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<p>A man from Ohio in the United States of America was given a four-year prison sentence after being caught on camera in a bathtub filled with dollars. He allegedly stole 713 Bitcoins from&nbsp;a now- seized &nbsp;computer device.&nbsp;Agents stumbled upon&nbsp;his picture in a cash tub at a nightclub after the Bitcoins disappeared from the The Internal Revenue Service's (IRS)&nbsp;device.</p>

<p>After entering a guilty plea in January, Gary Harmon, 31, was sentenced on Thursday by <a href="https://www.justice.gov/opa/pr/man-sentenced-stealing-over-712-bitcoin-subject-forfeiture">US District Judge Beryl Howell in Washington</a>, DC, as reported by NewsBytes.&nbsp;</p>

<p>He also agreed according to the US Justice Department, to forfeit cryptocurrency and other assets totaling more than $20 million.</p>

<h2><strong>Harmon recreated eight Bitcoin wallets using his brother's login information</strong></h2>

<p>In April 2020, Harmon had copied eight Bitcoin wallets that had been kept on a device in an evidence locker at the Internal Revenue Service using his brother's login details.&nbsp;</p>

<p>The 713 Bitcoins he stole were worth $4.9 million at the time. For laundering $311 million in cryptocurrency transactions on Darknet platforms, Harmon's brother Larry was accused in February 2020.</p>

<p><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/explained-mystery-surrounding-the-bitcoin-founder-who-is-satoshi-nakamoto-585924">Explained | Mystery surrounding the identity of Bitcoin founder. Who is Satoshi Nakamoto?</a></p>

<p>After it disappeared from the device, a photo was found on Harmon's mobile phone&nbsp;where he was sitting&nbsp;in a cash-filled bathtub.</p>

<h2><strong>For a $1.2 million loan, Harmon used 68 Bitcoins as security</strong></h2>

<p>Prosecutors claim that Harmon used some money to buy an expensive condo in Cleveland and put up 68 Bitcoins as security for a $1.2 million loan.</p>

<p>Harmon learned that his brother had kept Bitcoins on a Trezor device, but that the authorities needed the "seed phrase" to access them.</p>

<p><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/air-indias-expansion-takes-flight-airline-set-to-hire-over-1000-pilots-586952">Air India's expansion takes flight: Airline set to hire over 1,000 pilots</a></p>

<p>Bitcoins can be handled by someone who has that phrase plus an additional pin.</p>

<p>"While the conduct was certainly illegal, it is practically no different and no more sophisticated than obtaining a key to a safe deposit box and taking the contents of that box," Harmon's lawyer said.</p>

<p>The prosecutors, however, refuted the assertions made by the attorney.</p>

<h2><strong>Harmon lawyers requested a three-year sentence</strong></h2>

<p>Due to Harmon's 21 months of "extremely harsh conditions" in custody, Harmon's attorney requested a sentence of three years.</p>

<p>Harmon consented to the confiscation of cryptocurrencies and other assets that were the proceeds of the theft,&nbsp;including more than 647.41 Bitcoin (BTC), 2.14 Ethereum (ETH), and 17,404,400.64 Dogecoin (DOGE). Because of the increase in market prices, the total value of these forfeitable properties exceeds $20 million.</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE:</strong></p>

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A man from Ohio in the United States of America was given a four-year prison sentence after being caught on camera in a bathtub filled with dollars. He allegedly stole 713 Bitcoins from a now- seized computer device.

A man from Ohio in the United States of America was given a four-year prison sentence after being caught on camera in a bathtub filled with dollars. He allegedly stole 713 Bitcoins from a now- seized computer device. Agents stumbled upon his picture in a cash tub at a nightclub after the Bitcoins disappeared from the The Internal Revenue Service's (IRS) device. After entering a guilty plea in January, Gary Harmon, 31, was sentenced on Thursday by US District Judge Beryl Howell in Washington, DC, as reported by NewsBytes. He also agreed according to the US Justice Department, to forfeit cryptocurrency and other assets totaling more than $20 million. Harmon recreated eight Bitcoin wallets using his brother's login information In April 2020, Harmon had copied eight Bitcoin wallets that had been kept on a device in an evidence locker at the Internal Revenue Service using his brother's login details. The 713 Bitcoins he stole were worth $4.9 million at the time. For laundering $311 million in cryptocurrency transactions on Darknet platforms, Harmon's brother Larry was accused in February 2020. ALSO READ | Explained | Mystery surrounding the identity of Bitcoin founder. Who is Satoshi Nakamoto? After it disappeared from the device, a photo was found on Harmon's mobile phone where he was sitting in a cash-filled bathtub. For a $1.2 million loan, Harmon used 68 Bitcoins as security Prosecutors claim that Harmon used some money to buy an expensive condo in Cleveland and put up 68 Bitcoins as security for a $1.2 million loan. Harmon learned that his brother had kept Bitcoins on a Trezor device, but that the authorities needed the "seed phrase" to access them. ALSO READ | Air India's expansion takes flight: Airline set to hire over 1,000 pilots Bitcoins can be handled by someone who has that phrase plus an additional pin. "While the conduct was certainly illegal, it is practically no different and no more sophisticated than obtaining a key to a safe deposit box and taking the contents of that box," Harmon's lawyer said. The prosecutors, however, refuted the assertions made by the attorney. Harmon lawyers requested a three-year sentence Due to Harmon's 21 months of "extremely harsh conditions" in custody, Harmon's attorney requested a sentence of three years. Harmon consented to the confiscation of cryptocurrencies and other assets that were the proceeds of the theft, including more than 647.41 Bitcoin (BTC), 2.14 Ethereum (ETH), and 17,404,400.64 Dogecoin (DOGE). Because of the increase in market prices, the total value of these forfeitable properties exceeds $20 million. WATCH WION LIVE HERE:

Ohio Bitcoin thief photographed in cash-filled bathtub gets 4-year jail term

It's been a wild ride for Tesla's stock price, with dramatic ups and downs over the past few months. But this week, the electric car maker's valuation plunged below the $500 billion threshold. That has raised concerns among investors and analysts about the company's ability to maintain its profitability.

Tesla's stock price takes a hit

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US commercial bank First Republic Bank's struggles continue. The bank's market value fell 41% on Wednesday amid uncertainty about its future.

First Republic Bank's value falls below $1 bn

US Republican lawmakers passed a bill to raise the government's debt ceiling on Wednesday. While US debt default looms, the bill has introduced sweeping spending cuts for the next decade.

US House passes debt limit bill in a major win for Republicans

<p>Wall Street stocks rose early Thursday, following strong earnings from&nbsp;Facebook&nbsp;parent Meta despite disappointing first-quarter US economic data.</p>

<p>About 30 minutes into trading, Meta was up around 15 per cent, while all three major US indices were in positive territory.&nbsp;</p>

<p>The Dow Jones Industrial Average gained 0.7 per cent to 33,526.80.</p>

<p>The broad-based S&amp;P 500 advanced 0.8 per cent to 4,087.37, while the tech-rich Nasdaq Composite Index climbed 0.9 per cent to 11,960.26.</p>

<p>Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.</p>

<p>"Stocks are up mainly on Meta's earnings and the banking side of things seems to be a little bit calmer today," said LBBW's Karl Haeling.</p>

<p>Among other companies reporting results, American Airlines gained 4.8 per cent, Southwest Airlines dropped 5.2 per cent, Caterpillar lost 3.5 per cent and Norfolk Southern dipped 0.2 per cent.</p>

<p>US gross domestic product rose at an annual rate of 1.1 per cent in the January to March period, markedly less than expected and down from 2.6 per cent in the final three months last year.</p>

<p>The figures reflected a decline in private inventory investment offset by a jump in consumer spending.</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Wall Street stocks rose early Thursday, following strong earnings from Facebook parent Meta despite disappointing first-quarter US economic data. About 30 minutes into trading, Meta was up around 15 per cent, while all three major US indices were in positive territory.

Wall Street stocks rose early Thursday, following strong earnings from Facebook parent Meta despite disappointing first-quarter US economic data. About 30 minutes into trading, Meta was up around 15 per cent, while all three major US indices were in positive territory. The Dow Jones Industrial Average gained 0.7 per cent to 33,526.80. The broad-based S&P 500 advanced 0.8 per cent to 4,087.37, while the tech-rich Nasdaq Composite Index climbed 0.9 per cent to 11,960.26. Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs. "Stocks are up mainly on Meta's earnings and the banking side of things seems to be a little bit calmer today," said LBBW's Karl Haeling. Among other companies reporting results, American Airlines gained 4.8 per cent, Southwest Airlines dropped 5.2 per cent, Caterpillar lost 3.5 per cent and Norfolk Southern dipped 0.2 per cent. US gross domestic product rose at an annual rate of 1.1 per cent in the January to March period, markedly less than expected and down from 2.6 per cent in the final three months last year. The figures reflected a decline in private inventory investment offset by a jump in consumer spending. 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.

Facebook-owner Meta's shares jump after earnings, lifting US stocks

<p>Argentina on Wednesday stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.&nbsp;</p>

<p>While the move is seen in context of country's immediate need to save its dwindling dollar reserves, the Argentines have long deemed the US dollar as the one that drives their counterparts across the country "crazy", according to an Al Jazeera report published in September 2019.</p>

<p>This is because the Argentines make crucial transactions such as the ones in real estate, with dollars. &nbsp;</p>

<p>In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.</p>

<h2><strong>Argentina's steps to decrease its dependence on US dollar</strong></h2>

<p>In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a></strong></p>

<p>That agreement allowed Argentina "to work on the possibility" of advancing the rate of imports with yuan-denominated import orders being authorised in 90 days rather than the standard 180 days.</p>

<h2><strong>Immediate effects of the decision</strong></h2>

<p>The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.</p>

<p>The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.</p>

<h2><strong>From tryst to wanted separation: Argentina's relationship with the US dollar</strong></h2>

<p>The US dollar is pretty much part of the human side of daily Argentine&nbsp;lifelines. It is&nbsp;often used as punchline of jokes, the theme of memes, and even as part of characters' sarcastic undertone in locally-made films. &nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas Plus: Who decides the value of your currency? Find out</strong></p>

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<p>In 1958, the then-President Arturo Frondizi implemented a so-called "Stabilisation Plan". This plan led to liberalisation of the market and included Argentina’s first agreement with the International Monetary Fund (IMF).&nbsp;</p>

<p>However, soon after market's liberalisation, the Buenos Aires' agreement with the IMF sent the Argentine currency peso into free fall.&nbsp;</p>

<p>The government announced a holiday for the Argentine exchange market for 12 days.</p>

<p>When the stock operations resumed in January 1959, the dollar became the currency that people began perceiving as currency of prosperity instead of their own peso.</p>

<p>The dollar became the lens through which people learned to evaluate what was happening around them, Al Jazeera reported in September 2019.&nbsp;</p>

<p>Analogies like "the price of beef loin is in the clouds – it costs as much as the dollar" helped glue this understanding. After that, families turned to the greenback to shield their savings.</p>

<p>That pattern persists to this day.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


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

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

Argentina moves away from US dollar for trade in Chinese currency

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


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

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

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

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

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

Singapore doubles stamp duty for foreigners buying home

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

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

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

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

Record sales of electric cars in 2022

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

Big Tech Earnings: Meta in focus

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

Crude prices slip 4% over recession fears

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

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

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

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

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

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

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

McDonald's solid earnings amid consumer worries

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

Indians earn 120% more abroad : Report

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

Janet Yellen warns on U.S. debt default

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

Alphabet, Microsoft earnings beat estimates

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

How Zimbabwe plans to launch digital tokens

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

Samsung's profit set to plunge

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

Trial begins in first NFT Insider-Trading scheme

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

First Republic Bank loses $100 billion in deposits

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

Tucker Carlson's exit costs FOX $690 million

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

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

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

Hinduja Family Dispute: Gopichand Vs Vinoo