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

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

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

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

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

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

EU greenlights Microsoft takeover of Activision Blizzard

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

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

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

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

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

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

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

India's foreign exchange reserves reach 11-month high

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

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

International tourism to soon reach pre-pandemic levels: UNWTO

Vice Media the iconic digital brand known for its websites like Vice news and Motherboard has filed for bankruptcy. Vice media also said that it has agreed to the terms of an asset purchase agreement with a Consortium of its lenders which includes Fortress Investment Group, Soros Fund Management and Monroe Capital.

Vice Media files for bankruptcy, Consortium to take over its assets and liabilities

At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff.

In a stock exchange filing on May 14, Infosys disclosed that it disbursed more than 500,000 equity shares worth around 650 million Indian rupees ($78 million) to eligible employees as a reward for their key contributions to the company’s growth.

The shares were allotted on May 12 under two employee-related schemes that seek to expand employees' ownership in the company.

Of the total shares allotted to the employees, 104,335 equity shares were allotted under the 2015 Stock Incentive Compensation Plan; and 407,527 equity shares under the Infosys Expanded Stock Ownership Programme 2019.

"This is to inform that the company has allotted 511,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees," Infosys said in its Bombay Stock Exchange (BSE) filing.

The practice of allotting company shares is often undertaken to motivate and retain talented and critical employees.

In the case of Infosys, the stock options are provided under its 2019 Incentive Compensation plan to encourage employees to align individual performance with the company’s objectives.

Under this plan, all employees of Infosys are eligible to participate. The appraisal process for determining the eligibility of employees for the grant of restricted stock units under this plan is determined by an administrator and is based on their level in the organisation, their performance and future potential, and any other criteria as will be determined by the administrator from time to time, Infosys said.

And in the event of termination of employment, or resignation of the participant, under the restricted stock units granted under the relevant award agreement which are not yet vested in the participant shall automatically terminate if the vesting criteria have not been satisfied, as of the date of termination or resignation, as the case may be, Infosys said.

Infosys in its filing further said that the issued and subscribed share capital of the company stands increased to Rs 20,749,373,460- divided into 4,149,874,692 equity shares of Rs 5 each.

On Monday, Infosys shares were trading 1 per cent higher at Rs 1,257 on BSE.

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At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff.

At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff. In a stock exchange filing on May 14, Infosys disclosed that it disbursed more than 500,000 equity shares worth around 650 million Indian rupees ($78 million) to eligible employees as a reward for their key contributions to the company’s growth. The shares were allotted on May 12 under two employee-related schemes that seek to expand employees' ownership in the company. Of the total shares allotted to the employees, 104,335 equity shares were allotted under the 2015 Stock Incentive Compensation Plan; and 407,527 equity shares under the Infosys Expanded Stock Ownership Programme 2019. "This is to inform that the company has allotted 511,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees," Infosys said in its Bombay Stock Exchange (BSE) filing. The practice of allotting company shares is often undertaken to motivate and retain talented and critical employees. In the case of Infosys, the stock options are provided under its 2019 Incentive Compensation plan to encourage employees to align individual performance with the company’s objectives. Under this plan, all employees of Infosys are eligible to participate. The appraisal process for determining the eligibility of employees for the grant of restricted stock units under this plan is determined by an administrator and is based on their level in the organisation, their performance and future potential, and any other criteria as will be determined by the administrator from time to time, Infosys said. And in the event of termination of employment, or resignation of the participant, under the restricted stock units granted under the relevant award agreement which are not yet vested in the participant shall automatically terminate if the vesting criteria have not been satisfied, as of the date of termination or resignation, as the case may be, Infosys said. Infosys in its filing further said that the issued and subscribed share capital of the company stands increased to Rs 20,749,373,460- divided into 4,149,874,692 equity shares of Rs 5 each. On Monday, Infosys shares were trading 1 per cent higher at Rs 1,257 on BSE. WATCH WION LIVE HERE

Indian IT giant Infosys rewards top employees with $78 million worth of equity shares

Vice Media, once hailed as a pioneer of new-media journalism, filed for bankruptcy on Monday, marking a significant downfall in the digital publishing industry. &nbsp;

Leading lenders, including Fortress Investment Group and Soros Fund Management, are poised to acquire the bankrupt company, as per Reuters. They have submitted a bid of $225 million, which would be covered by the existing loans to the company. The lenders will also assume "significant liabilities" after the deal closes.

Following the bankruptcy filing, a sale process will commence. The lenders have secured a $20 million loan to sustain Vice's operations, and if no superior bid emerges, the group led by Fortress and Soros will acquire the company. However, Vice's earlier dreams of going public or achieving a high valuation have been shattered. The company was once valued at $5.7 billion.

Investments from major players like Disney and savvy financial investors like TPG will be rendered worthless due to the bankruptcy, cementing Vice's status as one of the most notable failures in the media industry.

However, the company's bankruptcy filing will not disrupt its daily operations, including its flagship website, ad agency Virtue, Pulse Films division, and Refinery29, a women-focused site acquired by Vice in 2019.

Like its digital-media peers BuzzFeed and Vox Media, Vice placed a significant bet on the influence of social media networks like Facebook and Instagram, according to NYTimes. They expected these platforms to deliver a vast audience of young, upwardly mobile readers coveted by advertisers. While Vice did attract millions of readers, generating profits from them proved challenging, as the bulk of digital ad dollars flowed to major tech platforms.

The filing for bankruptcy offers Vice Media a much-needed respite from its overwhelming debt burden, allowing lenders to attempt to salvage their investments. In 2019, Vice Media secured a substantial $250 million loan from Fortress and Soros Fund Management during a period of financial struggle, as the company faced challenges in generating profits. However, Vice Media has defaulted on this loan, exacerbating its financial difficulties.

Meanwhile, Fortress Investment Group envisions a continuing role for Shane Smith, Vice's co-founder known for his bold journalism style, as per NYTimes. Hozefa Lokhandwala and Vice's co-chief executives Bruce Dixon will remain with the company.

Dixon and Lokhandwala stated that the bankruptcy sale would ultimately strengthen Vice. They expressed optimism about completing the sale process within two to three months and embarking on a healthy and successful next chapter.

Vice Media, once hailed as a pioneer of new-media journalism, filed for bankruptcy on Monday, marking a significant downfall in the digital publishing industry. Leading lenders, including Fortress Investment Group and Soros Fund Management, are poised to acquire the bankrupt company, as per Reuters.

Vice Media, once hailed as a pioneer of new-media journalism, filed for bankruptcy on Monday, marking a significant downfall in the digital publishing industry. Leading lenders, including Fortress Investment Group and Soros Fund Management, are poised to acquire the bankrupt company, as per Reuters. They have submitted a bid of $225 million, which would be covered by the existing loans to the company. The lenders will also assume "significant liabilities" after the deal closes. Following the bankruptcy filing, a sale process will commence. The lenders have secured a $20 million loan to sustain Vice's operations, and if no superior bid emerges, the group led by Fortress and Soros will acquire the company. However, Vice's earlier dreams of going public or achieving a high valuation have been shattered. The company was once valued at $5.7 billion. Investments from major players like Disney and savvy financial investors like TPG will be rendered worthless due to the bankruptcy, cementing Vice's status as one of the most notable failures in the media industry. However, the company's bankruptcy filing will not disrupt its daily operations, including its flagship website, ad agency Virtue, Pulse Films division, and Refinery29, a women-focused site acquired by Vice in 2019. Like its digital-media peers BuzzFeed and Vox Media, Vice placed a significant bet on the influence of social media networks like Facebook and Instagram, according to NYTimes. They expected these platforms to deliver a vast audience of young, upwardly mobile readers coveted by advertisers. While Vice did attract millions of readers, generating profits from them proved challenging, as the bulk of digital ad dollars flowed to major tech platforms. The filing for bankruptcy offers Vice Media a much-needed respite from its overwhelming debt burden, allowing lenders to attempt to salvage their investments. In 2019, Vice Media secured a substantial $250 million loan from Fortress and Soros Fund Management during a period of financial struggle, as the company faced challenges in generating profits. However, Vice Media has defaulted on this loan, exacerbating its financial difficulties. Meanwhile, Fortress Investment Group envisions a continuing role for Shane Smith, Vice's co-founder known for his bold journalism style, as per NYTimes. Hozefa Lokhandwala and Vice's co-chief executives Bruce Dixon will remain with the company. Dixon and Lokhandwala stated that the bankruptcy sale would ultimately strengthen Vice. They expressed optimism about completing the sale process within two to three months and embarking on a healthy and successful next chapter.

Vice Media, a digital content pioneer, files for bankruptcy

The Karnataka High Court&nbsp;on Thursday overturned the imposition of Goods and Services Tax (GST) worth Rs 21,000 crore&nbsp;on Gameskraft Technologies Pvt. Ltd. (GTPL).&nbsp;

The Karnataka High Court's ruling is expected to bring much-need clarity on the tax liabilities&nbsp;of online gaming platforms and establish&nbsp;a precedent that could influence similar cases in the future.

In his&nbsp;judgment, Justice S.R. Krishna Kumar established a distinction between 'games of skill' and 'games of chance', adding that the former was outside the purview of 'betting and gambling', and therefore exempt from GST.&nbsp;

In November 2021, officials from the Directorate General of Goods and Services Tax Intelligence&nbsp;had conducted a search and seizure operation at GTPL's premises. Consequently, GST authorities froze GTPL's bank accounts, alleging that the gaming company had suppressed taxable value by claiming discounts.

The authorities had also argued that the amounts staked by participating players on the GTPL platforms constituted taxable "betting and gambling".&nbsp;

Gameskraft Technologies challenged the order before the Karnataka High Court, which allowed the company to operate its bank accounts for specific purposes.&nbsp;

While the hearing concluded in September 2022 and the judgment was reserved, GST authorities issued an Intimation Notice demanding a staggering Rs 21,000 crore.&nbsp;

They claimed that GTPL had misclassified its supply as services and engaged in the supply of 'actionable claims', which&nbsp;required GST payment under the Central Goods and Services Tax Rules. The company promptly challenged the Intimation Notice in the Karnataka High Court, which stayed its operation.

Interestingly,&nbsp;the All India Gaming Federation and E-Gaming Federation decided to&nbsp;intervene&nbsp;in support of Gameskraft Technologies in the Karnataka High Court, after recognising the significant impact this case could have on the online gaming industry.&nbsp;

The Karnataka High Court on Thursday overturned the imposition of Goods and Services Tax (GST) worth Rs 21,000 crore on Gameskraft Technologies Pvt. Ltd. (GTPL).

The Karnataka High Court on Thursday overturned the imposition of Goods and Services Tax (GST) worth Rs 21,000 crore on Gameskraft Technologies Pvt. Ltd. (GTPL). The Karnataka High Court's ruling is expected to bring much-need clarity on the tax liabilities of online gaming platforms and establish a precedent that could influence similar cases in the future. In his judgment, Justice S.R. Krishna Kumar established a distinction between 'games of skill' and 'games of chance', adding that the former was outside the purview of 'betting and gambling', and therefore exempt from GST. In November 2021, officials from the Directorate General of Goods and Services Tax Intelligence had conducted a search and seizure operation at GTPL's premises. Consequently, GST authorities froze GTPL's bank accounts, alleging that the gaming company had suppressed taxable value by claiming discounts. The authorities had also argued that the amounts staked by participating players on the GTPL platforms constituted taxable "betting and gambling". Gameskraft Technologies challenged the order before the Karnataka High Court, which allowed the company to operate its bank accounts for specific purposes. While the hearing concluded in September 2022 and the judgment was reserved, GST authorities issued an Intimation Notice demanding a staggering Rs 21,000 crore. They claimed that GTPL had misclassified its supply as services and engaged in the supply of 'actionable claims', which required GST payment under the Central Goods and Services Tax Rules. The company promptly challenged the Intimation Notice in the Karnataka High Court, which stayed its operation. Interestingly, the All India Gaming Federation and E-Gaming Federation decided to intervene in support of Gameskraft Technologies in the Karnataka High Court, after recognising the significant impact this case could have on the online gaming industry.

Karnataka High Court quashes Rs 21,000 crore GST on Gameskraft Technologies

In a significant stride towards its economic reform agenda, the Egyptian government on Sunday successfully sold a 9.5 percent stake in state-run Telecom Egypt.&nbsp;

Valued at 3.7 billion Egyptian pounds (approximately $121 million), this strategic move aims to invigorate the biggest North African economy and attract much-needed investment, Reuters reported.&nbsp;

Executed through the Egyptian Stock Exchange, the deal involved the sale of 162.2 million shares, each priced at 23.11 Egyptian pounds, as stated in the company's bourse filing. This transaction represents the first tangible step in Cairo's comprehensive program to improve the country's ailing economy by divesting state assets.

As part of the stake sale, the government also extended an offer to Telecom Egypt employees, granting them the opportunity to acquire an additional 0.5 percent stake in the company.&nbsp;

Egypt’s Transformation Script and the Gulf Connection

The Egyptian government's overarching economic reform agenda includes the partial sale of shareholdings through initial public offerings or private placements in 32 companies.&nbsp;

Among these state-linked enterprises are undisclosed entities operated by the Egyptian military, with only Wattaneya and Safi currently named.

Egypt's economy has endured significant challenges stemming from the COVID-19 pandemic and the ongoing conflict in Ukraine.&nbsp;

The national currency has depreciated by over half its value after three rounds of devaluations since March 2022.&nbsp;To&nbsp;secure financial assistance from the International Monetary Fund, the Egyptian government has committed to reducing its role in the economy and limiting the expanding presence of military companies.

Egypt has pledged to increase the private sector's contribution to the economy from 30 percent to 65 percent by 2025. An IMF report cited released in January indicated that $8.6 billion in state assets would be sold by the end of this year, further emphasising the government's commitment to economic reform.

Prime Minister Mostafa Madbouly recently reaffirmed the plan to list state companies, announcing that ten more military-run firms would be added to those already set for public offerings. However, despite repeated assurances from the government, there has been limited progress in listing these companies on the stock exchange.

Gulf countries have emerged as Egypt's primary investors and active buyers of state assets. They are expected to benefit greatly from the government's ongoing efforts to sell stakes in various entities.&nbsp;

Last year, Egypt witnessed a surge in mergers and acquisitions, with 66 deals completed —more than double the previous year's number. Companies from the United Arab Emirates and Saudi Arabia acquired stakes in 40 of these transactions.

In a significant stride towards its economic reform agenda, the Egyptian government on Sunday successfully sold a 9.5 percent stake in state-run Telecom Egypt. Valued at 3.

In a significant stride towards its economic reform agenda, the Egyptian government on Sunday successfully sold a 9.5 percent stake in state-run Telecom Egypt. Valued at 3.7 billion Egyptian pounds (approximately $121 million), this strategic move aims to invigorate the biggest North African economy and attract much-needed investment, Reuters reported. Executed through the Egyptian Stock Exchange, the deal involved the sale of 162.2 million shares, each priced at 23.11 Egyptian pounds, as stated in the company's bourse filing. This transaction represents the first tangible step in Cairo's comprehensive program to improve the country's ailing economy by divesting state assets. As part of the stake sale, the government also extended an offer to Telecom Egypt employees, granting them the opportunity to acquire an additional 0.5 percent stake in the company. Egypt’s Transformation Script and the Gulf Connection The Egyptian government's overarching economic reform agenda includes the partial sale of shareholdings through initial public offerings or private placements in 32 companies. Among these state-linked enterprises are undisclosed entities operated by the Egyptian military, with only Wattaneya and Safi currently named. Egypt's economy has endured significant challenges stemming from the COVID-19 pandemic and the ongoing conflict in Ukraine. The national currency has depreciated by over half its value after three rounds of devaluations since March 2022. To secure financial assistance from the International Monetary Fund, the Egyptian government has committed to reducing its role in the economy and limiting the expanding presence of military companies. Egypt has pledged to increase the private sector's contribution to the economy from 30 percent to 65 percent by 2025. An IMF report cited released in January indicated that $8.6 billion in state assets would be sold by the end of this year, further emphasising the government's commitment to economic reform. Prime Minister Mostafa Madbouly recently reaffirmed the plan to list state companies, announcing that ten more military-run firms would be added to those already set for public offerings. However, despite repeated assurances from the government, there has been limited progress in listing these companies on the stock exchange. Gulf countries have emerged as Egypt's primary investors and active buyers of state assets. They are expected to benefit greatly from the government's ongoing efforts to sell stakes in various entities. Last year, Egypt witnessed a surge in mergers and acquisitions, with 66 deals completed —more than double the previous year's number. Companies from the United Arab Emirates and Saudi Arabia acquired stakes in 40 of these transactions.

Egypt sells stake in state-owned telecom firm for $121 million

In a tale of revival amidst chaos, Canada's housing market has displayed encouraging signs of recovery following a prolonged slump.

After months of grappling with a struggling housing market, the Bank of Canada in April stopped its interest rate hikes, maintaining the benchmark rate at a 15-year high of 4.50 percent since January. This decision appears to have contributed to the recent housing market revival.

Interestingly, higher borrowing costs have had a lesser financial impact on homebuyers than initially anticipated, thereby preventing a supply flood from forced sellers.

However, the resurgence in the housing sector comes when higher borrowing costs are anticipated to hinder economic growth. Analysts warn that the upswing in the housing market could potentially lead to inflationary pressures, complicating the central bank's plans to implement interest rate cuts.

"The Bank of Canada at the end of the day is probably not going to be too thrilled if the housing market really starts to ramp up," Robert Kavcic, a senior economist at BMO Capital Markets, told Reuters.&nbsp;

Market Performance and Regional Impacts

The Greater Toronto Area, Canada's most populous metropolitan region, witnessed a noteworthy improvement in April, with the average home price rising for a third consecutive month on a month-over-month basis.

Similarly, other major markets across the country have also experienced gains, signaling a broader recovery trend, Reuters reported.

Surprisingly, despite the higher borrowing costs, mortgage delinquency rates have remained relatively low in Canada. Implementing stress tests, ensuring borrowers can manage their mortgages even with interest rates two&nbsp;percentage points higher than their loan rate, has contributed to this stability.

Additionally, variable-rate borrowers have been shielded from the impact of higher interest rates as lenders temporarily extended the amortization period, thereby keeping their payments unchanged. The absence of forced selling has played a crucial role in stabilizing the housing market swiftly.

Potential Risks and Tailwinds

However, the optimistic scenario could face challenges in the coming months.

Royal Bank of Canada has recently cautioned about the potential increase in mortgage delinquencies by over a third in the coming year, posing a risk to the housing market's stability.

There is also apprehension about the potential spillover effects from stress in the U.S. regional banking sector into Canada. Clues about such risks may emerge from the Bank of Canada's Financial System Review, an annual assessment of the nation's financial system tensions, scheduled for release soon.

However, supply shortfalls, record levels of immigration, and the labor market's strength could&nbsp;support Canada's housing market's recovery.&nbsp;

In a tale of revival amidst chaos, Canada's housing market has displayed encouraging signs of recovery following a prolonged slump. After months of grappling with a struggling housing market, the Bank of Canada in April stopped its interest rate hikes, maintaining the benchmark rate at a 15-year high of 4.

In a tale of revival amidst chaos, Canada's housing market has displayed encouraging signs of recovery following a prolonged slump. After months of grappling with a struggling housing market, the Bank of Canada in April stopped its interest rate hikes, maintaining the benchmark rate at a 15-year high of 4.50 percent since January. This decision appears to have contributed to the recent housing market revival. Interestingly, higher borrowing costs have had a lesser financial impact on homebuyers than initially anticipated, thereby preventing a supply flood from forced sellers. However, the resurgence in the housing sector comes when higher borrowing costs are anticipated to hinder economic growth. Analysts warn that the upswing in the housing market could potentially lead to inflationary pressures, complicating the central bank's plans to implement interest rate cuts. "The Bank of Canada at the end of the day is probably not going to be too thrilled if the housing market really starts to ramp up," Robert Kavcic, a senior economist at BMO Capital Markets, told Reuters. Market Performance and Regional Impacts The Greater Toronto Area, Canada's most populous metropolitan region, witnessed a noteworthy improvement in April, with the average home price rising for a third consecutive month on a month-over-month basis. Similarly, other major markets across the country have also experienced gains, signaling a broader recovery trend, Reuters reported. Surprisingly, despite the higher borrowing costs, mortgage delinquency rates have remained relatively low in Canada. Implementing stress tests, ensuring borrowers can manage their mortgages even with interest rates two percentage points higher than their loan rate, has contributed to this stability. Additionally, variable-rate borrowers have been shielded from the impact of higher interest rates as lenders temporarily extended the amortization period, thereby keeping their payments unchanged. The absence of forced selling has played a crucial role in stabilizing the housing market swiftly. Potential Risks and Tailwinds However, the optimistic scenario could face challenges in the coming months. Royal Bank of Canada has recently cautioned about the potential increase in mortgage delinquencies by over a third in the coming year, posing a risk to the housing market's stability. There is also apprehension about the potential spillover effects from stress in the U.S. regional banking sector into Canada. Clues about such risks may emerge from the Bank of Canada's Financial System Review, an annual assessment of the nation's financial system tensions, scheduled for release soon. However, supply shortfalls, record levels of immigration, and the labor market's strength could support Canada's housing market's recovery.

Mortgage mayhem & recoveries: Canada's housing market defies the odds

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping.&nbsp;

Last week, G7 finance leaders met for three days in Japan amid the looming spectre of a debt default by the US.

While there was no mention of the US debt ceiling stalemate in the G7 joint statement, reports added that the ongoing crisis in the US was prominent during discussions.

The standoff has already hit global markets, as borrowing costs have risen on aggressive monetary tightening by the US and European central banks.

However, Treasury Secretary Janet Yellen remained hopeful of a solution before the 'X-day' -- the day the US is likely to start defaulting.

The G7 nations seemed to be prepared for the worst and its joint statement did&nbsp;indicate that. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," the communique read.&nbsp;

Meanwhile, talks on the debt limit continued over the weekend. The deadlock&nbsp;continued over the Republican demand for cuts in welfare spending as a pre-condition to hike the debt limit. &nbsp;However, President Joe Biden and Democrats want a deal with no cuts in spending.&nbsp;

"We’ve not reached the crunch point yet but there’s real discussion about some changes we all could make," Bloomberg quoted Biden as saying.&nbsp; 
&nbsp; 
If a deal is not reached soon, the US may start defaulting by as early as June 1.

On May 10, 2023, the US Treasury Department just had $88 billion of extraordinary measures to pay for government’s bills. A week ago, this figure stood at round $110 billion.&nbsp;

This means that just over a quarter of the $333 billion dollars of authorised measures are available to the Treasury department before the US defaults, media reports said.

(With agency inputs)

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping.

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping. Last week, G7 finance leaders met for three days in Japan amid the looming spectre of a debt default by the US. While there was no mention of the US debt ceiling stalemate in the G7 joint statement, reports added that the ongoing crisis in the US was prominent during discussions. The standoff has already hit global markets, as borrowing costs have risen on aggressive monetary tightening by the US and European central banks. However, Treasury Secretary Janet Yellen remained hopeful of a solution before the 'X-day' -- the day the US is likely to start defaulting. The G7 nations seemed to be prepared for the worst and its joint statement did indicate that. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," the communique read. Meanwhile, talks on the debt limit continued over the weekend. The deadlock continued over the Republican demand for cuts in welfare spending as a pre-condition to hike the debt limit. However, President Joe Biden and Democrats want a deal with no cuts in spending. "We’ve not reached the crunch point yet but there’s real discussion about some changes we all could make," Bloomberg quoted Biden as saying. If a deal is not reached soon, the US may start defaulting by as early as June 1. On May 10, 2023, the US Treasury Department just had $88 billion of extraordinary measures to pay for government’s bills. A week ago, this figure stood at round $110 billion. This means that just over a quarter of the $333 billion dollars of authorised measures are available to the Treasury department before the US defaults, media reports said. (With agency inputs)

US debt limit crisis spooks other G7 member nations

Tunisia and Egypt are inching closer to a severe debt crisis that could have far-reaching implications for the volatile North Africa region.

As shortages of essential goods and financial market dysfunction plague the two countries, their wealthy West Asian neighbors, investors, and analysts are growing increasingly concerned, Reuters reported.

Egypt has historically been considered "too big to fail" due to its status as the largest economy and most populous nation in North Africa. But Tunisia's role as the birthplace of the Arab Spring complicates the economic current scenario in the region.

President Kais Saied's consolidation of power and crackdown on opponents in Tunisia have ignited a political crisis. Hopes for an International Monetary Fund (IMF) support package remain uncertain. This is largely due to concerns over&nbsp;the country's ability&nbsp;to implement the program amidst its fractured politics.

President Saied's anti-IMF statements do not help Tunisia's case either. He has openly criticized the IMF, asserting that Tunisia will not bow to its "diktats"&nbsp;on subsidy cuts and reductions in the public wage bill. He has also warned&nbsp;that such measures could trigger renewed social upheaval. The country is now at risk of a full-blown balance of payments crisis, with a fiscal deficit estimated to remain around 5 percent of GDP and dwindling foreign exchange reserves.

On the other hand, Egypt grapples with stretched finances despite securing a $3 billion IMF rescue plan in December. Its debt-to-GDP ratio is rapidly approaching 100 percent, and multiple currency devaluations have inflated interest payments on its debt. With over half of the government's revenues projected to be consumed by debt interest payments next year, the situation is becoming increasingly precarious.

A scarcity of dollars in Cairo's local currency markets is further exacerbating the economic challenges faced by the country. The Egyptian pound continues to weaken against the dollar on the streets, trading at over 40 pounds to the dollar, nearly 25 percent below the official exchange rate. Economists predict that interest rates will need to rise even further, setting the stage for a tumultuous economic narrative ahead of next year's presidential elections.

The potential debt default by Tunisia and Egypt carries significant implications for global money managers and regional stability.

Egypt's international bonds have already experienced a 20 percent slump this year, causing concern among asset managers. Reuters quoted veteran Fund Manager Carl Ross as saying that a&nbsp;default by Egypt, a country with a 110 million population, could create ripples of instability throughout the region. While the wealthy Gulf states have traditionally supported financial stability in the region, uncertainties remain about the duration and conditions under which this support will persist.

(With agency inputs)&nbsp;

Tunisia and Egypt are inching closer to a severe debt crisis that could have far-reaching implications for the volatile North Africa region. As shortages of essential goods and financial market dysfunction plague the two countries, their wealthy West Asian neighbors, investors, and analysts are growing increasingly concerned, Reuters reported.

Tunisia and Egypt are inching closer to a severe debt crisis that could have far-reaching implications for the volatile North Africa region. As shortages of essential goods and financial market dysfunction plague the two countries, their wealthy West Asian neighbors, investors, and analysts are growing increasingly concerned, Reuters reported. Egypt has historically been considered "too big to fail" due to its status as the largest economy and most populous nation in North Africa. But Tunisia's role as the birthplace of the Arab Spring complicates the economic current scenario in the region. President Kais Saied's consolidation of power and crackdown on opponents in Tunisia have ignited a political crisis. Hopes for an International Monetary Fund (IMF) support package remain uncertain. This is largely due to concerns over the country's ability to implement the program amidst its fractured politics. President Saied's anti-IMF statements do not help Tunisia's case either. He has openly criticized the IMF, asserting that Tunisia will not bow to its "diktats" on subsidy cuts and reductions in the public wage bill. He has also warned that such measures could trigger renewed social upheaval. The country is now at risk of a full-blown balance of payments crisis, with a fiscal deficit estimated to remain around 5 percent of GDP and dwindling foreign exchange reserves. On the other hand, Egypt grapples with stretched finances despite securing a $3 billion IMF rescue plan in December. Its debt-to-GDP ratio is rapidly approaching 100 percent, and multiple currency devaluations have inflated interest payments on its debt. With over half of the government's revenues projected to be consumed by debt interest payments next year, the situation is becoming increasingly precarious. A scarcity of dollars in Cairo's local currency markets is further exacerbating the economic challenges faced by the country. The Egyptian pound continues to weaken against the dollar on the streets, trading at over 40 pounds to the dollar, nearly 25 percent below the official exchange rate. Economists predict that interest rates will need to rise even further, setting the stage for a tumultuous economic narrative ahead of next year's presidential elections. The potential debt default by Tunisia and Egypt carries significant implications for global money managers and regional stability. Egypt's international bonds have already experienced a 20 percent slump this year, causing concern among asset managers. Reuters quoted veteran Fund Manager Carl Ross as saying that a default by Egypt, a country with a 110 million population, could create ripples of instability throughout the region. While the wealthy Gulf states have traditionally supported financial stability in the region, uncertainties remain about the duration and conditions under which this support will persist. (With agency inputs)

Drowning in debt: Tunisia and Egypt's battle for economic stability

American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States&nbsp;over faulty airbag inflators, according to American media reports. GM recalled 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with airbag parts produced by ARC Automotive, a report by CBS News on Friday said.&nbsp;

GM said that affected drivers could have the airbag module replaced free of cost. The announcement by the automaker comes amid a push by federal regulators to recall 67 million defective airbag inflators that could explode during deployment.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/do-not-drive-bmw-has-issues-warning-over-90000-cars-know-why-589169">'Do not drive!': BMW issues warning on 90,000 cars over airbag fault. Know why</a>

Earlier, GM told the National Highway Traffic Safety Administration (NHTSA) in March that it was notified about a crash involving a 2017 Chevrolet Traverse in which the front-driver air bag inflator allegedly ruptured during deployment, a report by USA Today said citing a safety report. The driver suffered facial injuries in the crash, as per the NHTSA

The NHTSA has urged ARC Automotive to recall the 67 million defective airbag inflators manufactured before 2018 as they could explode and spray shrapnel around a vehicle.&nbsp;

In a letter to ARC on Friday, the NHTSA said that at least nine air bag-related incidents that occurred between 2009 and March this year resulted in two deaths and multiple severe injuries. A driver in Canada and another in Michigan were killed by an exploding inflator in the driver-side airbag, it said.&nbsp;

After an eight-year probe, NHTSA "tentatively concluded" that the airbag inflators were defective and called on ARC to issue a recall.&nbsp;

"Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached airbag, create an unreasonable risk of death and injury. Accordingly, the Agency makes this demand that ARC immediately submit to NHTSA a Part 573 Recall Report that identifies a safety defect in the subject driver and passenger air bag inflators," Stephen Ridella, director of NHTSA’s Office of Defects Investigation, said in the letter.&nbsp;

The NHTSA also said that at least a dozen automakers used the ARC components in their airbags.&nbsp;

On Thursday, ARC Vice President of Product Integrity Steve Gold responded to Ridella by saying that the NHTSA’s position was not based on any objective technical or engineering conclusion about a defect, “but rather conclusory statements regarding hypothesized blockage of the inflator orifice from ‘weld slag.’”

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American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States over faulty airbag inflators, according to American media reports.

American automotive manufacturer General Motors (GM) said on Friday (May 12) that it was recalling nearly one million Sport Utility Vehicles (SUVs) in the United States over faulty airbag inflators, according to American media reports. GM recalled 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with airbag parts produced by ARC Automotive, a report by CBS News on Friday said. GM said that affected drivers could have the airbag module replaced free of cost. The announcement by the automaker comes amid a push by federal regulators to recall 67 million defective airbag inflators that could explode during deployment. ALSO READ | 'Do not drive!': BMW issues warning on 90,000 cars over airbag fault. Know why Earlier, GM told the National Highway Traffic Safety Administration (NHTSA) in March that it was notified about a crash involving a 2017 Chevrolet Traverse in which the front-driver air bag inflator allegedly ruptured during deployment, a report by USA Today said citing a safety report. The driver suffered facial injuries in the crash, as per the NHTSA The NHTSA has urged ARC Automotive to recall the 67 million defective airbag inflators manufactured before 2018 as they could explode and spray shrapnel around a vehicle. In a letter to ARC on Friday, the NHTSA said that at least nine air bag-related incidents that occurred between 2009 and March this year resulted in two deaths and multiple severe injuries. A driver in Canada and another in Michigan were killed by an exploding inflator in the driver-side airbag, it said. After an eight-year probe, NHTSA "tentatively concluded" that the airbag inflators were defective and called on ARC to issue a recall. "Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached airbag, create an unreasonable risk of death and injury. Accordingly, the Agency makes this demand that ARC immediately submit to NHTSA a Part 573 Recall Report that identifies a safety defect in the subject driver and passenger air bag inflators," Stephen Ridella, director of NHTSA’s Office of Defects Investigation, said in the letter. The NHTSA also said that at least a dozen automakers used the ARC components in their airbags. On Thursday, ARC Vice President of Product Integrity Steve Gold responded to Ridella by saying that the NHTSA’s position was not based on any objective technical or engineering conclusion about a defect, “but rather conclusory statements regarding hypothesized blockage of the inflator orifice from ‘weld slag.’” 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.

GM recalls nearly one million SUVs in US over faulty airbag inflators: Reports

Newly-appointed Twitter CEO Linda Yaccarino expressed her excitement to contribute to the platform's transformation and how owner Elon Musk's vision for a better future has motivated her.&nbsp;In a tweet on Saturday,&nbsp;Yaccarino wrote,&nbsp;"I've long been inspired by [Musk's] vision to create a brighter future. I'm excited to help bring this vision to Twitter and transform this business together!"

It was Yaccarino's first public statement since it was revealed on Thursday that she was in discussions to be the next CEO of Twitter. Musk, who has been Twitter's CEO since purchasing the company for $44 billion in October, made the announcement of her hiring on Friday.

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Yaccarino affirmed her dedication to Twitter's future and stressed the need for feedback in creating Twitter 2.0. She will take over a social media site that has been struggling to recover from a decline in ad income and is drowning in problems and debt.

Since Musk purchased Twitter, advertisers have abandoned the service out of fear that their advertisements would be shown next to offensive content because the firm laid off over 80% of its workers. Earlier this year, Musk recognised the dramatic drop in Twitter's ad revenue.

The appointment of Yaccarino as Twitter's new CEO, according to Musk, who is also the CEO of Tesla, will allow him to spend more time working at the electric vehicle company.

Linda Yaccarino was advertising chief for Comcast Corp's NBCUniversal. She was responsible for driving revenue growth and overseeing advertising sales for all of NBCUniversal's properties, including broadcast, cable, and digital platforms.

Also Read| <a href="https://www.wionews.com/india-news/pakistani-held-in-biggest-drug-bust-in-india-crystal-meth-worth-145-bn-seized-592189">In India's biggest drug bust, crystal meth worth $1.45bn seized from Kerala coast, Pakistani held</a>

Prior to joining NBCUniversal, she worked at Turner Broadcasting System, where she held various positions, including Executive Vice President of Ad Sales and Marketing.

During her tenure at NBCUniversal, Yaccarino has been recognised as one of the most powerful women in media by Forbes and has been credited with helping to transform the company's advertising business by embracing new technologies and developing innovative ad formats.&nbsp;

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She has also been a vocal advocate for diversity and inclusion in the media industry.

Yaccarino is a graduate of the State University of New York at Plattsburgh, where she earned a Bachelor of Science degree in Marketing and Management.&nbsp;

According to market research company Sensor Tower, the top 50 Twitter advertisers&nbsp;spent a total of $83 million over the last two months, down from $102 million in the same period last year.

Insider Intelligence, a research group, slashed its prediction for Twitter's worldwide ad income this year by 37% to $2.98 billion this week. That would be a 28% decrease from Twitter's $4.14 billion in ad revenue for 2022.

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Newly-appointed Twitter CEO Linda Yaccarino expressed her excitement to contribute to the platform's transformation and how owner Elon Musk's vision for a better future has motivated her.

Newly-appointed Twitter CEO Linda Yaccarino expressed her excitement to contribute to the platform's transformation and how owner Elon Musk's vision for a better future has motivated her. In a tweet on Saturday, Yaccarino wrote, "I've long been inspired by [Musk's] vision to create a brighter future. I'm excited to help bring this vision to Twitter and transform this business together!" It was Yaccarino's first public statement since it was revealed on Thursday that she was in discussions to be the next CEO of Twitter. Musk, who has been Twitter's CEO since purchasing the company for $44 billion in October, made the announcement of her hiring on Friday. Also Read | Thailand voting begins, will conservative military-backed PM maintain power? Yaccarino affirmed her dedication to Twitter's future and stressed the need for feedback in creating Twitter 2.0. She will take over a social media site that has been struggling to recover from a decline in ad income and is drowning in problems and debt. Since Musk purchased Twitter, advertisers have abandoned the service out of fear that their advertisements would be shown next to offensive content because the firm laid off over 80% of its workers. Earlier this year, Musk recognised the dramatic drop in Twitter's ad revenue. The appointment of Yaccarino as Twitter's new CEO, according to Musk, who is also the CEO of Tesla, will allow him to spend more time working at the electric vehicle company. Linda Yaccarino was advertising chief for Comcast Corp's NBCUniversal. She was responsible for driving revenue growth and overseeing advertising sales for all of NBCUniversal's properties, including broadcast, cable, and digital platforms. Also Read| In India's biggest drug bust, crystal meth worth $1.45bn seized from Kerala coast, Pakistani held Prior to joining NBCUniversal, she worked at Turner Broadcasting System, where she held various positions, including Executive Vice President of Ad Sales and Marketing. During her tenure at NBCUniversal, Yaccarino has been recognised as one of the most powerful women in media by Forbes and has been credited with helping to transform the company's advertising business by embracing new technologies and developing innovative ad formats. Watch | Mother's Day Special: Sarah Todd shares easy cooking tips for busy parents × She has also been a vocal advocate for diversity and inclusion in the media industry. Yaccarino is a graduate of the State University of New York at Plattsburgh, where she earned a Bachelor of Science degree in Marketing and Management. According to market research company Sensor Tower, the top 50 Twitter advertisers spent a total of $83 million over the last two months, down from $102 million in the same period last year. Insider Intelligence, a research group, slashed its prediction for Twitter's worldwide ad income this year by 37% to $2.98 billion this week. That would be a 28% decrease from Twitter's $4.14 billion in ad revenue for 2022. 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. ×

Inspired by Musk, excited to transform Twitter: New CEO Linda Yaccarino

Samsung, the global technology giant, is bracing for its worst profit in 14 years as the prices for memory chips, its main business, continue to plummet and demand remains weak.&nbsp;

Earlier this month, the South Korean company projected an operating profit of 600 billion Korean won ($449 million) for the first quarter (January to March), its lowest since the first quarter of 2009.

According to data from the International Data Corporation (IDC), PC shipments witnessed a steep 29 percent year-on-year decline in the first quarter, reflecting the downturn in the consumer electronics market. This downturn has led to a drop in the prices of memory chips over the past few months, exacerbated by high inventories and lackluster demand.

"The memory market is currently going through one of the worst slumps in decades, with slowdowns in consumer electronics and traditional server markets, despite the growth in the electric vehicle (EV) segment," noted CrispIdea in a recent research note quoted by CNBC.

As the COVID-19 pandemic peaked, demand for consumer electronics surged as people stayed home and relied on technology for work and entertainment. Electronics companies, including Samsung, stocked up on memory chips to meet the increased demand.&nbsp;

However, the situation has changed drastically now, as buyers are cutting back on purchases due to inflation and broader macroeconomic concerns, resulting in a glut of memory chips in the market.

Analysts at Mirae Asset Securities estimate that Samsung's chip division could incur a loss of 4.4 trillion Korean won in the first quarter alone.&nbsp;

In response to the challenging market conditions, Samsung announced a cut in production of its memory chips to a "meaningful level" this month, reversing its earlier stance of maintaining output levels. This move follows the footsteps of rivals SK Hynix and Micron, who had also reduced production to address the weakening demand.

Samsung, which has been a key player in the global technology industry for years, is facing formidable challenges in the memory chip market due to the rapidly changing economic landscape.

The company's ability to navigate through these difficult times and adapt to the evolving market dynamics will be closely watched by investors and industry experts alike as it seeks to regain its profitability and market share in the highly competitive industry.

Samsung, the global technology giant, is bracing for its worst profit in 14 years as the prices for memory chips, its main business, continue to plummet and demand remains weak.

Samsung, the global technology giant, is bracing for its worst profit in 14 years as the prices for memory chips, its main business, continue to plummet and demand remains weak. Earlier this month, the South Korean company projected an operating profit of 600 billion Korean won ($449 million) for the first quarter (January to March), its lowest since the first quarter of 2009. According to data from the International Data Corporation (IDC), PC shipments witnessed a steep 29 percent year-on-year decline in the first quarter, reflecting the downturn in the consumer electronics market. This downturn has led to a drop in the prices of memory chips over the past few months, exacerbated by high inventories and lackluster demand. "The memory market is currently going through one of the worst slumps in decades, with slowdowns in consumer electronics and traditional server markets, despite the growth in the electric vehicle (EV) segment," noted CrispIdea in a recent research note quoted by CNBC. As the COVID-19 pandemic peaked, demand for consumer electronics surged as people stayed home and relied on technology for work and entertainment. Electronics companies, including Samsung, stocked up on memory chips to meet the increased demand. However, the situation has changed drastically now, as buyers are cutting back on purchases due to inflation and broader macroeconomic concerns, resulting in a glut of memory chips in the market. Analysts at Mirae Asset Securities estimate that Samsung's chip division could incur a loss of 4.4 trillion Korean won in the first quarter alone. In response to the challenging market conditions, Samsung announced a cut in production of its memory chips to a "meaningful level" this month, reversing its earlier stance of maintaining output levels. This move follows the footsteps of rivals SK Hynix and Micron, who had also reduced production to address the weakening demand. Samsung, which has been a key player in the global technology industry for years, is facing formidable challenges in the memory chip market due to the rapidly changing economic landscape. The company's ability to navigate through these difficult times and adapt to the evolving market dynamics will be closely watched by investors and industry experts alike as it seeks to regain its profitability and market share in the highly competitive industry.

Samsung's profits plunge as memory chip prices slump, demand wanes

British Prime Minister Rishi Sunak on Monday went live on LinkedIn to connect with over 200 CEOs and business leaders as part of a new programme "Business Connect", which aims to promote businesses&nbsp;in the United Kingdom.&nbsp;

“Business Connect provides the next fantastic opportunity to demonstrate how we are growing the economy. We are bringing together some of the UK's biggest companies and investors for meaningful dialogue,” he said.

The British-Indian leader argued that the UK should be proud of its business credentials and pointed to the creation of 162 tech unicorns, smarter regulation and world-leading universities as the “right ingredients” to boost economic growth.&nbsp;

A New Taskforce And A New Vision

Sunak announced the creation of a new task force called the Foundation Model Taskforce with initial funding of 100 million pounds, aimed at accelerating the country's capability in emerging technologies like artificial intelligence (AI).&nbsp;

Drawing inspiration from the success of the COVID-19 Vaccines Taskforce, the Foundation Model Taskforce will focus on developing safe and reliable use of AI across the economy to ensure global competitiveness in this strategic technology.

“Harnessing the potential of AI provides enormous opportunities to grow our economy, create better-paid jobs, and build a better future through advances in healthcare and security. By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy,” Sunak said.

To foster innovations in the UK economy, Sunak also launched a new "innovation" category at the Great British Entrepreneur Awards, to be hosted by UK Chancellor Jeremy Hunt at Downing Street. This new award will recognize bright and innovative ideas that deliver new products and services, driving the economy forward.

Sunak's economic growth strategy includes ambitions for new trade agreements, including a free trade agreement (FTA) with India. UK Business Secretary Kemi Badenoch reiterated the government's commitment to securing high-quality trade accords, slashing red tape, and eliminating market access restrictions to keep the UK competitive.&nbsp;

British Prime Minister Rishi Sunak on Monday went live on LinkedIn to connect with over 200 CEOs and business leaders as part of a new programme "Business Connect", which aims to promote businesses in the United Kingdom.

British Prime Minister Rishi Sunak on Monday went live on LinkedIn to connect with over 200 CEOs and business leaders as part of a new programme "Business Connect", which aims to promote businesses in the United Kingdom. “Business Connect provides the next fantastic opportunity to demonstrate how we are growing the economy. We are bringing together some of the UK's biggest companies and investors for meaningful dialogue,” he said. The British-Indian leader argued that the UK should be proud of its business credentials and pointed to the creation of 162 tech unicorns, smarter regulation and world-leading universities as the “right ingredients” to boost economic growth. A New Taskforce And A New Vision Sunak announced the creation of a new task force called the Foundation Model Taskforce with initial funding of 100 million pounds, aimed at accelerating the country's capability in emerging technologies like artificial intelligence (AI). Drawing inspiration from the success of the COVID-19 Vaccines Taskforce, the Foundation Model Taskforce will focus on developing safe and reliable use of AI across the economy to ensure global competitiveness in this strategic technology. “Harnessing the potential of AI provides enormous opportunities to grow our economy, create better-paid jobs, and build a better future through advances in healthcare and security. By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy,” Sunak said. To foster innovations in the UK economy, Sunak also launched a new "innovation" category at the Great British Entrepreneur Awards, to be hosted by UK Chancellor Jeremy Hunt at Downing Street. This new award will recognize bright and innovative ideas that deliver new products and services, driving the economy forward. Sunak's economic growth strategy includes ambitions for new trade agreements, including a free trade agreement (FTA) with India. UK Business Secretary Kemi Badenoch reiterated the government's commitment to securing high-quality trade accords, slashing red tape, and eliminating market access restrictions to keep the UK competitive.

Rishi Sunak taps LinkedIn to boost UK businesses

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion.

Its shares rose 0.3 per cent on Monday to €903.70, resulting in a market capitalisation of €454 billion, equivalent to $500.3 billion at the exchange rate of 1.1019 euros to the dollar.

LVMH is now the only European company among the top 10 companies in the world by market value, a list dominated by US tech giants such as Apple. The French luxury giant occupies the 10th spot, surpassing Visa and closely trailing Tesla.&nbsp;

The milestone also means that the controlling stake held by founder Bernard Arnault and his family has now reached $212 billion, making the 74-year-old French billionaire the world's wealthiest man, ahead of Tesla CEO Elon Musk.

Rise Of LVMH And The China Connection

In many ways, the ongoing rise of LVHM can be attributed to robust consumer spending in China after the Xi Jinping government scrapped its strict "zero-Covid" policy in December 2022.

The improving economic outlook in China and a stronger euro has benefited LVMH immensely. The company reported a 17 percent increase in revenue in its first-quarter results, largely driven by a rebounding Chinese luxury market. Analysts at Bernstein noted that LVMH is capitalising on sustained demand growth in Europe and America while reaping the benefits of a rapid recovery in Chinese consumer spending.&nbsp;

Despite rising inflation, geopolitical uncertainties, and cost of living pressures, the top players in the luxury sector, including LVMH, have been resilient. Some even reported increased margins due to price increases on luxury goods such as leather goods and bags. According to a Financial Times report, the accumulation of savings and increased luxury buying during the pandemic-induced lockdown boosted the industry.

LVMH's growth has outpaced its competition, with the company&nbsp;now almost twice the size&nbsp;of L'Oréal, the world's largest cosmetics company, and more than double the size of Hermès.

In January, Louis Vuitton, LVMH's flagship brand, became the first luxury brand in the world to achieve over 20 billion euros&nbsp;in annual revenues.&nbsp;

Recently, Delphine Arnault, the founder's daughter, was appointed as Dior's chief executive. This move came amid speculations&nbsp;on who might succeed Arnault at the helm of the luxury conglomerate.

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion. Its shares rose 0.

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion. Its shares rose 0.3 per cent on Monday to €903.70, resulting in a market capitalisation of €454 billion, equivalent to $500.3 billion at the exchange rate of 1.1019 euros to the dollar. LVMH is now the only European company among the top 10 companies in the world by market value, a list dominated by US tech giants such as Apple. The French luxury giant occupies the 10th spot, surpassing Visa and closely trailing Tesla. The milestone also means that the controlling stake held by founder Bernard Arnault and his family has now reached $212 billion, making the 74-year-old French billionaire the world's wealthiest man, ahead of Tesla CEO Elon Musk. Rise Of LVMH And The China Connection In many ways, the ongoing rise of LVHM can be attributed to robust consumer spending in China after the Xi Jinping government scrapped its strict "zero-Covid" policy in December 2022. The improving economic outlook in China and a stronger euro has benefited LVMH immensely. The company reported a 17 percent increase in revenue in its first-quarter results, largely driven by a rebounding Chinese luxury market. Analysts at Bernstein noted that LVMH is capitalising on sustained demand growth in Europe and America while reaping the benefits of a rapid recovery in Chinese consumer spending. Despite rising inflation, geopolitical uncertainties, and cost of living pressures, the top players in the luxury sector, including LVMH, have been resilient. Some even reported increased margins due to price increases on luxury goods such as leather goods and bags. According to a Financial Times report, the accumulation of savings and increased luxury buying during the pandemic-induced lockdown boosted the industry. LVMH's growth has outpaced its competition, with the company now almost twice the size of L'Oréal, the world's largest cosmetics company, and more than double the size of Hermès. In January, Louis Vuitton, LVMH's flagship brand, became the first luxury brand in the world to achieve over 20 billion euros in annual revenues. Recently, Delphine Arnault, the founder's daughter, was appointed as Dior's chief executive. This move came amid speculations on who might succeed Arnault at the helm of the luxury conglomerate.

Buoyed by Chinese spending, French luxury giant LVMH now most valuable European company

US aviation major&nbsp;Boeing has delivered more jets in the first quarter of 2023 than its European rival Airbus, media reports said.&nbsp;

The US firm delivered 130 aircraft in the first quarter, which corresponds to January-March 2023. This is a 37 per cent increase from last year. On the other hand, Airbus saw a 9 per cent drop in its delivery compared to 2022, while shipping 127 aircraft in the first three months of 2023.

The month of March, in particular, was significant for the US plane maker as it delivered 64 planes, which is nearly half of the quarterly numbers announced for the first quarter. In the same month, Airbus delivered 61 jets, three less than Boeing.&nbsp;

This is the first time in nearly five years that the US plane maker has beaten its European rival in terms of deliveries, a Bloomberg report noted. Back then, Airbus faced engine shortages for its a320neo airliners. In 2023, a shortfall in deliveries to China's airlines is being cited as a reason for the dip in Airbus' deliveries.&nbsp;

For Boeing, the Q1 result is like a shot in the arm. The US plane maker has faced several supply chain disruptions due to the Covid pandemic, the Ukraine war, and the 2022 lockdown in China. The disruptions in the supply chain impacted the delivery timelines of the US-based aviation company.&nbsp;

Reacting to the criticism of slower deliveries, a Boeing executive was quoted by Reuters as saying that increasing production after COVID-19 lockdowns was "not as easy as an on/off switch."

Boeing is betting on its 737 aircraft and its higher variant 737 MAX -- both are considered cash cows for the company -- for growing sales and revenue. According to a Bloomberg report, Boeing is laying plans to hike output at its Seattle factory by 23 per cent by June 2023.&nbsp;

However, Boeing is likely to face tough competition from Airbus. Media reports said that the European plane maker will ramp up its assembly line in China to boost production. Airbus aims to deliver 720 aircraft this year.&nbsp;

Boeing has a target of delivering 400 737 MAXs aircraft and 70 787s in 2023. Media reports suggest that Boeing is likely to meet its targets for 737 MAX deliveries. But with just 11 787s delivered in the first three months, it is still far from&nbsp;reaching the delivery target.&nbsp; 
&nbsp;

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US aviation major Boeing has delivered more jets in the first quarter of 2023 than its European rival Airbus, media reports said. The US firm delivered 130 aircraft in the first quarter, which corresponds to January-March 2023.

US aviation major Boeing has delivered more jets in the first quarter of 2023 than its European rival Airbus, media reports said. The US firm delivered 130 aircraft in the first quarter, which corresponds to January-March 2023. This is a 37 per cent increase from last year. On the other hand, Airbus saw a 9 per cent drop in its delivery compared to 2022, while shipping 127 aircraft in the first three months of 2023. The month of March, in particular, was significant for the US plane maker as it delivered 64 planes, which is nearly half of the quarterly numbers announced for the first quarter. In the same month, Airbus delivered 61 jets, three less than Boeing. This is the first time in nearly five years that the US plane maker has beaten its European rival in terms of deliveries, a Bloomberg report noted. Back then, Airbus faced engine shortages for its a320neo airliners. In 2023, a shortfall in deliveries to China's airlines is being cited as a reason for the dip in Airbus' deliveries. For Boeing, the Q1 result is like a shot in the arm. The US plane maker has faced several supply chain disruptions due to the Covid pandemic, the Ukraine war, and the 2022 lockdown in China. The disruptions in the supply chain impacted the delivery timelines of the US-based aviation company. Reacting to the criticism of slower deliveries, a Boeing executive was quoted by Reuters as saying that increasing production after COVID-19 lockdowns was "not as easy as an on/off switch." Boeing is betting on its 737 aircraft and its higher variant 737 MAX -- both are considered cash cows for the company -- for growing sales and revenue. According to a Bloomberg report, Boeing is laying plans to hike output at its Seattle factory by 23 per cent by June 2023. However, Boeing is likely to face tough competition from Airbus. Media reports said that the European plane maker will ramp up its assembly line in China to boost production. Airbus aims to deliver 720 aircraft this year. Boeing has a target of delivering 400 737 MAXs aircraft and 70 787s in 2023. Media reports suggest that Boeing is likely to meet its targets for 737 MAX deliveries. But with just 11 787s delivered in the first three months, it is still far from reaching the delivery target. WATCH WION LIVE HERE

For the first time in five years, Boeing beats Airbus in deliveries

US&nbsp;Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe."

In a recent address to business executives in Washington DC, Yellen emphasised that defaulting on debt would have far-reaching implications that could impede&nbsp;the country's economic recovery from the COVID-19 epidemic.

"A default on our debt would produce an economic and financial catastrophe," Reuters quoted Yellen telling members of the&nbsp;Sacramento Metropolitan Chamber of Commerce.

Yellen, a former Federal Reserve chairperson, further stated that a default would raise borrowing costs in perpetuity and future investments would become significantly more expensive.

Arguing that&nbsp;raising or suspending the existing borrowing cap of $31.4 trillion is the US Congress'&nbsp;responsibility, she asked lawmakers&nbsp;to act immediately to avert potential economic and financial market disruptions.

Raising the debt ceiling and rift in Congress

Credit markets could deteriorate if the debt ceiling is not increased, making it harder for businesses to secure funding. Additionally, the government may be unable to issue timely payments to military families and seniors who rely on Social Security, causing financial hardships for vulnerable populations.

Raising the debt ceiling has been a divisive issue in the US Congress, with opposing views on how to proceed.

Kevin McCarthy, the Republican Speaker&nbsp;in the House of Representatives, recently suggested a plan that would combine $4.5 trillion in expenditure cuts with a $1.5 trillion rise in the debt limit. The White House under Democrat Joe Biden, however, believes that the two issues should not be linked, and the proposal is expected to be rejected by the Democratic-controlled Senate.

Financial markets have grown increasingly concerned about the deadlock, with the cost of insuring exposure to US debt reaching a decade high. Analysts have cautioned that the possibility of default is increasing, which could have serious consequences for global financial stability.

US Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe.

US Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe." In a recent address to business executives in Washington DC, Yellen emphasised that defaulting on debt would have far-reaching implications that could impede the country's economic recovery from the COVID-19 epidemic. "A default on our debt would produce an economic and financial catastrophe," Reuters quoted Yellen telling members of the Sacramento Metropolitan Chamber of Commerce. Yellen, a former Federal Reserve chairperson, further stated that a default would raise borrowing costs in perpetuity and future investments would become significantly more expensive. Arguing that raising or suspending the existing borrowing cap of $31.4 trillion is the US Congress' responsibility, she asked lawmakers to act immediately to avert potential economic and financial market disruptions. Raising the debt ceiling and rift in Congress Credit markets could deteriorate if the debt ceiling is not increased, making it harder for businesses to secure funding. Additionally, the government may be unable to issue timely payments to military families and seniors who rely on Social Security, causing financial hardships for vulnerable populations. Raising the debt ceiling has been a divisive issue in the US Congress, with opposing views on how to proceed. Kevin McCarthy, the Republican Speaker in the House of Representatives, recently suggested a plan that would combine $4.5 trillion in expenditure cuts with a $1.5 trillion rise in the debt limit. The White House under Democrat Joe Biden, however, believes that the two issues should not be linked, and the proposal is expected to be rejected by the Democratic-controlled Senate. Financial markets have grown increasingly concerned about the deadlock, with the cost of insuring exposure to US debt reaching a decade high. Analysts have cautioned that the possibility of default is increasing, which could have serious consequences for global financial stability.

Janet Yellen’s warning: Raise US debt ceiling or face economic catastrophe

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023.

Net income in Q1 of 2023 reached $1.8 billion, up from $1.1 billion in the same period in 2022. On the other hand, the adjusted earnings per share - a key metric of a company's profitability - stood&nbsp;at $2.63, surpassing analysts' expectations of $2.33.

The company's revenue exceeded estimates too.&nbsp;McDonald's revenue totalled&nbsp;$5.9 billion between January and March, compared to market expectations of&nbsp;$5.59 billion, reported CNBC.

McDonald's Q1 numbers are a significant development since the U.S. consumer confidence index fell to a nine-month low in April, as per Reuters. The Conference Board's consumer index dropped to 101.3 from a revised 104.0 in March. While economists have noted concerns about a potential recession in the short term, McDonald's has emerged victorious in driving footfall for a third consecutive quarter.

The fast food giant's&nbsp;performance has been attributed to increased sales in the United States, where higher menu prices and higher traffic drove sales. McDonald's has historically performed well during economic uncertainties as consumers opt for affordable meals.

McDonald's international markets have also posted&nbsp;better-than-expected sales figure.

McDonald's international&nbsp;markets, including the United Kingdom, France, Germany, and Australia,&nbsp;recorded same-store sales growth of 8.5 percent. Its international developmental licensed markets, including China and Japan, exceeded expectations with same-store sales growth of 10.5 percent.&nbsp;The company noted that sales in China improved as the country ended its zero-Covid policy in December, leading to a steady recovery.

Dangers looming ahead

However, despite the strong results, McDonald's executives need to exercise&nbsp;caution about the future economic outlook in the U.S. and Europe.

The company has been facing&nbsp;challenges in certain markets, with customers pushing back against price increases and ordering slightly fewer menu items per order.

Additionally, there have been tensions between McDonald's management and U.S. franchisees over several policy changes, including the implementation of&nbsp;the Performance and Customer Excellence system to evaluate franchise&nbsp;restaurants.

The road ahead for McDonald's looks tough, at least in the United States. The 12-month inflation expectations slipped to 6.2 percent from 6.3 percent&nbsp;in March, indicating that people are&nbsp;increasingly concerned about inflation.

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023. Net income in Q1 of 2023 reached $1.

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023. Net income in Q1 of 2023 reached $1.8 billion, up from $1.1 billion in the same period in 2022. On the other hand, the adjusted earnings per share - a key metric of a company's profitability - stood at $2.63, surpassing analysts' expectations of $2.33. The company's revenue exceeded estimates too. McDonald's revenue totalled $5.9 billion between January and March, compared to market expectations of $5.59 billion, reported CNBC. McDonald's Q1 numbers are a significant development since the U.S. consumer confidence index fell to a nine-month low in April, as per Reuters. The Conference Board's consumer index dropped to 101.3 from a revised 104.0 in March. While economists have noted concerns about a potential recession in the short term, McDonald's has emerged victorious in driving footfall for a third consecutive quarter. The fast food giant's performance has been attributed to increased sales in the United States, where higher menu prices and higher traffic drove sales. McDonald's has historically performed well during economic uncertainties as consumers opt for affordable meals. McDonald's international markets have also posted better-than-expected sales figure. McDonald's international markets, including the United Kingdom, France, Germany, and Australia, recorded same-store sales growth of 8.5 percent. Its international developmental licensed markets, including China and Japan, exceeded expectations with same-store sales growth of 10.5 percent. The company noted that sales in China improved as the country ended its zero-Covid policy in December, leading to a steady recovery. Dangers looming ahead However, despite the strong results, McDonald's executives need to exercise caution about the future economic outlook in the U.S. and Europe. The company has been facing challenges in certain markets, with customers pushing back against price increases and ordering slightly fewer menu items per order. Additionally, there have been tensions between McDonald's management and U.S. franchisees over several policy changes, including the implementation of the Performance and Customer Excellence system to evaluate franchise restaurants. The road ahead for McDonald's looks tough, at least in the United States. The 12-month inflation expectations slipped to 6.2 percent from 6.3 percent in March, indicating that people are increasingly concerned about inflation.

McDonald's Q1 earnings beat expectations despite fall in US consumer confidence

The last&nbsp;fiscal (2022-23) was challenging for India's top three tech&nbsp;companies: Tata Consultancy Services (TCS), Infosys, and HCLTech.

All three companies witnessed a steep drop in hiring, as their cumulative employee additions dropped 65 percent from 197,000&nbsp;in 2021-22&nbsp;to just 68,886 in 2022-23, Moneycontrol reported on Tuesday.&nbsp;

There was a&nbsp;staggering 98.7 percent&nbsp;drop in hiring&nbsp;in the fourth quarter of 2022-23, compared to the same three-month period in 2021-22, the report said.&nbsp;

TCS, HCLTech, and Infosys added only 884 employees&nbsp;on a net basis in the quarter that ended in March 2023, in contrast to 68,257 in the same period last year, the report added.&nbsp;&nbsp;

Company-wise hiring decline breakdown

Milind Lakkad, the Chief Human Resources Officer of TCS, acknowledged that the net addition&nbsp;of 821 employees in Q4 and 22,600 for the full year do not fully reflect the extent to which the company ramped up talent acquisition efforts during the year to cope with unprecedented employee churn in the first half of the year.

TCS faced high attrition rates, reaching 21.5 percent&nbsp;on a last-twelve-month (LTM) basis in the second quarter of FY23, before&nbsp;moderating&nbsp;to 20.1 percent&nbsp;towards the end of March this year. Lakkad, however, told Moneycontrol that he expected&nbsp;attrition to return to pre-pandemic levels by the second half of the current fiscal.&nbsp;

Infosys, on the other hand, recorded a nearly 50 percent decline&nbsp;in yearly net additions, from 54,396 in the previous year to 29,219 in 2022-23.&nbsp;Infosys ended the last quarter of 2022-23&nbsp;with 3,611 fewer employees than the end of Q3 while adding 21,948 employees on a net basis in the same period in 2022.

Nilanjan Roy, the Chief Financial Officer of Infosys, expressed optimism about a gradual improvement in the situation&nbsp;in the coming quarters as freshers start getting deployed.&nbsp;

HCLTech's net addition of employees in 2022-23&nbsp;saw a 57 percent&nbsp;drop, declining from 40,252 in the previous year to 17,067. In the last quarter of the preceding fiscal, HCLTech added only 353 employees on a net basis, compared to 11,684 in the same period last year.

The decline in net employee additions for these top IT companies in India could&nbsp;be attributed to various factors, including the COVID-19 pandemic, increased competition for talent, and uncertainty in the global business environment.

The high attrition rates in the first half of last fiscal&nbsp;also impacted their hiring plans, leading to a slowdown in net employee additions in the subsequent quarters.

The last fiscal (2022-23) was challenging for India's top three tech companies: Tata Consultancy Services (TCS), Infosys, and HCLTech. All three companies witnessed a steep drop in hiring, as their cumulative employee additions dropped 65 percent from 197,000 in 2021-22 to just 68,886 in 2022-23, Moneycontrol reported on Tuesday.

The last fiscal (2022-23) was challenging for India's top three tech companies: Tata Consultancy Services (TCS), Infosys, and HCLTech. All three companies witnessed a steep drop in hiring, as their cumulative employee additions dropped 65 percent from 197,000 in 2021-22 to just 68,886 in 2022-23, Moneycontrol reported on Tuesday. There was a staggering 98.7 percent drop in hiring in the fourth quarter of 2022-23, compared to the same three-month period in 2021-22, the report said. TCS, HCLTech, and Infosys added only 884 employees on a net basis in the quarter that ended in March 2023, in contrast to 68,257 in the same period last year, the report added. Company-wise hiring decline breakdown Milind Lakkad, the Chief Human Resources Officer of TCS, acknowledged that the net addition of 821 employees in Q4 and 22,600 for the full year do not fully reflect the extent to which the company ramped up talent acquisition efforts during the year to cope with unprecedented employee churn in the first half of the year. TCS faced high attrition rates, reaching 21.5 percent on a last-twelve-month (LTM) basis in the second quarter of FY23, before moderating to 20.1 percent towards the end of March this year. Lakkad, however, told Moneycontrol that he expected attrition to return to pre-pandemic levels by the second half of the current fiscal. Infosys, on the other hand, recorded a nearly 50 percent decline in yearly net additions, from 54,396 in the previous year to 29,219 in 2022-23. Infosys ended the last quarter of 2022-23 with 3,611 fewer employees than the end of Q3 while adding 21,948 employees on a net basis in the same period in 2022. Nilanjan Roy, the Chief Financial Officer of Infosys, expressed optimism about a gradual improvement in the situation in the coming quarters as freshers start getting deployed. HCLTech's net addition of employees in 2022-23 saw a 57 percent drop, declining from 40,252 in the previous year to 17,067. In the last quarter of the preceding fiscal, HCLTech added only 353 employees on a net basis, compared to 11,684 in the same period last year. The decline in net employee additions for these top IT companies in India could be attributed to various factors, including the COVID-19 pandemic, increased competition for talent, and uncertainty in the global business environment. The high attrition rates in the first half of last fiscal also impacted their hiring plans, leading to a slowdown in net employee additions in the subsequent quarters.

India's IT giants Infosys, HCL, and TCS record 65% fall in hiring

The shares of Electric Vehicle giant Tesla&nbsp;has been on a downward spiral in April, dragging the company's market valuation below $500 billion. Media reports said on Wednesday that investors are fretting over the company's price-cutting strategy and the consequent hit on its profit margins.

Tesla shares fell 3.5 percent to $155.03 in New York, marking its lowest level since January 25. If the loss continues, the company's market valuation will drop by more than $70 billion in five trading sessions since reporting poor earnings. The stock is down more than 25 percent in April alone.

The first-quarter results reported by Tesla on Thursday missed analysts' expectations on almost every metric, with profit margins plunging due to the company's aggressive price-cut strategy. Tesla CEO Elon Musk has indicated that the company will continue to lower prices to lure potential buyers of its vehicles, despite the challenges to demand.

Price cuts vs demand

According to Bernstein analyst Toni Sacconaghi, Tesla's demand appears to be limited despite a significant drop in prices. Wall Street analysts have already reduced their price targets in response to the news, citing the risks to Tesla's premium valuation amid a sharp erosion of profit margins. Supporters point to the company's good margins as a rationale for the stock's greater multiple than other automakers.

Tesla's shares have experienced considerable volatility for the last few months, starting with a 65 percent drop at the end of 2022, which pushed its valuation to around $340 billion in January. The stock rebounded rapidly for two months, increasing the company's market capitalization to over $670 billion. However, the first-quarter delivery numbers indicated that price cuts were not boosting demand as much as expected. The full results reported last week made that point even more evident.

Despite this, some analysts believe the selloff is a temporary blip caused by broader macroeconomic pressures. Cathie Wood, CEO of Ark Investment Management, recently told CNBC that her 2027 price target for the stock is $2,000. Piper Sandler analyst Alexander Potter remarked that "once the dust settles, Tesla should bounce back".&nbsp;

Amid declining valuation and profit margins, it will be interesting to see Elon's next move.

The shares of Electric Vehicle giant Tesla has been on a downward spiral in April, dragging the company's market valuation below $500 billion. Media reports said on Wednesday that investors are fretting over the company's price-cutting strategy and the consequent hit on its profit margins.

The shares of Electric Vehicle giant Tesla has been on a downward spiral in April, dragging the company's market valuation below $500 billion. Media reports said on Wednesday that investors are fretting over the company's price-cutting strategy and the consequent hit on its profit margins. Tesla shares fell 3.5 percent to $155.03 in New York, marking its lowest level since January 25. If the loss continues, the company's market valuation will drop by more than $70 billion in five trading sessions since reporting poor earnings. The stock is down more than 25 percent in April alone. The first-quarter results reported by Tesla on Thursday missed analysts' expectations on almost every metric, with profit margins plunging due to the company's aggressive price-cut strategy. Tesla CEO Elon Musk has indicated that the company will continue to lower prices to lure potential buyers of its vehicles, despite the challenges to demand. Price cuts vs demand According to Bernstein analyst Toni Sacconaghi, Tesla's demand appears to be limited despite a significant drop in prices. Wall Street analysts have already reduced their price targets in response to the news, citing the risks to Tesla's premium valuation amid a sharp erosion of profit margins. Supporters point to the company's good margins as a rationale for the stock's greater multiple than other automakers. Tesla's shares have experienced considerable volatility for the last few months, starting with a 65 percent drop at the end of 2022, which pushed its valuation to around $340 billion in January. The stock rebounded rapidly for two months, increasing the company's market capitalization to over $670 billion. However, the first-quarter delivery numbers indicated that price cuts were not boosting demand as much as expected. The full results reported last week made that point even more evident. Despite this, some analysts believe the selloff is a temporary blip caused by broader macroeconomic pressures. Cathie Wood, CEO of Ark Investment Management, recently told CNBC that her 2027 price target for the stock is $2,000. Piper Sandler analyst Alexander Potter remarked that "once the dust settles, Tesla should bounce back". Amid declining valuation and profit margins, it will be interesting to see Elon's next move.

Tesla’s valuation drops below $500 Billion on profit margin fears

China has widened the scope of its&nbsp;counter-espionage law, which critics worry may create additional legal risks or confusion among global corporations.

According to CNN, the change broadens the definition of espionage to encompass any "document or data related to national security" without defining these categories explicitly.

The amendment passed by China's top legislative body on Wednesday comes as Chinese President Xi Jinping places a greater focus on national security. Since coming to&nbsp;power in power, Xi has supervised several new steps to combat perceived dangers within and outside China and efforts to regulate the flow of information outside the nation, particularly after the Covid outbreak.

Yasuhiro Matsuda, an international relations professor at the University of Tokyo, told CNN that the revised&nbsp;counter-espionage law could heighten risks for foreigners and businesses trying to understand China better.&nbsp;

Foreign Concerns and China's Counter

Many analysts believe that&nbsp;legitimate data on the Chinese economy might all fall under the purview of the amended law. They also&nbsp;argue that&nbsp;the tighter&nbsp;anti-espionage law will further&nbsp;frighten international corporations working in China.

The new counter-espionage law comes only months after China eased pandemic-era border restrictions after three years of self-imposed Covid isolation — measures that had kept most international entrepreneurs and researchers at bay.

However, Global Times, the English-language mouthpiece of the Communist Party of China, commented that the updated anti-spying law will&nbsp;have no effect on Western businesses and the&nbsp;continuously improving business environment in China.

It urged the companies not to buy into the 'distorted facts' that China's anti-espionage law will undermine the business environment, as they will "only miss opportunities and hand over development opportunities to competitors".&nbsp;

Despite the Chinese mouthpiece's argument, Western businesses are on the edge — and for good reason.&nbsp;

US consultancy Bain &amp; Company said on Thursday that some members of the staff at its Shanghai office have been questioned by the local police. This incident comes just a&nbsp;month after&nbsp;the Beijing office of Mintz Group, an American corporate due diligence firm, was closed and five members of its staff were detained.&nbsp;

China has widened the scope of its counter-espionage law, which critics worry may create additional legal risks or confusion among global corporations. According to CNN, the change broadens the definition of espionage to encompass any "document or data related to national security" without defining these categories explicitly.

China has widened the scope of its counter-espionage law, which critics worry may create additional legal risks or confusion among global corporations. According to CNN, the change broadens the definition of espionage to encompass any "document or data related to national security" without defining these categories explicitly. The amendment passed by China's top legislative body on Wednesday comes as Chinese President Xi Jinping places a greater focus on national security. Since coming to power in power, Xi has supervised several new steps to combat perceived dangers within and outside China and efforts to regulate the flow of information outside the nation, particularly after the Covid outbreak. Yasuhiro Matsuda, an international relations professor at the University of Tokyo, told CNN that the revised counter-espionage law could heighten risks for foreigners and businesses trying to understand China better. Foreign Concerns and China's Counter Many analysts believe that legitimate data on the Chinese economy might all fall under the purview of the amended law. They also argue that the tighter anti-espionage law will further frighten international corporations working in China. The new counter-espionage law comes only months after China eased pandemic-era border restrictions after three years of self-imposed Covid isolation — measures that had kept most international entrepreneurs and researchers at bay. However, Global Times, the English-language mouthpiece of the Communist Party of China, commented that the updated anti-spying law will have no effect on Western businesses and the continuously improving business environment in China. It urged the companies not to buy into the 'distorted facts' that China's anti-espionage law will undermine the business environment, as they will "only miss opportunities and hand over development opportunities to competitors". Despite the Chinese mouthpiece's argument, Western businesses are on the edge — and for good reason. US consultancy Bain & Company said on Thursday that some members of the staff at its Shanghai office have been questioned by the local police. This incident comes just a month after the Beijing office of Mintz Group, an American corporate due diligence firm, was closed and five members of its staff were detained.

China broadening counter-espionage law spooks foreign businesses

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

According to CNBC, the layoffs affect&nbsp;two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation&nbsp;in recent months as companies trim their spending amid the challenging economic environment.

Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure.

No business division is safe&nbsp;

In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history.

Amazon&nbsp;has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion.

According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division.

The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance.

The Covid-19 pandemic led to a significant boost in AWS' headcount&nbsp;as companies, government agencies, and schools transitioned to the cloud network.

However, given&nbsp;the uncertain&nbsp;business and macroeconomic climate in 2023, AWS CEO&nbsp;Adam&nbsp;Selipsky wrote in a memo that the company&nbsp;must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business."&nbsp;

Despite the layoffs, Amazon's shares surged over 3 percent&nbsp;in afternoon trading on Wednesday. Investors will keenly watch whether the company's&nbsp;cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.&nbsp;

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people. According to CNBC, the layoffs affect two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation in recent months as companies trim their spending amid the challenging economic environment. Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure. No business division is safe In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history. Amazon has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion. According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division. The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance. The Covid-19 pandemic led to a significant boost in AWS' headcount as companies, government agencies, and schools transitioned to the cloud network. However, given the uncertain business and macroeconomic climate in 2023, AWS CEO Adam Selipsky wrote in a memo that the company must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business." Despite the layoffs, Amazon's shares surged over 3 percent in afternoon trading on Wednesday. Investors will keenly watch whether the company's cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.

Amazon cuts deep: largest layoffs in company's history hit cloud computing, ad teams

In a major development in the US debt ceiling battle, the United States House of Representatives on Wednesday passed a bill to raise the government's debt ceiling and make drastic budget cuts over the next decade.&nbsp;

According to Reuters, the mostly partisan vote of 217-215 represented a win for Republican House Speaker Kevin McCarthy, who now hopes to negotiate spending cuts with President Joe Biden. However, the bill is not expected to pass the Senate, and Biden would veto it if it did.&nbsp;

"President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does," White House Press Secretary Karine Jean-Pierre said in a statement.&nbsp;

If Congress does not act, the United States Treasury Department may run out of methods to pay its obligations in a matter of weeks, and financial markets are already worried.

The bill would increase borrowing permission by $1.5 trillion or until March 31, 2024, whichever comes first. The law would also reduce spending to 2022 levels, cap annual growth at 1 percent, eliminate renewable energy tax breaks, and tighten job requirements for anti-poverty programmes.

Democrats call the bill "dead on arrival" as negotiations loom

The bill's passage in the House is significant given the 2011 standoff that led to a downgrade of the government's credit rating and increased borrowing costs. If Congress fails to act, financial markets are already bracing for a similar outcome. However, Senate Democrats insist on a debt limit increase with no spending cuts attached, and Senate Majority Leader Chuck Schumer called the House bill "dead on arrival."

The bill's passing also follows the news of Treasury Secretary Janet Yellen's warning to Congress regarding the urgency of raising the debt ceiling, stressing that the government could run out of money to pay its bills as soon as this summer. Yellen emphasized the potentially catastrophic impact of defaulting on the U.S. debt, which could trigger a financial crisis echoing the 2008 recession.&nbsp;

The bill's passage highlights the Biden administration's political and economic challenges as it seeks to pass its sweeping infrastructure and social spending plans, which are expected to cost $4 trillion. The government aims to fund the ideas by raising taxes on corporations and the rich, but Republican resistance and fears about increasing inflation have cast doubt on these plans.

The possibility of a financial crisis looms as the deadline for lifting the debt ceiling approaches, putting pressure on both sides to find a solution.

In a major development in the US debt ceiling battle, the United States House of Representatives on Wednesday passed a bill to raise the government's debt ceiling and make drastic budget cuts over the next decade.

In a major development in the US debt ceiling battle, the United States House of Representatives on Wednesday passed a bill to raise the government's debt ceiling and make drastic budget cuts over the next decade. According to Reuters, the mostly partisan vote of 217-215 represented a win for Republican House Speaker Kevin McCarthy, who now hopes to negotiate spending cuts with President Joe Biden. However, the bill is not expected to pass the Senate, and Biden would veto it if it did. "President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does," White House Press Secretary Karine Jean-Pierre said in a statement. If Congress does not act, the United States Treasury Department may run out of methods to pay its obligations in a matter of weeks, and financial markets are already worried. The bill would increase borrowing permission by $1.5 trillion or until March 31, 2024, whichever comes first. The law would also reduce spending to 2022 levels, cap annual growth at 1 percent, eliminate renewable energy tax breaks, and tighten job requirements for anti-poverty programmes. Democrats call the bill "dead on arrival" as negotiations loom The bill's passage in the House is significant given the 2011 standoff that led to a downgrade of the government's credit rating and increased borrowing costs. If Congress fails to act, financial markets are already bracing for a similar outcome. However, Senate Democrats insist on a debt limit increase with no spending cuts attached, and Senate Majority Leader Chuck Schumer called the House bill "dead on arrival." The bill's passing also follows the news of Treasury Secretary Janet Yellen's warning to Congress regarding the urgency of raising the debt ceiling, stressing that the government could run out of money to pay its bills as soon as this summer. Yellen emphasized the potentially catastrophic impact of defaulting on the U.S. debt, which could trigger a financial crisis echoing the 2008 recession. The bill's passage highlights the Biden administration's political and economic challenges as it seeks to pass its sweeping infrastructure and social spending plans, which are expected to cost $4 trillion. The government aims to fund the ideas by raising taxes on corporations and the rich, but Republican resistance and fears about increasing inflation have cast doubt on these plans. The possibility of a financial crisis looms as the deadline for lifting the debt ceiling approaches, putting pressure on both sides to find a solution.

US House passes bill to raise debt ceiling; proposal to face major Senate hurdle