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<p>Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.&nbsp;</p>

<p>While the move is seen in context of country's immediate need to save its dwindling dollar reserves, the Argentines have long deemed the US dollar as the one that drives their counterparts across the country "crazy", according to an Al Jazeera report published in September 2019.</p>

<p>This is because the Argentines make crucial transactions such as the ones in real estate, with dollars. &nbsp;</p>

<p>In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.</p>

<h2><strong>Argentina's steps to decrease its dependence on US dollar</strong></h2>

<p>In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a></strong></p>

<p>That agreement allowed Argentina "to work on the possibility" of advancing the rate of imports with yuan-denominated import orders being authorised in 90 days rather than the standard 180 days.</p>

<h2><strong>Immediate effects of the decision</strong></h2>

<p>The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.</p>

<p>The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.</p>

<h2><strong>From tryst to wanted separation: Argentina's relationship with the US dollar</strong></h2>

<p>The US dollar is pretty much part of the human side of daily Argentine&nbsp;lifelines. It is&nbsp;often used as punchline of jokes, the theme of memes, and even as part of characters' sarcastic undertone in locally-made films. &nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas Plus: Who decides the value of your currency? Find out</strong></p>

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<p>In 1958, the then-President Arturo Frondizi implemented a so-called "Stabilisation Plan". This plan led to liberalisation of the market and included Argentina’s first agreement with the International Monetary Fund (IMF).&nbsp;</p>

<p>However, soon after market's liberalisation, the Buenos Aires' agreement with the IMF sent the Argentine currency peso into free fall.&nbsp;</p>

<p>The government announced a holiday for the Argentine exchange market for 12 days.</p>

<p>When the stock operations resumed in January 1959, the dollar became the currency that people began perceiving as currency of prosperity instead of their own peso.</p>

<p>The dollar became the lens through which people learned to evaluate what was happening around them, Al Jazeera reported in September 2019.&nbsp;</p>

<p>Analogies like "the price of beef loin is in the clouds – it costs as much as the dollar" helped glue this understanding. After that, families turned to the greenback to shield their savings.</p>

<p>That pattern persists to this day.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.

Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars. While the move is seen in context of country's immediate need to save its dwindling dollar reserves, the Argentines have long deemed the US dollar as the one that drives their counterparts across the country "crazy", according to an Al Jazeera report published in September 2019. This is because the Argentines make crucial transactions such as the ones in real estate, with dollars. In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan, a government statement said. Argentina's steps to decrease its dependence on US dollar In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves. ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance That agreement allowed Argentina "to work on the possibility" of advancing the rate of imports with yuan-denominated import orders being authorised in 90 days rather than the standard 180 days. Immediate effects of the decision The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors. The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year. From tryst to wanted separation: Argentina's relationship with the US dollar The US dollar is pretty much part of the human side of daily Argentine lifelines. It is often used as punchline of jokes, the theme of memes, and even as part of characters' sarcastic undertone in locally-made films. ALSO WATCH | Gravitas Plus: Who decides the value of your currency? Find out × In 1958, the then-President Arturo Frondizi implemented a so-called "Stabilisation Plan". This plan led to liberalisation of the market and included Argentina’s first agreement with the International Monetary Fund (IMF). However, soon after market's liberalisation, the Buenos Aires' agreement with the IMF sent the Argentine currency peso into free fall. The government announced a holiday for the Argentine exchange market for 12 days. When the stock operations resumed in January 1959, the dollar became the currency that people began perceiving as currency of prosperity instead of their own peso. The dollar became the lens through which people learned to evaluate what was happening around them, Al Jazeera reported in September 2019. Analogies like "the price of beef loin is in the clouds – it costs as much as the dollar" helped glue this understanding. After that, families turned to the greenback to shield their savings. That pattern persists to this day. 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.

Argentina moves away from US dollar for trade in Chinese currency

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<p>Confederation of British Industry (CBI), Britain's main business lobby group, is mulling a name change after facing serious allegations of rape, sexual harassment and bullying. Rain Newton-Smith, the new CBI boss said the rebranding was necessary and part of promised “root and branch” reform of the organisation.&nbsp;</p>

<p>“Personally, over time, I’m sure we’re going to see a new name for the CBI, but that’s just the wrapper that goes on the outside. What matters is what we do, what we deliver and our purpose,” Newton-Smith was quoted as saying by the&nbsp;<em>Financial Times</em>.</p>

<p>The new CBI boss took the reins on Thursday and has been given a month by the board to work up a proposal for the group's future.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/uk-pm-rishi-sunaks-popularity-rising-within-the-conservative-party-578991"><strong>WATCH |&nbsp;UK PM Rishi Sunak's popularity rising within the conservative party</strong></a></p>

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<p>&nbsp;</p>

<p>“The CBI that emerges from this is not going to be the CBI of the past, that is clear. It needs to be a new, a different organisation."</p>

<p>The future of the CBI which claims to cumulatively employ seven million people, overseeing 190,000 businesses hangs in the balance after a series of workplace misconduct, harassment and sexual assault problems, including two allegations of rape.</p>

<p>Prior to the crisis, the lobbying group enjoyed a key role in discussing as well as shaping the economic policies with the government. However, if Newton-Smith fails to get going from the start, the business might go kaput, according to industry experts.&nbsp;</p>

<p><a href="https://www.wionews.com/world/british-business-lobby-group-axes-chief-over-misconduct-581324" target="_blank"><strong>ALSO READ | British business lobby group axes chief over 'misconduct'</strong></a></p>

<p>More than 50 leading firms such as John Lewis, BMW, Tesco, and Sainsbury have either cut or suspended ties with the company already, raising serious questions over its financial future.&nbsp;</p>

<p>When quizzed if she was the right person to lead the company into a new era, having served as the CBI's chief economist between 2014 and 2023 - the period when most serious allegations took place, Newton-Smith said she always addressed the 'wrongdoings'.&nbsp;</p>

<p>“I’ve always addressed wrongdoing when I’ve seen it, and if any of my staff have ever come to me with issues, I have listened to them and made sure they were supported, and that’s the culture I want to build,” she said.</p>

<p>"I wouldn't be coming back into this job if I thought there were things that I had done or hadn't done or hadn't acted thoroughly on it. So that's what's really important to me."</p>

<p>While Newton-Smith attempts to steer the ship through choppy waters, British Chancellor Jeremy Hunt has said there is 'no point' engaging with CBI when its own members had deserted them.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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<p>&nbsp;</p>


Confederation of British Industry (CBI), Britain's main business lobby group, is mulling a name change after facing serious allegations of rape, sexual harassment and bullying.

Confederation of British Industry (CBI), Britain's main business lobby group, is mulling a name change after facing serious allegations of rape, sexual harassment and bullying. Rain Newton-Smith, the new CBI boss said the rebranding was necessary and part of promised “root and branch” reform of the organisation. “Personally, over time, I’m sure we’re going to see a new name for the CBI, but that’s just the wrapper that goes on the outside. What matters is what we do, what we deliver and our purpose,” Newton-Smith was quoted as saying by the Financial Times. The new CBI boss took the reins on Thursday and has been given a month by the board to work up a proposal for the group's future. WATCH | UK PM Rishi Sunak's popularity rising within the conservative party × “The CBI that emerges from this is not going to be the CBI of the past, that is clear. It needs to be a new, a different organisation." The future of the CBI which claims to cumulatively employ seven million people, overseeing 190,000 businesses hangs in the balance after a series of workplace misconduct, harassment and sexual assault problems, including two allegations of rape. Prior to the crisis, the lobbying group enjoyed a key role in discussing as well as shaping the economic policies with the government. However, if Newton-Smith fails to get going from the start, the business might go kaput, according to industry experts. ALSO READ | British business lobby group axes chief over 'misconduct' More than 50 leading firms such as John Lewis, BMW, Tesco, and Sainsbury have either cut or suspended ties with the company already, raising serious questions over its financial future. When quizzed if she was the right person to lead the company into a new era, having served as the CBI's chief economist between 2014 and 2023 - the period when most serious allegations took place, Newton-Smith said she always addressed the 'wrongdoings'. “I’ve always addressed wrongdoing when I’ve seen it, and if any of my staff have ever come to me with issues, I have listened to them and made sure they were supported, and that’s the culture I want to build,” she said. "I wouldn't be coming back into this job if I thought there were things that I had done or hadn't done or hadn't acted thoroughly on it. So that's what's really important to me." While Newton-Smith attempts to steer the ship through choppy waters, British Chancellor Jeremy Hunt has said there is 'no point' engaging with CBI when its own members had deserted them. (With inputs from agencies) WATCH WION LIVE HERE:

CBI, British lobby group hit by rape allegations, to be renamed

<p>Singapore's government, in a bid to cool down the housing market, has doubled the stamp duty for foreigners buying a house in the city-state. The government has pitched the move as an effort to "promote a sustainable property market and prioritise housing for owner-occupation."</p>

<p>The revised rates will take effect from April 27, 2023.&nbsp;</p>

<h2><strong>Singapore Property Market: Revised stamp duty rates</strong></h2>

<p>The government has now doubled the stamp duty to 60 per cent for foreigners buying home.</p>

<p>For the Singapore citizens, it has raised the tax to 20 per cent from 17 per cent earlier for a second residential property.&nbsp;It was increased to 30 per cent&nbsp;from 25 per cent for the citizens purchasing their third or subsequent home, and for permanent residents purchasing a second residential property.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/singapore-launches-75mn-fund-to-boost-film-tv-productions-showcasing-the-city-state-579321">Singapore launches $7.5mn fund to boost film, TV productions showcasing the city-state</a></strong></p>

<p>The Singapore citizens do not need to pay any stamp duty while buying their first residential property as was the case before.</p>

<p>The government said that married couples with one of them a Singapore citizen, who jointly purchase a second residential property, can continue to apply for a refund of the stamp duty, "subject to conditions". These conditions include selling their first residential property within 6 months after the date of purchase of the second residential property.</p>

<h2><strong>Singapore Property Market: Why revision of stamp duty rates?</strong></h2>

<p>The latest measures for a "sustainable property market" in Singapore follow tax increases that were imposed in December 2021 and a tightening of home-loan limits in September 2022, Bloomberg reported.</p>

<p>The city-state's property prices have remained dynamic despite slowdowns in parts of the world due to increased interest rates and inflation.</p>

<p>Despite a "moderating effect" from the previous increases,&nbsp;property prices last quarter showed "renewed signs of acceleration amid resilient demand,"&nbsp;the Singapore government's statement said.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Singapore tops list as best business hub</strong></p>

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<p>"Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market," the government said.</p>

<p>"If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes."</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Singapore's government, in a bid to cool down the housing market, has doubled the stamp duty for foreigners buying a house in the city-state. The government has pitched the move as an effort to "promote a sustainable property market and prioritise housing for owner-occupation.

Singapore's government, in a bid to cool down the housing market, has doubled the stamp duty for foreigners buying a house in the city-state. The government has pitched the move as an effort to "promote a sustainable property market and prioritise housing for owner-occupation." The revised rates will take effect from April 27, 2023. Singapore Property Market: Revised stamp duty rates The government has now doubled the stamp duty to 60 per cent for foreigners buying home. For the Singapore citizens, it has raised the tax to 20 per cent from 17 per cent earlier for a second residential property. It was increased to 30 per cent from 25 per cent for the citizens purchasing their third or subsequent home, and for permanent residents purchasing a second residential property. ALSO READ | Singapore launches $7.5mn fund to boost film, TV productions showcasing the city-state The Singapore citizens do not need to pay any stamp duty while buying their first residential property as was the case before. The government said that married couples with one of them a Singapore citizen, who jointly purchase a second residential property, can continue to apply for a refund of the stamp duty, "subject to conditions". These conditions include selling their first residential property within 6 months after the date of purchase of the second residential property. Singapore Property Market: Why revision of stamp duty rates? The latest measures for a "sustainable property market" in Singapore follow tax increases that were imposed in December 2021 and a tightening of home-loan limits in September 2022, Bloomberg reported. The city-state's property prices have remained dynamic despite slowdowns in parts of the world due to increased interest rates and inflation. Despite a "moderating effect" from the previous increases, property prices last quarter showed "renewed signs of acceleration amid resilient demand," the Singapore government's statement said. ALSO WATCH | Singapore tops list as best business hub × "Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market," the government said. "If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes." 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.

Singapore doubles stamp duty for foreigners buying home

<p>Meta's net income in the first quarter of 2023 fell by 24 per cent to $5.7bn as the company invested a significant bit of its finances into deploying Artificial Intelligence across its platforms.&nbsp;</p>

<p>Overall, the company reported better than expected quarterly results on Wednesday (April 26) after three quarters of straight decline. The small uptick in Meta's revenues came amid chief executive Mark Zuckerberg's "year of efficiency" pitch.</p>

<p>The company's earnings per share, however, dropped 19 per cent to $2.20.</p>

<h2><strong>Meta quarterly results: What do they show?</strong></h2>

<p>Meta's revenue in the first three months of the year was up 3 per cent from a year ago to $28.6bn. The analysts had expected a slight decline in Meta's revenue to $27.7bn.&nbsp;</p>

<p>According to S&amp;P Capital IQ, the company also forecast revenue in the ongoing quarter of between $29.5bn and 32bn, Financial Times reported.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/meta-layoffs-10000-job-cuts-facebook-whatsapp-instagram-indians-affected-facebook-layoffs-584200">Meta begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp</a></strong></p>

<p>Meta also adjusted its guidance for expenses in 2023 in a bid to save about $2bn by the end of the year. From a range of $86bn to $92bn, they are now down between $86bn to $90bn.</p>

<p>Its capital expenditure guidance, however, remains unchanged at between $30bn and $33bn.&nbsp;</p>

<p>Meta shares rose 10 per cent on the Wall Street on Wednesday after it beat analysts' expectations and reported better-than-expected quarterly results.&nbsp;</p>

<h2><strong>Meta quarterly results and heat from mass layoffs</strong></h2>

<p>Meta announced a restructuring of its staff previously leading to about 20,000 job cuts, among the most in the Silicon Valley. The current quarterly results deem significance in the wake of Zuckerberg's "year of efficiency" pitch entailing mass layoffs at Meta to cut costs.&nbsp;</p>

<h2><strong>'We had a good quarter': Mark Zuckerberg</strong></h2>

<p>"We had a good quarter and our community continues to grow," Zuckerberg said after the release of Meta's quarterly results.</p>

<p><strong>ALSO WATCH |&nbsp;Another round of mass layoffs begin in Meta, to cut 10,000 more jobs</strong></p>

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<p>"Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient s we can build better products faster and put ourselves in a stronger position to deliver our long-term vision."</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Meta's net income in the first quarter of 2023 fell by 24 per cent to $5.7bn as the company invested a significant bit of its finances into deploying Artificial Intelligence across its platforms.

Meta's net income in the first quarter of 2023 fell by 24 per cent to $5.7bn as the company invested a significant bit of its finances into deploying Artificial Intelligence across its platforms. Overall, the company reported better than expected quarterly results on Wednesday (April 26) after three quarters of straight decline. The small uptick in Meta's revenues came amid chief executive Mark Zuckerberg's "year of efficiency" pitch. The company's earnings per share, however, dropped 19 per cent to $2.20. Meta quarterly results: What do they show? Meta's revenue in the first three months of the year was up 3 per cent from a year ago to $28.6bn. The analysts had expected a slight decline in Meta's revenue to $27.7bn. According to S&P Capital IQ, the company also forecast revenue in the ongoing quarter of between $29.5bn and 32bn, Financial Times reported. ALSO READ | Meta begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp Meta also adjusted its guidance for expenses in 2023 in a bid to save about $2bn by the end of the year. From a range of $86bn to $92bn, they are now down between $86bn to $90bn. Its capital expenditure guidance, however, remains unchanged at between $30bn and $33bn. Meta shares rose 10 per cent on the Wall Street on Wednesday after it beat analysts' expectations and reported better-than-expected quarterly results. Meta quarterly results and heat from mass layoffs Meta announced a restructuring of its staff previously leading to about 20,000 job cuts, among the most in the Silicon Valley. The current quarterly results deem significance in the wake of Zuckerberg's "year of efficiency" pitch entailing mass layoffs at Meta to cut costs. 'We had a good quarter': Mark Zuckerberg "We had a good quarter and our community continues to grow," Zuckerberg said after the release of Meta's quarterly results. ALSO WATCH | Another round of mass layoffs begin in Meta, to cut 10,000 more jobs × "Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient s we can build better products faster and put ourselves in a stronger position to deliver our long-term vision." 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.

Meta's net income drops as thousands lose jobs amid AI race

The latest International Energy Agency (IEA) report said over 10 million electric cars were sold last year. That is a 55% increase from 2021. For more details, watch the video.

Record sales of electric cars in 2022

After three consecutive quarters of revenue decline, Meta cheered investors as it beat estimates for the quarter gone by.

Big Tech Earnings: Meta in focus

Oil prices rose on Thursday, paring earlier losses. But the recovery is too little after the commodity slipped more than 4% overnight.

Crude prices slip 4% over recession fears

<p>The First Republic Bank’s shares continued to plunge on Tuesday as financial regulators scrambled to come up with a plan to stabilise the financial&nbsp;health of the bank.</p>

<p>The California-based lender’s stock price is now down by more than 90 per cent this year. It fell by a further 50 per cent a day after it was reported that the customers has withdrawn $100bn of deposits during last month’s turmoil led by Silicon Valley Bank’s collapse.</p>

<h2><strong>What the First Republic is saying?</strong></h2>

<p>The First Republic said on Monday that it was considering “strategic options” as it announced the firing of up to 25 per cent of its workforce. However, a report in the Financial Times citing people briefed on the matter, said that the bank is struggling to come up with a solution.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/first-republic-bank-to-cut-up-to-25-workforce-as-deposits-tumble-585828">First Republic Bank to cut up to 25% workforce as deposits tumble</a></strong></p>

<p>Meanwhile, Washington remains on alert following the collapse of Silicon Valley Bank and Signature Bank last month.</p>

<h2><strong>First Republic crisis: What can the US government do?</strong></h2>

<p>The leading options involve large US banks rescuing the First Republic by injecting more money. Or the Federal Deposit Insurance Corporation can take control of the bank while offering a government-sponsored guarantee for all deposits. The Biden administration is reportedly becoming increasingly concerned that First Republic is running out of time to assure depositors and investors that it stands on solid financial ground, the&nbsp;Financial Times report added.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/business-economy/first-republic-bank-to-cut-up-to-25-workforce-as-deposits-tumble-585828">First Republic Bank loses $100 billion in deposits</a></strong></p>

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<p>But there are signs that the US government is not much concerned about a supposed expansion of the First Republic crisis into a wider banking sector.</p>

<p>On Tuesday, the KBW regional bank index was down less than 4 per cent despite a massive dip recorded by the First Republic Bank.</p>

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The First Republic Bank’s shares continued to plunge on Tuesday as financial regulators scrambled to come up with a plan to stabilise the financial health of the bank.

The First Republic Bank’s shares continued to plunge on Tuesday as financial regulators scrambled to come up with a plan to stabilise the financial health of the bank. The California-based lender’s stock price is now down by more than 90 per cent this year. It fell by a further 50 per cent a day after it was reported that the customers has withdrawn $100bn of deposits during last month’s turmoil led by Silicon Valley Bank’s collapse. What the First Republic is saying? The First Republic said on Monday that it was considering “strategic options” as it announced the firing of up to 25 per cent of its workforce. However, a report in the Financial Times citing people briefed on the matter, said that the bank is struggling to come up with a solution. ALSO READ | First Republic Bank to cut up to 25% workforce as deposits tumble Meanwhile, Washington remains on alert following the collapse of Silicon Valley Bank and Signature Bank last month. First Republic crisis: What can the US government do? The leading options involve large US banks rescuing the First Republic by injecting more money. Or the Federal Deposit Insurance Corporation can take control of the bank while offering a government-sponsored guarantee for all deposits. The Biden administration is reportedly becoming increasingly concerned that First Republic is running out of time to assure depositors and investors that it stands on solid financial ground, the Financial Times report added. ALSO WATCH | First Republic Bank loses $100 billion in deposits × But there are signs that the US government is not much concerned about a supposed expansion of the First Republic crisis into a wider banking sector. On Tuesday, the KBW regional bank index was down less than 4 per cent despite a massive dip recorded by the First Republic Bank. 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.

First Republic Bank crisis deepens as shares plunge 50 per cent with sharp sell off

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<p>Microsoft's $69 billion acquisition to buy Activision Blizzard - a video game company has been blocked in the United Kingdom by the Competition and Markets Authority. After months of investigation, the antitrust watchdog concluded that the deal would harm competition in cloud gaming.&nbsp;</p>

<p>"The deal could alter the future of the fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come,” stated the CMA after analysing more than three million Microsoft and Activision documents and over 2,100 emails from the public.&nbsp;</p>

<p>Martin Coleman, the chair of the panel conducting the investigation added that Microsoft could seriously undermine the competitors if the deal went through.&nbsp;</p>

<p>“Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” said Coleman.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/world-business-watch-ftc-seeks-to-block-microsoft-activision-deal-541464" target="_blank"><strong>WATCH | World Business Watch | FTC seeks to block Microsoft-Activision deal</strong></a></p>

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<h2><strong>Microsoft to appeal the decision</strong></h2>

<p>Meanwhile, Microsoft said it will appeal the decision but it is a body blow to the tech behemoth which had been looking to close the deal as soon as possible.&nbsp;</p>

<p>"We're especially disappointed that after lengthy deliberations, this decision appears to reflect a flawed understanding of this market and the way the relevant cloud technology actually works," said Brad Smith, vice chairman and president of Microsoft.&nbsp;</p>

<p>Activision also showed disappointment over the ruling and said the UK was 'closed for business'.&nbsp;</p>

<p>"The CMA's report contradicts the ambitions of the UK to become an attractive country to build technology businesses," said a company spokesperson.&nbsp;</p>

<p>"The report's conclusions are a disservice to UK citizens, who face increasingly dire economic prospects. We will reassess our growth plans for the UK. Global innovators large and small will take note that - despite all its rhetoric - the UK is clearly closed for business."</p>

<p><a href="https://www.wionews.com/technology/antitrust-investigation-opened-by-eu-into-microsoft-buying-activision-blizzard-532326"><strong>ALSO READ |&nbsp;EU opens antitrust probe into Microsoft buying Activision Blizzard</strong></a></p>

<p>CMA has long argued that the takeover of the ever-popular 'Call of Duty' maker could hurt competition in gaming consoles, subscription services and cloud gaming in case Microsoft denies giving competitors access to Activision's best-selling games.&nbsp;</p>

<p>The deal, if it is to go through, has to be approved by the regulatory bodies in the UK, the United States and the European Union. If CMA continues to block the deal, it appears highly unlikely the two regulators would move the needle in another direction.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Microsoft's $69 billion acquisition to buy Activision Blizzard - a video game company has been blocked in the United Kingdom by the Competition and Markets Authority.

Microsoft's $69 billion acquisition to buy Activision Blizzard - a video game company has been blocked in the United Kingdom by the Competition and Markets Authority. After months of investigation, the antitrust watchdog concluded that the deal would harm competition in cloud gaming. "The deal could alter the future of the fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come,” stated the CMA after analysing more than three million Microsoft and Activision documents and over 2,100 emails from the public. Martin Coleman, the chair of the panel conducting the investigation added that Microsoft could seriously undermine the competitors if the deal went through. “Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” said Coleman. WATCH | World Business Watch | FTC seeks to block Microsoft-Activision deal × Microsoft to appeal the decision Meanwhile, Microsoft said it will appeal the decision but it is a body blow to the tech behemoth which had been looking to close the deal as soon as possible. "We're especially disappointed that after lengthy deliberations, this decision appears to reflect a flawed understanding of this market and the way the relevant cloud technology actually works," said Brad Smith, vice chairman and president of Microsoft. Activision also showed disappointment over the ruling and said the UK was 'closed for business'. "The CMA's report contradicts the ambitions of the UK to become an attractive country to build technology businesses," said a company spokesperson. "The report's conclusions are a disservice to UK citizens, who face increasingly dire economic prospects. We will reassess our growth plans for the UK. Global innovators large and small will take note that - despite all its rhetoric - the UK is clearly closed for business." ALSO READ | EU opens antitrust probe into Microsoft buying Activision Blizzard CMA has long argued that the takeover of the ever-popular 'Call of Duty' maker could hurt competition in gaming consoles, subscription services and cloud gaming in case Microsoft denies giving competitors access to Activision's best-selling games. The deal, if it is to go through, has to be approved by the regulatory bodies in the UK, the United States and the European Union. If CMA continues to block the deal, it appears highly unlikely the two regulators would move the needle in another direction. (With inputs from agencies) WATCH WION LIVE HERE:

UK watchdog blocks Microsoft's $69 billion acquisition of Call of Duty maker Activision Blizzard

Amidst a backdrop of economic uncertainty, McDonald's has managed not just to weather the storm but come out on top. The fast-food giant has defied all estimates and witnessed growth in traffic for the third consecutive quarter.

McDonald's solid earnings amid consumer worries

Moving abroad generally provides better quality of life and higher standards of living. There are several factors which motivate Indians to migrate abroad. World Development Report by the World Bank also says that its viable for Indians to move abroad. To know more, watch the video.

Indians earn 120% more abroad : Report

US Treasury Secretary Janet Yellen sounds the alarm bells. She warns that a failure to raise the government's debt ceiling could trigger an economic catastrophe.

Janet Yellen warns on U.S. debt default

Google's parent company Alphabet and its rival Microsoft have surprised the markets as they announced better-than-expected earnings on Tuesday.

Alphabet, Microsoft earnings beat estimates

The Reserve Bank of Zimbabwe is set to introduce a new digital currency backed by gold, in an effort to stabilize its local unit and address high currency volatility. But its latest experiment cannot turn into a reality without gold worth at least 100 million dollars.

How Zimbabwe plans to launch digital tokens

It's not looking good for Samsung as the company is expected to report dismal earnings this quarter. With memory chip prices plummeting and demand for consumer electronics slowing down, Samsung's profits are projected to hit a 14-year low.

Samsung's profit set to plunge

OpenSea, the largest online marketplace for trading NFTs, is in the news again. Non-fungible tokens are digital assets based on blockchain technology. A trial against ex-OpenSea product manager Nathaniel Chastain is set to begin later this week. This comes nearly a year since Chastian was arrested in New York City for wire fraud.

Trial begins in first NFT Insider-Trading scheme

The banking crisis in the United States is far from over. A month after the collapse of Silicon Valley and Signature Bank. Another one, First Republic Bank, seems to be in trouble. The bank's shares sank over 20% on Monday. The drop in confidence came after the bank said its deposits plunged by over 100 billion dollars in the first three months of 2023.

First Republic Bank loses $100 billion in deposits

The exit of Tucker Carlson, one of the faces of US TV network FOX NEWS, not just saddened his fans but also brought bad news for the company's stocks. Reports suggest that the company lost $690 million in the stock market after his exit was announced on Monday.

Tucker Carlson's exit costs FOX $690 million

Shares of Louis Vuitton's parent company LVMH have risen 6.9% in April so far. LVMH is also closing in on Tesla for the ninth spot on the world's biggest companies by market value list.

LVMH closing on Tesla for world’s ninth-biggest listed company

Indian billionaire family Hinduja's apparent truce over the future of its global business empire is at risk. This after a lawyer representing patriarch Srichand Hinduja told a London Court that there could be more lawsuits against the family members.

Hinduja Family Dispute: Gopichand Vs Vinoo

<p>Netflix plans to invest $2.5 billion in South Korea's entertainment content in the span of the next four years, announced Ted Sarandos, the CEO of the streaming giant, after holding a meeting with the country's President Yoon Suk Yeol in Washington.</p>

<p>In recent years, South Korea has elevated its status as a global cultural powerhouse, especially because of the explosive success achieved by the blockbuster Netflix series "Squid Game" and the Oscar-winning film "Parasite".&nbsp;</p>

<p>"Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years," said Sarandos, in a statement, on Tuesday.</p>

<p>"This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016," he added.&nbsp;</p>

<p><strong>ALSO READ |</strong> <a href="https://www.wionews.com/technology/netflix-to-launch-paid-password-sharing-feature-after-subscriber-numbers-hit-record-high-583882">Netflix to launch paid password-sharing feature after subscriber numbers hit record high</a></p>

<p>Sarandos stated that Netflix had "great confidence" that the creative industry of South Korea would continue to narrate great stories, as he pointed to the recent success of the reality show "Physical 100" and South Korean drama &nbsp;"The Glory".</p>

<p>"It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories. Their stories are now at the heart of the global cultural zeitgeist," he stated.&nbsp;</p>

<p>In the last few years, the entertainment industry of South Korea took the world by storm as more than 60 per cent of viewers were recorded watching South Korean dramas on Netflix, stated the company data.&nbsp;</p>

<p>Netflix, which invested more than 1 trillion won ($750 million) in producing Korean content from 2015 to 2021, had earlier stated that it will increase its South Korean drama output.&nbsp;</p>

<p>Yoon, who reached Washington Monday for a six-day state visit, hailed the meeting held with Sarandos calling it "very meaningful".&nbsp;</p>

<p><strong>WATCH | Netflix airs banned 'powerpuff girls' episode</strong></p>

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<p>Yoon stated that the new investment "will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix's exceptional investment decision".&nbsp;</p>

<p>Yoon will be holding talks with US President Joe Biden Wednesday in the wake of the allies increasing their military cooperation amid North Korea's expanding nuclear threats.&nbsp;</p>

<p>A number of sanctions-defying launches were conducted by Pyongyang this year, which included test-firing the first solid-fuel ballistic missile of North Korea, which is considered an important technical breakthrough for its military.&nbsp;</p>

<p>Responding to the events, Yoon pulled South Korea closer to Washington, which is a long-standing ally. &nbsp;</p>

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<p><em>(With inputs from agencies)</em></p>

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Netflix plans to invest $2.5 billion in South Korea's entertainment content in the span of the next four years, announced Ted Sarandos, the CEO of the streaming giant, after holding a meeting with the country's President Yoon Suk Yeol in Washington.

Netflix plans to invest $2.5 billion in South Korea's entertainment content in the span of the next four years, announced Ted Sarandos, the CEO of the streaming giant, after holding a meeting with the country's President Yoon Suk Yeol in Washington. In recent years, South Korea has elevated its status as a global cultural powerhouse, especially because of the explosive success achieved by the blockbuster Netflix series "Squid Game" and the Oscar-winning film "Parasite". "Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years," said Sarandos, in a statement, on Tuesday. "This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016," he added. ALSO READ | Netflix to launch paid password-sharing feature after subscriber numbers hit record high Sarandos stated that Netflix had "great confidence" that the creative industry of South Korea would continue to narrate great stories, as he pointed to the recent success of the reality show "Physical 100" and South Korean drama "The Glory". "It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories. Their stories are now at the heart of the global cultural zeitgeist," he stated. In the last few years, the entertainment industry of South Korea took the world by storm as more than 60 per cent of viewers were recorded watching South Korean dramas on Netflix, stated the company data. Netflix, which invested more than 1 trillion won ($750 million) in producing Korean content from 2015 to 2021, had earlier stated that it will increase its South Korean drama output. Yoon, who reached Washington Monday for a six-day state visit, hailed the meeting held with Sarandos calling it "very meaningful". WATCH | Netflix airs banned 'powerpuff girls' episode Yoon stated that the new investment "will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix's exceptional investment decision". Yoon will be holding talks with US President Joe Biden Wednesday in the wake of the allies increasing their military cooperation amid North Korea's expanding nuclear threats. A number of sanctions-defying launches were conducted by Pyongyang this year, which included test-firing the first solid-fuel ballistic missile of North Korea, which is considered an important technical breakthrough for its military. Responding to the events, Yoon pulled South Korea closer to Washington, which is a long-standing ally. (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

Netflix plans to invest $2.5 bn in South Korea's OTT content

<p>San Francisco-headquartered First Republic Bank is slashing its workforce by up to 25 per cent, reflecting wider after-effects of March's Silicon Valley Bank crisis&nbsp;in the United States. The customer deposits decreased by a whopping 41 per cent to $104.5 billion in the first quarter missing its $137 billion target, Bloomberg reported.&nbsp;</p>

<p>In response to the "unprecedented" outflow of deposits, the company, other than layoffs, is also weighing&nbsp;unspecified strategic options as it works to reinforce its dominant&nbsp;position in the United States.</p>

<p>Between the end of March and April 21, deposits slipped just 1.7 per cent. This, the company said, means that the&nbsp;customer activity has largely been stable.</p>

<p>"Though we faced challenges and uncertainties with the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business,"&nbsp;Chief Executive Officer Mike Roffler is reported to have said on a conference call.&nbsp;</p>

<p>The company has retained 90 per cent&nbsp;of its wealth professionals and remains "fully committed" to the business, Roffler added.</p>

<p>The company said that the&nbsp;uninsured deposits would remain a smaller part of its total deposit base. It also plans to moderate loan volumes and will now focus on originating loans that can be sold on the secondary market.</p>

<p>"We intend to retain servicing on these loans as we always have so that we remain the primary point of contact for our clients,"&nbsp;Roffler said on the call. "Through these actions we intend to reduce the size of our balance sheet, reduce our reliance on short-term borrowings and address the challenges we continue to face."</p>

<p>First Republic shares fell 12 per cent&nbsp;in late New York trading.&nbsp;</p>

<h2><strong>What is happening at the First Republic Bank?</strong></h2>

<p>Last month,&nbsp;the United States government took the "receivership" of&nbsp;the collapsed Silicon Valley Bank,&nbsp;after a sale of available-for-sale securities stokes a massive outflow of the depositors.</p>

<p>The crisis put a spotlight on banks sitting on large piles of unrealised and often unreported&nbsp;losses on their balance sheets, First Republic Bank one amongst&nbsp;them.</p>

<p><strong>ALSO WATCH |&nbsp;Regulators help First Republic Bank get a $30 billion bailout</strong></p>

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<p>Bloomberg reported that the First Bank executives considered a sale of the entire bank. The large unrealised losses have caused some buyers to not consider a buyout of the bank at all, the report added.</p>

<p>Founded in 1985, First Republic has expanded its wealth-management services and related offerings for the ultra-rich over the decades.</p>

<p>But in recent weeks, a number of its&nbsp;advisers have left for the rivals, Bloomberg reported.&nbsp;</p>

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San Francisco-headquartered First Republic Bank is slashing its workforce by up to 25 per cent, reflecting wider after-effects of March's Silicon Valley Bank crisis in the United States.

San Francisco-headquartered First Republic Bank is slashing its workforce by up to 25 per cent, reflecting wider after-effects of March's Silicon Valley Bank crisis in the United States. The customer deposits decreased by a whopping 41 per cent to $104.5 billion in the first quarter missing its $137 billion target, Bloomberg reported. In response to the "unprecedented" outflow of deposits, the company, other than layoffs, is also weighing unspecified strategic options as it works to reinforce its dominant position in the United States. Between the end of March and April 21, deposits slipped just 1.7 per cent. This, the company said, means that the customer activity has largely been stable. "Though we faced challenges and uncertainties with the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business," Chief Executive Officer Mike Roffler is reported to have said on a conference call. The company has retained 90 per cent of its wealth professionals and remains "fully committed" to the business, Roffler added. The company said that the uninsured deposits would remain a smaller part of its total deposit base. It also plans to moderate loan volumes and will now focus on originating loans that can be sold on the secondary market. "We intend to retain servicing on these loans as we always have so that we remain the primary point of contact for our clients," Roffler said on the call. "Through these actions we intend to reduce the size of our balance sheet, reduce our reliance on short-term borrowings and address the challenges we continue to face." First Republic shares fell 12 per cent in late New York trading. What is happening at the First Republic Bank? Last month, the United States government took the "receivership" of the collapsed Silicon Valley Bank, after a sale of available-for-sale securities stokes a massive outflow of the depositors. The crisis put a spotlight on banks sitting on large piles of unrealised and often unreported losses on their balance sheets, First Republic Bank one amongst them. ALSO WATCH | Regulators help First Republic Bank get a $30 billion bailout × Bloomberg reported that the First Bank executives considered a sale of the entire bank. The large unrealised losses have caused some buyers to not consider a buyout of the bank at all, the report added. Founded in 1985, First Republic has expanded its wealth-management services and related offerings for the ultra-rich over the decades. But in recent weeks, a number of its advisers have left for the rivals, Bloomberg reported. 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.

First Republic Bank to cut up to 25% workforce as deposits tumble

If you have invested in Cryptocurrency, we have some news for you, according to report from Standard Chartered - could hit hundred thousand dollar by the end of 2024. It is believed that Bitcoin could gain from various factors, be it from recent turmoil in the banking sector or from the improved profitability of crypto mining.

Have you invested in Cryptocurrency? Know how Bitcoin is a good investment | Business News | WION

<p>While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on. Over a decade ago, the world witnessed a cryptic milestone when Satoshi Nakamoto developed Bitcoin, the world’s first cryptocurrency. But who is this mastermind? No one knows for sure.</p>

<h3>What do we know about Satoshi Nakamoto?</h3>

<p>Nakamoto is said to be a pseudonym for the person or people who helped create Bitcoin&nbsp;but the real identity of who he, she or they might be,&nbsp;continues to remain one of the biggest mysteries of the 21st century. The mysterious individual or group was the author of a 2008 white paper which outlined the theory and operating structure of the Bitcoin payment system.&nbsp;</p>

<p>Nakamoto’s identity continues to remain shrouded in mystery due to the lack of personal or background details about the person who would only communicate via email. One of the biggest indications that Nakamoto created Bitcoin was the famous white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.&nbsp;</p>

<p>The elusive mastermind behind the now largest cryptocurrency in the world was said to be working on the first version of the software back in 2007. Around two years later, Nakamoto created the first-ever online message board post which was dedicated to cryptocurrency, on the P2P Foundation forum.&nbsp;</p>

<p>“I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralised, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper,” said Nakamoto, on the forum, as per Forbes.&nbsp;</p>

<p>However, in 2010, his involvement with Bitcoin ended but the cryptocurrency did not. As of 2021, at least one million Bitcoin miners were verifying the data that make up the Bitcoin blockchain and the cryptocurrency continues to remain one of the world’s largest by market cap.&nbsp;</p>

<h3>What did Nakamoto do?</h3>

<p>It is worth noting that while the idea of digital currency was not new at the time, as reports suggest, there had been few attempts to create it. However, Nakamoto managed to solve a fundamental problem with digital currency, duplication. Unlike tangible currency like coins or paper money which could only be present at one place at a time, cryptocurrency could be duplicated which is also known as “double-spending”.&nbsp;</p>

<p>Since digital currency does not exist in physical space, the transaction of said currency would not be in a single person’s possession. As a result, digital currency could be spent more than once. In order to overcome this issue, Nakamoto created a blockchain system of verification.&nbsp;</p>

<p>Initially, one of the solutions to circumvent this problem would be third-party intermediaries like banks which would verify if the currency has already been used by its holder. However, given the additional costs and the risk of fraud of the trust-based model, Nakamoto decided to remove the human factor altogether and proposed a decentralised approach for transactions using ledgers.</p>

<p>This is where the blockchain comes into play. This system adds timestamps to transaction information, and cryptographic techniques are used to encrypt the data which cannot be changed and must be validated. Subsequently, the network is required to verify the authenticity of the transactions based on a majority consensus mechanism called proof-of-work.</p>

<h3>Is Nakamoto a real person?</h3>

<p>We know so little about the so-called father of cryptocurrency that many have questioned if Satoshi Nakamoto really does exist. However, given what is known about the mastermind behind this system, there seems to be at least one person, if not people behind it. Case in point, somebody would have to write a source code for Bitcoin, publish the white paper which began it all, send emails and even create a forum to talk about the cryptocurrency.&nbsp;</p>

<h3>About his disappearance&nbsp;</h3>

<p>Several reports have quoted Nakamoto’s last email written on 24 April 2011 which was a short statement to another developer where the creator of Bitcoin said “I’ve moved on to other things” and that the project was in “good hands”. In December 2010 following the creation and initial implementation of Bitcoin, the creator seemingly vanished from the public eye.&nbsp;</p>

<p>It was in 2014 when a final forum post credited to Nakamoto simply said, “I am not Dorian Nakamoto.” This came after a Newsweek magazine article published in March of that year claimed that a 64-year-old Japanese-American physicist was the creator of Bitcoin.&nbsp;</p>

<p>The report said, “The trail followed by Newsweek led to a 64-year-old Japanese-American man whose name really is Satoshi Nakamoto”. Although it could be said that Nakamoto did not necessarily ‘disappear’ considering his identity was never revealed and anonymity would likely be his only choice to avoid public scrutiny.&nbsp;</p>

<h3>Is Elon Musk Satoshi Nakamoto?</h3>

<p>There have been speculations about Tesla and SpaceX founder Elon Musk being Satoshi Nakamoto after a former intern for Musk’s SpaceX company Sahil Gupta, in a blog post on the website Medium suggested so. He cited the billionaire’s knowledge and interests which could have led him to develop a cryptocurrency like Bitcoin.</p>

<p>However, Musk has since denied this claim. In 2021, during a podcast by AI researcher Lex Fridman, the Tesla CEO said that he believes that the person behind the Nakamoto pseudonym is none other than cryptographic expert Nick Szabo.&nbsp;</p>

<p>“He seems to be the one more responsible for the ideas behind Bitcoin than anyone else. He claims not to be Nakamoto, but I'm not sure that's neither here nor there,” said Musk, as quoted by CNBC. However, Szabo had also previously denied this claim.&nbsp;<br />
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While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on.

While the world of crypto currencies continues to puzzle many, the kind of impact it has had on the financial systems across the world is noteworthy. But mysteries seem to be a running theme and given its origins, it is spot on. Over a decade ago, the world witnessed a cryptic milestone when Satoshi Nakamoto developed Bitcoin, the world’s first cryptocurrency. But who is this mastermind? No one knows for sure. What do we know about Satoshi Nakamoto? Nakamoto is said to be a pseudonym for the person or people who helped create Bitcoin but the real identity of who he, she or they might be, continues to remain one of the biggest mysteries of the 21st century. The mysterious individual or group was the author of a 2008 white paper which outlined the theory and operating structure of the Bitcoin payment system. Nakamoto’s identity continues to remain shrouded in mystery due to the lack of personal or background details about the person who would only communicate via email. One of the biggest indications that Nakamoto created Bitcoin was the famous white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The elusive mastermind behind the now largest cryptocurrency in the world was said to be working on the first version of the software back in 2007. Around two years later, Nakamoto created the first-ever online message board post which was dedicated to cryptocurrency, on the P2P Foundation forum. “I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralised, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper,” said Nakamoto, on the forum, as per Forbes. However, in 2010, his involvement with Bitcoin ended but the cryptocurrency did not. As of 2021, at least one million Bitcoin miners were verifying the data that make up the Bitcoin blockchain and the cryptocurrency continues to remain one of the world’s largest by market cap. What did Nakamoto do? It is worth noting that while the idea of digital currency was not new at the time, as reports suggest, there had been few attempts to create it. However, Nakamoto managed to solve a fundamental problem with digital currency, duplication. Unlike tangible currency like coins or paper money which could only be present at one place at a time, cryptocurrency could be duplicated which is also known as “double-spending”. Since digital currency does not exist in physical space, the transaction of said currency would not be in a single person’s possession. As a result, digital currency could be spent more than once. In order to overcome this issue, Nakamoto created a blockchain system of verification. Initially, one of the solutions to circumvent this problem would be third-party intermediaries like banks which would verify if the currency has already been used by its holder. However, given the additional costs and the risk of fraud of the trust-based model, Nakamoto decided to remove the human factor altogether and proposed a decentralised approach for transactions using ledgers. This is where the blockchain comes into play. This system adds timestamps to transaction information, and cryptographic techniques are used to encrypt the data which cannot be changed and must be validated. Subsequently, the network is required to verify the authenticity of the transactions based on a majority consensus mechanism called proof-of-work. Is Nakamoto a real person? We know so little about the so-called father of cryptocurrency that many have questioned if Satoshi Nakamoto really does exist. However, given what is known about the mastermind behind this system, there seems to be at least one person, if not people behind it. Case in point, somebody would have to write a source code for Bitcoin, publish the white paper which began it all, send emails and even create a forum to talk about the cryptocurrency. About his disappearance Several reports have quoted Nakamoto’s last email written on 24 April 2011 which was a short statement to another developer where the creator of Bitcoin said “I’ve moved on to other things” and that the project was in “good hands”. In December 2010 following the creation and initial implementation of Bitcoin, the creator seemingly vanished from the public eye. It was in 2014 when a final forum post credited to Nakamoto simply said, “I am not Dorian Nakamoto.” This came after a Newsweek magazine article published in March of that year claimed that a 64-year-old Japanese-American physicist was the creator of Bitcoin. The report said, “The trail followed by Newsweek led to a 64-year-old Japanese-American man whose name really is Satoshi Nakamoto”. Although it could be said that Nakamoto did not necessarily ‘disappear’ considering his identity was never revealed and anonymity would likely be his only choice to avoid public scrutiny. Is Elon Musk Satoshi Nakamoto? There have been speculations about Tesla and SpaceX founder Elon Musk being Satoshi Nakamoto after a former intern for Musk’s SpaceX company Sahil Gupta, in a blog post on the website Medium suggested so. He cited the billionaire’s knowledge and interests which could have led him to develop a cryptocurrency like Bitcoin. However, Musk has since denied this claim. In 2021, during a podcast by AI researcher Lex Fridman, the Tesla CEO said that he believes that the person behind the Nakamoto pseudonym is none other than cryptographic expert Nick Szabo. “He seems to be the one more responsible for the ideas behind Bitcoin than anyone else. He claims not to be Nakamoto, but I'm not sure that's neither here nor there,” said Musk, as quoted by CNBC. However, Szabo had also previously denied this claim. 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.

Explained | Mystery surrounding the identity of Bitcoin founder. Who is Satoshi Nakamoto?

<p dir="ltr">The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.</p>

<p>According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency.</p>

<p>Mangudya said the current exchange rate volatility can be&nbsp;attributed&nbsp;to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos&nbsp;of tobacco for $307 million since the auction season began. It shipped 57 million kilos&nbsp;for $295.5 million over the same period last year.</p>

<p>According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent&nbsp;in March from 92 percent&nbsp;in February.</p>

<p><strong>ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES</strong></p>

<p dir="ltr">Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse.</p>

<p dir="ltr">In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population.</p>

<p dir="ltr">The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility.</p>

<p dir="ltr">As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent&nbsp;from the previous year, according to Chainalysis.</p>


The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar. According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency. Mangudya said the current exchange rate volatility can be attributed to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos of tobacco for $307 million since the auction season began. It shipped 57 million kilos for $295.5 million over the same period last year. According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent in March from 92 percent in February. ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse. In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population. The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility. As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent from the previous year, according to Chainalysis.

Gold-backed digital tokens: Zimbabwe’s bid to revive its local currency

Chinese smartphone maker Xiaomi's legal trouble in India continues. Reuters sources said an Indian court has rejected its petition against the seizure of 676 million dollars last year. Xiaomi's assets were seized by Indian authorities, alleging that the company had made illegal remittances to foreign entities by passing them off as royalty payments.

Xiaomi's petition rejected in Indian court