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


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

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

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

<p>In Hong Kong, the world's most expensive city, the government has recently announced an increase in the city's minimum wage, but it is so low that for those struggling to make ends meet, it'll hardly do anything.</p>

<p>According to an Al Jazeera report, the minimum wage in Hong Kong has been raised by 2.50 Hong Kong dollars or USD 32 cents. The hike has brought the city's minimum wage to 40 Hong Kong dollars (or $5.10) per hour.&nbsp;</p>

<p>The measly 6.25 per cent raise comes after a four-year freeze and it has left activists and community workers scathing.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/trending/our-epidemic-of-loneliness-and-isolation-us-surgeon-general-points-to-the-importance-of-social-connection-588308">'Our epidemic of loneliness and isolation': US surgeon general points to the importance of social connection</a></strong></p>

<p>Wong Shek-hung, director of the Hong Kong, Macau, and Taiwan programme at the charitable organisation Oxfam, has expressed concern.</p>

<p>"We think this is unacceptable," he said, adding "It cannot cover basic needs in Hong Kong."</p>

<p>According to CNN, the minimum wage in Hong Kong was frozen in 2021 due to the impact of the COVID-19 pandemic on the city's economy. Authorities at the time argued that a wage increase would put additional pressure on enterprises and could lead to the loss of low-wage jobs.&nbsp;</p>

<p>However, Wong argues that this increase will make little difference for the low-paid workers in Hong Kong.&nbsp;</p>

<p>The high cost of living in the city, particularly when it comes to housing, remains. He said that he believes that the increase is not sufficient to cover the basic needs of low-paid workers in the city.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/tinder-swipes-left-on-russia-to-exit-the-warring-nation-by-june-30-588252">Tinder 'swipes left' on Russia, to 'dump' the warring nation by June 30</a></strong></p>

<p>Oxfam has expressed concern that the recent increase in Hong Kong's minimum wage is still lower than what a family of two would receive through the city's social security programme.&nbsp;</p>

<p>It has called on the government to raise the minimum wage to at least HK$45.4 ($5.78) per hour. The organisation has described the recent increase in the minimum wage as "almost negligible" and has urged the government to take further action to address the challenges faced by low-paid workers in Hong Kong.</p>

<p>The Hong Kong Society of Community Organizations (SOCO) has also proposed a higher minimum wage of at least HK$53.4 ($6.8) per hour, which it believes would provide a more adequate standard of living for low-paid workers.</p>

<p>In January, Hong Kong's Secretary for Labour and Welfare, Chris Sun, rejected the argument that the minimum wage should be raised to the same level as social welfare payments. He argued that "many people...would rather work than receive social welfare because they think it has more value in their lives."</p>

<p>"After all, do people like to go to work or not? In fact, going to work is not just for earning money. It is important to one’s spirit and health," said Sun, as per Hong Kong public broadcaster RTHK.&nbsp;</p>

<p>"So the two can’t be compared. One is welfare, the other is work."</p>

<p>According to Sun, going to work is not just about earning money, but also has a positive impact on one's spirit and health. He claimed that social welfare and work cannot be compared because they serve different purposes.</p>

<p>Sun's comments highlight the ongoing debate over the minimum wage and social welfare policies in Hong Kong. While some argue that the minimum wage should be raised to ensure that low-paid workers can earn a decent living, others believe that social welfare should provide a safety net for those who cannot earn enough through work.</p>

<p><em>(With inputs from agencies)</em></p>

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In Hong Kong, the world's most expensive city, the government has recently announced an increase in the city's minimum wage, but it is so low that for those struggling to make ends meet, it'll hardly do anything.

In Hong Kong, the world's most expensive city, the government has recently announced an increase in the city's minimum wage, but it is so low that for those struggling to make ends meet, it'll hardly do anything. According to an Al Jazeera report, the minimum wage in Hong Kong has been raised by 2.50 Hong Kong dollars or USD 32 cents. The hike has brought the city's minimum wage to 40 Hong Kong dollars (or $5.10) per hour. The measly 6.25 per cent raise comes after a four-year freeze and it has left activists and community workers scathing. Also read | 'Our epidemic of loneliness and isolation': US surgeon general points to the importance of social connection Wong Shek-hung, director of the Hong Kong, Macau, and Taiwan programme at the charitable organisation Oxfam, has expressed concern. "We think this is unacceptable," he said, adding "It cannot cover basic needs in Hong Kong." According to CNN, the minimum wage in Hong Kong was frozen in 2021 due to the impact of the COVID-19 pandemic on the city's economy. Authorities at the time argued that a wage increase would put additional pressure on enterprises and could lead to the loss of low-wage jobs. However, Wong argues that this increase will make little difference for the low-paid workers in Hong Kong. The high cost of living in the city, particularly when it comes to housing, remains. He said that he believes that the increase is not sufficient to cover the basic needs of low-paid workers in the city. Also read | Tinder 'swipes left' on Russia, to 'dump' the warring nation by June 30 Oxfam has expressed concern that the recent increase in Hong Kong's minimum wage is still lower than what a family of two would receive through the city's social security programme. It has called on the government to raise the minimum wage to at least HK$45.4 ($5.78) per hour. The organisation has described the recent increase in the minimum wage as "almost negligible" and has urged the government to take further action to address the challenges faced by low-paid workers in Hong Kong. The Hong Kong Society of Community Organizations (SOCO) has also proposed a higher minimum wage of at least HK$53.4 ($6.8) per hour, which it believes would provide a more adequate standard of living for low-paid workers. In January, Hong Kong's Secretary for Labour and Welfare, Chris Sun, rejected the argument that the minimum wage should be raised to the same level as social welfare payments. He argued that "many people...would rather work than receive social welfare because they think it has more value in their lives." "After all, do people like to go to work or not? In fact, going to work is not just for earning money. It is important to one’s spirit and health," said Sun, as per Hong Kong public broadcaster RTHK. "So the two can’t be compared. One is welfare, the other is work." According to Sun, going to work is not just about earning money, but also has a positive impact on one's spirit and health. He claimed that social welfare and work cannot be compared because they serve different purposes. Sun's comments highlight the ongoing debate over the minimum wage and social welfare policies in Hong Kong. While some argue that the minimum wage should be raised to ensure that low-paid workers can earn a decent living, others believe that social welfare should provide a safety net for those who cannot earn enough through work. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World's most expensive city increases minimum wage by measly 32 cents. Here's what happened next

The United States will breach the debt ceiling as early as on June 1st. This may result in a dead default. This could happen if the US Congress fails to raise the debt ceiling. The US treasury has warned it could run short of cash to pay its bills by the month of June.

US to breach debt ceiling in June : Treasury

Artificial intelligence seems to be the flavour of the season. Soon, artificial intelligence (AI) may replace humans at US tech giant IBM.

IBM's mega push for artificial intelligence

Former Twitter CEO Jack Dorsey is back in the news nearly two years after he quit the microblogging platform. Dorsey's latest offering, Bluesky, is gaining traction among Twitter's star users.

Twitter's latest competitor: Bluesky

The world economic forum has released its latest "future of jobs" report, which states that 14 million jobs may vanish in the next 5 years.

What the future of jobs report 2023 reveals

With private equity firms vying for a bite of the sandwich chain, it looks like JPMorgan is hoping a $5 billion financing package will seal the deal.

Popular U.S. sandwich chain Subway is on sale

<p>BuzzFeed News, the digital news website that took the internet by storm right at the cusp of social media's revolutionary turn in the 2010s, will soon shutter itself down. But once upon a time, BuzzFeed let go of a half-a-billion-dollar buyout offer and kept on riding the digital media wave until it finally drowned under the weight of its own success in April 2023.</p>

<h2><strong>BuzzFeed-Disney unsuccessful buyout deal: What happened?</strong></h2>

<p>According to former BuzzFeed editor-in-chief Ben Smith, about a decade ago, BuzzFeed President Jon Steinberg reportedly got on his knees to beg its founder, Jonah Peretti, to accept a $650 million buyout deal from Disney.</p>

<p><strong>ALSO WATCH |&nbsp;Buzzfeed news to shut down</strong></p>

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<p>In an excerpt shared with Vanity Fair from his upcoming book <em>Traffic</em>, Smith says that in the early 2010s, Disney was searching for a way to break into the&nbsp;media landscape with social media engagement as a defining Unique Selling Point (USP).&nbsp;</p>

<p>At the same time, BuzzFeed emerged as the heralding-in-chief of digital media, with up to 130 million unique visitors a month.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/disney-next-in-line-for-layoffs-to-cut-7000-jobs-in-cost-saving-efforts-560164">Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts</a></strong></p>

<p>Smith writes how BuzzFeed founder Peretti began negotiations with Disney. Peretti listed what he would want for the deal to go through, which included an asking price of $600 million.</p>

<p>A meeting between top Disney and BuzzFeed executives took place.&nbsp;</p>

<p>The BuzzFeed president pushed his company's founder to take the buyout deal.</p>

<p>In a classic 'Godfather' way, Disney came up with an offer they thought BuzzFeed would not refuse.&nbsp;</p>

<p>Disney’s official offer came through later, Smith writes, to buy the business for $450 million with the potential for an additional $200 million.</p>

<p>"It became clear that this was an offer that Peretti, almost, couldn’t refuse," Smith writes.&nbsp;</p>

<h2><strong>BuzzFeed-Disney unsuccessful buyout deal: So what went wrong?</strong></h2>

<p>According to Ben Smith, Peretti was invited to speak at Disney's management retreat in front of 250 members of the staff. After the event, the BuzzFeed founder was supposed to meet Disney CEO Ben Iger privately.</p>

<p>Smith writes that "Iger had staged Peretti’s speech in a marquee slot to welcome him to the [Disney] family," and the internet entrepreneur "delivered one of his standard, edgy monologues."</p>

<p>The speech, Smith writes, did not go down very well.&nbsp;</p>

<p>An HR executive for Disney observed that BuzzFeed founder's comments about Mormons and Jews made him a "problem," according to Smith.&nbsp;</p>

<p>"Peretti had never gotten fewer laughs in his life," Smith wrote.</p>

<p>Peretti came off-stage and told Iger he couldn’t take the deal, Smith writes.</p>

<p>According to Smith, the BuzzFeed president was convinced that his news outlet would taste Facebook-like success. The Disney CEO thought otherwise.</p>

<p>The Disney CEO Ben Iger reportedly told an aide: "F**k him, he loses. That company will never be worth what it would have been worth with us."</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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BuzzFeed News, the digital news website that took the internet by storm right at the cusp of social media's revolutionary turn in the 2010s, will soon shutter itself down.

BuzzFeed News, the digital news website that took the internet by storm right at the cusp of social media's revolutionary turn in the 2010s, will soon shutter itself down. But once upon a time, BuzzFeed let go of a half-a-billion-dollar buyout offer and kept on riding the digital media wave until it finally drowned under the weight of its own success in April 2023. BuzzFeed-Disney unsuccessful buyout deal: What happened? According to former BuzzFeed editor-in-chief Ben Smith, about a decade ago, BuzzFeed President Jon Steinberg reportedly got on his knees to beg its founder, Jonah Peretti, to accept a $650 million buyout deal from Disney. ALSO WATCH | Buzzfeed news to shut down × In an excerpt shared with Vanity Fair from his upcoming book Traffic, Smith says that in the early 2010s, Disney was searching for a way to break into the media landscape with social media engagement as a defining Unique Selling Point (USP). At the same time, BuzzFeed emerged as the heralding-in-chief of digital media, with up to 130 million unique visitors a month. ALSO READ | Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts Smith writes how BuzzFeed founder Peretti began negotiations with Disney. Peretti listed what he would want for the deal to go through, which included an asking price of $600 million. A meeting between top Disney and BuzzFeed executives took place. The BuzzFeed president pushed his company's founder to take the buyout deal. In a classic 'Godfather' way, Disney came up with an offer they thought BuzzFeed would not refuse. Disney’s official offer came through later, Smith writes, to buy the business for $450 million with the potential for an additional $200 million. "It became clear that this was an offer that Peretti, almost, couldn’t refuse," Smith writes. BuzzFeed-Disney unsuccessful buyout deal: So what went wrong? According to Ben Smith, Peretti was invited to speak at Disney's management retreat in front of 250 members of the staff. After the event, the BuzzFeed founder was supposed to meet Disney CEO Ben Iger privately. Smith writes that "Iger had staged Peretti’s speech in a marquee slot to welcome him to the [Disney] family," and the internet entrepreneur "delivered one of his standard, edgy monologues." The speech, Smith writes, did not go down very well. An HR executive for Disney observed that BuzzFeed founder's comments about Mormons and Jews made him a "problem," according to Smith. "Peretti had never gotten fewer laughs in his life," Smith wrote. Peretti came off-stage and told Iger he couldn’t take the deal, Smith writes. According to Smith, the BuzzFeed president was convinced that his news outlet would taste Facebook-like success. The Disney CEO thought otherwise. The Disney CEO Ben Iger reportedly told an aide: "F**k him, he loses. That company will never be worth what it would have been worth with us." 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.

How BuzzFeed missed Disney's whopping $650 million buyout deal

<p>The biggest fear of Artificial Intelligence (AI) critics might be coming true as it is set to replace at least 7,800 jobs at International Business Machines (IBM) Corp. AI critics have long argued the advancement of AI-led automation can lead to mass unemployment across industries.&nbsp;</p>

<p>Now, IBM boss Arvind Krishna has confirmed in an interview with Bloomberg that 30 per cent of the non-customer-facing roles could very well be replaced by AI, and moving towards automation is an important part of the company’s strategy.&nbsp;</p>

<h2><strong>What roles will be first replaced by AI?</strong></h2>

<p>IBM CEO Arvind Krishna said AI can easily replace the workforce responsible for back-office operations and Human Resource management. He said, "I could easily see 30 per cent of that getting replaced by AI and automation over a five-year period.” Krishna further said that mundane tasks like verification of employment letters and basic accountancy can easily be replaced by AI.&nbsp;</p>

<p><strong>Watch:&nbsp;Gravitas: Is AI going to replace your brain?&nbsp;</strong></p>

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<p>The AI-led automation by IBM is apparently a part of the company’s cost-cutting efforts. Some reports suggest that such efforts have already helped IBM save over $1 billion in operational expenses and maintenance costs. The company also announced 4,000 layoffs earlier this year and has paused further hiring.&nbsp;</p>

<h2><strong>Growing trend among companies to replace humans with AI</strong></h2>

<p>IBM’s decision to pause hiring to widen the use of AI reflects a growing trend across companies to prefer AI over humans for mundane tasks. For instance, Amazon is also working on plans to replace all of its recruiters with AI. On the other hand, there are some experts who believe the emergence of AI can actually help employees get rid of redundant tasks and increase their productivity.</p>

<h2><strong>Situation not entirely grim</strong></h2>

<p>Milind Lakkad, the chief human resources officer (CHRO) of TCS, India’s top IT company, believes that AI should be seen more as a co-worker than a threat to corporate workers. In an interview given to PTI earlier this year, Lakkad said, “It (generative AI) will be a co-worker. It will be a co-worker and that co-worker will take time for them to understand the context of the customer ... It's (generative AI) a good thing to happen for the future, but I think it will be collaboration rather than replacement."</p>

<p><strong>Also Read |&nbsp;<a href="https://www.wionews.com/videos/ai-scams-mimicking-voices-are-on-the-rise-588152">AI scams mimicking voices are on the rise</a></strong></p>

<p>Microsoft CEO Satya Nadella also believes that the rise of AI would create more "satisfaction in current jobs and net new jobs." In fact, he went on to say that AI can actually lead to wage hikes in some cases and produce more AI-related jobs.</p>

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The biggest fear of Artificial Intelligence (AI) critics might be coming true as it is set to replace at least 7,800 jobs at International Business Machines (IBM) Corp.

The biggest fear of Artificial Intelligence (AI) critics might be coming true as it is set to replace at least 7,800 jobs at International Business Machines (IBM) Corp. AI critics have long argued the advancement of AI-led automation can lead to mass unemployment across industries. Now, IBM boss Arvind Krishna has confirmed in an interview with Bloomberg that 30 per cent of the non-customer-facing roles could very well be replaced by AI, and moving towards automation is an important part of the company’s strategy. What roles will be first replaced by AI? IBM CEO Arvind Krishna said AI can easily replace the workforce responsible for back-office operations and Human Resource management. He said, "I could easily see 30 per cent of that getting replaced by AI and automation over a five-year period.” Krishna further said that mundane tasks like verification of employment letters and basic accountancy can easily be replaced by AI. Watch: Gravitas: Is AI going to replace your brain? × The AI-led automation by IBM is apparently a part of the company’s cost-cutting efforts. Some reports suggest that such efforts have already helped IBM save over $1 billion in operational expenses and maintenance costs. The company also announced 4,000 layoffs earlier this year and has paused further hiring. Growing trend among companies to replace humans with AI IBM’s decision to pause hiring to widen the use of AI reflects a growing trend across companies to prefer AI over humans for mundane tasks. For instance, Amazon is also working on plans to replace all of its recruiters with AI. On the other hand, there are some experts who believe the emergence of AI can actually help employees get rid of redundant tasks and increase their productivity. Situation not entirely grim Milind Lakkad, the chief human resources officer (CHRO) of TCS, India’s top IT company, believes that AI should be seen more as a co-worker than a threat to corporate workers. In an interview given to PTI earlier this year, Lakkad said, “It (generative AI) will be a co-worker. It will be a co-worker and that co-worker will take time for them to understand the context of the customer ... It's (generative AI) a good thing to happen for the future, but I think it will be collaboration rather than replacement." Also Read | AI scams mimicking voices are on the rise Microsoft CEO Satya Nadella also believes that the rise of AI would create more "satisfaction in current jobs and net new jobs." In fact, he went on to say that AI can actually lead to wage hikes in some cases and produce more AI-related jobs. WATCH WION LIVE HERE ×

IBM pauses hiring as it looks to replace 7800 jobs with AI; Know what positions are at stake

<p>The Indian government collected a record 1.87 trillion rupees ($22.88 billion) as gross Goods and Service Tax (GST) revenue for the month of April 2023—the highest since the landmark indirect tax reform was implemented in the country in 2017.</p>

<p>According to the data released by Union Finance Ministry on Monday, the GST collected in April 2023 is up 12 per cent from last year. Compared to last month, the latest GST collections figure is up 16.8 per cent. In April last year, around Rs 1.68 trillion was collected.</p>

<p>Of the 1.87 trillion rupees collected, Rs 38.4 billion came from the central GST (CGST), the state GST contributed Rs. 47 billion, while the Integrated Goods and Services Tax (IGST) accounted for Rs 12 billion, including Rs 9 billion collected on import of goods.</p>

<p>The government has settled&nbsp;Rs 45.8 billion to CGST and Rs. 37.9 billion to SGST from IGST.</p>

<p>The total revenue of the Centre and the states in the month of April 2023 after the regular settlement is Rs. 84.3 billion for CGST and Rs. 85.3 billion for SGST.</p>

<p>“The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said.</p>

<p>April 2023 saw the highest-ever tax collection on a single day on April 20. A sum of Rs 68 billion crore was paid through 9,80,000 transactions on that day. The highest single-day payment last year (on the same date) was Rs 57 billion through 9,60,000 transactions.</p>

<p>The ministry said that the number of e-way bills generated in March 2023 was 90 million, which is 11 per cent higher than the 81 million e-way bills generated in February 2023.</p>

<p>Commenting on the GST numbers, Assocham President Ajay Singh said that the highest-ever collection in April marks an excellent beginning of fiscal 2023-24.</p>

<p>"The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick-up in consumer demand," he said. Assocham is a non-governmental trade association and advocacy group.</p>

<p>GST came into force on July 1, 2017, subsuming a plethora of indirect taxes.</p>

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The Indian government collected a record 1.87 trillion rupees ($22.88 billion) as gross Goods and Service Tax (GST) revenue for the month of April 2023—the highest since the landmark indirect tax reform was implemented in the country in 2017.

The Indian government collected a record 1.87 trillion rupees ($22.88 billion) as gross Goods and Service Tax (GST) revenue for the month of April 2023—the highest since the landmark indirect tax reform was implemented in the country in 2017. According to the data released by Union Finance Ministry on Monday, the GST collected in April 2023 is up 12 per cent from last year. Compared to last month, the latest GST collections figure is up 16.8 per cent. In April last year, around Rs 1.68 trillion was collected. Of the 1.87 trillion rupees collected, Rs 38.4 billion came from the central GST (CGST), the state GST contributed Rs. 47 billion, while the Integrated Goods and Services Tax (IGST) accounted for Rs 12 billion, including Rs 9 billion collected on import of goods. The government has settled Rs 45.8 billion to CGST and Rs. 37.9 billion to SGST from IGST. The total revenue of the Centre and the states in the month of April 2023 after the regular settlement is Rs. 84.3 billion for CGST and Rs. 85.3 billion for SGST. “The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said. April 2023 saw the highest-ever tax collection on a single day on April 20. A sum of Rs 68 billion crore was paid through 9,80,000 transactions on that day. The highest single-day payment last year (on the same date) was Rs 57 billion through 9,60,000 transactions. The ministry said that the number of e-way bills generated in March 2023 was 90 million, which is 11 per cent higher than the 81 million e-way bills generated in February 2023. Commenting on the GST numbers, Assocham President Ajay Singh said that the highest-ever collection in April marks an excellent beginning of fiscal 2023-24. "The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick-up in consumer demand," he said. Assocham is a non-governmental trade association and advocacy group. GST came into force on July 1, 2017, subsuming a plethora of indirect taxes. WATCH WION LIVE HERE

Indian govt collects record $23 billion in GST revenues in April 2023

<p>HSBC gained $1.5bn boost (₹1226.16 Crore) from the purchase of the UK business of collapsed Silicon Valley Bank (SVB UK), the London-headquartered banking giant, Europe's biggest, said on Tuesday.</p>

<p>HSBC Bank posted a pre-tax profit of $12.9bn for the first quarter of 2023, that is, for the&nbsp;three months to the end of March. This pre-tax profit is over three times the amount it made during the same time last year.&nbsp;The profit included a "provisional gain of $1.5bn on the acquisition of Silicon Valley Bank UK Limited," the bank said.</p>

<p>In March 2023, the HSBC bought SVB UK for a nominal £1 ($1.25) price, in a deal led by the government and the Bank of England.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/first-republic-bank-nearing-collapse-shares-tank-amid-dim-hopes-of-survival-587131">First Republic Bank nears collapse as US regulator prepares for takeover</a></strong></p>

<p>"We remain focused on continuing to improve our performance and maintaining tight cost discipline, but we also saw an opportunity to invest in SVB UK to accelerate our growth plans," group chief executive Noel Quinn said.</p>

<p>The bank also reportedly got a boost after it scrapped its plan to write-off $2.1billion due to the sale of its French business. This is because it is now widely held that the&nbsp;deal may no longer be completed.</p>

<h2><strong>HSBC's proposed sell-off in Canada</strong></h2>

<p>The London-headquartered HSBC Bank&nbsp;announced its first quarterly payout to shareholders for the first time&nbsp;since 2019. The bank&nbsp;said that it would buy back $2bn of its shares.</p>

<p>The bank also said the completion of the sale of its business in Canada is likely to be delayed.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas: World Bank fears a global recession in 2023</strong></p>

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<p>The proposed deal is part of bank's strategy to move away from the Western markets, which have been&nbsp; facing a period of slow growth.</p>

<p>The planned $10 billion sale, which was originally expected to be completed by the end of this year, is now likely to go through early next year.</p>

<h2><strong>HSBC's period of growth amid&nbsp;banking crisis in the United States</strong></h2>

<p>HSBC's strong performance comes amid the rapidly growing number of failed banks in the United States and parts of Europe. The&nbsp;global banking sector was thrown off the grid in March&nbsp;by the collapse of Silicon Valley Bank and Signature Bank and the&nbsp;buyout of Credit Suisse.</p>

<p>On Monday, US regulators seized First Republic Bank and sold its assets to Wall Street giant JPMorgan Chase.</p>

<p>HSBC is run from its headquarters in London. The bank makes the majority of its profits in Asia with Chinese insurance giant Ping An being&nbsp;its biggest shareholder.&nbsp;</p>

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HSBC gained $1.5bn boost (₹1226.16 Crore) from the purchase of the UK business of collapsed Silicon Valley Bank (SVB UK), the London-headquartered banking giant, Europe's biggest, said on Tuesday.

HSBC gained $1.5bn boost (₹1226.16 Crore) from the purchase of the UK business of collapsed Silicon Valley Bank (SVB UK), the London-headquartered banking giant, Europe's biggest, said on Tuesday. HSBC Bank posted a pre-tax profit of $12.9bn for the first quarter of 2023, that is, for the three months to the end of March. This pre-tax profit is over three times the amount it made during the same time last year. The profit included a "provisional gain of $1.5bn on the acquisition of Silicon Valley Bank UK Limited," the bank said. In March 2023, the HSBC bought SVB UK for a nominal £1 ($1.25) price, in a deal led by the government and the Bank of England. ALSO READ | First Republic Bank nears collapse as US regulator prepares for takeover "We remain focused on continuing to improve our performance and maintaining tight cost discipline, but we also saw an opportunity to invest in SVB UK to accelerate our growth plans," group chief executive Noel Quinn said. The bank also reportedly got a boost after it scrapped its plan to write-off $2.1billion due to the sale of its French business. This is because it is now widely held that the deal may no longer be completed. HSBC's proposed sell-off in Canada The London-headquartered HSBC Bank announced its first quarterly payout to shareholders for the first time since 2019. The bank said that it would buy back $2bn of its shares. The bank also said the completion of the sale of its business in Canada is likely to be delayed. ALSO WATCH | Gravitas: World Bank fears a global recession in 2023 × The proposed deal is part of bank's strategy to move away from the Western markets, which have been facing a period of slow growth. The planned $10 billion sale, which was originally expected to be completed by the end of this year, is now likely to go through early next year. HSBC's period of growth amid banking crisis in the United States HSBC's strong performance comes amid the rapidly growing number of failed banks in the United States and parts of Europe. The global banking sector was thrown off the grid in March by the collapse of Silicon Valley Bank and Signature Bank and the buyout of Credit Suisse. On Monday, US regulators seized First Republic Bank and sold its assets to Wall Street giant JPMorgan Chase. HSBC is run from its headquarters in London. The bank makes the majority of its profits in Asia with Chinese insurance giant Ping An being its biggest shareholder. 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.

HSBC strikes over a billion dollars in profit from Silicon Valley Bank's collapse

<p>India’s budget carrier Go First on Tuesday filed for bankruptcy before the National Company Law Tribunal (NCLT) and temporarily suspended flight operations on May 3 and 4 due to a "severe fund crunch".</p>

<p>Chief Executive Kaushik Khona said that flight operations will resume once the NCLT admits the application, PTI news agency reported. More than 5,000 people are employed with Go First.</p>

<p>“It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company,” he told PTI.</p>

<p>Go First said it has been forced to file for bankruptcy because of the recurring and persistent issues with the GTF (Geared Turbofan) engines supplied by Pratt &amp; Whitney (P&amp;W).&nbsp;</p>

<p>Khona said they have grounded 28 planes, which is more than half of its fleet, as a result.</p>

<p>Further, the company claimed that P&amp;W failed to repair those engines “and/or provide sufficient spare leased engines as it was required to do pursuant to its obligations under the relevant agreements between them."</p>

<p>Promoters have infused funds worth Rs 32 billion into the airline in the last three years and out of the total amount, Rs 24 billion was injected in the last 24 months. An amount of Rs 2.9 billion was pumped in April this year, the Wadia Group-owned airlines said.</p>

<h2><strong>Gravitas | Will Go First go out of business? Here's why the airline has hit turbulence</strong></h2>

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<p>"This brings the total investment in the airline since its inception to approximately Rs 6.5 billion," the statement said.</p>

<p>Further, Go First said it has received significant support from the government's Emergency Credit Line Guarantee Scheme (ECLGS).</p>

<p>"Even this collective and significant support has not been adequate to prevent the enormous damage caused by Pratt &amp; Whitney's defective engines.</p>

<p>The government has been informed about the airline’s decision, Khon said, adding that they will be submitting a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA).</p>

<p>"The grounding of close to 50 per cent of its fleet due to the serial failure of Pratt &amp; Whitney's engines, while incurring 100% of its operational costs has set Go First back by Rs 10,800 crore in lost revenues and additional expenses," it said.</p>

<p>The airline posted its biggest annual loss in fiscal 2022.</p>

<p>The latest development comes after reports that Go First was looking to raise funds and that Wadia Group was in talks to either sell a majority stake or completely exit its shareholding in the airline.</p>

<p>(With inputs from agencies)</p>

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India’s budget carrier Go First on Tuesday filed for bankruptcy before the National Company Law Tribunal (NCLT) and temporarily suspended flight operations on May 3 and 4 due to a "severe fund crunch".

India’s budget carrier Go First on Tuesday filed for bankruptcy before the National Company Law Tribunal (NCLT) and temporarily suspended flight operations on May 3 and 4 due to a "severe fund crunch". Chief Executive Kaushik Khona said that flight operations will resume once the NCLT admits the application, PTI news agency reported. More than 5,000 people are employed with Go First. “It is an unfortunate decision (filing for voluntary insolvency resolution proceedings) but it had to be done to protect the interests of the company,” he told PTI. Go First said it has been forced to file for bankruptcy because of the recurring and persistent issues with the GTF (Geared Turbofan) engines supplied by Pratt & Whitney (P&W). Khona said they have grounded 28 planes, which is more than half of its fleet, as a result. Further, the company claimed that P&W failed to repair those engines “and/or provide sufficient spare leased engines as it was required to do pursuant to its obligations under the relevant agreements between them." Promoters have infused funds worth Rs 32 billion into the airline in the last three years and out of the total amount, Rs 24 billion was injected in the last 24 months. An amount of Rs 2.9 billion was pumped in April this year, the Wadia Group-owned airlines said. Gravitas | Will Go First go out of business? Here's why the airline has hit turbulence "This brings the total investment in the airline since its inception to approximately Rs 6.5 billion," the statement said. Further, Go First said it has received significant support from the government's Emergency Credit Line Guarantee Scheme (ECLGS). "Even this collective and significant support has not been adequate to prevent the enormous damage caused by Pratt & Whitney's defective engines. The government has been informed about the airline’s decision, Khon said, adding that they will be submitting a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA). "The grounding of close to 50 per cent of its fleet due to the serial failure of Pratt & Whitney's engines, while incurring 100% of its operational costs has set Go First back by Rs 10,800 crore in lost revenues and additional expenses," it said. The airline posted its biggest annual loss in fiscal 2022. The latest development comes after reports that Go First was looking to raise funds and that Wadia Group was in talks to either sell a majority stake or completely exit its shareholding in the airline. (With inputs from agencies) WATCH WION LIVE HERE

Indian airline Go First files for bankruptcy, temporarily suspends operations for two days

U.S. President Joe Biden on Monday welcomed the sale of first republic bank to JPMorgan. And assured Americans that the banking system in the country is "Safe and sound".

U.S. President hails sale of troubled First Republic Bank to JPMorgan

It's not just banks in the U.S. That are in trouble. A New York Times report shows American media group Vice is headed towards bankruptcy. This news has sent shockwaves across U.S. Media.

Vice Media group on the brink of bankruptcy

A new lawsuit filed by environmental groups claims that SpaceX operations in Texas are hurting federally protected wildlife and critical habitats.

SpaceX rockets spark controversy

The skies are a little stormy for American Airlines right now. The airlines' pilots are picketing and threatening to strike over contract negotiations. It's time to buckle up and find out what's causing the turbulence.

American Airlines vs pilots battle heats up

The world fears that the US will enter a recession by the end of 2023. Investors are now eagerly looking to beat the recession and keep their investments safe. In such a volatile environment, one man could be their saviour - the oracle of Omaha - Warren Buffett.

Investors bet on Warren Buffet amid recession fears

Activity at American factories continued to contract for the sixth straight month in April. According to the institute for supply management (ISM), the US manufacturing activity measured by an index stood at 47.1 last month.

US manufacturing contracts for the sixth straight month

Soon, you will have to pay to read news articles on Twitter. Yes, you heard that right. Starting in May, publishers will be able to charge readers on a per-article basis.

On Twitter, be ready to pay to read news

Members of the group of seven countries agreed to adopt an open and enabling environment for the development of AI technologies. They also agreed that AI regulations should be based on democratic values at the end of a two-day meeting in Japan.

G7 members united on regulating AI

Days after credit rating agency fitch downgraded France's debt worthiness from A.A To A.A. negative, its finance minister has promised to overhaul the economy. Usually, rating agencies assign a level to measure the debt worthiness of a country or company. A downgrade in a country's debt suggests some economic trouble.

France's credit rating downgraded

There are signs that the IPO market could heat up again in the US Softbank's arm is in the news. A Reuters report shows the chip maker filed with regulators confidentially for a US stock market listing. That could set the stage for the largest IPO in the US this year.

Softbank's arm registers for US IPO

Telecom giant Vodafone has a new CEO. Margherita Della Valle, a Vodafone veteran of over 29 years, will take over from Nick Read. Della Valle's appointment has defied speculations that the new CEO may be an outsider.

Vodafone gets a new CEO

Media reports show that global chipmaker Qualcomm has begun laying off its employees. The layoffs are a part of the company's efforts to 'support long-term growth and success.'

5% of the workforce to be laid off at Qualcomm

A Reuters report shows India's market regulator has requested an additional six months to finish its investigation into the Adani group. Billionaire Gautam Adani-led Indian empire is alleged of violations of stocks market regulations and regulatory disclosures.

India's Sebi seeks more time to complete Adani probe

Pakistan's finance ministry said inflation in April may accelerate to a record. That comes after the country was forced to hike food and energy prices for a much-needed bailout from the IMF. Annual inflation likely hit 36%-38% last month compared to a record 34.8% in march.

Pakistan economic crisis deepens