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Saudi Aramco's plans for the mega IPO of its energy-trading business have been postponed, as the state-controlled oil giant slows down preparations. The IPO, expected to be one of the world's largest, is now likely to be delayed until next year unless market conditions improve. The company earnings took a hit, with a 19% decline attributed to falling oil prices. The company reported a net income of $31.9 billion, down from $39.5 billion the previous year.

Saudi Aramco's mega IPO plan postponed

Tunisia and Egypt are on the brink of major debt crises, with Tunisia facing a political crisis and uncertainty over IMF support. Egypt's debt-to-GDP ratio is reaching critical levels, compounded by currency devaluations and dwindling reserves. The countries' fiscal strains could have far-reaching consequences for the region. The involvement of gulf allies and the potential impact on global financial markets further intensify the gravity of the situation.

Drowning in debt: North Africa braces for impact

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year.

Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries. However, certain hourly or equivalent roles may receive salary increases, the company said.&nbsp;

"We are clear that we are helping drive a major platform shift in this new era of artificial intelligence, and doing so in a dynamic, competitive environment while also facing global macroeconomic uncertainties," media reports said quoting Nadella's internal email.&nbsp;

It is to be noted that Microsoft was an early adopter of AI technology, integrating Open AI's ChatGPT with its search engine Bing. According to media reports, Microsoft has invested nearly $13 billion in Open AI.&nbsp;

According to Nadella's email, the decision was carefully considered by senior leadership over several months, with a focus on ensuring the long-term success of the company.

Microsoft also announced that it will reduce the budget for annual bonuses and stock awards to 'historical averages'.

Nevertheless, the email emphasised that Microsoft will remain committed to prioritising and acknowledging exceptional performance by offering substantial rewards. To achieve this, managers will be entrusted with distinguishing and allocating compensation based on individual performance within their assigned budgets, the email read.&nbsp;

This latest announcement comes after Microsoft announced the termination of over 10,000 employees earlier this year. Additionally, LinkedIn, a group firm of Microsoft, recently cut around 716 jobs and announced the closure of its job app in China.

Meanwhile, the&nbsp;decision has disappointed some employees, who view it as a pay cut.

An India-based Microsoft employee, speaking on the condition of anonymity to BQPrime, expressed concerns about the impact on their annual appraisal cycle and the potential for further layoffs if market conditions do not improve.&nbsp;

Indian news website BQPrime cited a Microsoft India spokesperson as saying that compensation would be aligned with the overall market, even though there won't be a hike in salaries&nbsp;this year.&nbsp;

"While we will not be providing salary increases for our full-time salaried employees this year, we will continue to invest in our employees through promotions, bonus and stock," the spokesperson told BQPrime.&nbsp;

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year. Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries.

Microsoft announced on Wednesday that it will not provide salary increases for its full-time employees this year. Microsoft CEO Satya Nadella cited global macroeconomic uncertainties and a major push towards artificial intelligence (AI) to justify his move to freeze employee salaries. However, certain hourly or equivalent roles may receive salary increases, the company said. "We are clear that we are helping drive a major platform shift in this new era of artificial intelligence, and doing so in a dynamic, competitive environment while also facing global macroeconomic uncertainties," media reports said quoting Nadella's internal email. It is to be noted that Microsoft was an early adopter of AI technology, integrating Open AI's ChatGPT with its search engine Bing. According to media reports, Microsoft has invested nearly $13 billion in Open AI. According to Nadella's email, the decision was carefully considered by senior leadership over several months, with a focus on ensuring the long-term success of the company. Microsoft also announced that it will reduce the budget for annual bonuses and stock awards to 'historical averages'. Nevertheless, the email emphasised that Microsoft will remain committed to prioritising and acknowledging exceptional performance by offering substantial rewards. To achieve this, managers will be entrusted with distinguishing and allocating compensation based on individual performance within their assigned budgets, the email read. This latest announcement comes after Microsoft announced the termination of over 10,000 employees earlier this year. Additionally, LinkedIn, a group firm of Microsoft, recently cut around 716 jobs and announced the closure of its job app in China. Meanwhile, the decision has disappointed some employees, who view it as a pay cut. An India-based Microsoft employee, speaking on the condition of anonymity to BQPrime, expressed concerns about the impact on their annual appraisal cycle and the potential for further layoffs if market conditions do not improve. Indian news website BQPrime cited a Microsoft India spokesperson as saying that compensation would be aligned with the overall market, even though there won't be a hike in salaries this year. "While we will not be providing salary increases for our full-time salaried employees this year, we will continue to invest in our employees through promotions, bonus and stock," the spokesperson told BQPrime.

In AI era, Microsoft holds the purse strings: Salaries frozen but bonuses remain

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter.

According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent.&nbsp;

However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year.&nbsp;In the same period, oil activities grew only by 1.3 percent.&nbsp;

Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities.

As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030.&nbsp;Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy.&nbsp;

The increased push towards&nbsp;the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown.

Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects.&nbsp;

However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices.&nbsp;

This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years.

The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.&nbsp;

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent. However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year. In the same period, oil activities grew only by 1.3 percent. Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities. As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030. Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy. The increased push towards the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown. Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects. However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices. This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years. The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.

Saudi Arabia's economy grew slower in 2023 but non-oil sector got a boost

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.&nbsp;

Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration.&nbsp;

Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent.&nbsp;

"We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call.&nbsp;

India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow.

“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call.

The company recently opened its first two retail stores in India -- in Mumbai and Delhi.&nbsp;

According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung.

The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales.&nbsp;

'Mass layoffs a last resort'

Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company.

“I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview.&nbsp;

Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring.

While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs.&nbsp;This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic.

(With&nbsp;agency inputs)&nbsp; 
&nbsp;

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States.

South Asia and Latin America are the new trump cards for tech giant Apple, as it looks to boost its growth amid an economic slowdown in China and the United States. Apple CEO Tim Cook is hoping that these markets will provide more opportunities due to their youthful population and relatively low iPhone penetration. Apple, which recorded sales of over $51 billion in its most recent quarter, saw record sales in South Asia and Latin America. On the other hand, sales fell in the Americas, Japan and China, contributing to an overall decline of about 3 percent. "We're putting efforts in a number of these markets and really see, particularly given our low share and the dynamics of the demographics, a great opportunity for us in those markets," Cook said in his latest conference call. India is particularly the focus of Apple. Cook said that India is at a tipping point and expected the market to grow. “There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Cook said on the conference call. The company recently opened its first two retail stores in India -- in Mumbai and Delhi. According to the research firm Counterpoint, Apple was the second biggest revenue generating brand in India in 2022, second only to South Korea's Samsung. The boom in used iPhone market is helping the US tech giant to enter more emerging economies like India. Sales of refurbished iPhones rose 16 percent globally in 2022. India, in particular, led the growth in iPhone reselling with a 19 percent jump in sales. 'Mass layoffs a last resort' Meanwhile, Apple employees can breathe a sigh of relief. Cook has assured that layoffs will be the last resort for the company. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment," he told CNBC in an interview. Cook added that the company is actually focusing on cutting costs and slowing down the pace of hiring. While Apple did let go of some employees in April this year, it has avoided announcing any major layoffs. This is because the most-valuable company in the world avoided aggressive hiring during the Covid-19 pandemic. (With agency inputs)

Apple CEO Tim Cook bets on India, other emerging markets for higher sales

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy.

According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure. The major banks, with assets worth $250 billion or more, are attributing&nbsp;the possible credit restriction to an ambiguous economic situation.

Although regulators and officials have taken decisive actions to tackle the crises, worries about the economic outlook, credit quality, and funding liquidity could cause banks and other financial institutions to reduce the supply of credit to the economy. Consequently, there could be a sharp contraction in credit availability that would increase the cost of funding for businesses and households, ultimately resulting in a slowdown of economic activity.

The Federal Reserve has identified credit crunch as one of the most significant current risks to the financial system, despite not being the most likely scenario. Financial Times reports that this reflects mounting concerns about the potential impact of recent banking turmoil on the economy, making it one of the most turbulent times in the US&nbsp;since the global financial crisis of 2008.

Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has warned that a credit squeeze could lead to a recession. This warning comes as the U.S. faces a possible debt default, as the White House and Congress are&nbsp;yet to agree on raising the borrowing limit of $31.4 trillion. To avoid a catastrophic impact on the economy and markets, a deal must be reached by early June.&nbsp;

The Federal Reserve has warned about potential vulnerabilities in the commercial real estate market, indicating that a decline in property prices could result in losses for creditors holding commercial real estate debt. To mitigate these risks, Financial Times reports that the central bank will increase its monitoring of commercial real estate loans and implement more rigorous examination procedures for banks with high levels of exposure to this sector.

Banks resilient in the face of interest rate hike

While the Fed's&nbsp;report highlights&nbsp;potential risks to the financial system from the credit crunch and the commercial real estate sector, it also brought some good news.

The Fed report indicates&nbsp;that the household sector might be less vulnerable to economic shocks, thanks to moderate borrowing levels and the majority of household debt owed by those with higher credit scores. Additionally, the Fed has expressed confidence that most banks could cope with tighter monetary policy.

Despite the turbulence experienced by banks in March, the central bank's&nbsp;report suggests that most banks have a solid financial foundation to withstand potential challenges resulting from higher interest rates.

The report indicates that most banks have high capital levels and moderate exposure to interest rate risk. Moreover, as of the fourth quarter of 2022, banks in the US, particularly those considered globally systemically important, were found to be well capitalized, which positions them to navigate any uncertainties in the near future.

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy. According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure.

The Federal Reserve has warned that the recent banking turmoil in the U.S. could trigger a credit crunch, posing a risk to the economy. According to the Fed's Senior Loan Officer Opinion Survey, banks are anticipating stricter lending standards for the remaining part of 2023 due to worries about a recession and deposit outflows triggered by Silicon Valley Bank's failure. The major banks, with assets worth $250 billion or more, are attributing the possible credit restriction to an ambiguous economic situation. Although regulators and officials have taken decisive actions to tackle the crises, worries about the economic outlook, credit quality, and funding liquidity could cause banks and other financial institutions to reduce the supply of credit to the economy. Consequently, there could be a sharp contraction in credit availability that would increase the cost of funding for businesses and households, ultimately resulting in a slowdown of economic activity. The Federal Reserve has identified credit crunch as one of the most significant current risks to the financial system, despite not being the most likely scenario. Financial Times reports that this reflects mounting concerns about the potential impact of recent banking turmoil on the economy, making it one of the most turbulent times in the US since the global financial crisis of 2008. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has warned that a credit squeeze could lead to a recession. This warning comes as the U.S. faces a possible debt default, as the White House and Congress are yet to agree on raising the borrowing limit of $31.4 trillion. To avoid a catastrophic impact on the economy and markets, a deal must be reached by early June. The Federal Reserve has warned about potential vulnerabilities in the commercial real estate market, indicating that a decline in property prices could result in losses for creditors holding commercial real estate debt. To mitigate these risks, Financial Times reports that the central bank will increase its monitoring of commercial real estate loans and implement more rigorous examination procedures for banks with high levels of exposure to this sector. Banks resilient in the face of interest rate hike While the Fed's report highlights potential risks to the financial system from the credit crunch and the commercial real estate sector, it also brought some good news. The Fed report indicates that the household sector might be less vulnerable to economic shocks, thanks to moderate borrowing levels and the majority of household debt owed by those with higher credit scores. Additionally, the Fed has expressed confidence that most banks could cope with tighter monetary policy. Despite the turbulence experienced by banks in March, the central bank's report suggests that most banks have a solid financial foundation to withstand potential challenges resulting from higher interest rates. The report indicates that most banks have high capital levels and moderate exposure to interest rate risk. Moreover, as of the fourth quarter of 2022, banks in the US, particularly those considered globally systemically important, were found to be well capitalized, which positions them to navigate any uncertainties in the near future.

Banks brace for impact: US Fed reveals potential strains from higher interest rates

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

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

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

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

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

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

Adani Enterprises to consider fundraising after scrapped FPO

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

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

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

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

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

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

US debt ceiling talks postponed until next week: White House

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Chinese companies see a spurt in earnings in 2023

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

US inflation cooler than expected in April

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

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

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

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

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

Tough times at Microsoft: Salaries stay put

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

US seeks financial details from Icahn

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

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

Bank of England lifts interest rate to 15-year high

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

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

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

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

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

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

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

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

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

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

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

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

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

AI Chatbots to take orders at Wendy's

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

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