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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14),&nbsp;getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed.

Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for&nbsp;Pakistan’s acute balance of payments crisis.

Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE.&nbsp;

The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month.&nbsp;

Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. &nbsp;&nbsp; &nbsp;&nbsp;

(With inputs from agencies)&nbsp; 
 
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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF).

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed. Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for Pakistan’s acute balance of payments crisis. Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE. The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month. Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. (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.

Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance

The price of crude oil dropped by more than $1 a barrel as traders booked profits after benchmarks reached multi-month highs the previous session and an OPEC report fueled concerns about summer demand. Only the second time this month did the global benchmark Brent crude finish lower, down $1.24 or 1.4% to settle at $86.09 per barrel. US West Texas Intermediate (WTI) prices fell $1.10, or 1.3%, to $82.16 per barrel at the market close.

Crude oil prices decline 1% after scaling multi-month highs

House Speaker Kevin McCarthy is prepared to announce a plan the following week that would extend the country's debt ceiling for a year in exchange for expenditure cuts. According to two persons who requested to remain anonymous, the plan calls for a vote in the House in late May to extend the debt ceiling until around May 2024. This would serve as the starting point for negotiations with the White House and congressional Democrats.

GOP vs Biden: GOP bill seeks to suspend ceiling until May 2024

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes.

According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were&nbsp;still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency.&nbsp;

In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-agrees-to-cut-production-for-first-time-in-a-year-after-oil-price-slump-513187">OPEC to cut production by 100,000 barrels per day after oil price slump</a>

Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia.

Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil.&nbsp;

Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-arabia-opec-members-announce-oil-production-cuts-by-over-a-million-bpd-578386">Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd</a>

According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.”&nbsp;

The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd.

(With inputs from agencies)&nbsp; 
 
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Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14).

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes. According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency. In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd. ALSO READ | OPEC to cut production by 100,000 barrels per day after oil price slump Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia. Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil. Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market. ALSO READ | Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.” The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd. (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.

Russia’s oil exports hit a three-year high in March despite Western sanctions

Oil giant ExxonMobil has given a massive pay hike of 52 per cent to its CEO Darren Woods after the company reported its highest ever profits amid Russian invasion of Ukraine. Woods pay figure now comes to USD 35.9 million. ExxonMobil said that the mega hike was &nbsp;“reflective of record company earnings and stock price performance”.

Earlier this year, ExxonMobil reported annual profit of USD 55.7 billion for the year 2022.

In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period.

Revenues from October through December rose 12.3 percent to $95.4 billion.

The results reflect slightly higher production of oil and natural gas in 2022

In 2020, ExxonMobil was kicked out of the Dow index while its stock languished during the coronavirus crisis, which dented petroleum demand. At the time, the company was criticized for taking on more debt than rivals.

The huge profits by oil companies have sparked pushback from governments. In December, ExxonMobil sued to challenge a new windfall tax policy in Europe.

ExxonMobil, along with rival Chevron, has also sparred with US President Joe Biden, who has bashed the energy giants for buying back shares instead of putting extra funds into new oil and gas investments.

(With inputs from agencies)

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Oil giant ExxonMobil has given a massive pay hike of 52 per cent to its CEO Darren Woods after the company reported its highest ever profits amid Russian invasion of Ukraine.

Oil giant ExxonMobil has given a massive pay hike of 52 per cent to its CEO Darren Woods after the company reported its highest ever profits amid Russian invasion of Ukraine. Woods pay figure now comes to USD 35.9 million. ExxonMobil said that the mega hike was “reflective of record company earnings and stock price performance”. Earlier this year, ExxonMobil reported annual profit of USD 55.7 billion for the year 2022. In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period. Revenues from October through December rose 12.3 percent to $95.4 billion. The results reflect slightly higher production of oil and natural gas in 2022 In 2020, ExxonMobil was kicked out of the Dow index while its stock languished during the coronavirus crisis, which dented petroleum demand. At the time, the company was criticized for taking on more debt than rivals. The huge profits by oil companies have sparked pushback from governments. In December, ExxonMobil sued to challenge a new windfall tax policy in Europe. ExxonMobil, along with rival Chevron, has also sparred with US President Joe Biden, who has bashed the energy giants for buying back shares instead of putting extra funds into new oil and gas investments. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

ExxonMobil CEO gets massive pay hike after highest ever profits

A&nbsp;report by the Belgium-based&nbsp;newspaper Derniere Heure says&nbsp;that Uber has allegedly been increasing the prices for people if their phone battery is low. The media outlet conducted a small study which showed how the pricing for users in Brussels was based on how much battery they had on their phones. The test was conducted after some users claim to have seen varied prices for the same trips, however, the ride-hailing giant has since refuted these claims.&nbsp;

<meta charset="utf-8" />

What did the investigation find?

Two phones, one with 84 per cent battery and the other with 12 per cent, were used for the investigation while requesting a ride from their office in Brussels to Tour and Taxis in the centre. The report shows a notable discrepancy in prices, as the phone which was at 12 per cent was charged 17.56 euros ($19.32), as opposed to the phone with an 84 per cent battery which charged 16.6 euros ($18.26) for the same distance.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/uber-ceo-khosrowshahi-moonlighted-as-driver-in-2022-this-is-what-he-learnt-580966">Uber CEO Khosrowshahi 'moonlighted' as driver in 2022, this is what he learnt</a>

What did Uber say about these accusations?

In response, the company in a statement to the Brussels-based newspaper&nbsp;has since denied these claims and said, “Uber does not take into account the phone’s battery level to calculate the price of a trip. The dynamic pricing applied to trips booked via Uber is determined by the existing demand for rides and the supply of drivers who can respond to it.”&nbsp;

It added, “During peak hours, when there are many ride requests and few available drivers in a certain geographical area, this may impact the price of the trip.” Uber also said that the app is not able to measure the battery of a user’s phone.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/uber-signs-mou-with-tata-motors-to-bring-25000-evs-on-platform-in-india-563989">Uber signs MoU with Tata Motors to bring 25,000 EVs on platform in India</a>

Not the first time

This is not the first time that the ride-hailing giant has been accused of taking advantage of its users’ battery life. In a 2016 interview with the National Public Radio (NPR), a Washington-based nonprofit media organisation, Uber’s former head of economic research, Keith Chen said that their company had found that users with lower battery levels were more willing to pay for surge pricing, as per Vice.&nbsp;

However, Chen denied that the firm was explicitly hiking pricing for these customers.&nbsp; 
 
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A report by the Belgium-based newspaper Derniere Heure says that Uber has allegedly been increasing the prices for people if their phone battery is low. The media outlet conducted a small study which showed how the pricing for users in Brussels was based on how much battery they had on their phones.

A report by the Belgium-based newspaper Derniere Heure says that Uber has allegedly been increasing the prices for people if their phone battery is low. The media outlet conducted a small study which showed how the pricing for users in Brussels was based on how much battery they had on their phones. The test was conducted after some users claim to have seen varied prices for the same trips, however, the ride-hailing giant has since refuted these claims. What did the investigation find? Two phones, one with 84 per cent battery and the other with 12 per cent, were used for the investigation while requesting a ride from their office in Brussels to Tour and Taxis in the centre. The report shows a notable discrepancy in prices, as the phone which was at 12 per cent was charged 17.56 euros ($19.32), as opposed to the phone with an 84 per cent battery which charged 16.6 euros ($18.26) for the same distance. ALSO READ | Uber CEO Khosrowshahi 'moonlighted' as driver in 2022, this is what he learnt What did Uber say about these accusations? In response, the company in a statement to the Brussels-based newspaper has since denied these claims and said, “Uber does not take into account the phone’s battery level to calculate the price of a trip. The dynamic pricing applied to trips booked via Uber is determined by the existing demand for rides and the supply of drivers who can respond to it.” It added, “During peak hours, when there are many ride requests and few available drivers in a certain geographical area, this may impact the price of the trip.” Uber also said that the app is not able to measure the battery of a user’s phone. ALSO READ | Uber signs MoU with Tata Motors to bring 25,000 EVs on platform in India Not the first time This is not the first time that the ride-hailing giant has been accused of taking advantage of its users’ battery life. In a 2016 interview with the National Public Radio (NPR), a Washington-based nonprofit media organisation, Uber’s former head of economic research, Keith Chen said that their company had found that users with lower battery levels were more willing to pay for surge pricing, as per Vice. However, Chen denied that the firm was explicitly hiking pricing for these customers. 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.

Uber accused of charging customers more when their phone battery is low: Report

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway.

Soon, people will be able to log in to Twitter to know the real-time prices of cryptocurrency, stocks and other assets to buy or sell them.

Twitter has partnered with Israel-based investment platform eToro to launch this service on the microblogging site through the "cashtags" feature, which was launched in 2012.

Musk is keen on revamping the "cashtags" feature which allows users to read stock market updates by clicking on stock symbols like $GOOG, $AAPL or $FB.

In the past, users could see data from Tradingviews, a financial data platform, for some assets but could not invest. But with eToro on board, Twitter looks to add another dimension to the microblogging site.

Changes in Twitter since Musk's takeover

Since acquiring Twitter for $44 billion in 2022, Musk has made a series of changes to the microblogging site.

Among the most notable changes Musk has made to Twitter is the end of legacy blue ticks. He tweeted that legacy blue ticks would be removed by April 20.

Users can get a blue tick by subscribing to Twitter Blue. Subscribing to Twitter Blue will help users write longer tweets, post longer videos, and edit them within thirty minutes.

He has also changed Twitter's timeline look. For several months now, users not only see tweets from accounts they follow but also from those Twitter thinks you may like.

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway.

Days after Twitter's owner Elon Musk merged Twitter into a newly-formed company called X Corp, his ambitions to convert the microblogging site into an "everything app" seem to be underway. Soon, people will be able to log in to Twitter to know the real-time prices of cryptocurrency, stocks and other assets to buy or sell them. Twitter has partnered with Israel-based investment platform eToro to launch this service on the microblogging site through the "cashtags" feature, which was launched in 2012. Musk is keen on revamping the "cashtags" feature which allows users to read stock market updates by clicking on stock symbols like $GOOG, $AAPL or $FB. In the past, users could see data from Tradingviews, a financial data platform, for some assets but could not invest. But with eToro on board, Twitter looks to add another dimension to the microblogging site. Changes in Twitter since Musk's takeover Since acquiring Twitter for $44 billion in 2022, Musk has made a series of changes to the microblogging site. Among the most notable changes Musk has made to Twitter is the end of legacy blue ticks. He tweeted that legacy blue ticks would be removed by April 20. Users can get a blue tick by subscribing to Twitter Blue. Subscribing to Twitter Blue will help users write longer tweets, post longer videos, and edit them within thirty minutes. He has also changed Twitter's timeline look. For several months now, users not only see tweets from accounts they follow but also from those Twitter thinks you may like.

Twitter now a step closer to 'everything app', soon to be trading platform too

Singapore has the world's best business environment&nbsp;for the next five years, as per a report by a leading market intelligence&nbsp;group.&nbsp;

The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability.&nbsp;

Canada and Denmark are in the second and third position respectively. The United States, New Zealand and other European countries make up the top 10 list. &nbsp;

Only one other Asian territory finds a place in the top 10 - Hong Kong. The Special Administrative Region of China, a traditional rival of Singapore, occupies the seventh position.&nbsp;

"Our ranking shows that North America and western Europe remain the best regions in the world to do business," Economist Intelligence Unit report quoted Prianthi Roy, country forecast manager and Europe analyst, as saying.&nbsp;

While Singapore and Hong Kong are the only Asian territories in the top 10, several Asian countries have moved up in the rankings.&nbsp;

Vietnam is the biggest gainer, climbing 12 spots in the latest rankings. Thailand has risen 10 places since 2022 while India has managed to move up six places.&nbsp;

Vietnam, in particular, has fared so well due to companies pursuing the policy of having an alternate supply chain&nbsp;in Vietnam. With favourable investment policies and competitive labour costs, Vietnam is being seen as an alternate manufacturing hub to China.&nbsp;

With a stringent zero-Covid policy that ended only last year&nbsp;and the consequent economic distress, it comes as no surprise that the biggest loser in this year's rankings is China.&nbsp;

"The outlook for China’s business environment has deteriorated as a result of greater policy uncertainty, US-China tensions and a more challenging longer-term outlook for growth," the report noted.&nbsp;

China, the report said, now ranks below Malaysia, Thailand, Vietnam and India for doing business.&nbsp;

Singapore has the world's best business environment for the next five years, as per a report by a leading market intelligence group. The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability.

Singapore has the world's best business environment for the next five years, as per a report by a leading market intelligence group. The Economist Intelligence Unit's Business Environment Rankings has named the Southeast Asian city-state as the best business destination due to its high level of economic and political stability. Canada and Denmark are in the second and third position respectively. The United States, New Zealand and other European countries make up the top 10 list. Only one other Asian territory finds a place in the top 10 - Hong Kong. The Special Administrative Region of China, a traditional rival of Singapore, occupies the seventh position. "Our ranking shows that North America and western Europe remain the best regions in the world to do business," Economist Intelligence Unit report quoted Prianthi Roy, country forecast manager and Europe analyst, as saying. While Singapore and Hong Kong are the only Asian territories in the top 10, several Asian countries have moved up in the rankings. Vietnam is the biggest gainer, climbing 12 spots in the latest rankings. Thailand has risen 10 places since 2022 while India has managed to move up six places. Vietnam, in particular, has fared so well due to companies pursuing the policy of having an alternate supply chain in Vietnam. With favourable investment policies and competitive labour costs, Vietnam is being seen as an alternate manufacturing hub to China. With a stringent zero-Covid policy that ended only last year and the consequent economic distress, it comes as no surprise that the biggest loser in this year's rankings is China. "The outlook for China’s business environment has deteriorated as a result of greater policy uncertainty, US-China tensions and a more challenging longer-term outlook for growth," the report noted. China, the report said, now ranks below Malaysia, Thailand, Vietnam and India for doing business.

Singapore is world's best business hub: Economist Intelligence Unit report

Amazon has announced technology geared at its cloud users as well as a marketplace for AI tools from other companies. Amazon is joining well-known competitors like Microsoft and Google in the fight to gain an advantage in the generative artificial intelligence (AI) space. The Amazon Web Services (AWS) division of the multinational e-commerce company revealed two of its own large-language models. One of these two models is intended to produce text, and the other one might, among other things, enable online search personalization.

After Google and Microsoft, Amazon AWS joins generative AI race

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe.

"We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC.

The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector.

Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs.

The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year&nbsp;triggered panic in the banking sector.

In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

&nbsp;

&nbsp;

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States.

Legendary investor Warren Buffett, who is often sought for his opinion on global banking and finance, has shared his views about the banking crisis in the United States. The 92-year-old Buffett told a leading US business channel Wednesday that more banks could collapse in the United States. But he added that depositors would be safe. "We’re not over bank failures, but depositors haven’t had a crisis. Nobody is going to lose money on a deposit in a US bank. It’s not going to happen," he told CNBC. The "Sage of Omaha" had an unconventional take on the recent banking crisis, arguing that banks with questionable accounting practices and mismatched assets and liabilities will be exposed in this gloomy period for the banking sector. Buffett also had a word of advice for banks in the world's largest economy. He said that banks must retain depositor confidence, which he believed could be lost in seconds whenever a banking collapse occurs. The collapse of two US banks -- Silicon Valley Bank and Signature First Bank -- in March this year triggered panic in the banking sector. In response, the Federal Reserve lent US banks nearly $12 billion under a one-year lending programme to ease stress on the financial system. US authorities also moved swiftly to protect depositors as they saw "serious risk of contagion" that could have triggered runs on many banks.

Warren Buffett warns of more bank collapses in 2023

With Covid cases rising across India, former giant Serum Institute of India, has restarted the production of its Covid vaccine - Covishield. The CEO, Adar Poonawala said on Wednesday that six to seven million doses of Covishield will be made available in the next 90 days.

India: Covid vaccine demand to rise; 6-7 million doses to be available in 90 days | WION

As Americans continue to feel burdened by higher costs for rental, housing and food, US consumer prices they have accelerated last month and has given a rise to possibilities that Federal Reserve was far from causing its interest rates hiking rates.

US inflation at a two year low, fed fears mild recession in 2023

Google is planning to lay off more workforce in coming days, according to a new report. Around 10,000 employees were lay-off in January by Google.

Google's Sundar Pichai hints at more layoffs

A private military company a china-based firm and entities linked to Russian Energy company Rosatom are now among the 120 targets of the new US sanctions against Russia. The US Department of State and the Department of Treasury released a sanctions list in connection with the Russian federation's unlawful and unprovoked invasion of Ukraine including facilitators of sanctions evasion. Apart from helping Ukraine in its War efforts the US has sanctioned Russia and its entities as a punitive tool to cut off Moscow from the Global Financial system among the key people sanctioned Russian billionaire businessman Alisher Usmanov is one of them.

US releases new Russia sanctions list, top energy, telecom firm prime target in list

Twitter owner Elon Musk in a rare wide-ranging interview opened up on takeover of the social media company and the wave of lay offs in the Silicon Valley shortly after he took over the company last year. Asked about his first impressions of Twitter, Musk chuckled and said that he thought of it as "a really nice office building".&nbsp;

Musk, in an interview with BBC said that Twitter before him was being run "like a non-profit." and that without a "drastic action", it had just "four months to live".

<h2>Musk voted for Biden</h2>

Putting aside the previous speculations of Musk being a closeted Republican, Musk said that he voted for Joe Biden in the last US presidential election.&nbsp;

"Definitely close to half the country voted for Trump. I was not one of them," Musk told BBC.

<h2>Musk says he is 'no longer the CEO of Twitter'</h2>

In an interview that had its tense moments, Musk stops the BBC interviewer to say that he is "no longer the CEO of Twitter."

When asked who is the CEO of Twitter, he names his pet dog Floki, a Shiba Inu, the canine breed that symbolises Dogecoin.&nbsp;

<h2>Elon Musk justifies mass layoffs</h2>

Saying that Twitter had 8,000 employees when he took over and it now operates with just 1,500 people, Musk told BBC that while it is "not fun at all" to fire people, he still had to do it.&nbsp;

ALSO WATCH |&nbsp;Elon Musk merges Twitter with X Corp

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"It's not possible to talk with that many people face to face," Musk said.

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<h2>I should not tweet after 3 AM: Elon Musk</h2>

Musk agreed that he has shot himself in the foot multiple times by tweeting uncontrollably.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/twitter-no-more-musk-raises-hopes-of-everything-app-named-x-581449">Twitter no more? Musk raises hopes of 'everything app' named X</a>

"I think I should not tweet after 3 AM," he said.

<h2>Elon Musk calls for AI regulatory body</h2>

Elon Musk said that while developments in the field of Artificial Intelligence were ongoing for many years, a ChatGPT like chatbot had provided it an "easy interface".&nbsp;

"There should be a regulatory body to make sure it doesn't present a danger to the public," Musk said.
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Twitter owner Elon Musk in a rare wide-ranging interview opened up on takeover of the social media company and the wave of lay offs in the Silicon Valley shortly after he took over the company last year.

Twitter owner Elon Musk in a rare wide-ranging interview opened up on takeover of the social media company and the wave of lay offs in the Silicon Valley shortly after he took over the company last year. Asked about his first impressions of Twitter, Musk chuckled and said that he thought of it as "a really nice office building". Musk, in an interview with BBC said that Twitter before him was being run "like a non-profit." and that without a "drastic action", it had just "four months to live". Musk voted for Biden Putting aside the previous speculations of Musk being a closeted Republican, Musk said that he voted for Joe Biden in the last US presidential election. "Definitely close to half the country voted for Trump. I was not one of them," Musk told BBC. Musk says he is 'no longer the CEO of Twitter' In an interview that had its tense moments, Musk stops the BBC interviewer to say that he is "no longer the CEO of Twitter." When asked who is the CEO of Twitter, he names his pet dog Floki, a Shiba Inu, the canine breed that symbolises Dogecoin. Elon Musk justifies mass layoffs Saying that Twitter had 8,000 employees when he took over and it now operates with just 1,500 people, Musk told BBC that while it is "not fun at all" to fire people, he still had to do it. ALSO WATCH | Elon Musk merges Twitter with X Corp × "It's not possible to talk with that many people face to face," Musk said. I should not tweet after 3 AM: Elon Musk Musk agreed that he has shot himself in the foot multiple times by tweeting uncontrollably. ALSO READ | Twitter no more? Musk raises hopes of 'everything app' named X "I think I should not tweet after 3 AM," he said. Elon Musk calls for AI regulatory body Elon Musk said that while developments in the field of Artificial Intelligence were ongoing for many years, a ChatGPT like chatbot had provided it an "easy interface". "There should be a regulatory body to make sure it doesn't present a danger to the public," Musk said. 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 jokes his dog is new Twitter CEO; calls for AI regulatory body

A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion.

Holmes, who rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood, was convicted at trial in San Jose, California last year.

U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November. Holmes asked Davila to postpone the sentence while the 9th U.S. Circuit Court of Appeals reviews her case.

Davila concluded that even if Holmes won her appeal to challenge the Theranos technology evidence, it wouldn't result in a reversal or a new trial of all the counts she was found guilty of.

"Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised," he said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-court-sentences-former-theranos-president-ramesh-balwani-to-13-years-in-prison-for-fraud-541101">US court sentences former Theranos president Ramesh Balwani to 13 years in prison for fraud</a>

Holmes, who is scheduled to begin serving her sentence in April, may ask the 9th Circuit to grant bail.

In denying the release appeal, Davila noted that Holmes was unlikely to flee or endanger the community.

ALSO WATCH |&nbsp;Theranos founder Elizabeth Holmes sentenced to 11 years in prison in fraud case

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Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, saying she believed her statements were accurate at the time.

On appeal, Holmes plans to challenge several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors.

Holmes' co-defendant, former Theranos President Ramesh ‘Sunny’ Balwani, was convicted of defrauding Theranos investors and patients at a separate trial and sentenced to 12 years and 11 months in prison.

In March, Davila denied Balwani's request to remain free on bail during his appeal. The 9th Circuit also ruled that Balwani's sentence should not be postponed while it considers his case.

The case is U.S. v. Holmes et al., U.S. District Court, Northern District of California, No. 18-00258. 
 
(With inputs from agencies) 
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A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion.

A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion. Holmes, who rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood, was convicted at trial in San Jose, California last year. U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November. Holmes asked Davila to postpone the sentence while the 9th U.S. Circuit Court of Appeals reviews her case. Davila concluded that even if Holmes won her appeal to challenge the Theranos technology evidence, it wouldn't result in a reversal or a new trial of all the counts she was found guilty of. "Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised," he said. ALSO READ | US court sentences former Theranos president Ramesh Balwani to 13 years in prison for fraud Holmes, who is scheduled to begin serving her sentence in April, may ask the 9th Circuit to grant bail. In denying the release appeal, Davila noted that Holmes was unlikely to flee or endanger the community. ALSO WATCH | Theranos founder Elizabeth Holmes sentenced to 11 years in prison in fraud case × Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, saying she believed her statements were accurate at the time. On appeal, Holmes plans to challenge several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors. Holmes' co-defendant, former Theranos President Ramesh ‘Sunny’ Balwani, was convicted of defrauding Theranos investors and patients at a separate trial and sentenced to 12 years and 11 months in prison. In March, Davila denied Balwani's request to remain free on bail during his appeal. The 9th Circuit also ruled that Balwani's sentence should not be postponed while it considers his case. The case is U.S. v. Holmes et al., U.S. District Court, Northern District of California, No. 18-00258. (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.

Jail sentence awaits Theranos founder Elizabeth Holmes after latest court ruling

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57.

The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

On Monday, Apple released a statement confirming her passing.

In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual.

Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014.

She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches.

She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness.

The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple.

During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history.

Her family's obituary sums up her life.

The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did."

Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6.

Former Apple communications chief Katie Cotton, who played a key role in protecting Apple's beloved brand during Steve Jobs' tenure and beyond, has died at 57. The family of Cotton, who was born in 1965, announced in an online obituary that she "passed peacefully" on April 6. On Monday, Apple released a statement confirming her passing. In a statement, the tech giant expressed its "deep sadness" over Katie's death. The company said over the course of her two decades at Apple, she made innumerable contributions and was widely recognised as a remarkable individual. Cotton joined Apple in 1996 and served as the company's Vice President of Communications until her departure in 2014. She was instrumental in developing Apple's media strategy and coordinating the company's ground-breaking product launches. She was an unsung hero behind the scenes, fighting for Apple's reputation while shielding Steve Jobs from the public eye during his final illness. The Apple's former communications chief left the company around two years into Tim Cook's term as CEO. Cook succeeded Jobs as the CEO of Apple. During her tenure, Apple made its way back from the brink of bankruptcy to become the most valuable company in the world, making it one of the most miraculous comebacks in technology history. Her family's obituary sums up her life. The family said in the obituary that she moved California from New Jersey to build a name for herself and "so she did." Cotton is widely regarded as one of the most impressive women working in tech public relations and marketing.

Katie Cotton, the unsung hero behind Apple's media strategy, dies

Corporate India lost one of its titans on Wednesday morning.&nbsp;

Mahindra &amp; Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99.&nbsp;

Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania.

He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra.&nbsp;

With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra &amp; Mahindra into a multinational company, with interests in automobile manufacturer as well as other businesses like IT, real estate, financial services and hospitality.&nbsp;

As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries.

Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010.&nbsp;

 
Tributes pour in for the late industrialist&nbsp;

Industry leaders condoled the death of Mahindra.&nbsp;

Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to India being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector."&nbsp;

Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing."

In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades." 
 
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Corporate India lost one of its titans on Wednesday morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99.

Corporate India lost one of its titans on Wednesday morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99. Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania. He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra. With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra & Mahindra into a multinational company, with interests in automobile manufacturer as well as other businesses like IT, real estate, financial services and hospitality. As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries. Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010. Tributes pour in for the late industrialist Industry leaders condoled the death of Mahindra. Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to India being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector." Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing." In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades." WATCH WION LIVE HERE

Keshub Mahindra, who led Mahindra & Mahindra for five decades, dies at 99

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18.

Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review.

As per media reports, Tron fell over five percent against the US dollar after the announcement, while the Spell token fell over four percent on Wednesday.

Binance said that changes in the trading volume and liquidity, volatility in token’s risk profile, or evidence of fraud are some of the factors that are considered before delisting a token from its trading platform.

The decision to delist Tron comes just days after the US Securities and Exchange Commission charged Tron founder Justin Sun with fraud. According to the US regulator, Sun distributed billions of crypto assets known as Tronix (TRX) and BitTorrent (BTT) to artificially inflate trading volume.

However, Sun has downplayed the delisting of his token, arguing that Tron's trading volume on the trading platform in the United States is only a small fraction of its total trade volume. "Tron's current trading volume is $400 million," Reuters quoted him as saying.&nbsp;

It is however unclear why Spell has been delisted from Binance.US.&nbsp;

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18. Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review.

Binance.US, the United States arm of the cryptocurrency exchange Binance will delist two digital tokens from its trading platform on April 18. Binance said that it has decided to delist digital tokens Tron (TRX) and Spell (SPELL) as part of a periodic review. As per media reports, Tron fell over five percent against the US dollar after the announcement, while the Spell token fell over four percent on Wednesday. Binance said that changes in the trading volume and liquidity, volatility in token’s risk profile, or evidence of fraud are some of the factors that are considered before delisting a token from its trading platform. The decision to delist Tron comes just days after the US Securities and Exchange Commission charged Tron founder Justin Sun with fraud. According to the US regulator, Sun distributed billions of crypto assets known as Tronix (TRX) and BitTorrent (BTT) to artificially inflate trading volume. However, Sun has downplayed the delisting of his token, arguing that Tron's trading volume on the trading platform in the United States is only a small fraction of its total trade volume. "Tron's current trading volume is $400 million," Reuters quoted him as saying. It is however unclear why Spell has been delisted from Binance.US.

US arm of Binance to delist Tron, Spell tokens

Corporate India lost one of its titans this morning.&nbsp;

Mahindra &amp; Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99.&nbsp;

Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania.

He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra.&nbsp;

With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra &amp; Mahindra into a multinational company, with interests in automobile manufacturer to other businesses like IT, real estate, financial services and hospitality.&nbsp;

As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries.

Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010.&nbsp;

 
Tributes pour in for the late industrialist&nbsp;

Industry leaders condoled the death of Mahindra.&nbsp;

Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to india being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector."&nbsp;

Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing."

In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades."

Corporate India lost one of its titans this morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99. Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania.

Corporate India lost one of its titans this morning. Mahindra & Mahindra Chairman Emeritus Keshub Mahindra died in Mumbai on Wednesday, reports said. He was 99. Born on October 9, 1923, Mahindra graduated from the prestigious Wharton School of the University of Pennsylvania. He joined the company in 1947, the year India became independent, and became its chairman in 1963. He remained in the position till 2012, when he passed on the baton to his nephew Anand Mahindra. With a net worth of about $1.2 billion, Mahindra was India's oldest billionaire. As the chairman for nearly five decades, he transformed Mahindra & Mahindra into a multinational company, with interests in automobile manufacturer to other businesses like IT, real estate, financial services and hospitality. As a leading member of Corporate India, he was a part of several government committees, including the Sachar Commission on Company Law and Monopolistic and Restrictive Trade Practices and the Central Advisory Council of Industries. Under Dr Manmohan Singh, Mahindra was a member of the Prime Minister’s Council on Trade and Industry between 2004 and 2010. Tributes pour in for the late industrialist Industry leaders condoled the death of Mahindra. Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement: "The Indian automobile industry has lost one of its pioneers. His leadership in the early years of the journey of the Indian auto industry had led to india being recognised as an important player globally and also helped in India becoming a manufacturing hub for the automobile sector." Pawan Goenka, the chairman of Indian National Space Promotion and Authorisation Centre, tweeted: "The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing." In his condolence message, industrialist Gautam Singhania fondly remembered Mahindra. He tweeted: "Keshubhji lived a glorious life guiding the growth of Mahindra group for nearly five decades."

Mahindra & Mahindra Chairman Emeritus Keshub Mahindra dies at 99

Former Apple Communications Chief Katie Cotton, who played a key role in protecting Apple beloved brand during Steve Jobs tenure, had died. Cotton was born in 1965 announced in an online obituary that she passed peacefully on April 6th on Monday.

Katie Cotton, Apple's steward for 18 years dies: The unsung hero behind Apple's media strategy

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. &nbsp;

Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate.&nbsp;

Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now."&nbsp;

He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions."&nbsp;

India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1.

IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability.&nbsp;

The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts.&nbsp;

According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted.&nbsp;

IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." &nbsp;He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower.

(With inputs from agencies)&nbsp;

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The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy.

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate. Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now." He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions." India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1. IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability. The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts. According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted. IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower. (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.

IMF says India 'very strong economy' and one of bright spots globally

Johnson and Johnson for its baby products and you probably know that the company faces lawsuits of its baby powder more than 90,000 lawsuits have been filed against the baby talc maker. The allegations are that the baby powder produced by the company was laced with asbestos.

Lawsuit over Johnson & Johnson's 'toxic' baby powder: Cancer victims blocking $8.9 bn deal

Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent&nbsp;on Monday (April 10).

The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat.

Tupperware claimed that if it doesn't obtain extra funding, company won't have enough cash to support its operations. According to the corporation, it is looking into possible layoffs and assessing its real estate holdings for potential cost-saving measures.

The New York Stock Exchange also issued a warning that Tupperware's stock may be delisted for failing to submit the necessary annual report, reported CNN.

“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said in a press release. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fall-of-credit-suisse-not-a-fall-of-switzerland-says-president-581388">Fall of Credit Suisse not a fall of Switzerland, says president</a>

The 77-year-old company has had difficulty staying competitive with rivals in recent years. With newer and trendier products, it has been attempting to shed its stuffy reputation and draw in new customers. It also reached a sales agreement with Target last year.

Neil Saunders, retail analyst and managing director at GlobalData Retail who spoke to CNN,&nbsp;claims that Tupperware is suffering from a "sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers."

“The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge,” he said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/a-year-after-crisis-sri-lanka-grants-3-foreign-oil-companies-to-sell-fuel-581267">A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel</a>

The move into Target, according to Tupperware (TUP), is a part of the brand's reinvention, which also includes efforts to expand through various retail channels and expose its products to younger consumers who have never even heard of Tupperware (TUP) parties.

However, that hasn't worked out so far because shares have fallen 90 per cent&nbsp;in the last year. In November, it again issued a "going concern" alert.

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Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent on Monday (April 10). The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat.

Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent on Monday (April 10). The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat. Tupperware claimed that if it doesn't obtain extra funding, company won't have enough cash to support its operations. According to the corporation, it is looking into possible layoffs and assessing its real estate holdings for potential cost-saving measures. The New York Stock Exchange also issued a warning that Tupperware's stock may be delisted for failing to submit the necessary annual report, reported CNN. “Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said in a press release. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.” ALSO READ | Fall of Credit Suisse not a fall of Switzerland, says president The 77-year-old company has had difficulty staying competitive with rivals in recent years. With newer and trendier products, it has been attempting to shed its stuffy reputation and draw in new customers. It also reached a sales agreement with Target last year. Neil Saunders, retail analyst and managing director at GlobalData Retail who spoke to CNN, claims that Tupperware is suffering from a "sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers." “The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge,” he said. ALSO READ | A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel The move into Target, according to Tupperware (TUP), is a part of the brand's reinvention, which also includes efforts to expand through various retail channels and expose its products to younger consumers who have never even heard of Tupperware (TUP) parties. However, that hasn't worked out so far because shares have fallen 90 per cent in the last year. In November, it again issued a "going concern" alert. WATCH WION LIVE HERE:

Tupperware in trouble? Company stock dips after warning it may go out of business

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country.

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1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia &amp; RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1640317066451492864?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote>
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These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations.

The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest.

The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948.

Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations."

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1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1541646012032454656?ref_src=twsrc%5Etfw">June 28, 2022</a></blockquote>
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However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation.

The 2022 Sri Lanka economic crisis

Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis.

The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022.

A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent.&nbsp;

In March, the IMF approved a $3 billion package for the crisis-hit island nation.

World Bank's position on Sri Lanka's recovery

While the IMF has released its package, its sister organisation World Bank's&nbsp;outlook on the Sri Lankan economy looks bleak.

"The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read.

The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy.

However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at. The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country. 1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia & RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka. — Kanchana Wijesekera (@kanchana_wij) March 27, 2023 × These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations. The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest. The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948. Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations." 1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations. — Kanchana Wijesekera (@kanchana_wij) June 28, 2022 × However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation. The 2022 Sri Lanka economic crisis Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis. The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022. A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent. In March, the IMF approved a $3 billion package for the crisis-hit island nation. World Bank's position on Sri Lanka's recovery While the IMF has released its package, its sister organisation World Bank's outlook on the Sri Lankan economy looks bleak. "The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read. The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy. However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel

Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India.&nbsp;

The unit at Godda region is presently supplying 748MW of power to the neighbouring country as part of a wider agreement to provide 1,496MW net capacity power. &nbsp;

The second 800MW thermal plant is expected to be commissioned soon, as it has been delayed due to pandemic and non-completion of the transmission infrastructure in Bangladesh.&nbsp;

The Bangladesh Power Development Board (BPDB) had entered into a long-term Power Purchase Agreement (PPA) with APL’s wholly-owned subsidiary&nbsp;Adani&nbsp;Power Jharkhand Limited (APJL) in November 2017 to procure 1,496 MW net capacity power from 2X800 MW ultra-supercritical power project at Godda.&nbsp;

On Sunday, APL, India’s largest power producer, in a statement said that the electricity supplied from Godda will significantly improve the situation in Bangladesh as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased.&nbsp;

Bangladesh is undergoing an electricity crunch and depends mostly on gas and diesel-fired electricity with high tariffs.&nbsp;&nbsp;

The Godda Power Plant is composed of two units of the latest technology available in the world, which is “Ultra Super Critical Technology" equipped with latest techniques for controlling emissions and consumption of coal and water, the company claims.&nbsp;

In order to reduce emission and adhere to the lasts environment norms, the company said it has installed Flue Gas Desulphurisation (FGD) and Selective Catalytic Reduction (SCR). &nbsp;

The plant is going to be one its kind in India and in Bangladesh, operating on the latest environment emission norms, the company said.&nbsp;

Adani Power CEO SB Khyalia in a press release said that the power supply would make the industries and ecosystem more competitive in Bangladesh. &nbsp;

Khyalia said it is the first power plant in the country that started its operations from Day 1 with 100 per cent flue gas desulphurisation, selective catalytic reduction and zero-water discharge. &nbsp;

"The Godda power plant is a strategic asset in the India-Bangladesh's&nbsp;long-standing relationship," Khyalia said.

Adani&nbsp;Power has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.&nbsp;

&nbsp; 
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Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India.

Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India. The unit at Godda region is presently supplying 748MW of power to the neighbouring country as part of a wider agreement to provide 1,496MW net capacity power. The second 800MW thermal plant is expected to be commissioned soon, as it has been delayed due to pandemic and non-completion of the transmission infrastructure in Bangladesh. The Bangladesh Power Development Board (BPDB) had entered into a long-term Power Purchase Agreement (PPA) with APL’s wholly-owned subsidiary Adani Power Jharkhand Limited (APJL) in November 2017 to procure 1,496 MW net capacity power from 2X800 MW ultra-supercritical power project at Godda. On Sunday, APL, India’s largest power producer, in a statement said that the electricity supplied from Godda will significantly improve the situation in Bangladesh as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased. Bangladesh is undergoing an electricity crunch and depends mostly on gas and diesel-fired electricity with high tariffs. The Godda Power Plant is composed of two units of the latest technology available in the world, which is “Ultra Super Critical Technology" equipped with latest techniques for controlling emissions and consumption of coal and water, the company claims. In order to reduce emission and adhere to the lasts environment norms, the company said it has installed Flue Gas Desulphurisation (FGD) and Selective Catalytic Reduction (SCR). The plant is going to be one its kind in India and in Bangladesh, operating on the latest environment emission norms, the company said. Adani Power CEO SB Khyalia in a press release said that the power supply would make the industries and ecosystem more competitive in Bangladesh. Khyalia said it is the first power plant in the country that started its operations from Day 1 with 100 per cent flue gas desulphurisation, selective catalytic reduction and zero-water discharge. "The Godda power plant is a strategic asset in the India-Bangladesh's long-standing relationship," Khyalia said. Adani Power has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat. WATCH WION LIVE HERE

India’s Adani Group starts supplying electricity to Bangladesh 