take a "little time" for her to process. "Today I'm taking a little time to myself to process, but if anyone has any positions within Talent Acquisition or your Diversity team, or know of someone who does, I would sincerely appreciate any advice,” Zawacki posted. ALSO READ | Job-providing platform, LinkedIn, sacks employees from its recruitment team The tech sector has witnessed a bloodbath over the last one and a half years. Amazon led the pack in firings by laying off almost 27,000 workers worldwide. Facebook owner Meta has terminated 21,000 jobs while Google's parent company Alphabet has laid off as many as 12,000 workers. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft-owned LinkedIn to sack over 700 employees, phase out its Chinese app

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth.

One of the top markets that Apple is targeting is India, which has the world's fastest-growing major economy. However, a recent report from the International Data Corporation shows that 31 million smartphones were shipped in India in the first quarter of 2023, which is a 16% decrease from the previous year and the lowest first-quarter shipments in four years.&nbsp;

The report attributes the sluggish demand to rising living costs and a weak global economic outlook. But while budget smartphone makers such as Realme and Xiaomi are struggling to sell their phones, Apple is growing its share of the market. This trend reveals some interesting insights into the state of the Indian economy.

For example, the disappointing sales in the budget category suggest that India's poor may be putting off their smartphone purchases due to eroding household savings, while the rise in iPhone sales volumes suggests a growing middle class with a higher disposable income.

Consumer trends from India point towards a visible demand for high-end automobiles, mobile phones, and other luxury items, while demand for mass consumption items such as budget motorcycles shows that rural households are feeling the squeeze.

The Indian economy grew at 4.1 percent&nbsp;in the last quarter of 2022-2023, indicating that a large portion of the country's citizens are facing economic difficulties due to what economists call a K-shaped recovery.

For now, it seems that Apple is not too worried, as their target is the growing Indian middle class and the rising affluent who seem to have no issues taking a bite of Apple's ambitious plan.

While budget smartphone makers struggle to sell their phones in a tough economic climate, Apple's "premiumisation" strategy appears to be working. The wealth disparity highlighted by the smartphone sales figures, nevertheless, is a cause for concern. Now, it remains to be seen how the Indian economy will evolve in the coming years.

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth.

Apple's recent iPhone sales figures show that the company is doing well, with sales buoyed in part by the company's efforts to find new markets for future growth. One of the top markets that Apple is targeting is India, which has the world's fastest-growing major economy. However, a recent report from the International Data Corporation shows that 31 million smartphones were shipped in India in the first quarter of 2023, which is a 16% decrease from the previous year and the lowest first-quarter shipments in four years. The report attributes the sluggish demand to rising living costs and a weak global economic outlook. But while budget smartphone makers such as Realme and Xiaomi are struggling to sell their phones, Apple is growing its share of the market. This trend reveals some interesting insights into the state of the Indian economy. For example, the disappointing sales in the budget category suggest that India's poor may be putting off their smartphone purchases due to eroding household savings, while the rise in iPhone sales volumes suggests a growing middle class with a higher disposable income. Consumer trends from India point towards a visible demand for high-end automobiles, mobile phones, and other luxury items, while demand for mass consumption items such as budget motorcycles shows that rural households are feeling the squeeze. The Indian economy grew at 4.1 percent in the last quarter of 2022-2023, indicating that a large portion of the country's citizens are facing economic difficulties due to what economists call a K-shaped recovery. For now, it seems that Apple is not too worried, as their target is the growing Indian middle class and the rising affluent who seem to have no issues taking a bite of Apple's ambitious plan. While budget smartphone makers struggle to sell their phones in a tough economic climate, Apple's "premiumisation" strategy appears to be working. The wealth disparity highlighted by the smartphone sales figures, nevertheless, is a cause for concern. Now, it remains to be seen how the Indian economy will evolve in the coming years.

What iPhone sales tell us about India's economy

Virgin Galactic is all set to launch its final test flight before opening its commercial services. The space tourism company backed by billionaire Richard Branson is inching closer to making space tourism a reality.

Virgin Galactic's launch time approaching

Virgin Galactic is preparing to make space tourism a reality,

The space-tourism company backed by billionaire Richard Branson announced&nbsp;its final test flight on Monday. Reuters reported that the company hopes to launch its first commercial flight in late June after this final test of the spaceflight system and astronaut experience.

Shares of&nbsp;the company jumped by 4 percent following the announcement, highlighting the level of interest in Virgin Galactic's space tourism plans.&nbsp;

The announcement comes after the company had to&nbsp;delay its commercial service to the first quarter of 2023 after&nbsp;supply-chain crises and labor shortages.

However, after completing a lengthy upgrade for its centerpiece spacecraft in February, it has reopened ticket sales for spacecraft flights. With tickets priced at $450,000 per person and an initial deposit of $150,000, space enthusiasts are keen to be part of this ground-breaking experience.

"Returning to space is what we have all worked towards," said Mike Moses, president of spaceline missions and safety. As per Reuters, a team of four astronauts comprising Jamila Gilbert, Christopher Hue, Luke Mays, and Beth Moses will embark on the final test flight for Virgin Galactic.

The space tourism industry is highly competitive, and Virgin Galactic has faced its fair share of setbacks over the years. In 2014, a fatal crash during a test flight set the company back considerably.&nbsp;However, the company's ambitions to make space tourism a reality have remained steadfast. With competition from companies like Blue Origin and SpaceX, the pressure is on to deliver a safe and unforgettable customer experience.

The space tourism industry is still in its infancy. There are many hurdles to overcome before it becomes a mainstream industry. However, the potential rewards are enormous, with experts predicting that space tourism could eventually become a multi-billion-dollar industry.&nbsp;

Virgin Galactic is preparing to make space tourism a reality, The space-tourism company backed by billionaire Richard Branson announced its final test flight on Monday.

Virgin Galactic is preparing to make space tourism a reality, The space-tourism company backed by billionaire Richard Branson announced its final test flight on Monday. Reuters reported that the company hopes to launch its first commercial flight in late June after this final test of the spaceflight system and astronaut experience. Shares of the company jumped by 4 percent following the announcement, highlighting the level of interest in Virgin Galactic's space tourism plans. The announcement comes after the company had to delay its commercial service to the first quarter of 2023 after supply-chain crises and labor shortages. However, after completing a lengthy upgrade for its centerpiece spacecraft in February, it has reopened ticket sales for spacecraft flights. With tickets priced at $450,000 per person and an initial deposit of $150,000, space enthusiasts are keen to be part of this ground-breaking experience. "Returning to space is what we have all worked towards," said Mike Moses, president of spaceline missions and safety. As per Reuters, a team of four astronauts comprising Jamila Gilbert, Christopher Hue, Luke Mays, and Beth Moses will embark on the final test flight for Virgin Galactic. The space tourism industry is highly competitive, and Virgin Galactic has faced its fair share of setbacks over the years. In 2014, a fatal crash during a test flight set the company back considerably. However, the company's ambitions to make space tourism a reality have remained steadfast. With competition from companies like Blue Origin and SpaceX, the pressure is on to deliver a safe and unforgettable customer experience. The space tourism industry is still in its infancy. There are many hurdles to overcome before it becomes a mainstream industry. However, the potential rewards are enormous, with experts predicting that space tourism could eventually become a multi-billion-dollar industry.

Spacebound! Virgin Galactic gears up for final test flight in May, shares rise

The world trade is re-globalising. Companies and government are driving this "re-globalisation", where companies are reducing their reliance on a single country while countries are ensuring that key materials are secured if trade splinters into geopolitical blocs.

World trade is 'reglobalising'

The debt limit timebomb is ticking for the Biden administration. The question looming now is: Will President Joe Biden & Republican lawmakers be able to break the deadlock? They are scheduled to meet on Tuesday, led by Speaker Kevin McCarthy.

Will the US debt limit crisis end soon?

India is increasing its efforts to reduce emissions and ride the EV bus to a net zero future. A government panel in India has proposed a ban on diesel four-wheelers by the year 2027. This is being done to reduce emissions and achieve its 2070 Net Zero goal.

India revs up for greener mobility, govt panel puts brake on diesel

Germany, the largest economy in Europe, may be in trouble after its industrial production fell&nbsp;more than expected in March. This has triggered&nbsp;fears of a recession later this year.&nbsp;

According to a Reuters report, industrial production tumbled 3.4 percent from the previous month, while automobile manufacturing dropped 6.5 percent. Machinery and equipment production fell by 3.4 percent, while the construction sector's output decreased by 4.6 percent in March.

The economics ministry reported an unforeseen and significant drop in industrial production in March, following a solid start to the year. The statistics office also confirmed that production in the first quarter was 2.5 percent higher than in the final quarter of the previous year.

The slowdown in industrial production was partly caused by the recent global increase in interest rates, which hurt&nbsp;the economy as industrial orders reduced significantly. Specifically, German industrial orders&nbsp;dropped by 10.7 percent on a seasonally and calendar-adjusted basis compared to the previous month, as per Reuters.

This was&nbsp;the largest monthly decline since 2020, during the peak of the COVID-19 pandemic.

"The risks of a recession in Germany are rising," Reuters quoted Commerzbank's chief economist Ralph Solveen as saying.

Retail sales and exports also dropped sharply, increasing the likelihood of a downward revision to first-quarter Gross Domestic Product (GDP). If this happens, Germany's economy could be considered to have fallen into a recession, which is defined as two consecutive quarters of contraction.

Carsten Brzeski, ING's global head of macro, told Reuters that there is a high risk of a downward revision to the first-quarter GDP, making a technical recession more likely.

The decline in German industrial production is a cause of&nbsp;concern for the global economy. The recent disruption to the supply chain caused by the COVID-19 pandemic, coupled with the decline in German industrial production, led to a sharp rise in the prices of&nbsp;electronics and cars around the world.&nbsp;

Germany, the largest economy in Europe, may be in trouble after its industrial production fell more than expected in March. This has triggered fears of a recession later this year.

Germany, the largest economy in Europe, may be in trouble after its industrial production fell more than expected in March. This has triggered fears of a recession later this year. According to a Reuters report, industrial production tumbled 3.4 percent from the previous month, while automobile manufacturing dropped 6.5 percent. Machinery and equipment production fell by 3.4 percent, while the construction sector's output decreased by 4.6 percent in March. The economics ministry reported an unforeseen and significant drop in industrial production in March, following a solid start to the year. The statistics office also confirmed that production in the first quarter was 2.5 percent higher than in the final quarter of the previous year. The slowdown in industrial production was partly caused by the recent global increase in interest rates, which hurt the economy as industrial orders reduced significantly. Specifically, German industrial orders dropped by 10.7 percent on a seasonally and calendar-adjusted basis compared to the previous month, as per Reuters. This was the largest monthly decline since 2020, during the peak of the COVID-19 pandemic. "The risks of a recession in Germany are rising," Reuters quoted Commerzbank's chief economist Ralph Solveen as saying. Retail sales and exports also dropped sharply, increasing the likelihood of a downward revision to first-quarter Gross Domestic Product (GDP). If this happens, Germany's economy could be considered to have fallen into a recession, which is defined as two consecutive quarters of contraction. Carsten Brzeski, ING's global head of macro, told Reuters that there is a high risk of a downward revision to the first-quarter GDP, making a technical recession more likely. The decline in German industrial production is a cause of concern for the global economy. The recent disruption to the supply chain caused by the COVID-19 pandemic, coupled with the decline in German industrial production, led to a sharp rise in the prices of electronics and cars around the world.

Germany's economy hits a speed bump: Weak production data triggers recession fears

A recent survey by the Federal Reserve shows the US economy is in bad shape. The Fed survey points to difficulties in getting loans as banks are tightening their lending standards.

US faces credit crunch amid bank turmoil

USA’s biggest beef and poultry producer Tyson Foods is facing an economic crisis amid increasing production costs and declining demand in an inflation-battered market. The company posted a surprise second-quarter loss on Monday, which triggered a free fall in the company’s stock prices.

The shares tumbled a whopping 12 per cent, which effectively erased $300 million off the Tyson family’s fortune. The shares owned by the Tyson family are now worth $2.5 billion.

<h2>Tyson’s financial crisis</h2>

Tyson, the maker of popular meat products such as Aidells, Hillshire Farm and Jimmy Dean, has reported a sharp decline in beef sales and operating margins. Tyson's adjusted operating margin for beef has fallen from 12.7% last year to just 0.2% this year. The company's total beef margin for the fiscal year ending in September 2023 is expected to be between negative 1% and 1%, a significant drop from the original forecast of 2% to 4%. Sales of beef have also dropped by 3% to $4.6 billion.

Tyson's pork and chicken production are also experiencing challenges, with the company reporting a loss per share of 4 cents, instead of the expected profit of 80 cents per share. The company has also revised its sales forecast for 2023, which is now expected to reach $53 billion to $54 billion, compared to the previously anticipated $55 billion to $57 billion.

The company has also resorted to slashing its workforce to cut operational costs. Last month, Tyson Foods Chief Executive Donnie King announced the company will eliminate about 10% of corporate jobs and 15% of senior leadership roles.&nbsp;

<h2>Climate disaster behind Tyson’s misery</h2>

The extreme heatwaves sweeping across the US are responsible for the increase in livestock deaths, which is directly impacting the business operations of Tyson Foods. &nbsp;Kansas, one of the top three producers of beef in the country, reported thousands of cattle death last year.&nbsp;

This resulted in the shortage of livestock in the market that Tyson Foods needs to produce its output. As a result, it had to pay more for the animals that it slaughters. Heat waves and ensuing draughts also made livestock feed costlier, which further exacerbated the financial woes of Tyson Foods.

The National Weather Services (NWS) has warned of more extreme heatwaves in coming years, which will only pile misery on the beef business in the country.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/world-earth-day-temperature-rising-in-europe-15700-deaths-due-to-heatwave-in-2022-says-un-585320">World Earth Day | Temperature rising in Europe, 15,700 deaths due to heatwave in 2022, says UN</a>

According to the United States Environmental Protection Agency (EPA), heat waves have become more frequent, longer, and more intense in the four decades since the 1960s. The annual number of heatwaves rose from two in the 1960s to six in the 2010s, and the heatwave season now accumulates more days than in past decades, reaching 70 days on average by the 2010s.

Climate researcher and professor Philip Thornton has warned that increasing heat will pose a significant challenge to livestock farmers. He notes that the livestock heat stress issue will become increasingly challenging for livestock farmers to deal with as the world warms.&nbsp;

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USA’s biggest beef and poultry producer Tyson Foods is facing an economic crisis amid increasing production costs and declining demand in an inflation-battered market.

USA’s biggest beef and poultry producer Tyson Foods is facing an economic crisis amid increasing production costs and declining demand in an inflation-battered market. The company posted a surprise second-quarter loss on Monday, which triggered a free fall in the company’s stock prices. The shares tumbled a whopping 12 per cent, which effectively erased $300 million off the Tyson family’s fortune. The shares owned by the Tyson family are now worth $2.5 billion. Tyson’s financial crisis Tyson, the maker of popular meat products such as Aidells, Hillshire Farm and Jimmy Dean, has reported a sharp decline in beef sales and operating margins. Tyson's adjusted operating margin for beef has fallen from 12.7% last year to just 0.2% this year. The company's total beef margin for the fiscal year ending in September 2023 is expected to be between negative 1% and 1%, a significant drop from the original forecast of 2% to 4%. Sales of beef have also dropped by 3% to $4.6 billion. Tyson's pork and chicken production are also experiencing challenges, with the company reporting a loss per share of 4 cents, instead of the expected profit of 80 cents per share. The company has also revised its sales forecast for 2023, which is now expected to reach $53 billion to $54 billion, compared to the previously anticipated $55 billion to $57 billion. The company has also resorted to slashing its workforce to cut operational costs. Last month, Tyson Foods Chief Executive Donnie King announced the company will eliminate about 10% of corporate jobs and 15% of senior leadership roles. Climate disaster behind Tyson’s misery The extreme heatwaves sweeping across the US are responsible for the increase in livestock deaths, which is directly impacting the business operations of Tyson Foods. Kansas, one of the top three producers of beef in the country, reported thousands of cattle death last year. This resulted in the shortage of livestock in the market that Tyson Foods needs to produce its output. As a result, it had to pay more for the animals that it slaughters. Heat waves and ensuing draughts also made livestock feed costlier, which further exacerbated the financial woes of Tyson Foods. The National Weather Services (NWS) has warned of more extreme heatwaves in coming years, which will only pile misery on the beef business in the country. Also Read | World Earth Day | Temperature rising in Europe, 15,700 deaths due to heatwave in 2022, says UN According to the United States Environmental Protection Agency (EPA), heat waves have become more frequent, longer, and more intense in the four decades since the 1960s. The annual number of heatwaves rose from two in the 1960s to six in the 2010s, and the heatwave season now accumulates more days than in past decades, reaching 70 days on average by the 2010s. Climate researcher and professor Philip Thornton has warned that increasing heat will pose a significant challenge to livestock farmers. He notes that the livestock heat stress issue will become increasingly challenging for livestock farmers to deal with as the world warms. WATCH WION LIVE HERE ×

Tyson Foods: How a climate disaster caused a stock plunge that slashed a family's fortune

Twitter avoided a proposed class-action lawsuit on Monday, which accused the social media giant of gender discrimination in its layoffs, after a California federal judge dismissed the case due to insufficient information provided by the plaintiffs.&nbsp;

Reuters reported that the judge allowed the plaintiffs to amend the lawsuit to add more details but ruled that the allegedly sexist remarks made by Elon Musk, cited by the plaintiffs, were irrelevant as they were made before he acquired Twitter in 2020.&nbsp;

Twitter has denied any wrongdoing in this case and the recently dismissed lawsuit accusing the company of discrimination against workers with disabilities.&nbsp;

Lawsuits have been mounting over Twitter ever since Elon Musk decided to lay off around half of the company's workforce, including nearly 2,000 former employees who have filed legal claims in arbitration.

Birdsong Turned Sour After Musk’s Takeover

The recent gender discrimination lawsuit accused the social media platform of laying off a higher percentage of female workers than their male counterparts after Elon Musk acquired the company.&nbsp;

The plaintiffs argued that 57 percent of women lost their jobs compared to 47 percent of men, with a particularly stark disparity in engineering roles, where 63 percent of female workers were laid off compared to just 48 percent of men.&nbsp;

Off late, Twitter's alleged gender discriminatory&nbsp;practices have come under scrutiny, particularly following the significant job losses after Musk's takeover.

A former engineering manager and cancer survivor filed a disability bias lawsuit against Twitter, alleging that he was fired when he refused to stop working remotely.&nbsp;

The plaintiff claimed&nbsp;that he faced discrimination due to his health condition, necessitating working from home. The situation was further exacerbated by a memo from Elon Musk, which urged Twitter employees to work "long hours at high intensity" or risk losing their jobs.&nbsp;

Meanwhile, Shannon Liss-Riordan, the lawyer representing the plaintiffs in both the gender and disability discrimination lawsuits against Twitter, has announced her plans to file a revised complaint in each case.&nbsp;

In addition to these cases, Liss-Riordan also represents almost 2,000 former Twitter employees who have filed legal claims against the company in arbitration.&nbsp;

(With agency inputs)&nbsp;

Twitter avoided a proposed class-action lawsuit on Monday, which accused the social media giant of gender discrimination in its layoffs, after a California federal judge dismissed the case due to insufficient information provided by the plaintiffs.

Twitter avoided a proposed class-action lawsuit on Monday, which accused the social media giant of gender discrimination in its layoffs, after a California federal judge dismissed the case due to insufficient information provided by the plaintiffs. Reuters reported that the judge allowed the plaintiffs to amend the lawsuit to add more details but ruled that the allegedly sexist remarks made by Elon Musk, cited by the plaintiffs, were irrelevant as they were made before he acquired Twitter in 2020. Twitter has denied any wrongdoing in this case and the recently dismissed lawsuit accusing the company of discrimination against workers with disabilities. Lawsuits have been mounting over Twitter ever since Elon Musk decided to lay off around half of the company's workforce, including nearly 2,000 former employees who have filed legal claims in arbitration. Birdsong Turned Sour After Musk’s Takeover The recent gender discrimination lawsuit accused the social media platform of laying off a higher percentage of female workers than their male counterparts after Elon Musk acquired the company. The plaintiffs argued that 57 percent of women lost their jobs compared to 47 percent of men, with a particularly stark disparity in engineering roles, where 63 percent of female workers were laid off compared to just 48 percent of men. Off late, Twitter's alleged gender discriminatory practices have come under scrutiny, particularly following the significant job losses after Musk's takeover. A former engineering manager and cancer survivor filed a disability bias lawsuit against Twitter, alleging that he was fired when he refused to stop working remotely. The plaintiff claimed that he faced discrimination due to his health condition, necessitating working from home. The situation was further exacerbated by a memo from Elon Musk, which urged Twitter employees to work "long hours at high intensity" or risk losing their jobs. Meanwhile, Shannon Liss-Riordan, the lawyer representing the plaintiffs in both the gender and disability discrimination lawsuits against Twitter, has announced her plans to file a revised complaint in each case. In addition to these cases, Liss-Riordan also represents almost 2,000 former Twitter employees who have filed legal claims against the company in arbitration. (With agency inputs)

Mass layoffs at Twitter: Elon Musk-led company averts discrimination allegations for now

The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride.&nbsp;

Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.S. Securities and Exchange Commission (SEC) that it operated an unregistered securities exchange.

Bittrex Inc. ceased operations in the United States on April 30. But the bankruptcy filing is not expected to impact Bittrex Global, which serves customers outside the United States.&nbsp;

The company's non-U.S. operations are based in Liechtenstein.

According to the bankruptcy petition, Bittrex's assets and liabilities are between $500 million and $1 billion. The company also holds cryptocurrency assets of U.S. customers who did not withdraw funds before April 30.

The US regulator's lawsuit against Bittrex alleges that former CEO William Shihara encouraged crypto asset issuers seeking to make their tokens available on the company's platform to delete public statements that could lead to a regulatory probe.&nbsp;

However, Bittrex has denied any wrongdoing.&nbsp;

Bittrex is not the only crypto exchange collapsing under the weight of regulatory scrutiny.&nbsp;

The fall of FTX, one of the largest cryptocurrency exchanges due to regulatory issues and criminal charges against its founder in 2022 shocked the world.&nbsp;

More recently, the ongoing decline in the fortunes of Binance, the world's biggest cryptocurrency exchanges, began after the US watchdog accused the company of fraud.

The S.E.C. has accused Binance of illegally letting Russians skirt US sanctions and move money through the exchange -- a charge the company has denied.&nbsp;

With the SEC increasing its scrutiny of cryptocurrency exchanges, investors and traders are becoming increasingly cautious about their investments.

While the current regulatory scrutiny and uncertainty may cause some short-term volatility in the cryptocurrency market, many experts believe that the long-term outlook for cryptocurrencies is positive.&nbsp;

But Bittrex Inc saga&nbsp;is a reminder of the regulatory challenges that the cryptocurrency market continues to face.&nbsp;

(With agency inputs)&nbsp;

The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride. Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.

The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride. Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.S. Securities and Exchange Commission (SEC) that it operated an unregistered securities exchange. Bittrex Inc. ceased operations in the United States on April 30. But the bankruptcy filing is not expected to impact Bittrex Global, which serves customers outside the United States. The company's non-U.S. operations are based in Liechtenstein. According to the bankruptcy petition, Bittrex's assets and liabilities are between $500 million and $1 billion. The company also holds cryptocurrency assets of U.S. customers who did not withdraw funds before April 30. The US regulator's lawsuit against Bittrex alleges that former CEO William Shihara encouraged crypto asset issuers seeking to make their tokens available on the company's platform to delete public statements that could lead to a regulatory probe. However, Bittrex has denied any wrongdoing. Bittrex is not the only crypto exchange collapsing under the weight of regulatory scrutiny. The fall of FTX, one of the largest cryptocurrency exchanges due to regulatory issues and criminal charges against its founder in 2022 shocked the world. More recently, the ongoing decline in the fortunes of Binance, the world's biggest cryptocurrency exchanges, began after the US watchdog accused the company of fraud. The S.E.C. has accused Binance of illegally letting Russians skirt US sanctions and move money through the exchange -- a charge the company has denied. With the SEC increasing its scrutiny of cryptocurrency exchanges, investors and traders are becoming increasingly cautious about their investments. While the current regulatory scrutiny and uncertainty may cause some short-term volatility in the cryptocurrency market, many experts believe that the long-term outlook for cryptocurrencies is positive. But Bittrex Inc saga is a reminder of the regulatory challenges that the cryptocurrency market continues to face. (With agency inputs)

Bitter end for Bittrex: Crypto exchange files for bankruptcy protection amid SEC scrutiny

E-commerce giant Amazon is offering customers $10 to pick up purchases rather than having them shipped to a home address, as the company has joined other retailers in racing to slash costs for home delivery and returns. According to a report by the news agency Reuters early Tuesday (May 9), Amazon for the last few days sent emails to an unknown number of Prime subscribers offering them $10 to retrieve an order of $25 or more at company pickup points at locations such as Whole Foods, Amazon Fresh or Kohl's stores.

Dean Maciuba, a New York-based shipping consultant, was one of the customers who received the offer. Speaking to Reuters, Maciuba said that the increasing use of Amazon pick-up points would help the company bypass costly residential package dropoffs and it is a huge opportunity for the company to reduce the cost of delivery.&nbsp;It also helps train consumers to tender returns directly to the company, Maciuba added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/business-economy/amazon-cuts-deep-largest-layoffs-in-companys-history-hit-cloud-computing-ad-teams-586672">Amazon cuts deep: largest layoffs in company's history hit cloud computing, ad teams</a>

Last month, the e-commerce giant started charging customers a $1 fee if they returned their packages via a United Parcel Service (UPS) store when there is an Amazon pickup/return location closer to their delivery address.&nbsp;

Speaking to Business Insider on April 12, Amazon spokesperson Steve Kelly said that the company always offers a free option for customers to return their items. "If a customer would prefer to return their item at a UPS Store when there is a free option closer to their delivery address, a very small amount of customers may incur a $1 fee," Kelly added.&nbsp;

For years, Amazon has worked to train customers to expect fast, no-fee deliveries and returns. But as the company tightens its belt after a period of explosive growth, it has made numerous moves to reduce delivery-related costs across the board.&nbsp;

Last year, Amazon hiked the price of its annual Prime subscription which includes free shipping benefits by $20 to $139. And in February this year, it raised minimum order thresholds for free grocery delivery. As per the new policy, delivery fees for Amazon Fresh would be $3.95 for orders of $100 to $150, $6.95 for orders of $50 to $100 and $9.95 for orders of less than $50.

(With inputs from agencies)

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E-commerce giant Amazon is offering customers $10 to pick up purchases rather than having them shipped to a home address, as the company has joined other retailers in racing to slash costs for home delivery and returns.

E-commerce giant Amazon is offering customers $10 to pick up purchases rather than having them shipped to a home address, as the company has joined other retailers in racing to slash costs for home delivery and returns. According to a report by the news agency Reuters early Tuesday (May 9), Amazon for the last few days sent emails to an unknown number of Prime subscribers offering them $10 to retrieve an order of $25 or more at company pickup points at locations such as Whole Foods, Amazon Fresh or Kohl's stores. Dean Maciuba, a New York-based shipping consultant, was one of the customers who received the offer. Speaking to Reuters, Maciuba said that the increasing use of Amazon pick-up points would help the company bypass costly residential package dropoffs and it is a huge opportunity for the company to reduce the cost of delivery. It also helps train consumers to tender returns directly to the company, Maciuba added. ALSO READ | Amazon cuts deep: largest layoffs in company's history hit cloud computing, ad teams Last month, the e-commerce giant started charging customers a $1 fee if they returned their packages via a United Parcel Service (UPS) store when there is an Amazon pickup/return location closer to their delivery address. Speaking to Business Insider on April 12, Amazon spokesperson Steve Kelly said that the company always offers a free option for customers to return their items. "If a customer would prefer to return their item at a UPS Store when there is a free option closer to their delivery address, a very small amount of customers may incur a $1 fee," Kelly added. For years, Amazon has worked to train customers to expect fast, no-fee deliveries and returns. But as the company tightens its belt after a period of explosive growth, it has made numerous moves to reduce delivery-related costs across the board. Last year, Amazon hiked the price of its annual Prime subscription which includes free shipping benefits by $20 to $139. And in February this year, it raised minimum order thresholds for free grocery delivery. As per the new policy, delivery fees for Amazon Fresh would be $3.95 for orders of $100 to $150, $6.95 for orders of $50 to $100 and $9.95 for orders of less than $50. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amazon offers customers $10 to pick up purchases as it targets delivery costs: Report

Binance, the world's largest cryptocurrency exchange paused Bitcoin withdrawals on the platform for a second time in under 12 hours on Monday. The company cited congestion on the blockchain due to the high volume of pending transactions&nbsp;as the reason for hitting the pause button.&nbsp;

"Our team is currently working on a fix and will reopen (Bitcoin) withdrawals as soon as possible," the company tweeted.&nbsp;

"There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in (bitcoin) network gas fees," it added.&nbsp;

After the two halts, the cryptocurrency exchange managed to steady the operation and resumed withdrawals, albeit with a slight tweak.&nbsp;

“To prevent a similar recurrence in the future, our fees have been adjusted.&nbsp;We will continue to monitor on-chain activity and adjust accordingly if needed," it said.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/ftx-saga-continues-funds-vanish-at-bankrupt-crypto-exchange-company-confirms-unauthorised-access-533669">FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access'</a>

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According to data made available by CrpytoQuant, the congestion happened as the platform saw its highest-ever net daily withdrawal of Bitcoin -&nbsp;a net 175,646 tokens on May 7.&nbsp;

Notably, this is not the first instance when Binance has faced such a situation. In March 2023, after Bitcoin plunged about one per cent to&nbsp;$28,191, its lowest in nearly a week, Binance suspended deposits and withdrawals citing tech issues.&nbsp;

Moreover,&nbsp;in December last year, Binance recorded $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">ALSO READ |&nbsp;Binance braces for 'challenging period' after record $1.9bn outflows</a>

<h2>Tough times ahead: Binance CEO</h2>

At the time,&nbsp;Chief Executive Officer Changpeng Zhao warned the employees to expect tough months ahead. After FTX went bankrupt last year and Binance pitched in to resuscitate its rival, both the users as well as the regulators are closely monitoring the operational methods of cryptocurrency exchanges.

Wary of the scrutiny, Changpeng had called for regulations in the industry to ensure better security for the investors.&nbsp;

"We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," Zhao said at the time, addressing the G20 leaders' summit in Bali.&nbsp;

"I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100 per cent&nbsp;their responsibility," he added.&nbsp;

(With inputs from agencies)

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Binance, the world's largest cryptocurrency exchange paused Bitcoin withdrawals on the platform for a second time in under 12 hours on Monday. The company cited congestion on the blockchain due to the high volume of pending transactions as the reason for hitting the pause button.

Binance, the world's largest cryptocurrency exchange paused Bitcoin withdrawals on the platform for a second time in under 12 hours on Monday. The company cited congestion on the blockchain due to the high volume of pending transactions as the reason for hitting the pause button. "Our team is currently working on a fix and will reopen (Bitcoin) withdrawals as soon as possible," the company tweeted. "There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in (bitcoin) network gas fees," it added. After the two halts, the cryptocurrency exchange managed to steady the operation and resumed withdrawals, albeit with a slight tweak. “To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed," it said. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × According to data made available by CrpytoQuant, the congestion happened as the platform saw its highest-ever net daily withdrawal of Bitcoin - a net 175,646 tokens on May 7. Notably, this is not the first instance when Binance has faced such a situation. In March 2023, after Bitcoin plunged about one per cent to $28,191, its lowest in nearly a week, Binance suspended deposits and withdrawals citing tech issues. Moreover, in December last year, Binance recorded $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13. ALSO READ | Binance braces for 'challenging period' after record $1.9bn outflows Tough times ahead: Binance CEO At the time, Chief Executive Officer Changpeng Zhao warned the employees to expect tough months ahead. After FTX went bankrupt last year and Binance pitched in to resuscitate its rival, both the users as well as the regulators are closely monitoring the operational methods of cryptocurrency exchanges. Wary of the scrutiny, Changpeng had called for regulations in the industry to ensure better security for the investors. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," Zhao said at the time, addressing the G20 leaders' summit in Bali. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100 per cent their responsibility," he added. (With inputs from agencies) WATCH WION LIVE HERE:

Binance halts Bitcoin withdrawal twice in under 12 hours before resuming service

Sweden's most recent paradigm-shifting Sweden is turning a key highway into a permanent charging station as innovation advances its electrified Road system. As the European Union sets a goal for all newly sold cars to have zero carbon dioxide emissions starting in 2035, Sweden is setting the pace in the fight to decarbonize the transportation industry.

Sweden pioneers e-roads for carbon-free transport

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs.

The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills.

The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent&nbsp;to 3.85 percent&nbsp;last week.&nbsp;

The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years.

Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders.

While some have called the rate hike&nbsp;premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period.

The financial package and the surprise rate hike come&nbsp;at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes.

While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth.&nbsp;With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.&nbsp;

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter. The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills. The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent to 3.85 percent last week. The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years. Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders. While some have called the rate hike premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period. The financial package and the surprise rate hike come at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes. While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth. With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.

Australia's budget to provide $10 billion financial package amid record-high inflation

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. Government data shows that the Saudi economy grew 3.9% compared to the same period last year.

Saudi Arabia's economy slows down in 2023

The European Union has thrown down the gauntlet and taken a strong stance against the Chinese firms accused of aiding Russia's War efforts. The EU has added seven Chinese companies to the sanctions list and accused them of selling equipment that could be used to make weapons. The European Union is getting ready to impose sanctions on the Chinese firms accused of giving Russia War equipment.

EU takes aim at companies aiding Russia's war machine

Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook added. Although, he didn’t rule out the possibility of job cuts in the near future.

<h2>Apple slows the rate of hiring</h2>

The Apple CEO made it clear that the company was taking steps to cut costs and has already slowed the rate of hiring. “We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before,” Cook said. “And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it,” he further said.

Watch:&nbsp;Apple CEO Tim Cook slams Silicon valley

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Unlike its major rivals, Apple didn’t go on a hiring spree during the pandemic, which puts the company in a better position even as the economic outlook deteriorates.&nbsp;

<h2>Apple beats quarterly earnings estimates</h2>

The major announcement from Tim Cook came as Apple’s quarterly earnings of $1.52 per share beat the estimates of $1.44 per share, a positive surprise of 5.56 per cent. The company posted revenue of $94.84 billion for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 1.63 per cent.

<h2>Apple bets big on India</h2>

Apple CEO on Thursday also heaped praises on India, while indicating that he was looking at the country as not just a major market but also a bigger production base. "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It's a major focus for us,” Cook said, while saying that the country is at a "tipping point’".

Also Read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/apple-gains-from-indias-surging-retail-market-but-dont-bet-on-a-made-in-india-boost-yet-583983">Apple gains from India`s surging retail market, but don`t bet on a Made-in-India boost yet</a>

Cook also mentioned that he looked at India as an exciting market, and the country remains a prime focus for the company. Apple recently opened its first official store in India’s Mumbai and plans to open another in the coming days. 
 
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Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company.

Apple CEO Tim Cook on Thursday assured that his company is not planning big layoffs, sidestepping a trend widely visible across the USA’s tech sector. In an interview with CNBC’s Steve Kovach, Cook said firing employees was a last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” Cook added. Although, he didn’t rule out the possibility of job cuts in the near future. Apple slows the rate of hiring The Apple CEO made it clear that the company was taking steps to cut costs and has already slowed the rate of hiring. “We’re continuing to be extremely prudent on hiring. We’re continuing to hire, just at a lower clip level than we were before,” Cook said. “And we’re doing all the right things of challenging the things that we spend, and we’re just finding a few more ways to save on it,” he further said. Watch: Apple CEO Tim Cook slams Silicon valley × Unlike its major rivals, Apple didn’t go on a hiring spree during the pandemic, which puts the company in a better position even as the economic outlook deteriorates. Apple beats quarterly earnings estimates The major announcement from Tim Cook came as Apple’s quarterly earnings of $1.52 per share beat the estimates of $1.44 per share, a positive surprise of 5.56 per cent. The company posted revenue of $94.84 billion for the quarter ended March 2023, surpassing the Zacks Consensus Estimate by 1.63 per cent. Apple bets big on India Apple CEO on Thursday also heaped praises on India, while indicating that he was looking at the country as not just a major market but also a bigger production base. "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us. Taking a step back, India is an incredibly exciting market. It's a major focus for us,” Cook said, while saying that the country is at a "tipping point’". Also Read | Apple gains from India`s surging retail market, but don`t bet on a Made-in-India boost yet Cook also mentioned that he looked at India as an exciting market, and the country remains a prime focus for the company. Apple recently opened its first official store in India’s Mumbai and plans to open another in the coming days. WATCH WION LIVE HERE ×

Apple not planning mass layoffs, says CEO Tim Cook as he bets big on India

It seems South Asia and Latin America are the new Trump cards for tech giant Apple, while China and the West continue to slow down. Apple CEO Tim Cook is betting that these markets will provide more opportunities due to their youthful populations and relatively few iPhones.

Apple sets its eye on emerging markets

To help its citizens deal with rising cost of living, the Australian government said it would include a 10 billion dollar package over four years in the federal budget. The package is aimed at giving families and businesses relief while not stoking inflation.

Australia's Budget 2023: Will budget bring relief to people?

Trouble seems to be mounting for First Republic Bank. Days after US regulators seized the bank and sold it to JP Morgan, the Securities and Exchange Commission (SEC) is investigating some executives at the US bank for insider trading.

US probes insider trading at First Republic Bank

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF).

The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the&nbsp;country's economy.&nbsp;

In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November.

Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week.&nbsp;

The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account&nbsp;deficit.&nbsp;

Exports fell 16.5 percent&nbsp;to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent&nbsp;year-on-year to $1.68 billion in April.

Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region".&nbsp;

While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28.

This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour.

Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022.

The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance.

According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to&nbsp;5.2 percent in 2022-23 due to weaker macroeconomic outlook.&nbsp;

However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates.&nbsp;

Economic growth is expected to accelerate in FY24&nbsp;to around 6.5 percent over the medium term, as inflation&nbsp;eases, external economic conditions improve, and reform implementation gains momentum.&nbsp;

But structural reforms will be key to Bangladesh's economic recovery.&nbsp;

"Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.&nbsp;

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown. The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the country's economy. In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November. Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week. The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account deficit. Exports fell 16.5 percent to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent year-on-year to $1.68 billion in April. Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region". While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28. This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour. Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022. The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance. According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to 5.2 percent in 2022-23 due to weaker macroeconomic outlook. However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates. Economic growth is expected to accelerate in FY24 to around 6.5 percent over the medium term, as inflation eases, external economic conditions improve, and reform implementation gains momentum. But structural reforms will be key to Bangladesh's economic recovery. "Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.

IMF flags risks to Bangladesh economy as foreign reserves fall further

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.&nbsp;

However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period.

As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84.

According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn.

From Slump to Spike

Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency&nbsp;that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover.

Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month.

Reuters reported&nbsp;that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies. However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period. As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84. According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn. From Slump to Spike Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover. Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month. Reuters reported that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Oil prices rally on strong US jobs report, easing recession fears

The Securities and Exchange Commission (SEC) in the United States&nbsp;is investigating executives at the First Republic Bank, media reports said on Monday.&nbsp;

As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase. While no charges have been filed, the inquiry has cast a shadow over the once-respected institution.

The bank's founder and former executive chairman, James Herbert II, allegedly sold a total of $11.8 million in stock between January and early March, as per San Francisco Chronicle.

Herbert's spokesperson claimed that his sales had been a part of annual estate planning and philanthropy, the timing of the sales has raised eyebrows.

Other executives who sold shares include Robert Thornton, then-president of private wealth management, and former CEO Michael Roffler.

The SEC and Department of Justice are also investigating former executives of Silicon Valley Bank of Santa Clara for possible insider trading.

Billionaire Warren Buffett, a well-known critic of the bank, has accused it of engaging in a "crazy proposition" by offering jumbo, fixed-rate mortgages that weren't backed by the government. He also claimed that the bank engaged in the practice in plain sight while the world ignored it until it was too late.

The Downfall of the First Republic

The federal government had earlier seized the First Republic and sold it to JPMorgan Chase, making it the second-largest banking failure in U.S. history after the 2008 collapse of Washington Mutual.

The bank's stock plummeted 43 percent on its final trading day, dropping around 98 percent lower than its 52-week high.

Despite assurances from Biden administration officials that there is no cause for major concern about the stability of the American financial sector, First Republic's collapse has raised the warning signs. This is especially true since similarly structured regional banks, such as Silicon Valley Bank and Signature Bank, have also failed due to the Federal Reserve's continued interest rate hikes.&nbsp;

Forbes reported that these banks faced significant liquidity problems due to social media-driven runs that led to customers withdrawing cash, primarily because of concerns about the firm's heavy investment of deposits into U.S. Treasuries, which lost value as the Fed rapidly increased interest rates.&nbsp;

In a year filled with layoffs and business shutdowns, the collapse of First Republic Bank and subsequent investigations into potential insider trading have added to the drama. The repercussions are yet to be determined as the investigation unfolds.

The Securities and Exchange Commission (SEC) in the United States is investigating executives at the First Republic Bank, media reports said on Monday. As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase.

The Securities and Exchange Commission (SEC) in the United States is investigating executives at the First Republic Bank, media reports said on Monday. As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase. While no charges have been filed, the inquiry has cast a shadow over the once-respected institution. The bank's founder and former executive chairman, James Herbert II, allegedly sold a total of $11.8 million in stock between January and early March, as per San Francisco Chronicle. Herbert's spokesperson claimed that his sales had been a part of annual estate planning and philanthropy, the timing of the sales has raised eyebrows. Other executives who sold shares include Robert Thornton, then-president of private wealth management, and former CEO Michael Roffler. The SEC and Department of Justice are also investigating former executives of Silicon Valley Bank of Santa Clara for possible insider trading. Billionaire Warren Buffett, a well-known critic of the bank, has accused it of engaging in a "crazy proposition" by offering jumbo, fixed-rate mortgages that weren't backed by the government. He also claimed that the bank engaged in the practice in plain sight while the world ignored it until it was too late. The Downfall of the First Republic The federal government had earlier seized the First Republic and sold it to JPMorgan Chase, making it the second-largest banking failure in U.S. history after the 2008 collapse of Washington Mutual. The bank's stock plummeted 43 percent on its final trading day, dropping around 98 percent lower than its 52-week high. Despite assurances from Biden administration officials that there is no cause for major concern about the stability of the American financial sector, First Republic's collapse has raised the warning signs. This is especially true since similarly structured regional banks, such as Silicon Valley Bank and Signature Bank, have also failed due to the Federal Reserve's continued interest rate hikes. Forbes reported that these banks faced significant liquidity problems due to social media-driven runs that led to customers withdrawing cash, primarily because of concerns about the firm's heavy investment of deposits into U.S. Treasuries, which lost value as the Fed rapidly increased interest rates. In a year filled with layoffs and business shutdowns, the collapse of First Republic Bank and subsequent investigations into potential insider trading have added to the drama. The repercussions are yet to be determined as the investigation unfolds.

US SEC investigates First Republic Bank executives over suspicious trades