National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Widely used meme coin Dogecoin dropped by about 9% on Thursday as Twitter switched back to its old Bluebird logo. This came after Twitter had replaced the iconic bird with a Shiba Inu parody just days before, after reaching a high of about 30%.

Dogecoin falls nearly 9% after Twitter's bird flies back as the logo

Following the publishing of a report by an online independent journal looking into complaints made by guests during stays arranged through the short-term rental platform, shares of Airbnb fell precipitously.

Airbnb faces competition from professional hosts

Because of Europe's stricter labour rules compared to the US and the uncertain state of the global economy, huge tech corporations have recently been able to announce significant job cuts in the US but are having trouble doing the same in Europe.

Big tech firms face hurdle to cut jobs in Europe

The World Monetary Fund Chief Kristalina Georgieva, citing the Russian invasion of Ukraine and the economic fragmentation, has some bad news for the world economy. She has anticipated that global economic growth will be about three percent for the next five years, which is the poorest five-year growth prediction since 1990.

IMF Chief: World to grow at 3% for 5 years

India's Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West. This is according to media sources that suggests that the move could expedite the process of paying for Russian oil in Indian rupees.

Indian bank adheres to sanctions on Russia

Amazon announced that it would be reducing employee stock awards as a part of its compensation plan. The company cited an uncertain economy for that. The decision would impact the final outlook here with a small reduction in restricted stock units awards.

Amazon to cut stock awards, considers balancing compensation with equity

Ford and Stellantis, two global scale car companies will see most of the electric and plug-in electric hybrid models with tax credits halved to 3,750 from April 18th after new US treasury rules came into effect. The rules aim to move US battery production and supply chains away from China.

Ford and Stellantis EV tax credits slashed

The Federal Deposit Insurance Corporation is an independent federal agency looking after the insurance of bank deposits. This agency has now chosen Blackrock's financial market advisory unit to sell off securities portfolios that the agency held after the collapse of Signature Bank.

FDIC hires Blackrock to sell $114 bn securities portfolios | World Business News | WION

Elon Musk is no longer the richest man, according to the latest Forbes annual billionaire list. Louis Vuitton's Arnault has now taken the top spot with a net worth of $211 billion. According to Forbes, Arnault had a banner year in 2022.

Elon Musk loses world's richest crown after Tesla shares fall 50% | World Business News | WION

Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday.

Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth.

Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming.

In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd.

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Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.

Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday. Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming. In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd. 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 ×

Savvy Games to acquire gaming company Scopely for $4.9 billion

India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.&nbsp;

Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent&nbsp;of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent&nbsp;in FY2019, according to rating agency ICRA.&nbsp;

India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/report-diamond-tycoon-jatin-mehta-moves-uk-court-to-unfreeze-assets-worldwide-after-fraud-claims-526895">Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges</a>

Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on &nbsp;experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors.&nbsp;

ALSO WATCH |&nbsp;Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels

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"India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023.

<h2>What are Lab-grown diamonds?</h2>

Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom.&nbsp;

India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. &nbsp;The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds.

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India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.

India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world. Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent in FY2019, according to rating agency ICRA. India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction. ALSO READ | Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors. ALSO WATCH | Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels × "India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023. What are Lab-grown diamonds? Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom. India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India shines with record exports of lab-grown diamonds

Samsung Electronics is expected to report a 92 percent Plunge in its first quarter profit that will be the lowest for any quarter in 14 years for the world's biggest maker of memory chips TVs and smartphones the decline is due to a cheap glut resulting in lower memory chip prices and inventory value.

Samsung Q1 to mark WORST quarterly performance in 14 years

Walmart plans to automate about 65 percent of its stores by the end of the fiscal year 2026. The move comes as Walmart invests heavily in technology to speed up order processing at its e-commerce fulfillment facilities. Walmart also plans to reduce the need for lower paid jobs the retailer expects increased efficiency and improved unit cost averages by about 20 percent. "Walmart wants to keep jobs that require less physical labor but has a higher pay rate," said Walmart CEO Doug

Walmart to invest heavily in automation for e-commerce

General Motors proposed a voluntary separation program to lower costs. Now, around 5,000 workers and executives have taken the company's buyout offer to leave the company that brings GM closer to achieving its two billion dollars cost cutting target.

GM's plan: Employee buyouts, not job cuts, a step to cut $2 billion in costs | World Business News

The Pakistan rupee on Tuesday hit a new record low of 287.9 rupees against the US dollar. There's no let up from the economic crisis as the country battles record-high inflation and falling foreign reserves.

Pakistan's rupee falls to a new record low against US dollar | World Business News

Japan's services sector activity grew at the fastest rate in over nine years in March that indicates the country's post-Covid economic recovery is gaining momentum and according to a private sector in Japan, purchasing managers index roles to 55.

Japan's services growth pace fastest in 9-years | WION Business News

Elon Musk no longer the world's richest, according to Forbes Billionaires List

Walmart said on Tuesday (April 4) that 65 per cent of its stores will be serviced by automation by the end of the fiscal year 2026. The latest announcement comes just days after the grocery chain announced that it plans to lay off more than 2,000 people at stores that fulfil online orders.&nbsp;

The announcement, amid the US retail giant's annual investor meeting in Tampa, Florida, comes as Walmart increasingly uses its huge stores to handle online-order deliveries and invests heavily in automation to speed up order processing at its e-commerce fulfilment facilities.

It was not immediately clear if this move would lead to more layoffs at the country's biggest private employer, with about 1.7 million US&nbsp;workers and another 60,000 abroad. The company said the move&nbsp;would reduce the need for lower-paid roles.

"As the changes are implemented across the business, one of the outcomes is roles that require less physical labour but have a higher rate of pay," the Bentonville, Arkansas-based retailer said in a filing.

"Over time, the company anticipates increased output per person&nbsp;due to automation, while maintaining or even increasing its number of associates as new roles are created," it added.

The company said that about 55 per cent of packages that are processed through fulfilment centres will be moved through automated facilities by January 2026. It said that this would improve unit cost averages by about 20 per cent.

"This increased efficiency will not only support better inventory management, but it will also support Walmart's rapidly growing e-commerce business," Stephens Inc analyst Ben Bienvenu wrote in a note.

(With inputs from agencies)

 
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Walmart said on Tuesday (April 4) that 65 per cent of its stores will be serviced by automation by the end of the fiscal year 2026. The latest announcement comes just days after the grocery chain announced that it plans to lay off more than 2,000 people at stores that fulfil online orders.

Walmart said on Tuesday (April 4) that 65 per cent of its stores will be serviced by automation by the end of the fiscal year 2026. The latest announcement comes just days after the grocery chain announced that it plans to lay off more than 2,000 people at stores that fulfil online orders. The announcement, amid the US retail giant's annual investor meeting in Tampa, Florida, comes as Walmart increasingly uses its huge stores to handle online-order deliveries and invests heavily in automation to speed up order processing at its e-commerce fulfilment facilities. It was not immediately clear if this move would lead to more layoffs at the country's biggest private employer, with about 1.7 million US workers and another 60,000 abroad. The company said the move would reduce the need for lower-paid roles. "As the changes are implemented across the business, one of the outcomes is roles that require less physical labour but have a higher rate of pay," the Bentonville, Arkansas-based retailer said in a filing. "Over time, the company anticipates increased output per person due to automation, while maintaining or even increasing its number of associates as new roles are created," it added. The company said that about 55 per cent of packages that are processed through fulfilment centres will be moved through automated facilities by January 2026. It said that this would improve unit cost averages by about 20 per cent. "This increased efficiency will not only support better inventory management, but it will also support Walmart's rapidly growing e-commerce business," Stephens Inc analyst Ben Bienvenu wrote in a note. (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.

Aiming for 65 per cent of stores to be automated by 2026: Walmart

"Pincode," a brand-new shopping app from PhonePe that is based on the ONDC platform, was just released. The app is already accessible for download on the Google Play Store and App Store and will concentrate on hyperlocal e-commerce. The software will soon be made available to users outside of Bengaluru, according to a press statement from the company. It seeks to connect customers with all of the nearby brick-and-mortar retailers they often purchase from offline while also promoting neighbourhood store owners and vendors.

PhonePe launches e-commerce app 'Pincode' on ONDC network

Yes Bank, the Mumbai headquartered bank had an unlikely savior in a London Court English grammar. According to a report US based financial advisor and Investment Bank Cantor Fitzgerald filed a 7.5 million dollar lawsuit against the Mumbai-based bank for failing to pay a financing fee for its 2 billion dollar foreign portfolio investment in 2020. Yes Bank had raised around 2 billion dollars in FBO, the bank had picked Canter Fitzgerald and two other firms to help raise the funds as per reports Canter Fitzgerald claimed two percent on the total Capital raised through the FBO arguing that the deal with Yes Bank included not only private financing but also FPO the Crux of the case lies with this term financing. Watch the video to know more.

Construction of word financing saves Yes Bank $7 million

Elon Musk's Twitter has been accused of illegally laying off contract workers without notice, in the sixth lawsuit the social media company is facing for allegedly violating labour laws at San Francisco federal court. The lawsuit stems from a series of cost-cutting methods brought about by Twitter soon after billionaire business magnate Elon Musk took over as the company's new owner.

The proposed class action claims that Twitter in November last year laid off several workers employed by staffing firm TEKsystems Inc. without the 60-day advance notice mandated by United States&nbsp;and California law.

Other cases pending against Twitter include lawsuits accusing the social media company of targeting female workers during&nbsp;layoffs and discriminating against employees with disabilities. Twitter has denied any wrongdoing.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/twitter-layoffs-impact-at-least-50-of-employees-reassures-content-moderation-amid-speculations-531333">Twitter layoffs impact at least 50% of employees, reassures content moderation amid speculations</a>

Twitter laid off about 3,700 employees, translating to about half its workforce in November 2023.&nbsp;

Musk paid $44 billion to acquire the social media platform. After Musk's takeover of the platform, hundreds more employees subsequently resigned.

ALSO WATCH |&nbsp;Elon Musk takes U-turn on layoffs at Twitter, to cut 50 more jobs | WION Pulse | English News

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Shannon Liss-Riordan, who represents the plaintiffs in all of the cases, told Reuters in an email: "While Elon Musk seems to think he's saving the company money by avoiding these obligations, we plan to show him that not meeting his responsibilities can be a lot more costly."

Liss-Riordan said she also has filed complaints in private arbitration on behalf of more than 1,700 former Twitter employees and contractors who signed agreements to arbitrate legal disputes. She claimed that workers employed by TEKsystems did not sign arbitration agreements.

Liss-Riordan also represents workers who have filed complaints against Twitter with a US&nbsp;labour board claiming they were fired for criticising the company, attempting to organise a strike and other conduct protected by the US federal labour law.

(With inputs from agencies)

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Elon Musk's Twitter has been accused of illegally laying off contract workers without notice, in the sixth lawsuit the social media company is facing for allegedly violating labour laws at San Francisco federal court.

Elon Musk's Twitter has been accused of illegally laying off contract workers without notice, in the sixth lawsuit the social media company is facing for allegedly violating labour laws at San Francisco federal court. The lawsuit stems from a series of cost-cutting methods brought about by Twitter soon after billionaire business magnate Elon Musk took over as the company's new owner. The proposed class action claims that Twitter in November last year laid off several workers employed by staffing firm TEKsystems Inc. without the 60-day advance notice mandated by United States and California law. Other cases pending against Twitter include lawsuits accusing the social media company of targeting female workers during layoffs and discriminating against employees with disabilities. Twitter has denied any wrongdoing. ALSO READ | Twitter layoffs impact at least 50% of employees, reassures content moderation amid speculations Twitter laid off about 3,700 employees, translating to about half its workforce in November 2023. Musk paid $44 billion to acquire the social media platform. After Musk's takeover of the platform, hundreds more employees subsequently resigned. ALSO WATCH | Elon Musk takes U-turn on layoffs at Twitter, to cut 50 more jobs | WION Pulse | English News × Shannon Liss-Riordan, who represents the plaintiffs in all of the cases, told Reuters in an email: "While Elon Musk seems to think he's saving the company money by avoiding these obligations, we plan to show him that not meeting his responsibilities can be a lot more costly." Liss-Riordan said she also has filed complaints in private arbitration on behalf of more than 1,700 former Twitter employees and contractors who signed agreements to arbitrate legal disputes. She claimed that workers employed by TEKsystems did not sign arbitration agreements. Liss-Riordan also represents workers who have filed complaints against Twitter with a US labour board claiming they were fired for criticising the company, attempting to organise a strike and other conduct protected by the US federal labour law. (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.

Lawsuit after lawsuit! Elon Musk's Twitter accused of illegal layoffs

A trade body representing fintechs in UK said on Friday (April 4) that Britain's digital banks will need support over next weeks and months to wade through the situation caused by collapse of Silicon Valley Bank (SVB).&nbsp;

After SVB collapsed recently, the investor confidence in banking sector has been shaken globally.

Silicon Valley Bank's UK arm, which had focused on tech start-ups, was bought by HSBC in a deal facilitated by the UK government and the Bank of England after more than 250 UK tech executives warned that its failure would pose an "existential threat" to their sector.

Industry, government and regulatory bodies must now work together to protect customers and businesses amid "a concern that there may well be more disruption coming our way from across the finance ecosystem," Janine Hirt, CEO of trade body Innovate Finance, said in a statement sent to Reuters.

"Neobanks are not immune to the current market conditions, and it is important that steps are taken to ensure they have the support over the course of the coming weeks and months," she said. A neobank, or digital bank, is a bank whose services are accessed via an app or website as opposed to having physical branches.

Reuters reported that CEO of hedge fund Man Group said in a London conference &nbsp;last week that banking turmoil post SVB collapse wasn't over. He reportedly believed that a significant number of banks will fail within two years.

He said that challenger banks - lenders which are usually smaller and newer than the big high-street banks - in Britain could be at risk.

Hirt said that Innovate Finance has been offering "close support" to challenger banks to help them navigate the "turbulence" in the sector.

The Bank of England and the British government have said that the country's banking system is well capitalised and funded.

BoE governor Andrew Bailey told lawmakers this week that the central bank was on alert amid the global turmoil, but added that Britain was not experiencing stress linked to the demise of Silicon Valley Bank.

(With inputs from agencies)

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A trade body representing fintechs in UK said on Friday (April 4) that Britain's digital banks will need support over next weeks and months to wade through the situation caused by collapse of Silicon Valley Bank (SVB).

A trade body representing fintechs in UK said on Friday (April 4) that Britain's digital banks will need support over next weeks and months to wade through the situation caused by collapse of Silicon Valley Bank (SVB). After SVB collapsed recently, the investor confidence in banking sector has been shaken globally. Silicon Valley Bank's UK arm, which had focused on tech start-ups, was bought by HSBC in a deal facilitated by the UK government and the Bank of England after more than 250 UK tech executives warned that its failure would pose an "existential threat" to their sector. Industry, government and regulatory bodies must now work together to protect customers and businesses amid "a concern that there may well be more disruption coming our way from across the finance ecosystem," Janine Hirt, CEO of trade body Innovate Finance, said in a statement sent to Reuters. "Neobanks are not immune to the current market conditions, and it is important that steps are taken to ensure they have the support over the course of the coming weeks and months," she said. A neobank, or digital bank, is a bank whose services are accessed via an app or website as opposed to having physical branches. Reuters reported that CEO of hedge fund Man Group said in a London conference last week that banking turmoil post SVB collapse wasn't over. He reportedly believed that a significant number of banks will fail within two years. He said that challenger banks - lenders which are usually smaller and newer than the big high-street banks - in Britain could be at risk. Hirt said that Innovate Finance has been offering "close support" to challenger banks to help them navigate the "turbulence" in the sector. The Bank of England and the British government have said that the country's banking system is well capitalised and funded. BoE governor Andrew Bailey told lawmakers this week that the central bank was on alert amid the global turmoil, but added that Britain was not experiencing stress linked to the demise of Silicon Valley Bank. (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 ×

UK digital banks need support post SVB collapse, says trade body

Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January. The California-based company had stopped operations weeks ago and lodged the filing in the US Bankruptcy Court for the District of Delaware. It is trying to secure a buyer for its assets.&nbsp;

Virgin Orbit laid off roughly 85 per cent of its 750 employees last week.

"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement.

Hart added that the company had "taken great efforts" to address its finances and secure more funding, but "we ultimately must do what is best for the business".

Also Read |&nbsp;<a href="https://www.wionews.com/world/woman-falls-to-death-from-balcony-of-virgin-voyages-cruise-ship-578961">Woman falls to death from balcony of Virgin Voyages cruise ship</a>

Assets worth $243 million were listed in the filing, besides its total debt as being $153.5 million as of September 30.&nbsp;

Virgin Orbit went public in 2021 and the finances it raised were $255 million less than expected. It is an extension of Branson's space tourism firm Virgin Galactic and was formed in 2017. Virgin Orbit air-launches rockets from beneath a modified Boeing 747 plane to send satellites into orbit.

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&nbsp;

It undertook its sixth mission in January with its centrepiece LauncherOne rocket, the first rocket launch from UK soil, but it failed to reach orbit and sent its payload of US and UK intelligence satellites plunging into the ocean.

The Virgin Group has an approximately 75 per cent share in Virgin Orbit. It has been finding it hard to secure new funding after the January rocket failure. It was forced to halt operations and furlough nearly all its employees on March 15.

(With inputs from agencies)&nbsp;

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Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January.

Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January. The California-based company had stopped operations weeks ago and lodged the filing in the US Bankruptcy Court for the District of Delaware. It is trying to secure a buyer for its assets. Virgin Orbit laid off roughly 85 per cent of its 750 employees last week. "At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement. Hart added that the company had "taken great efforts" to address its finances and secure more funding, but "we ultimately must do what is best for the business". Also Read | Woman falls to death from balcony of Virgin Voyages cruise ship Assets worth $243 million were listed in the filing, besides its total debt as being $153.5 million as of September 30. Virgin Orbit went public in 2021 and the finances it raised were $255 million less than expected. It is an extension of Branson's space tourism firm Virgin Galactic and was formed in 2017. Virgin Orbit air-launches rockets from beneath a modified Boeing 747 plane to send satellites into orbit. × It undertook its sixth mission in January with its centrepiece LauncherOne rocket, the first rocket launch from UK soil, but it failed to reach orbit and sent its payload of US and UK intelligence satellites plunging into the ocean. The Virgin Group has an approximately 75 per cent share in Virgin Orbit. It has been finding it hard to secure new funding after the January rocket failure. It was forced to halt operations and furlough nearly all its employees on March 15. (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.

Richard Branson's Virgin Orbit files for bankruptcy

Apple is planning to cut a small number of roles within its corporate retail teams, Bloomberg News reported on Monday, citing people familiar with the matter. The report further added that layoffs are expected to impact Apple's development and preservation teams. Bloomberg noted that the sources have asked not to be identified because the move hasn't been announced. &nbsp;

If reports are believed to be true, then this will mark its first known internal job cuts ever since it began raking and scraping effort last year. However, there's no clarification on the number of positions being eliminated, but the report said it was likely very small.&nbsp;

So far, the iPhone maker has not issued any official statement.&nbsp;

Though Apple's job cuts appear to be in a small number, it's in addition to job slashes being done by big firms in the tech sector amid a shaky economy and sluggish consumer spending.&nbsp;

WATCH |&nbsp;Australia to ban TikTok on government devices: Reports&nbsp;

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In recent months, corporate America announced a series of job cuts in the aftermath of worries about an economic downturn due to rising interest rates have sparked.&nbsp;

Facebook-parent Meta Platforms last month said it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs.&nbsp;

The people said that some management roles are also being slashed, it was mentioned that while those employees could be rehired as so-called individual contributors, they may not have the same compensation. Some employees are exempt and will keep their jobs without needing to reapply, the report said.&nbsp;

(With inputs from agencies)&nbsp;

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Apple is planning to cut a small number of roles within its corporate retail teams, Bloomberg News reported on Monday, citing people familiar with the matter. The report further added that layoffs are expected to impact Apple's development and preservation teams.

Apple is planning to cut a small number of roles within its corporate retail teams, Bloomberg News reported on Monday, citing people familiar with the matter. The report further added that layoffs are expected to impact Apple's development and preservation teams. Bloomberg noted that the sources have asked not to be identified because the move hasn't been announced. If reports are believed to be true, then this will mark its first known internal job cuts ever since it began raking and scraping effort last year. However, there's no clarification on the number of positions being eliminated, but the report said it was likely very small. So far, the iPhone maker has not issued any official statement. Though Apple's job cuts appear to be in a small number, it's in addition to job slashes being done by big firms in the tech sector amid a shaky economy and sluggish consumer spending. WATCH | Australia to ban TikTok on government devices: Reports × In recent months, corporate America announced a series of job cuts in the aftermath of worries about an economic downturn due to rising interest rates have sparked. Facebook-parent Meta Platforms last month said it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs. The people said that some management roles are also being slashed, it was mentioned that while those employees could be rehired as so-called individual contributors, they may not have the same compensation. Some employees are exempt and will keep their jobs without needing to reapply, the report said. (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.

Apple is planning to cut small number of jobs in some teams: Report

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years.

The fine, imposed by Germany's APAS accounting oversight body, amounts to $544,630 for a breach of professional duty in auditing Wirecard from 2016 to 2018.

In addition, the companies involved must pay their reparations to straighten the balance. This decision can be appealed in court even though it doesn't bar companies from servicing their existing clients. &nbsp;

Wirecard, a payments company, filed for bankruptcy protection in 2020 after $2.1 billion in cash balances on the company's books that could not be verified.

The fraud cost banks $3.38 billion in loans and write-downs, with its former CEO, Markus Braun, currently on trial on charges of defrauding creditors.

EY's entanglement with Wirecard

EY acted as the auditor for Wirecard in the past.&nbsp;

What was considered a massive fraud had happened right under the nose of the regulatory framework provided by EY and the Federal Financial Supervisory Authority.

Further investigation led to the realization that EY had missed opportunities to uncover the fraud by dismissing the nature of transactions.

Although it mentioned that it had not been provided with details of the APAS investigation, they pressed on their cooperation with the investigation to prove their innocence.

The company said, "we regret that the collusive fraud at Wirecard was not discovered, and we have learned important lessons from this matter."

The case exposed flaws in German financial oversight and embarrassed then-Chancellor Angela Merkel, who had lobbied for the company during a visit to China. The trial of Wirecard's accountant and the head of a subsidiary based in Dubai, United Arab Emirates, is ongoing in Munich.

This latest development underscores the need for greater accountability and transparency in financial practices and auditing.

The repercussions of the Wirecard scandal will likely be felt for some time as companies and regulators strive to rebuild trust and ensure that such a debacle does not happen again.

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years.

The fallout from the Wirecard scandal continues to reverberate through the financial world, with the German arm of one of the Big Four accounting firms, EY, being fined and barred from auditing certain kinds of companies for two years. The fine, imposed by Germany's APAS accounting oversight body, amounts to $544,630 for a breach of professional duty in auditing Wirecard from 2016 to 2018. In addition, the companies involved must pay their reparations to straighten the balance. This decision can be appealed in court even though it doesn't bar companies from servicing their existing clients. Wirecard, a payments company, filed for bankruptcy protection in 2020 after $2.1 billion in cash balances on the company's books that could not be verified. The fraud cost banks $3.38 billion in loans and write-downs, with its former CEO, Markus Braun, currently on trial on charges of defrauding creditors. EY's entanglement with Wirecard EY acted as the auditor for Wirecard in the past. What was considered a massive fraud had happened right under the nose of the regulatory framework provided by EY and the Federal Financial Supervisory Authority. Further investigation led to the realization that EY had missed opportunities to uncover the fraud by dismissing the nature of transactions. Although it mentioned that it had not been provided with details of the APAS investigation, they pressed on their cooperation with the investigation to prove their innocence. The company said, "we regret that the collusive fraud at Wirecard was not discovered, and we have learned important lessons from this matter." The case exposed flaws in German financial oversight and embarrassed then-Chancellor Angela Merkel, who had lobbied for the company during a visit to China. The trial of Wirecard's accountant and the head of a subsidiary based in Dubai, United Arab Emirates, is ongoing in Munich. This latest development underscores the need for greater accountability and transparency in financial practices and auditing. The repercussions of the Wirecard scandal will likely be felt for some time as companies and regulators strive to rebuild trust and ensure that such a debacle does not happen again.

Ernst & Young's German arm barred from auditing over Wirecard scandal

Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse.

The emerging company, currently referred to as "NewCo," will be 51 per cent owned by Endeavor, with WWE shareholders owning the remaining 49 per cent.

The WWE and UFC have been at the forefront of sports entertainment for decades, consistently demonstrating innovation and shareholder value creation.

This merger is a rare opportunity to create a new era of global sports and entertainment built for where the industry is headed.

Ariel Emanuel, CEO of Endeavor, expressing his excitement, stated "We are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together."

ALSO READ | <a href="https://www.wionews.com/sports/wwe-major-return-on-cards-for-wrestlemania-39-weekend-huge-could-be-match-scrapped-for-showcase-of-immortals-574992">WWE: Major return on cards for WrestleMania 39 weekend, huge could-be-match scrapped for Showcase of Immortals</a>

The announcement has been met with an overwhelmingly positive response from both shareholders and fans of both brands. The merger is expected to create a collective fanbase of over one billion people, providing an exciting growth opportunity for the new company.

The powerhouse merger

Vincent McMahon, the WWE Executive Chairman, has welcomed the merger stating that it is the best outcome for the shareholders with a dynamic advance towards becoming a "$21+ billion live sports and entertainment powerhouse."

The new company would be headed by Ariel Emanuel as the CEO, with Vince McMahon as Executive Chairman of the Board and Mark Shapiro as President and Chief Operating Officer of both Endeavor and the new company.

Dana White will continue as President of UFC, and Nick Khan will serve as President of WWE.

WATCH | WWE and UFC creates sports entertainment giant Endeavor, sign a merger in $21 billion deal

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The Board of Directors will comprise 11 members who will be appointed later, six of whom will be appointed by Endeavor and five by WWE.

This monumental merger is set to maximise the value of combined media rights, enhance sponsorship monetisation, develop new forms of content, and pursue other strategic mergers and acquisitions to bolster their strong, stable brands further.

The future is bright for "NewCo," and fans can't wait to see what exciting developments lie ahead for the new global sports and entertainment powerhouse.

(With inputs from agencies)

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Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse.

Endeavor Group has just announced a monumental merger between two iconic sports entities, the WWE and the UFC. This agreement is valued at over $21 billion and is set to create a global live sports and entertainment powerhouse. The emerging company, currently referred to as "NewCo," will be 51 per cent owned by Endeavor, with WWE shareholders owning the remaining 49 per cent. The WWE and UFC have been at the forefront of sports entertainment for decades, consistently demonstrating innovation and shareholder value creation. This merger is a rare opportunity to create a new era of global sports and entertainment built for where the industry is headed. Ariel Emanuel, CEO of Endeavor, expressing his excitement, stated "We are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together." ALSO READ | WWE: Major return on cards for WrestleMania 39 weekend, huge could-be-match scrapped for Showcase of Immortals The announcement has been met with an overwhelmingly positive response from both shareholders and fans of both brands. The merger is expected to create a collective fanbase of over one billion people, providing an exciting growth opportunity for the new company. The powerhouse merger Vincent McMahon, the WWE Executive Chairman, has welcomed the merger stating that it is the best outcome for the shareholders with a dynamic advance towards becoming a "$21+ billion live sports and entertainment powerhouse." The new company would be headed by Ariel Emanuel as the CEO, with Vince McMahon as Executive Chairman of the Board and Mark Shapiro as President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue as President of UFC, and Nick Khan will serve as President of WWE. WATCH | WWE and UFC creates sports entertainment giant Endeavor, sign a merger in $21 billion deal The Board of Directors will comprise 11 members who will be appointed later, six of whom will be appointed by Endeavor and five by WWE. This monumental merger is set to maximise the value of combined media rights, enhance sponsorship monetisation, develop new forms of content, and pursue other strategic mergers and acquisitions to bolster their strong, stable brands further. The future is bright for "NewCo," and fans can't wait to see what exciting developments lie ahead for the new global sports and entertainment powerhouse. (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

WWE-UFC merger to form $21 bn powerhouse entertainment company