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Zimbabwe plans gold-backed digital currency

A Financial Times report shows that at least nine members of the US congress sold banking stocks before and during the market turmoil in March.

US lawmakers sold banking stocks amid crisis: Report

US taxi service Lyft will see more job cuts as part of a cost cutting measure. A Wall Street Journal report said that over 4,000 employees, or 30% of Lyft's workforce, are likely to lose their jobs.

Lyft opts for a second round of layoffs

At least nine members of the US Congress sold banking stocks before and during the banking turmoil in March, sparking suspicions of possible insider trading, The Financial Times has&nbsp;reported.&nbsp;

According to Quiver Quantitative's analysis of public declarations of stock sales, Josh Gottheimer, a Democrat from New Jersey and member of the financial services committee, disclosed selling his shares in Silicon Valley Bank (SVB) on March 9. This transaction was valued between $1,000 and $15,000 and took place&nbsp;a day before the bank collapsed, sending U.S. banking stocks plummeting.

Gottheimer, the Financial Times noted, reportedly sold his shares&nbsp;in Charles Schwab Corp. on March 6 and March 14 for a similar amount. Gottheimer also sold his shares&nbsp;in Seacoast Banking, a troubled Florida bank, on March 29. The share price of Seacoast Banking has fallen by&nbsp;10 percent&nbsp;since the transaction.

According to Quiver Quantitative's analysis, the New Jersey Democrat was one of the most active stock dealers in the House of Representatives in 2022, with over 380 transactions.&nbsp;The Congressman's&nbsp;representatives, however, stated that his financial decisions were made at the discretion of a third-party financial consultant.

Gottheimer was just one of the several Congress lawmakers&nbsp;who sold their banking stocks last month when the industry was in upheaval.

Daniel Goldman, a House Democrat representing a New York district, sold a Schwab position worth between $15,000 and $50,000 on March 6. On March 15, he sold his shares in San Francisco-based First Republic Bank. Since then, First Republic shares have dropped by more than half.&nbsp;

Conflict of interest?

The allegations of stock sales by US&nbsp;lawmakers have raised concerns about potential conflicts of interest, as lawmakers may&nbsp;access&nbsp;non-public information that could impact stock prices. Insider trading, which involves using non-public information to gain an unfair advantage in stock trading, is illegal and unethical.

Public advocacy groups worry that enabling government officials to own or trade stocks could create a conflict of interest with their official obligations, even if they are legally compelled to declare them.

"It exemplifies why public trust in the elected officials is so low," Danielle Caputo, legal counsel for ethics at the Campaign Legal Centre, a campaign watchdog organisation, told Financial Times.

At least nine members of the US Congress sold banking stocks before and during the banking turmoil in March, sparking suspicions of possible insider trading, The Financial Times has reported.

At least nine members of the US Congress sold banking stocks before and during the banking turmoil in March, sparking suspicions of possible insider trading, The Financial Times has reported. According to Quiver Quantitative's analysis of public declarations of stock sales, Josh Gottheimer, a Democrat from New Jersey and member of the financial services committee, disclosed selling his shares in Silicon Valley Bank (SVB) on March 9. This transaction was valued between $1,000 and $15,000 and took place a day before the bank collapsed, sending U.S. banking stocks plummeting. Gottheimer, the Financial Times noted, reportedly sold his shares in Charles Schwab Corp. on March 6 and March 14 for a similar amount. Gottheimer also sold his shares in Seacoast Banking, a troubled Florida bank, on March 29. The share price of Seacoast Banking has fallen by 10 percent since the transaction. According to Quiver Quantitative's analysis, the New Jersey Democrat was one of the most active stock dealers in the House of Representatives in 2022, with over 380 transactions. The Congressman's representatives, however, stated that his financial decisions were made at the discretion of a third-party financial consultant. Gottheimer was just one of the several Congress lawmakers who sold their banking stocks last month when the industry was in upheaval. Daniel Goldman, a House Democrat representing a New York district, sold a Schwab position worth between $15,000 and $50,000 on March 6. On March 15, he sold his shares in San Francisco-based First Republic Bank. Since then, First Republic shares have dropped by more than half. Conflict of interest? The allegations of stock sales by US lawmakers have raised concerns about potential conflicts of interest, as lawmakers may access non-public information that could impact stock prices. Insider trading, which involves using non-public information to gain an unfair advantage in stock trading, is illegal and unethical. Public advocacy groups worry that enabling government officials to own or trade stocks could create a conflict of interest with their official obligations, even if they are legally compelled to declare them. "It exemplifies why public trust in the elected officials is so low," Danielle Caputo, legal counsel for ethics at the Campaign Legal Centre, a campaign watchdog organisation, told Financial Times.

At least 9 US lawmakers sold banking stocks prior to market turmoil: Report

Credit Suisse, one of the leading banks in Switzerland, faced a significant "bank run" ahead of its collapse in March 2023, a Reuters report indicated on Monday.&nbsp;

The Swiss bank announced that it experienced a significant outflow of assets totaling 61 billion Swiss francs ($68 billion) in the first three months of 2023,&nbsp;with the bank's wealth management division being the hardest hit.&nbsp;

A bank run takes place&nbsp;when a large number of customers of a bank withdraw their deposits at the same time over fears about the bank's solvency.

Depositors began withdrawing their funds from the scandal-plagued Credit Suisse after it became entangled in the market upheaval caused by the failures of US lenders Silicon Valley Bank and Signature Bank.

As a result, Swiss authorities scrambled to create a rescue package in which UBS agreed to buy Credit Suisse for 3 billion Swiss francs in equity and accept up to 5 billion Swiss francs in damages. It also included state financial guarantees worth 200 billion francs.

A Tricky Position

Despite&nbsp;a major bank run, the Swiss banking giant also reported&nbsp;a net profit of 12.8 billion Swiss francs ($14 billion)&nbsp;for the first quarter ending March 2023. This was a notable increase compared to the significant loss incurred in the same period last year. The bank attributed the positive net profit mainly to the emergency takeover deal that wiped out high-risk debtors.

The significant asset outflows along with a&nbsp;rise in net profit&nbsp;was met with mixed reactions in the market. While the increase in net profit was viewed positively, the persistent outflows of assets raised concerns about the bank's ability to overcome its challenges.&nbsp;

Meanwhile, Credit Suisse's ability to generate revenue appeared to be impaired. London-based KBW analyst Thomas Hallett told&nbsp;Reuters that the "rescue deal could well remain a drag on UBS operating results unless a deeper restructuring plan is announced."

Credit Suisse also cancelled the planned $175 million acquisition of Michael Klein's investment banking business, which it had planned to spin alongside its own investment banking division.

According to RBC Capital Markets analysts,&nbsp;the results show&nbsp;the difficult work ahead for UBS in acquiring&nbsp;its rival.&nbsp;UBS is yet to announce how many Credit Suisse jobs will be cut. Following the takeover, UBS executives stated that the deal will result in $8 billion in cost savings by 2027, $6 billion of which will come from reducing the number of full-time employees.

Credit Suisse, one of the leading banks in Switzerland, faced a significant "bank run" ahead of its collapse in March 2023, a Reuters report indicated on Monday.

Credit Suisse, one of the leading banks in Switzerland, faced a significant "bank run" ahead of its collapse in March 2023, a Reuters report indicated on Monday. The Swiss bank announced that it experienced a significant outflow of assets totaling 61 billion Swiss francs ($68 billion) in the first three months of 2023, with the bank's wealth management division being the hardest hit. A bank run takes place when a large number of customers of a bank withdraw their deposits at the same time over fears about the bank's solvency. Depositors began withdrawing their funds from the scandal-plagued Credit Suisse after it became entangled in the market upheaval caused by the failures of US lenders Silicon Valley Bank and Signature Bank. As a result, Swiss authorities scrambled to create a rescue package in which UBS agreed to buy Credit Suisse for 3 billion Swiss francs in equity and accept up to 5 billion Swiss francs in damages. It also included state financial guarantees worth 200 billion francs. A Tricky Position Despite a major bank run, the Swiss banking giant also reported a net profit of 12.8 billion Swiss francs ($14 billion) for the first quarter ending March 2023. This was a notable increase compared to the significant loss incurred in the same period last year. The bank attributed the positive net profit mainly to the emergency takeover deal that wiped out high-risk debtors. The significant asset outflows along with a rise in net profit was met with mixed reactions in the market. While the increase in net profit was viewed positively, the persistent outflows of assets raised concerns about the bank's ability to overcome its challenges. Meanwhile, Credit Suisse's ability to generate revenue appeared to be impaired. London-based KBW analyst Thomas Hallett told Reuters that the "rescue deal could well remain a drag on UBS operating results unless a deeper restructuring plan is announced." Credit Suisse also cancelled the planned $175 million acquisition of Michael Klein's investment banking business, which it had planned to spin alongside its own investment banking division. According to RBC Capital Markets analysts, the results show the difficult work ahead for UBS in acquiring its rival. UBS is yet to announce how many Credit Suisse jobs will be cut. Following the takeover, UBS executives stated that the deal will result in $8 billion in cost savings by 2027, $6 billion of which will come from reducing the number of full-time employees.

Credit Suisse faced 'bank run', depositors withdrew $68 billion ahead of UBS takeover

Tesla has begun producing in Shanghai a version of the Model Y to be sold in Canada this year, the first time it will ship cars to North America from China, according to a person with direct knowledge of the plan and a production memo seen by Reuters.

The move would connect Tesla's&nbsp;(TSLA.O)&nbsp;biggest and most cost-efficient factory in the world to North America, its largest market. The Model Y is the electric vehicle (EV) maker's best-selling model globally.

Over the weekend, Tesla posted on&nbsp;its website&nbsp;that it would offer a new, cheaper version of its Model Y in Canada, a rear-wheel drive variant of the SUV-styled crossover priced C$10,000 ($7,377.90) lower than the long-range version of the vehicle available in that market.

Tesla's website showed that customers in Canada could take delivery of the new version of the Model Y between May and July.

The Canadian government's website was updated on Friday to show that the new version of the Model Y and the more expensive long-range variant&nbsp;both qualify for incentives&nbsp;of C$5,000 on the purchase or a four-year lease.

Tesla Shanghai began production of the Canada-bound version of Model Y earlier this month, a person with knowledge of the development said. The production memo reviewed by Reuters showed that vehicles had been designed and tested for export to North America, with a target of producing nearly 9,000 this quarter.

Tesla did not immediately respond to a request for comment.

Reuters reported in November that Tesla had considered&nbsp;plans for exporting made-in-China vehicles&nbsp;to North America. After the Reuters report was published, Tesla CEO Elon Musk, in a Twitter post, had said "False," without elaborating.

Musk told analysts last week that Tesla's Shanghai plant had the "lowest cost structure" of any of its factories.

<h2 data-testid="Heading">SUBSIDIES</h2>

Canada's transport agency's EV incentive program mandates that a base model for an SUV has to be under C$60,000 to qualify for a subsidy of up to C$5,000. Higher cost variants are then also eligible at a price of up to C$70,000.

The introduction of the cheaper Model Y for Canada qualified both it and Tesla's C$69,900 long-range Model Y for the incentive as of Friday, Transport Canada said on its website.

Tesla’s Shanghai plant uses lithium-iron-phosphate (LFP) batteries for the Model Y version produced there for sale in China and for export to Europe and other markets.

At its factories in Texas and California, Tesla has been rolling out a more powerful battery configuration known as 4680.

Tesla’s website shows the new, Canada-specific version of the Model Y has an EPA-rated range equivalent to 245 miles (394 km) on a charge. The US&nbsp;version of the entry-level Model Y, which has all-wheel drive, has an EPA-rated range of 279 miles.

The new Model Y for Canada is also cheaper than the entry-level US&nbsp;model - $44,275 versus the current price of $46,990 for the US.

Tesla has cut U.S. prices on Model Y variants three times since the start of the year, part of a discounting strategy to drive volume that sliced into its first quarter margin and touched off a&nbsp;price war on EVs.

It shipped more than 271,000 Model Y and Model 3 sedans from its Shanghai factory last year to Europe and other markets, roughly a fifth of its global sales.

Tesla is not alone in exporting EVs from China. Renault&nbsp;(RENA.PA)&nbsp;exports the Spring, an entry-level hatchback EV to Europe under its Dacia brand. BMW&nbsp;(BMWG.DE)&nbsp;exports the iX3 from China to Southeast Asia and Europe.

China’s overall car exports&nbsp;grew four-fold&nbsp;between 2020 and 2022 to top two million vehicles and are on track to top three million this year if the first-quarter pace is sustained.

&nbsp;

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Tesla has begun producing in Shanghai a version of the Model Y to be sold in Canada this year, the first time it will ship cars to North America from China, according to a person with direct knowledge of the plan and a production memo seen by Reuters.

Tesla has begun producing in Shanghai a version of the Model Y to be sold in Canada this year, the first time it will ship cars to North America from China, according to a person with direct knowledge of the plan and a production memo seen by Reuters. The move would connect Tesla's (TSLA.O) biggest and most cost-efficient factory in the world to North America, its largest market. The Model Y is the electric vehicle (EV) maker's best-selling model globally. Over the weekend, Tesla posted on its website that it would offer a new, cheaper version of its Model Y in Canada, a rear-wheel drive variant of the SUV-styled crossover priced C$10,000 ($7,377.90) lower than the long-range version of the vehicle available in that market. Tesla's website showed that customers in Canada could take delivery of the new version of the Model Y between May and July. The Canadian government's website was updated on Friday to show that the new version of the Model Y and the more expensive long-range variant both qualify for incentives of C$5,000 on the purchase or a four-year lease. Tesla Shanghai began production of the Canada-bound version of Model Y earlier this month, a person with knowledge of the development said. The production memo reviewed by Reuters showed that vehicles had been designed and tested for export to North America, with a target of producing nearly 9,000 this quarter. Tesla did not immediately respond to a request for comment. Reuters reported in November that Tesla had considered plans for exporting made-in-China vehicles to North America. After the Reuters report was published, Tesla CEO Elon Musk, in a Twitter post, had said "False," without elaborating. Musk told analysts last week that Tesla's Shanghai plant had the "lowest cost structure" of any of its factories. SUBSIDIES Canada's transport agency's EV incentive program mandates that a base model for an SUV has to be under C$60,000 to qualify for a subsidy of up to C$5,000. Higher cost variants are then also eligible at a price of up to C$70,000. The introduction of the cheaper Model Y for Canada qualified both it and Tesla's C$69,900 long-range Model Y for the incentive as of Friday, Transport Canada said on its website. Tesla’s Shanghai plant uses lithium-iron-phosphate (LFP) batteries for the Model Y version produced there for sale in China and for export to Europe and other markets. At its factories in Texas and California, Tesla has been rolling out a more powerful battery configuration known as 4680. Tesla’s website shows the new, Canada-specific version of the Model Y has an EPA-rated range equivalent to 245 miles (394 km) on a charge. The US version of the entry-level Model Y, which has all-wheel drive, has an EPA-rated range of 279 miles. The new Model Y for Canada is also cheaper than the entry-level US model - $44,275 versus the current price of $46,990 for the US. Tesla has cut U.S. prices on Model Y variants three times since the start of the year, part of a discounting strategy to drive volume that sliced into its first quarter margin and touched off a price war on EVs. It shipped more than 271,000 Model Y and Model 3 sedans from its Shanghai factory last year to Europe and other markets, roughly a fifth of its global sales. Tesla is not alone in exporting EVs from China. Renault (RENA.PA) exports the Spring, an entry-level hatchback EV to Europe under its Dacia brand. BMW (BMWG.DE) exports the iX3 from China to Southeast Asia and Europe. China’s overall car exports grew four-fold between 2020 and 2022 to top two million vehicles and are on track to top three million this year if the first-quarter pace is sustained. 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.

Tesla readies export of Model Y to Canada from China

An Indian court has ruled against Chinese smartphone maker Xiaomi&nbsp;in a&nbsp;case involving the seizure of assets worth $676 million, sources told Reuters on Friday. Last year, India's federal financial crime agency had frozen Xiaomi's assets, alleging that the company made illegal remittances to foreign entities by disguising them as royalty payments.

According to the Enforcement Directorate of India, Xiaomi, which came to the country in 2014, began moving money abroad unlawfully in 2015 while providing misleading information to banks. The Chinese company&nbsp;allegedly transferred Rs 5,551.27 crore in foreign currency to three businesses, including a Xiaomi group entity, under the premise of royalty -- money paid to the owner of a product or patent that a third-party exploits. However, Xiaomi has denied the allegations.&nbsp;

Xiaomi's actions, according to the agency, violate Section 4 of the Foreign Exchange Management Act (FEMA), which restricts who can acquire, hold, own, possess, or transfer any foreign exchange, foreign security, or immovable property situated outside India.&nbsp;

Implications Of This Decision For Xiaomi And Other Foreign Companies

The court's decision is a significant blow to Xiaomi, one of India's fastest-growing smartphone brands. Xiaomi has invested heavily in India in recent years, setting up manufacturing facilities, creating jobs, and launching a wide range of affordable smartphones to cater to the country's price-sensitive consumers.

The case highlights the increasing scrutiny and regulatory challenges faced by foreign companies operating in India, especially China. With a push for self-reliance and stricter enforcement of financial regulations, Indian authorities have been cracking down on alleged violations by foreign companies, including those related to tax evasion, money laundering, and foreign exchange rules.

The seizure of Xiaomi's assets is seen as a warning to other foreign companies operating in India to ensure compliance with local laws and regulations. It also underscores the need for companies to have robust internal controls and risk management measures in place to mitigate potential legal and financial risks.

Due to political tensions following a border skirmish, Chinese enterprises have&nbsp;found it difficult to do business in India since 2020.&nbsp;Since then, India has banned over 300 Chinese apps, including popular ones like TikTok, citing security concerns. Many Chinese companies like WeChat and Alibaba have also faced scrutiny and restrictions in recent years due to concerns over data privacy, national security, and compliance with local laws.

An Indian court has ruled against Chinese smartphone maker Xiaomi in a case involving the seizure of assets worth $676 million, sources told Reuters on Friday. Last year, India's federal financial crime agency had frozen Xiaomi's assets, alleging that the company made illegal remittances to foreign entities by disguising them as royalty payments.

An Indian court has ruled against Chinese smartphone maker Xiaomi in a case involving the seizure of assets worth $676 million, sources told Reuters on Friday. Last year, India's federal financial crime agency had frozen Xiaomi's assets, alleging that the company made illegal remittances to foreign entities by disguising them as royalty payments. According to the Enforcement Directorate of India, Xiaomi, which came to the country in 2014, began moving money abroad unlawfully in 2015 while providing misleading information to banks. The Chinese company allegedly transferred Rs 5,551.27 crore in foreign currency to three businesses, including a Xiaomi group entity, under the premise of royalty -- money paid to the owner of a product or patent that a third-party exploits. However, Xiaomi has denied the allegations. Xiaomi's actions, according to the agency, violate Section 4 of the Foreign Exchange Management Act (FEMA), which restricts who can acquire, hold, own, possess, or transfer any foreign exchange, foreign security, or immovable property situated outside India. Implications Of This Decision For Xiaomi And Other Foreign Companies The court's decision is a significant blow to Xiaomi, one of India's fastest-growing smartphone brands. Xiaomi has invested heavily in India in recent years, setting up manufacturing facilities, creating jobs, and launching a wide range of affordable smartphones to cater to the country's price-sensitive consumers. The case highlights the increasing scrutiny and regulatory challenges faced by foreign companies operating in India, especially China. With a push for self-reliance and stricter enforcement of financial regulations, Indian authorities have been cracking down on alleged violations by foreign companies, including those related to tax evasion, money laundering, and foreign exchange rules. The seizure of Xiaomi's assets is seen as a warning to other foreign companies operating in India to ensure compliance with local laws and regulations. It also underscores the need for companies to have robust internal controls and risk management measures in place to mitigate potential legal and financial risks. Due to political tensions following a border skirmish, Chinese enterprises have found it difficult to do business in India since 2020. Since then, India has banned over 300 Chinese apps, including popular ones like TikTok, citing security concerns. Many Chinese companies like WeChat and Alibaba have also faced scrutiny and restrictions in recent years due to concerns over data privacy, national security, and compliance with local laws.

Indian court rejects Xiaomi's petition, upholds seizure of assets worth $676 million

In the first major move under its new CEO David Risher, US ride-hailing giant Lyft is all set for a significant job cut.&nbsp;

While the company has not disclosed the exact number of affected employees, a&nbsp;Wall Street Journal report&nbsp;indicates that the cuts could impact around 30 percent&nbsp;of Lyft's workforce, equivalent to more than 4,000 employees. According to the US daily, the layoffs could cut Lyft's costs in half.

The decision comes only weeks after Lyft's newly appointed CEO announced that the company was not for sale, disappointing some investors who had hoped that the departure of the company's founders would pave the way for a purchase, which had propelled the stock upwards last month.

Lyft And Its Struggle To Stay Afloat&nbsp;

Lyft&nbsp;Inc. is a company that provides and manages an online social rideshare community platform. It gives users access to a network of shared bikes and scooters for shorter rides, first- and last-mile legs of multimodal trips, and information about nearby public transit lines and Lyft Rentals to help them plan any trip. Marcus Cohn, John Zimmer, Rajat Suri, Matt van Horn, and Logan Green created the company in 2007, and it is headquartered in San Francisco, California.

Lyft has faced challenges recently, including increased competition from rivals such as Uber, regulatory hurdles, and financial pressures. The COVID-19 pandemic has also significantly impacted the ride-hailing industry, with ride demand declining as people stayed home and limited their travel due to lockdowns and social distancing measures. In November, the company had let off 683 employees, or 13 percent&nbsp;of its workforce.&nbsp;

Following the epidemic lows, Uber and Lyft have been involved in a struggle for market dominance. According to Reuters, investors are concerned that Lyft's price cuts to prevent being a distant second in the North American ride-sharing industry could crimp its profitability. Lyft's stock declined approximately 11 percent&nbsp;this year, compared to Uber's price rise of 27.5 percent. According to the most recent company report, Uber's global footprint and more diverse industries gives&nbsp;it an advantage over US-focused Lyft.

The job cuts at Lyft is in line with the broader trend of cost-cutting measures in the ride-hailing industry, as companies face increasing pressures to demonstrate profitability and sustainable growth. Many ride-hailing companies have been exploring various strategies, including reducing the workforce, optimizing operations, and diversifying revenue streams, to navigate the challenges in the industry and improve their financial performance.

To address the challenge of safety post-COVID, many ride-hailing companies like Lyft and Uber have also introduced safety measures to gain customer’s trust amid rising urban mobility and declining car ownership, as reported by FATbit Technologies.

In the first major move under its new CEO David Risher, US ride-hailing giant Lyft is all set for a significant job cut. While the company has not disclosed the exact number of affected employees, a Wall Street Journal report indicates that the cuts could impact around 30 percent of Lyft's workforce, equivalent to more than 4,000 employees.

In the first major move under its new CEO David Risher, US ride-hailing giant Lyft is all set for a significant job cut. While the company has not disclosed the exact number of affected employees, a Wall Street Journal report indicates that the cuts could impact around 30 percent of Lyft's workforce, equivalent to more than 4,000 employees. According to the US daily, the layoffs could cut Lyft's costs in half. The decision comes only weeks after Lyft's newly appointed CEO announced that the company was not for sale, disappointing some investors who had hoped that the departure of the company's founders would pave the way for a purchase, which had propelled the stock upwards last month. Lyft And Its Struggle To Stay Afloat Lyft Inc. is a company that provides and manages an online social rideshare community platform. It gives users access to a network of shared bikes and scooters for shorter rides, first- and last-mile legs of multimodal trips, and information about nearby public transit lines and Lyft Rentals to help them plan any trip. Marcus Cohn, John Zimmer, Rajat Suri, Matt van Horn, and Logan Green created the company in 2007, and it is headquartered in San Francisco, California. Lyft has faced challenges recently, including increased competition from rivals such as Uber, regulatory hurdles, and financial pressures. The COVID-19 pandemic has also significantly impacted the ride-hailing industry, with ride demand declining as people stayed home and limited their travel due to lockdowns and social distancing measures. In November, the company had let off 683 employees, or 13 percent of its workforce. Following the epidemic lows, Uber and Lyft have been involved in a struggle for market dominance. According to Reuters, investors are concerned that Lyft's price cuts to prevent being a distant second in the North American ride-sharing industry could crimp its profitability. Lyft's stock declined approximately 11 percent this year, compared to Uber's price rise of 27.5 percent. According to the most recent company report, Uber's global footprint and more diverse industries gives it an advantage over US-focused Lyft. The job cuts at Lyft is in line with the broader trend of cost-cutting measures in the ride-hailing industry, as companies face increasing pressures to demonstrate profitability and sustainable growth. Many ride-hailing companies have been exploring various strategies, including reducing the workforce, optimizing operations, and diversifying revenue streams, to navigate the challenges in the industry and improve their financial performance. To address the challenge of safety post-COVID, many ride-hailing companies like Lyft and Uber have also introduced safety measures to gain customer’s trust amid rising urban mobility and declining car ownership, as reported by FATbit Technologies.

US taxi service Lyft set to cut jobs in new CEO’s first major move

US retailer Bed Bath &amp; Beyond has filed for bankruptcy, according to a court filing and a company statement. The bankruptcy filing came Sunday following a prolonged struggle by the company to stay afloat. The home goods chain filed voluntary petitions for relief under Chapter 11 at the United States Bankruptcy Court for the District of New Jersey, a court filing showed.

The statement added that the action had been taken "to implement an orderly wind-down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets."

"Thank you to all of our loyal customers," a banner on the company's website read Sunday.

"We have made the difficult decision to begin winding down our operations."

According to a court filing, the Union, New Jersey-based home goods retailer listed its estimated assets and liabilities in the range of $1 billion and $10 billion.

In January, Bed Bath &amp; Beyond raised doubts that it might not be able to continue further. The acknowledgement led to its shares diving since it was seen as a sign that it could file for bankruptcy. The company said at the time that it expected a loss of $386 million in the just-finished quarter. Just a few months before this announcement, it raised more than $500 million in new financing, while also announcing job cuts and 150 store closures.

CEO Sue Gove said the company "will continue working diligently to maximise value for the benefit of all stakeholders."

"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process."&nbsp;

The company further said that 360 Bed Bath &amp; Beyond and 120 buybuy BABY stores and websites will continue to serve customers as it begins efforts to effect the closure of its retail locations.

In February, the company planned to raise around $1 billion by offering preferred stock and warrants to avoid bankruptcy. It raised $360 million from the complex deal that helped it pay its loan defaults and interest payments for senior notes.

However, in March, Bed Bath &amp; Beyond terminated the deal and announced plans to sell $300 million worth of its shares. This is when it once again warned that it might have to file for bankruptcy if it could not secure the funds.

(With inputs from agencies)

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US retailer Bed Bath & Beyond has filed for bankruptcy, according to a court filing and a company statement. The bankruptcy filing came Sunday following a prolonged struggle by the company to stay afloat.

US retailer Bed Bath & Beyond has filed for bankruptcy, according to a court filing and a company statement. The bankruptcy filing came Sunday following a prolonged struggle by the company to stay afloat. The home goods chain filed voluntary petitions for relief under Chapter 11 at the United States Bankruptcy Court for the District of New Jersey, a court filing showed. The statement added that the action had been taken "to implement an orderly wind-down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets." "Thank you to all of our loyal customers," a banner on the company's website read Sunday. "We have made the difficult decision to begin winding down our operations." According to a court filing, the Union, New Jersey-based home goods retailer listed its estimated assets and liabilities in the range of $1 billion and $10 billion. In January, Bed Bath & Beyond raised doubts that it might not be able to continue further. The acknowledgement led to its shares diving since it was seen as a sign that it could file for bankruptcy. The company said at the time that it expected a loss of $386 million in the just-finished quarter. Just a few months before this announcement, it raised more than $500 million in new financing, while also announcing job cuts and 150 store closures. CEO Sue Gove said the company "will continue working diligently to maximise value for the benefit of all stakeholders." "We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process." The company further said that 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will continue to serve customers as it begins efforts to effect the closure of its retail locations. In February, the company planned to raise around $1 billion by offering preferred stock and warrants to avoid bankruptcy. It raised $360 million from the complex deal that helped it pay its loan defaults and interest payments for senior notes. However, in March, Bed Bath & Beyond terminated the deal and announced plans to sell $300 million worth of its shares. This is when it once again warned that it might have to file for bankruptcy if it could not secure the funds. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US retailer Bed Bath & Beyond files for bankruptcy

A California state court jury on Friday gave electric car manufacturer Tesla a resounding win in a car crash trial saying that its Autopilot feature did not fail, as per Reuters.&nbsp;This comes as Tesla attracted legal scrutiny after Justine Hsu of Los Angeles filed a lawsuit against it in 2020. Hsu claimed her Tesla Model S veered into a curb while in Autopilot. She said the airbag was deployed "so violently that it fractured Plaintiff's jaw, knocked out teeth, and caused nerve damage to Plaintiff's face."

She demanded more than $3 million in damages and claimed that the Autopilot and the airbag had design flaws. In a court filing, Tesla claimed that Hsu employed Autopilot on city streets despite a user manual advising against doing so.&nbsp;

Tesla denied responsibility for the crash.

Also Read | <a href="https://www.wionews.com/business-economy/jack-dorseys-twitter-alternative-bluesky-makes-debut-on-android-584966">Jack Dorsey's Twitter alternative Bluesky makes debut on Android</a>

On Friday in Los Angeles Superior Court, the jury awarded Hsu no damages. Additionally, it was found that Tesla had not purposefully omitted any crucial information. After the verdict, jurors told Reuters that the partially automated driving software was not a self-piloting system and that the cause of the accident was driver attention.&nbsp;

On Friday, Tesla stock increased 1.3% to settle at $165.08.

Elon Musk, the CEO of Tesla, has hailed the company's sophisticated "Full Self-Driving (FSD)" system as essential to its future. Additionally, the company has been testing the Autopilot mode too.&nbsp;

Also Read | <a href="https://www.wionews.com/world/chile-president-boric-unveils-plan-to-nationalise-lithium-industry-critical-for-electric-mobility-584956">Chile: President Boric unveils plan to nationalise lithium industry critical for electric mobility</a>

Ed Walters, who teaches at Georgetown Law's autonomous car course, said, "This case should be a wakeup call to Tesla owners: they can't over-rely on Autopilot, and they really need to be ready to take control and Tesla is not a self-driving system," reported Reuters.

Tesla's Autopilot mode is designed to assist the driver with various driving tasks. It uses a combination of cameras, radar, and ultrasonic sensors to detect and respond to its environment in the real-time. Autopilot mode can be used on highways and it includes various features. When engaged, Autopilot mode can control the vehicle's speed, steering, and braking, but it requires the driver to remain attentive and ready to take control at any moment.

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It's important to note that Autopilot mode is not a fully autonomous driving system and should not be relied upon as such. Tesla recommends that drivers keep their attention focused on the road and not become distracted by other activities while using Autopilot mode.

In 2015, Tesla unveiled Autopilot, and in 2016, the first deadly accident was reported in 2016. That matter was never tried in court. Three Tesla engineers testified during the three weeks in the Hsu trial that took place in Los Angeles Superior Court.&nbsp;

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A California state court jury on Friday gave electric car manufacturer Tesla a resounding win in a car crash trial saying that its Autopilot feature did not fail, as per Reuters.

A California state court jury on Friday gave electric car manufacturer Tesla a resounding win in a car crash trial saying that its Autopilot feature did not fail, as per Reuters. This comes as Tesla attracted legal scrutiny after Justine Hsu of Los Angeles filed a lawsuit against it in 2020. Hsu claimed her Tesla Model S veered into a curb while in Autopilot. She said the airbag was deployed "so violently that it fractured Plaintiff's jaw, knocked out teeth, and caused nerve damage to Plaintiff's face." She demanded more than $3 million in damages and claimed that the Autopilot and the airbag had design flaws. In a court filing, Tesla claimed that Hsu employed Autopilot on city streets despite a user manual advising against doing so. Tesla denied responsibility for the crash. Also Read | Jack Dorsey's Twitter alternative Bluesky makes debut on Android On Friday in Los Angeles Superior Court, the jury awarded Hsu no damages. Additionally, it was found that Tesla had not purposefully omitted any crucial information. After the verdict, jurors told Reuters that the partially automated driving software was not a self-piloting system and that the cause of the accident was driver attention. On Friday, Tesla stock increased 1.3% to settle at $165.08. Elon Musk, the CEO of Tesla, has hailed the company's sophisticated "Full Self-Driving (FSD)" system as essential to its future. Additionally, the company has been testing the Autopilot mode too. Also Read | Chile: President Boric unveils plan to nationalise lithium industry critical for electric mobility Ed Walters, who teaches at Georgetown Law's autonomous car course, said, "This case should be a wakeup call to Tesla owners: they can't over-rely on Autopilot, and they really need to be ready to take control and Tesla is not a self-driving system," reported Reuters. Tesla's Autopilot mode is designed to assist the driver with various driving tasks. It uses a combination of cameras, radar, and ultrasonic sensors to detect and respond to its environment in the real-time. Autopilot mode can be used on highways and it includes various features. When engaged, Autopilot mode can control the vehicle's speed, steering, and braking, but it requires the driver to remain attentive and ready to take control at any moment. Watch | Oliver Dowden named UK deputy pm after Dominic Raab's resignation × It's important to note that Autopilot mode is not a fully autonomous driving system and should not be relied upon as such. Tesla recommends that drivers keep their attention focused on the road and not become distracted by other activities while using Autopilot mode. In 2015, Tesla unveiled Autopilot, and in 2016, the first deadly accident was reported in 2016. That matter was never tried in court. Three Tesla engineers testified during the three weeks in the Hsu trial that took place in Los Angeles Superior Court. 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.

Tesla secures big win in crash case, court says autopilot feature did not fail

Alphabet Chief Executive Officer Sundar Pichai's pay package in 2023 soared to $226 million in 2022. This came as a triennial stock valued at $218 million was awarded to Pichai.

The Madurai-born business executive's pay package now dwarfs down the compensation of many other Silicon Valley technology magnates.

Sundar Pichai's salary was just $6.3 million in 2021 when he was not entitled to the stock award he last received last year. The information was revealed in a filing from the Alphabet Inc. on Friday. Pichai's salary remained at a steady $2 million during past three years.

<h2>Alphabet Inc. stock award: What is it?</h2>

Among the perks received by an Alphabet Inc. chief executive is a stock award from the company. It is awarded once in three years. Pichai received a similarly sized package in 2019.&nbsp;

In 2019, Pichai received $281 million pay package.

ALSO WATCH |&nbsp;'AI more profound than fire or electricity', says Google CEO Sunder Pichai

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Pichai’s package put him well above other executives at Alphabet in 2022.&nbsp;

Prabhakar Raghavan, the senior vice president of Google’s knowledge and information, and Philipp Schindler, chief business officer, both took in about $37 million. Chief Financial Officer Ruth Porat’s compensation was $24.5 million. Their stock grants are given out on an annual basis, Bloomberg reported.

<h2>CEO stock awards: A matter of controversy in Silicon Valley</h2>

CEO compensation has been a matter of controversy in the Silicon Valley. This has become more pertinent after a wave of layoffs that began in the last quarter of 2023. Among the notables, Apple Inc. CEO Tim Cook slashed his 2023 pay after he was paid $100 million in 2022 and 2021.

Alphabet, too, has cut about 12,000 jobs, or 6 per cent of its global workforce, following months of other cost-cutting measures.

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Alphabet Chief Executive Officer Sundar Pichai's pay package in 2023 soared to $226 million in 2022. This came as a triennial stock valued at $218 million was awarded to Pichai.

Alphabet Chief Executive Officer Sundar Pichai's pay package in 2023 soared to $226 million in 2022. This came as a triennial stock valued at $218 million was awarded to Pichai. The Madurai-born business executive's pay package now dwarfs down the compensation of many other Silicon Valley technology magnates. Sundar Pichai's salary was just $6.3 million in 2021 when he was not entitled to the stock award he last received last year. The information was revealed in a filing from the Alphabet Inc. on Friday. Pichai's salary remained at a steady $2 million during past three years. Alphabet Inc. stock award: What is it? Among the perks received by an Alphabet Inc. chief executive is a stock award from the company. It is awarded once in three years. Pichai received a similarly sized package in 2019. In 2019, Pichai received $281 million pay package. ALSO WATCH | 'AI more profound than fire or electricity', says Google CEO Sunder Pichai × Pichai’s package put him well above other executives at Alphabet in 2022. Prabhakar Raghavan, the senior vice president of Google’s knowledge and information, and Philipp Schindler, chief business officer, both took in about $37 million. Chief Financial Officer Ruth Porat’s compensation was $24.5 million. Their stock grants are given out on an annual basis, Bloomberg reported. CEO stock awards: A matter of controversy in Silicon Valley CEO compensation has been a matter of controversy in the Silicon Valley. This has become more pertinent after a wave of layoffs that began in the last quarter of 2023. Among the notables, Apple Inc. CEO Tim Cook slashed his 2023 pay after he was paid $100 million in 2022 and 2021. Alphabet, too, has cut about 12,000 jobs, or 6 per cent of its global workforce, following months of other cost-cutting measures. 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.

Alphabet CEO Sundar Pichai earned hundreds of millions in 2022

Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.3 billion in 2022, reportedly told its staff that it will cut around 1,200 jobs in the United States.

Deloitte's job cuts come just four days after Ernst &amp; Young, another Big Four consulting giant, announced a similar measure, while citing "overcapacity" for laying off about 3,000 employees in the United States.

<h2>Deloitte layoffs: Who will be most affected?</h2>

According to a report in the Financial Times, the job cuts would entail 3 per cent reduction of total workforce at Deloitte's Risk and Financial Advisory division.

<h2>Big Four layoffs: Who is laying off how many?</h2>

In cumulative terms, the 3,000 people losing their jobs at Deloitte translate into 1.5 per cent of the company's total workforce in the United States.&nbsp;

Therefore, the job cuts at Deloitte are less deep than at Ernst &amp; Young four days ago, and the ones at KPMG in February.

ALSO WATCH |&nbsp;KPMG to cut 2% staff in US, several financial firms slash jobs

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While KPMG's job cuts in February affected close to 2 per cent of its total US workforce, about 5 per cent of Ernst &amp; Young's total workforce was affected as part of the job cuts announced by the company earlier this week.

<h2>Big Four layoffs: Post-pandemic hirings in spotlight</h2>

All Big Four financial advisory firms went on a hiring spree as the effect of Covid pandemic began receding. For instance, Deloitte's US headcount increased from 65,000 in 2021 to 80,000 by the end of last year.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/big-four-hiring-decline-ernst-young-blames-overcapacity-for-3000-job-cuts-583498">'Big Four' hiring decline: Ernst &amp; Young blames 'overcapacity' for 3,000 job cuts</a>

But layoffs are not just a Big Four-specific exercise in recent weeks.

Large-scale layoffs this week have rocked the corporate corners at Whole Foods, Meta and Opendoor.

Among others, San Francisco-based ride hailing platform Lyft Inc. also announced layoffs on April 21. While the company did not specify how many people will be affected, people familiar with the matter told Wall Street Journal that as many as 1,200 people will be affected in the layoff exercise.

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Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.

Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.3 billion in 2022, reportedly told its staff that it will cut around 1,200 jobs in the United States. Deloitte's job cuts come just four days after Ernst & Young, another Big Four consulting giant, announced a similar measure, while citing "overcapacity" for laying off about 3,000 employees in the United States. Deloitte layoffs: Who will be most affected? According to a report in the Financial Times, the job cuts would entail 3 per cent reduction of total workforce at Deloitte's Risk and Financial Advisory division. Big Four layoffs: Who is laying off how many? In cumulative terms, the 3,000 people losing their jobs at Deloitte translate into 1.5 per cent of the company's total workforce in the United States. Therefore, the job cuts at Deloitte are less deep than at Ernst & Young four days ago, and the ones at KPMG in February. ALSO WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs × While KPMG's job cuts in February affected close to 2 per cent of its total US workforce, about 5 per cent of Ernst & Young's total workforce was affected as part of the job cuts announced by the company earlier this week. Big Four layoffs: Post-pandemic hirings in spotlight All Big Four financial advisory firms went on a hiring spree as the effect of Covid pandemic began receding. For instance, Deloitte's US headcount increased from 65,000 in 2021 to 80,000 by the end of last year. ALSO READ | 'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts But layoffs are not just a Big Four-specific exercise in recent weeks. Large-scale layoffs this week have rocked the corporate corners at Whole Foods, Meta and Opendoor. Among others, San Francisco-based ride hailing platform Lyft Inc. also announced layoffs on April 21. While the company did not specify how many people will be affected, people familiar with the matter told Wall Street Journal that as many as 1,200 people will be affected in the layoff exercise. 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.

Thousands set to lose jobs as 'Big Four' announce job cuts one after another

Jack Dorsey, the co-founder and former Twitter CEO launched Bluesky, a social media platform that provides an alternative to the microblogging platform, on Android.&nbsp;

"We‘re building the AT Protocol, a new foundation for social networking which gives creators independence from platforms, developers the freedom to build, and users a choice in their experience," the Bluesky website said.

Also Read | <a href="https://www.wionews.com/business-economy/alphabet-ceo-sundar-pichai-earned-hundreds-of-millions-in-2022-584962">Alphabet CEO Sundar Pichai earned hundreds of millions in 2022</a>

The goal of Bluesky is to create an open and decentralised social media protocol that is not controlled by any single entity.&nbsp;The Bluesky project aims to address some of the problems and criticisms that have been levelled at social media platforms in recent years, including issues with content moderation, privacy, and data ownership.&nbsp;

By creating a decentralised protocol, the hope is that Bluesky can provide a more transparent and equitable social media experience for users, without the need for a centralised authority to regulate and control the platform.

It remains to be seen how successful the Bluesky project will be in achieving its ambitious goals.&nbsp;However, with the backing of someone as influential and experienced as Jack Dorsey, it is certainly a project to keep an eye on in the coming years.

Also Read | <a href="https://www.wionews.com/world/chile-president-boric-unveils-plan-to-nationalise-lithium-industry-critical-for-electric-mobility-584956">Chile: President Boric unveils plan to nationalise lithium industry critical for electric mobility</a>

The "social internet" of the future will provide users with more alternatives with "independence from platforms," claims the app's website.

The software, which can only be accessed with an invite code, is still under development. In 2019, Dorsey launched Bluesky as a side business with funding from Twitter. It was initially made available to iOS users in late February.

According to TechCrunch, Bluesky does not include fundamental capabilities like tracking likes or bookmarks, direct conversations, editing tweets, quote-tweeting, or utilising hashtags that are accessible on Twitter at launch.

Watch | Oliver Dowden named UK deputy pm after Dominic Raab's resignation

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It is also incorporating decentralisation into its own protocol, the AT Protocol, rather than building on the work already done on ActivityPub, the protocol powering Mastodon, an open-source Twitter alternative, and a variety of other decentralised apps in the larger "Fediverse," the term for these connected servers hosting free, open-source web publishing software.

The demand for the application has been growing and has 20,000 active users currently.

As per reports, when someone created a post in Bluesky the message that pops up is “What’s up?" unlike in Twitter where it asks “What's happening?"&nbsp;Bluesky's user interface has been kept straightforward, and Twitter's signature blue colour has been preserved. Users may write posts with up to 256 characters and upload photos by just hitting the app's plus button.&nbsp;

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Jack Dorsey, the co-founder and former Twitter CEO launched Bluesky, a social media platform that provides an alternative to the microblogging platform, on Android.

Jack Dorsey, the co-founder and former Twitter CEO launched Bluesky, a social media platform that provides an alternative to the microblogging platform, on Android. "We‘re building the AT Protocol, a new foundation for social networking which gives creators independence from platforms, developers the freedom to build, and users a choice in their experience," the Bluesky website said. Also Read | Alphabet CEO Sundar Pichai earned hundreds of millions in 2022 The goal of Bluesky is to create an open and decentralised social media protocol that is not controlled by any single entity. The Bluesky project aims to address some of the problems and criticisms that have been levelled at social media platforms in recent years, including issues with content moderation, privacy, and data ownership. By creating a decentralised protocol, the hope is that Bluesky can provide a more transparent and equitable social media experience for users, without the need for a centralised authority to regulate and control the platform. It remains to be seen how successful the Bluesky project will be in achieving its ambitious goals. However, with the backing of someone as influential and experienced as Jack Dorsey, it is certainly a project to keep an eye on in the coming years. Also Read | Chile: President Boric unveils plan to nationalise lithium industry critical for electric mobility The "social internet" of the future will provide users with more alternatives with "independence from platforms," claims the app's website. The software, which can only be accessed with an invite code, is still under development. In 2019, Dorsey launched Bluesky as a side business with funding from Twitter. It was initially made available to iOS users in late February. According to TechCrunch, Bluesky does not include fundamental capabilities like tracking likes or bookmarks, direct conversations, editing tweets, quote-tweeting, or utilising hashtags that are accessible on Twitter at launch. Watch | Oliver Dowden named UK deputy pm after Dominic Raab's resignation × It is also incorporating decentralisation into its own protocol, the AT Protocol, rather than building on the work already done on ActivityPub, the protocol powering Mastodon, an open-source Twitter alternative, and a variety of other decentralised apps in the larger "Fediverse," the term for these connected servers hosting free, open-source web publishing software. The demand for the application has been growing and has 20,000 active users currently. As per reports, when someone created a post in Bluesky the message that pops up is “What’s up?" unlike in Twitter where it asks “What's happening?" Bluesky's user interface has been kept straightforward, and Twitter's signature blue colour has been preserved. Users may write posts with up to 256 characters and upload photos by just hitting the app's plus button. 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.

Jack Dorsey's Twitter alternative Bluesky makes debut on Android

Lucky travelers scooped up heavily discounted plane tickets after a Japanese airline encountered a currency conversion blunder this week — with some passengers scoring 10,000 dollars tickets for a mere 300 dollars.

Japan: $10,000 business class tickets sold for $300

Elon Musk's wealth recorded a significant drop in a tumultuous 24-hour period that saw Tesla's below-expectation quarterly results, the explosion of SpaceX Starship rocket, and Twitter taking away all legacy blue checkmarks.

All of these events have taken place in a&nbsp;24-hour period between April 19 and April 20.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/photos/in-pictures-when-elon-musks-spacex-starship-dream-exploded-in-thin-air-584614">In Pictures | When Elon Musk's Starship dream exploded into successful failure</a>

They have had the most immediate consequence on Musk's wealth. The billionaire business magnate's net worth has dropped by $12.6 billion in last 24-hours, his biggest decline this year according to Bloomberg Billionaires Index.

ALSO WATCH |&nbsp;Tesla records 24 per cent&nbsp;drop in net income

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For Elon Musk, his stake in Tesla, including shares and options, makes up the biggest part of his $163.9 billion fortune. He is the Chief Executive Officer of both Tesla and SpaceX, as well as Twitter, the social media platform he acquired last year. Musk continues to be the world’s second-richest person behind French luxury tycoon Bernard Arnault.

<h2>How Elon Musk is reacting to recent setbacks?</h2>

Referring to Tesla's underperformance, Musk said that "it’s difficult to say what the margin will be."

As for SpaceX Starship debacle, Musk congratulated employees and said he’s optimistic about the program’s progress. Many called it Musk's way of turning setbacks into 'successful failures.'&nbsp;

On Twitter, he kept the promise of removing legacy blue checkmarks, sending shockwaves beneath&nbsp;pillars of world's virtual 'town square'.

It’s "shaping up to be quite the day!" he tweeted, while referring to April 20 or 4/20, the unofficial pot holiday.

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Elon Musk's wealth recorded a significant drop in a tumultuous 24-hour period that saw Tesla's below-expectation quarterly results, the explosion of SpaceX Starship rocket, and Twitter taking away all legacy blue checkmarks.

Elon Musk's wealth recorded a significant drop in a tumultuous 24-hour period that saw Tesla's below-expectation quarterly results, the explosion of SpaceX Starship rocket, and Twitter taking away all legacy blue checkmarks. All of these events have taken place in a 24-hour period between April 19 and April 20. ALSO READ | In Pictures | When Elon Musk's Starship dream exploded into successful failure They have had the most immediate consequence on Musk's wealth. The billionaire business magnate's net worth has dropped by $12.6 billion in last 24-hours, his biggest decline this year according to Bloomberg Billionaires Index. ALSO WATCH | Tesla records 24 per cent drop in net income × For Elon Musk, his stake in Tesla, including shares and options, makes up the biggest part of his $163.9 billion fortune. He is the Chief Executive Officer of both Tesla and SpaceX, as well as Twitter, the social media platform he acquired last year. Musk continues to be the world’s second-richest person behind French luxury tycoon Bernard Arnault. How Elon Musk is reacting to recent setbacks? Referring to Tesla's underperformance, Musk said that "it’s difficult to say what the margin will be." As for SpaceX Starship debacle, Musk congratulated employees and said he’s optimistic about the program’s progress. Many called it Musk's way of turning setbacks into 'successful failures.' On Twitter, he kept the promise of removing legacy blue checkmarks, sending shockwaves beneath pillars of world's virtual 'town square'. It’s "shaping up to be quite the day!" he tweeted, while referring to April 20 or 4/20, the unofficial pot holiday. 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.

Elon Musk loses billions in net worth after Starship explosion, Tesla's underperformance

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million.&nbsp;

The Wealthiest Cities Report 2023 by Henley &amp; Partners noted that the most-populous US city&nbsp;has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade.&nbsp;

A&nbsp;person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs).&nbsp;

However, it is San Francisco Bay Area on the US West Coast&nbsp;that has the most billionaires in the world - 63. The&nbsp;city also has the second-most number of millionaires in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs.&nbsp;

Japan's capital Tokyo is second in the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth position respectively.&nbsp;

Three cities from China are ranked in the top 10. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China's capital Beijing is eighth (128,200 HNWIs), while Shanghai is in the ninth position (127,200 HNWIs).&nbsp;

Australia's Sydney is tenth on the list, with 126,900 HNWIs living within its city limits. The city is also expected to be among the five wealthiest cities in the world by 2040, the report said.&nbsp;

The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs.

Interestingly, seven cities are in countries actively welcoming Foreign Direct Investment in return for residence or citizenship rights. These countries are the United States, Hong Kong, Singapore, Australia and United Kingdom.&nbsp;

The growing economic rivalry between the US and China can also be seen in this list, as both countries also have three cities each in the 10 fastest growing millionaire hotspots.&nbsp;

At 105 percent, Hangzhou, a city in eastern China, has seen the highest growth in HNWIs since 2012. High-tech capital, Shenzhen, and the port city of Guangzhou have also enjoyed significant rise in HNWIs since 2012, at 98 percent and 86 percent, respectively.&nbsp;

The three fastest growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent).&nbsp;

On a per-capita basis, Monaco, the tiny city-state in Europe, is the wealthiest in the world. According to the report, the average wealth of a person living in Monaco exceeds $10 million.&nbsp;

Five Indian cities find a place in this year's rankings.

Mumbai is in&nbsp;the 21st position, with over 59,000 HNWIs. India's financial capital&nbsp;is also the top ranked Indian city in the list. Delhi, ranked 36th, is home to nearly 30,000 millionaires. India's capital city is followed by Bengaluru, Kolkata and Hyderabad.&nbsp;

The report noted that two southern Indian cities -- Bengaluru (88 percent) and Hyderabad (78 percent) -- have been among the 10 fastest growing millionaire hubs&nbsp;in the last decade.&nbsp;

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million. The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous US city has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade.

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million. The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous US city has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade. A person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs). However, it is San Francisco Bay Area on the US West Coast that has the most billionaires in the world - 63. The city also has the second-most number of millionaires in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs. Japan's capital Tokyo is second in the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth position respectively. Three cities from China are ranked in the top 10. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China's capital Beijing is eighth (128,200 HNWIs), while Shanghai is in the ninth position (127,200 HNWIs). Australia's Sydney is tenth on the list, with 126,900 HNWIs living within its city limits. The city is also expected to be among the five wealthiest cities in the world by 2040, the report said. The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs. Interestingly, seven cities are in countries actively welcoming Foreign Direct Investment in return for residence or citizenship rights. These countries are the United States, Hong Kong, Singapore, Australia and United Kingdom. The growing economic rivalry between the US and China can also be seen in this list, as both countries also have three cities each in the 10 fastest growing millionaire hotspots. At 105 percent, Hangzhou, a city in eastern China, has seen the highest growth in HNWIs since 2012. High-tech capital, Shenzhen, and the port city of Guangzhou have also enjoyed significant rise in HNWIs since 2012, at 98 percent and 86 percent, respectively. The three fastest growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent). On a per-capita basis, Monaco, the tiny city-state in Europe, is the wealthiest in the world. According to the report, the average wealth of a person living in Monaco exceeds $10 million. Five Indian cities find a place in this year's rankings. Mumbai is in the 21st position, with over 59,000 HNWIs. India's financial capital is also the top ranked Indian city in the list. Delhi, ranked 36th, is home to nearly 30,000 millionaires. India's capital city is followed by Bengaluru, Kolkata and Hyderabad. The report noted that two southern Indian cities -- Bengaluru (88 percent) and Hyderabad (78 percent) -- have been among the 10 fastest growing millionaire hubs in the last decade.

New York is world's wealthiest city, Mumbai top ranked Indian metro: Report

In a big relief to&nbsp;pharmaceutical giant Johnson &amp;&nbsp;Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer.

US Bankruptcy Judge Michael Kaplan, however, allowed other cases to proceed with depositions and other matters as long as no trials commence, a Reuters report said. New lawsuits can also be filed against the pharmaceutical company, the judge added. &nbsp;

The halt in lawsuits will give Johnson &amp; Johnson time to get court's approval of an $8.9 billion settlement which was announced on April 3 this year, Bloomberg reported. All lawsuits have been&nbsp;consolidated in a federal district court in New Jersey.

However, the report added that the pharmaceutical company had sought complete relief from lawsuits as part of the bankruptcy case involving its subsidiary LTL Management.&nbsp;

Plaintiffs have argued that Johnson and Johnson's talc contain asbestos which causes gynecological diseases like ovarian cancer and mesothelioma. However, the company has said that its talc is safe, asbestos-free and does not cause cancer.

Johnson &amp; Johnson's settlement plan

As a part of the "Texas Two step" bankruptcy law, the US pharma giant in October 2021 offloaded all lawsuits onto a new subsidiary, LTL Management, which then declared bankruptcy.&nbsp;

However, the bankruptcy filing was invalidated in January this year. The new subsidiary filed its second bankruptcy in early April in a bid to present a settlement plan by May 14.&nbsp;

Johnson and Johnson and its subsidiary have argued that bankruptcy delivers settlement payouts more "fairly, efficiently and equitably" than a “lottery” offered by trial courts, where some litigants get large awards and others nothing.

Johnson and Johnson has claimed that over 60,000 litigants support the proposed $8.9 billion settlement. But lawyers representing those opposing the billion-dollar settlement have dismissed the company's claim.&nbsp;

They have accused the pharma company of abusing the bankruptcy system, adding that a multinational conglomerate valued at more than $400 billion is in little danger of running out of money to pay cancer victims.

“We continue to believe that this bankruptcy effort is illegitimate and that stance will be affirmed through the appellate process," Reuters quoted Leigh O’Dell, one of the lead lawyers for plaintiffs,&nbsp;as saying.

In a big relief to pharmaceutical giant Johnson & Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer.

In a big relief to pharmaceutical giant Johnson & Johnson, a US court on Thursday halted at least 38,000 out of the 40,000 lawsuits that allege that its baby powder and other talc-based products cause cancer. US Bankruptcy Judge Michael Kaplan, however, allowed other cases to proceed with depositions and other matters as long as no trials commence, a Reuters report said. New lawsuits can also be filed against the pharmaceutical company, the judge added. The halt in lawsuits will give Johnson & Johnson time to get court's approval of an $8.9 billion settlement which was announced on April 3 this year, Bloomberg reported. All lawsuits have been consolidated in a federal district court in New Jersey. However, the report added that the pharmaceutical company had sought complete relief from lawsuits as part of the bankruptcy case involving its subsidiary LTL Management. Plaintiffs have argued that Johnson and Johnson's talc contain asbestos which causes gynecological diseases like ovarian cancer and mesothelioma. However, the company has said that its talc is safe, asbestos-free and does not cause cancer. Johnson & Johnson's settlement plan As a part of the "Texas Two step" bankruptcy law, the US pharma giant in October 2021 offloaded all lawsuits onto a new subsidiary, LTL Management, which then declared bankruptcy. However, the bankruptcy filing was invalidated in January this year. The new subsidiary filed its second bankruptcy in early April in a bid to present a settlement plan by May 14. Johnson and Johnson and its subsidiary have argued that bankruptcy delivers settlement payouts more "fairly, efficiently and equitably" than a “lottery” offered by trial courts, where some litigants get large awards and others nothing. Johnson and Johnson has claimed that over 60,000 litigants support the proposed $8.9 billion settlement. But lawyers representing those opposing the billion-dollar settlement have dismissed the company's claim. They have accused the pharma company of abusing the bankruptcy system, adding that a multinational conglomerate valued at more than $400 billion is in little danger of running out of money to pay cancer victims. “We continue to believe that this bankruptcy effort is illegitimate and that stance will be affirmed through the appellate process," Reuters quoted Leigh O’Dell, one of the lead lawyers for plaintiffs, as saying.

Johnson & Johnson gets relief as US court halts most talc lawsuits, stops trials

Buzzfeed on Thursday said it is shutting down its popular news division. About 15% of the workforce in the in business, content, tech and administration teams are likely to lose their jobs.

Buzzfeed news to shut down

The European Union's financial services chief said the rest of the world should copy the its rules for crypto assets to create a robust global approach that protects consumers and financial stability.

EU urges others to follow its crypto rules

Shares of electric vehicle maker Tesla are down more than 4%. The company's net income fell more than 24% year-on-year after Elon Musk said the company would prioritise volume growth over profits during recessionary times.

Tesla records 24% drop in net income

BuzzFeed announced Thursday that it was shutting its news division as part of cost-saving measures. The company said the move is part of the process of reducing staff which is being brought down by 15 per cent. The shutting down of the newsroom signals the end of one of the most notable news websites of the internet era.

"We are reducing our workforce by approximately 15 per cent today... and beginning the process of closing BuzzFeed News," chief executive Jonah Peretti wrote in an email sent to the staff.

"While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," he wrote.

Buzzfeed said that it was facing certain challenges, including a recession in the tech sector and the struggling stock market.&nbsp;CEO Peretti admitted that he was partly at fault for the closure.

Peretti acknowledged that since he loved the work and mission of Buzzfeed News, he had "overinvested" in it. "This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media," he wrote in the memo.

BuzzFeed shares fell more than 20 per cent on Wall Street following the news.

Peretti&nbsp;added that the company now plans to concentrate its news output on its HuffPost website.

The coronavirus pandemic, less capital, a decelerating digital advertising market and "ongoing audience and platform shifts" were the other reasons Peretti cited for the decision.

"Dealing with all of these obstacles at once is part of why we've needed to make the difficult decisions to eliminate more jobs and reduce spending," he said.

Peretti conceded that he could have reacted better to the challenges.

"I also want to be clear: I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote.

BuzzFeed is&nbsp;an American digital company that was created in 2006. It primarily became popular for its lists and quizzes. In late 2011, it founded BuzzFeed News&nbsp;which went on to win a number of awards.&nbsp;

(With inputs from agencies)

&nbsp;

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BuzzFeed announced Thursday that it was shutting its news division as part of cost-saving measures. The company said the move is part of the process of reducing staff which is being brought down by 15 per cent.

BuzzFeed announced Thursday that it was shutting its news division as part of cost-saving measures. The company said the move is part of the process of reducing staff which is being brought down by 15 per cent. The shutting down of the newsroom signals the end of one of the most notable news websites of the internet era. "We are reducing our workforce by approximately 15 per cent today... and beginning the process of closing BuzzFeed News," chief executive Jonah Peretti wrote in an email sent to the staff. "While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," he wrote. Buzzfeed said that it was facing certain challenges, including a recession in the tech sector and the struggling stock market. CEO Peretti admitted that he was partly at fault for the closure. Peretti acknowledged that since he loved the work and mission of Buzzfeed News, he had "overinvested" in it. "This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media," he wrote in the memo. BuzzFeed shares fell more than 20 per cent on Wall Street following the news. Peretti added that the company now plans to concentrate its news output on its HuffPost website. The coronavirus pandemic, less capital, a decelerating digital advertising market and "ongoing audience and platform shifts" were the other reasons Peretti cited for the decision. "Dealing with all of these obstacles at once is part of why we've needed to make the difficult decisions to eliminate more jobs and reduce spending," he said. Peretti conceded that he could have reacted better to the challenges. "I also want to be clear: I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote. BuzzFeed is an American digital company that was created in 2006. It primarily became popular for its lists and quizzes. In late 2011, it founded BuzzFeed News which went on to win a number of awards. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Buzzfeed is shutting down newsroom, overall staff to be cut down by 15%

Walt Disney is set to eliminate nearly 7,000 jobs next week, including about 15% of the staff in its entertainment division.

Disney to cut 7,000 jobs amid more layoffs

Facebook's parent company Meta began executing job cuts across all Metaverse companies on Wednesday, April 19. The move, which will eventually eliminate 10,000 positions across Facebook, WhatsApp, Instagram and Reality Labs, is part of Meta's goal of "greater efficiency."

The development came after Meta notified managers to make the dreadful announcement to their team members designated to be laid off by the company.&nbsp;

It is not immediately clear how many of these 10,000 positions have been eliminated after Meta's April 19 notification to its managers at various Metaverse companies.

The memo, seen by Bloomberg News, indicated that the teams at Meta will be reorganised. Various employees still employed after the latest round of layoffs would be reassigned to work under new managers.

All employees who can work from home in North America have been reportedly told to continue doing so in order to "process the news", the memo's content reportedly said.

Already, Meta cut about 13 per cent or 11,000 jobs, in November. This means that within a matter of two quarters or six months, Meta would have put a total of 21,000 people out of jobs.&nbsp;

ALSO WATCH |&nbsp;Another round of mass layoffs begin in Meta, to cut 10,000 more jobs

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WION <a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">reported in February 2023</a> about Meta delaying the setting up of team budgets, triggering speculations of more layoffs, an eventuality that was officially announced soon after.

<h2>Meta's 'year of efficiency' a year of job cuts</h2>

Meta also extended a hiring freeze through first three months of 2023.&nbsp;

In March, Zuckerberg billed 2023 as "year of efficiency".&nbsp;

"We expect to announce restructuring and layoffs in our tech groups in late April, and then our business groups in May," he wrote.

As made clear by Zuckerberg himself, Meta plans to cut business-facing roles, such as finance, legal and human resources, in May 2023.

<h2>Meta layoffs: India among affected regions</h2>

According to a CNBC TV18 report, employees in India will also be affected by the second round of layoffs. The news platform cited a person with knowledge of the matter as saying that people in tech roles will be among those who will be laid off.

Several laid off Meta employees took to LinkedIn to inform their networks of Meta's job cuts affecting thousands in multiple regions where the company operates.&nbsp;

In a LinkedIn post, Teresa Jimenez, a former Business Program Manager at Facebook, said, "I woke up this morning to the unfortunate news that I was one of the many laid off from Meta today. While I am certainly disappointed, I'm also feeling extremely #grateful for the opportunity to have worked alongside some of the most talented individuals for almost 3 years!"

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Facebook's parent company Meta began executing job cuts across all Metaverse companies on Wednesday, April 19. The move, which will eventually eliminate 10,000 positions across Facebook, WhatsApp, Instagram and Reality Labs, is part of Meta's goal of "greater efficiency.

Facebook's parent company Meta began executing job cuts across all Metaverse companies on Wednesday, April 19. The move, which will eventually eliminate 10,000 positions across Facebook, WhatsApp, Instagram and Reality Labs, is part of Meta's goal of "greater efficiency." The development came after Meta notified managers to make the dreadful announcement to their team members designated to be laid off by the company. It is not immediately clear how many of these 10,000 positions have been eliminated after Meta's April 19 notification to its managers at various Metaverse companies. The memo, seen by Bloomberg News, indicated that the teams at Meta will be reorganised. Various employees still employed after the latest round of layoffs would be reassigned to work under new managers. All employees who can work from home in North America have been reportedly told to continue doing so in order to "process the news", the memo's content reportedly said. Already, Meta cut about 13 per cent or 11,000 jobs, in November. This means that within a matter of two quarters or six months, Meta would have put a total of 21,000 people out of jobs. ALSO WATCH | Another round of mass layoffs begin in Meta, to cut 10,000 more jobs × WION reported in February 2023 about Meta delaying the setting up of team budgets, triggering speculations of more layoffs, an eventuality that was officially announced soon after. Meta's 'year of efficiency' a year of job cuts Meta also extended a hiring freeze through first three months of 2023. In March, Zuckerberg billed 2023 as "year of efficiency". "We expect to announce restructuring and layoffs in our tech groups in late April, and then our business groups in May," he wrote. As made clear by Zuckerberg himself, Meta plans to cut business-facing roles, such as finance, legal and human resources, in May 2023. Meta layoffs: India among affected regions According to a CNBC TV18 report, employees in India will also be affected by the second round of layoffs. The news platform cited a person with knowledge of the matter as saying that people in tech roles will be among those who will be laid off. Several laid off Meta employees took to LinkedIn to inform their networks of Meta's job cuts affecting thousands in multiple regions where the company operates. In a LinkedIn post, Teresa Jimenez, a former Business Program Manager at Facebook, said, "I woke up this morning to the unfortunate news that I was one of the many laid off from Meta today. While I am certainly disappointed, I'm also feeling extremely #grateful for the opportunity to have worked alongside some of the most talented individuals for almost 3 years!" 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 begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp

Apple Inc's Chief Executive Officer (CEO) Tim Cook on Thursday (April 20) inaugurated the company's retail store in Delhi at the Select Citywalk Mall in Saket. This is the second retail store in India after Cook opened the first store in Mumbai on Tuesday.

Apple Inc's Chief Executive Officer (CEO) Tim Cook on Thursday (April 20) inaugurated the company's retail store in Delhi at the Select Citywalk Mall in Saket. This is the second retail store in India after Cook opened the first store in Mumbai on Tuesday. The retail store in Delhi is half the size of the Mumbai store where Apple would pay a portion of total sales from the store as rent or $49,000 per month, a report by the news agency PTI said. The retail store at the Select Citywalk Mall was jam-packed with fans and customers, as a delighted Cook welcomed customers. This store would offer personalised support and unique experiences for customers to discover the various aspects of the technology. What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store—Apple Saket! pic.twitter.com/5Jmi79ixzl — Tim Cook (@tim_cook) April 20, 2023 × "What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store—Apple Saket!" Cook tweeted. ALSO READ | Apple gains from India's surging retail market, but don't bet on a Made-in-India boost yet Deirdre O`Brien, Apple's Senior Vice President of retail, said on Thursday "We`re thrilled to bring the best of Apple to our customers in Delhi with the opening of our second store in India, Apple Saket," the news agency IANS reported. O'Brien added that the company's team members look forward to connecting with the local community, and helping them find new ways "to pursue their passions and unleash their creativity through our amazing products and services." Tim Cook meets Indian PM Narendra Modi A day before the opening of Apple's retail store in Delhi, CEO Tim Cook met Indian Prime Minister Narendra Modi and Union Minister of State for Electronics and IT Rajeev Chandrasekhar and discussed how to boost local manufacturing and iPhone exports. On Twitter, Cook said, "We share your vision of the positive impact technology can make on India’s future — from education and developers to manufacturing and the environment, we’re committed to growing and investing across the country." An absolute delight to meet you, @tim_cook! Glad to exchange views on diverse topics and highlight the tech-powered transformations taking place in India. https://t.co/hetLIjEQEU — Narendra Modi (@narendramodi) April 19, 2023 × In response, Prime Minister Modi tweeted that it was an absolute delight to meet Cook, adding he was glad to exchange views on diverse topics and highlight the tech-powered transformations taking place in India. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: After Mumbai, Apple opens its retail store in Delhi

The mass layoffs continue at Facebook's parent company Meta. Media reports on Wednesday said that the tech giant has cut nearly 4000, including engineering and tech jobs this time. Prompting meta employees to express their frustration on the ongoing uncertainty regarding their jobs.

Another round of layoffs at Meta

Walt Disney Co. is set to eliminate thousands of jobs next week which will reportedly include about 15 per cent of the Disney staff in the company's entertainment division.&nbsp;

The job cuts would entail people employed in Disney's TV and film divisions as well as the employees in theme parks and corporate positions, Bloomberg reported while citing people familiar with the matter.

The latest Disney job cuts will affect every region where Disney operates, Bloomberg report added. Some affected workers will be notified as early as April 24, it said.

Earlier in February, Disney announced 7,000 job cuts as part of its cost-cutting measures to save $5.5 billion in its annual costs.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/disney-next-in-line-for-layoffs-to-cut-7000-jobs-in-cost-saving-efforts-560164">Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts</a>

The job cuts would significantly reduce headcount at Disney Entertainment, which includes the company's movie and TV production, streaming and distribution businesses. Disney Entertainment was created as part of Walt Disney's restructuring process this year itself.

ALSO WATCH |&nbsp;Disney's cost cutting leads to senior executives' layoffs at ABC

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As the streaming industry's focus shifts to operating online video platforms, major players such as NBC Universal, Warner Bros and Paramount Global too have reduced their head count.

In November, the current Disney CEO Bob Iger returned to lead the company after a $1.47 billion quarterly loss in the company’s streaming business that resulted in the removal of another Bob of Disney: Bob Chapek.

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Walt Disney Co. is set to eliminate thousands of jobs next week which will reportedly include about 15 per cent of the Disney staff in the company's entertainment division.

Walt Disney Co. is set to eliminate thousands of jobs next week which will reportedly include about 15 per cent of the Disney staff in the company's entertainment division. The job cuts would entail people employed in Disney's TV and film divisions as well as the employees in theme parks and corporate positions, Bloomberg reported while citing people familiar with the matter. The latest Disney job cuts will affect every region where Disney operates, Bloomberg report added. Some affected workers will be notified as early as April 24, it said. Earlier in February, Disney announced 7,000 job cuts as part of its cost-cutting measures to save $5.5 billion in its annual costs. ALSO READ | Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts The job cuts would significantly reduce headcount at Disney Entertainment, which includes the company's movie and TV production, streaming and distribution businesses. Disney Entertainment was created as part of Walt Disney's restructuring process this year itself. ALSO WATCH | Disney's cost cutting leads to senior executives' layoffs at ABC × As the streaming industry's focus shifts to operating online video platforms, major players such as NBC Universal, Warner Bros and Paramount Global too have reduced their head count. In November, the current Disney CEO Bob Iger returned to lead the company after a $1.47 billion quarterly loss in the company’s streaming business that resulted in the removal of another Bob of Disney: Bob Chapek. 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.

Disney's next layoff bloodbath to axe thousands of jobs in every region it operates