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Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.5 billion, including the follow-on awards.

This contract is one of its kind, considering that it is the first of the multi-year awards for precision munitions aimed at building up stocks in deterring China.

The contract will have a total value of $439 million in its first year, including three additional follow-on awards set to begin in late 2023.

The JAGM program is bound to jumpstart an international demand for the weapon system internationally. As a result, Lockheed's move is to create a "significant increase" in global demand.

This news comes from President Joe Biden's request for $842 billion for the Pentagon and $44 billion for defence-related programs at the Federal Bureau of Investigation, Department of Energy, and other agencies in March.

As a result, the 2024 budget proposal is $28 billion more than last year's $858 billion.

The award is significant for Lockheed Martin, as it cements its position as a leading provider of military munitions.

The company has a strong track record in this area, having delivered tens of thousands of HELLFIRE missiles to the US Army and its allies since the weapon system's introduction in the 1980s.

Lockheed Martin's JAGM is a next-generation precision missile that can be launched from various platforms, including helicopters, drones, and fixed-wing aircraft.

The missile is designed to take out various targets, including armoured vehicles, bunkers, and boats.

The contract is a major win for Lockheed Martin and a significant step forward in the US Army's plans to build up its arsenal of precision munitions.

The company is well-positioned to meet the anticipated increase in demand for the JAGM system.

This contract will likely serve as a foundation for additional contracts.

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Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.

Lockheed Martin Corp announced Monday that the US Army had awarded the company a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, with a deal that could potentially reach up to $4.5 billion, including the follow-on awards. This contract is one of its kind, considering that it is the first of the multi-year awards for precision munitions aimed at building up stocks in deterring China. The contract will have a total value of $439 million in its first year, including three additional follow-on awards set to begin in late 2023. The JAGM program is bound to jumpstart an international demand for the weapon system internationally. As a result, Lockheed's move is to create a "significant increase" in global demand. This news comes from President Joe Biden's request for $842 billion for the Pentagon and $44 billion for defence-related programs at the Federal Bureau of Investigation, Department of Energy, and other agencies in March. As a result, the 2024 budget proposal is $28 billion more than last year's $858 billion. The award is significant for Lockheed Martin, as it cements its position as a leading provider of military munitions. The company has a strong track record in this area, having delivered tens of thousands of HELLFIRE missiles to the US Army and its allies since the weapon system's introduction in the 1980s. Lockheed Martin's JAGM is a next-generation precision missile that can be launched from various platforms, including helicopters, drones, and fixed-wing aircraft. The missile is designed to take out various targets, including armoured vehicles, bunkers, and boats. The contract is a major win for Lockheed Martin and a significant step forward in the US Army's plans to build up its arsenal of precision munitions. The company is well-positioned to meet the anticipated increase in demand for the JAGM system. This contract will likely serve as a foundation for additional contracts. WATCH WION LIVE HERE

US Army awards Lockheed nearly $4.5 billion missiles contract

World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent.&nbsp;

The international financial institution said that it expects that higher borrowing costs would hurt consumption. The World Bank said in a report: "Rising borrowing costs and slower income growth will weigh on private consumption growth."&nbsp;

"Government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," the report added.&nbsp;

World Bank also told a media outlet that in the second half of the last fiscal, India's growth will continue to be resilient. However, there will be moderation in growth.&nbsp;

Auguste Tano Kouame, who is World Bank's Country Director in India, told India-based media outlet NDTV that "whilst we have revised our forecast, India is still going to be one of the fastest-growing economies in the world".&nbsp;

As quoted, he also said that&nbsp;India wants to become an upper middle-income country by 2030 and a developed economy by 2047, for which it will need to grow at eight&nbsp;per cent.&nbsp;

WATCH |&nbsp;Economists: Manufacturing numbers indicate a recession soon&nbsp;

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The report mentioned that it projected the current account deficit to narrow to 2.1 per cent of gross domestic product for the current fiscal year from an estimated three per cent in the previous year.&nbsp;&nbsp;

World Bank economist Dhruv Sharma said that the impacts of the recent turmoil in financial markets in the United States and Europe pose&nbsp;a risk to short-term investment flows to emerging markets, including India. As quoted by news agency Reuters, Sharma said, "But Indian banks remain well capitalised."&nbsp;

(With inputs from agencies)&nbsp;

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World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.

World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent. The international financial institution said that it expects that higher borrowing costs would hurt consumption. The World Bank said in a report: "Rising borrowing costs and slower income growth will weigh on private consumption growth." "Government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," the report added. World Bank also told a media outlet that in the second half of the last fiscal, India's growth will continue to be resilient. However, there will be moderation in growth. Auguste Tano Kouame, who is World Bank's Country Director in India, told India-based media outlet NDTV that "whilst we have revised our forecast, India is still going to be one of the fastest-growing economies in the world". As quoted, he also said that India wants to become an upper middle-income country by 2030 and a developed economy by 2047, for which it will need to grow at eight per cent. WATCH | Economists: Manufacturing numbers indicate a recession soon × The report mentioned that it projected the current account deficit to narrow to 2.1 per cent of gross domestic product for the current fiscal year from an estimated three per cent in the previous year. World Bank economist Dhruv Sharma said that the impacts of the recent turmoil in financial markets in the United States and Europe pose a risk to short-term investment flows to emerging markets, including India. As quoted by news agency Reuters, Sharma said, "But Indian banks remain well capitalised." (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.

World Bank lowers India FY24 growth forecast, but 'growth continues to be resilient'

The United States Army has awarded Lockheed Martin a multi-year production contract for joint air to ground missiles and hellfire missiles. The overall contract value, including follow-on awards, is close to 4.5 billion US Dollars. One of the first multi-year awards for precision weapons, the 439 million dollar agreement is part of the Pentagon's effort to stockpile weapons to isolate China.

Lockheed Martin lands multi-year $4.5 billion missile deal

The merger of the Ultimate Fighting Championship and Wild Wrestling Federation has been revealed, and it will result in the creation of Endeavor group Holdings, the biggest Sports entertainment Giant to date.

WWE and UFC creates sports entertainment giant Endeavor, sign a merger in $21 billion deal

US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity.

The reading decreased to 46.3, well below the median estimate of 47.5, the lowest level since May 2020. A reading below 50 indicates contraction, and last month’s reading was the worst since 2009, even if the pandemic is ignored.

The manufacturing sector faces challenges, including rising interest rates, growing recession fears, and tighter lending conditions.

These factors are starting to weigh on business investment and exacerbate the demand challenges the sector already faces as households continue to shift more of their discretionary spending toward services.

The new orders index deteriorated in March to 44.3, and the production gauge, while improving from a month earlier, remained in contraction territory.

Timothy Fiore, the ISM’s Manufacturing Business Survey Committee chair, believes that new orders have remained sluggish as manufacturing continues.

However, given the pretext of price volatility, future demand remains uncertainThe employment measure fell for a third month to 46.9, indicating headcount declined in the month, with factories implementing hiring freezes and laying off workers.

The government’s employment report will be released on Friday and will provide a more comprehensive picture of the job market in the month.

Twelve industries reported contraction in March, led by furniture, nonmetallic mineral products, and textiles, while six sectors expanded.

Supplier deliveries quickened, and the gauge fell to a 14-year low on the back of subdued demand, helping to alleviate any lingering strains in supply chains.

According to statistics released last week, a key inflation indicator frequently watched by Federal Reserve officials increased at a slower rate in February.

The measure of prices paid for materials also showed dropping costs. The service sector of the economy has experienced particularly obstinate price pressure.

Overall, the data indicates the manufacturing industry is grappling with serious issues.

With recession fears on board and stricter lending standards, concerns remain largely staggering. Even while some industries are growing, the overall image is one of contraction and uncertainty, and many businesses are still attempting to catch up on backlogs and past-due deliveries.

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&nbsp;

US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity. The reading decreased to 46.

US factory activity took a significant hit in March, according to the Institute for Supply Management’s gauge of manufacturing activity. The reading decreased to 46.3, well below the median estimate of 47.5, the lowest level since May 2020. A reading below 50 indicates contraction, and last month’s reading was the worst since 2009, even if the pandemic is ignored. The manufacturing sector faces challenges, including rising interest rates, growing recession fears, and tighter lending conditions. These factors are starting to weigh on business investment and exacerbate the demand challenges the sector already faces as households continue to shift more of their discretionary spending toward services. The new orders index deteriorated in March to 44.3, and the production gauge, while improving from a month earlier, remained in contraction territory. Timothy Fiore, the ISM’s Manufacturing Business Survey Committee chair, believes that new orders have remained sluggish as manufacturing continues. However, given the pretext of price volatility, future demand remains uncertainThe employment measure fell for a third month to 46.9, indicating headcount declined in the month, with factories implementing hiring freezes and laying off workers. The government’s employment report will be released on Friday and will provide a more comprehensive picture of the job market in the month. Twelve industries reported contraction in March, led by furniture, nonmetallic mineral products, and textiles, while six sectors expanded. Supplier deliveries quickened, and the gauge fell to a 14-year low on the back of subdued demand, helping to alleviate any lingering strains in supply chains. According to statistics released last week, a key inflation indicator frequently watched by Federal Reserve officials increased at a slower rate in February. The measure of prices paid for materials also showed dropping costs. The service sector of the economy has experienced particularly obstinate price pressure. Overall, the data indicates the manufacturing industry is grappling with serious issues. With recession fears on board and stricter lending standards, concerns remain largely staggering. Even while some industries are growing, the overall image is one of contraction and uncertainty, and many businesses are still attempting to catch up on backlogs and past-due deliveries. 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 ×

US factory gauge falls to lowest since 2020, indicates imminent recession

A small number of employees from one of Apple's retail teams are allegedly being let go. The manufacturer of mobile laptops is renowned for its exceptional track record in avoiding job cards. Many are surprised by the most recent layoff news because the tech behemoth has delayed sending out job cards.

Apple CUTS small number of retail team JOBS

For their flawed walk for Wirecard, the German watchdog has barred EY from taking on new audit clients for two years. Additionally, five current and former workers have been fined up to nearly 550,000 each.

German watchdog bans EY from taking on new audits for two years

A factory gauge based on business data revealed that manufacturing output in the United States fell for the fifth consecutive month in March, reaching its lowest level in three years.

Economists: Manufacturing numbers indicate a recession soon

The New York Times will not pay a monthly fee to get verified check mark status on Twitter, a spokesperson for the newspaper said. Organizations will have to shell out $1,000 a month to obtain gold check marks while individuals can get blue checks for a starting price of $7 in the United States.

The New York Times says it won't pay for Twitter verified account badge

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuter

Crude prices soar after surprise output cuts

The patch of irregular vertical lines that revolutionised checking out at the supermarket and facilitated the globalisation of retail is turning 50.

But as the barcode celebrates its birthday on Monday, its days might be numbered as it faces competition from the younger QR code, the information-filled squares used in smartphones.

The trademark beep as a product is scanned is heard about six billion times per day across the world as around 70,000 items are sold each second.

It has become so integrated in the shopping experience that it is easy to forget how much the technology revolutionised retail by speeding up the checkout process and giving retailers the ability to trace products and better manage inventory.

The barcode not only identifies a product, but "gives professionals in stores access to other functionalities", said Laurence Vallana, head of France de SES-Imagotag, a company that specialises in electronic tagging.

Chewing gum to fruit&nbsp; 
 
Barcodes were initially patented by Norman Joseph Woodland and Bernard Silver in the United States in 1952.

But it wasn't until nearly two decades later, in 1971, that US engineer George Laurer perfected the technology and moves towards its commercialisation began.

On April 3, 1973 the standard to identify products was agreed by a number of large retailers and food companies. It later became known as EAN-13, which stands for European Article Number and the number of digits in the barcode.

The following year, on June 26 in the US state of Ohio, the first product was scanned: a pack of chewing gum that is now in the National Museum of American History in Washington.&nbsp;

Today, the non-governmental organisation Global Standard 1 manages the barcode system and counts about two million firms as members.

It provides companies with a unique "global trade item number" for each product, which is then translated into the barcode. Each firm must pay an annual fee based on their sales, up to nearly $5,000 per year.

From bars to QRs&nbsp; 
 
But the humble barcode will soon give way to another standard developed by the organisation, said Renaud de Barbuat and Didier Veloso, the respective heads of GS1 Global and GS1 France.

The new standard, based on QR, or Quick Response code, will be introduced around 2027.

If barcodes have been compared to prison bars by critics of the over-commercialisation of society, the Chinese game Go with its white and black pieces on a square board was the inspiration for the QR code's Japanese creator, Masahiro Hara.

Developed in 1994, QR codes can hold much more information as they are read both horizontally, like barcodes, and vertically.

Instead of having to search a database for information to go along with a product, the QR code can integrate information directly, such as the composition of the product and recycling instructions.

GS1 believes moving to the QR code format allows the sharing of far more information about products as well as content, enabling new uses that will be accessible to consumers as well as retailers.

As smartphones can read QR codes, they are an easy way to send people to websites to get additional information, leading to their widespread adoption by companies, artists and even museums. They are even used by payment systems.

But barcodes are likely to remain in place for years to come as the world gradually transitions to QR codes. 
&nbsp;

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The patch of irregular vertical lines that revolutionised checking out at the supermarket and facilitated the globalisation of retail is turning 50. But as the barcode celebrates its birthday on Monday, its days might be numbered as it faces competition from the younger QR code, the information-filled squares used in smartphones.

The patch of irregular vertical lines that revolutionised checking out at the supermarket and facilitated the globalisation of retail is turning 50. But as the barcode celebrates its birthday on Monday, its days might be numbered as it faces competition from the younger QR code, the information-filled squares used in smartphones. The trademark beep as a product is scanned is heard about six billion times per day across the world as around 70,000 items are sold each second. It has become so integrated in the shopping experience that it is easy to forget how much the technology revolutionised retail by speeding up the checkout process and giving retailers the ability to trace products and better manage inventory. The barcode not only identifies a product, but "gives professionals in stores access to other functionalities", said Laurence Vallana, head of France de SES-Imagotag, a company that specialises in electronic tagging. Chewing gum to fruit Barcodes were initially patented by Norman Joseph Woodland and Bernard Silver in the United States in 1952. But it wasn't until nearly two decades later, in 1971, that US engineer George Laurer perfected the technology and moves towards its commercialisation began. On April 3, 1973 the standard to identify products was agreed by a number of large retailers and food companies. It later became known as EAN-13, which stands for European Article Number and the number of digits in the barcode. The following year, on June 26 in the US state of Ohio, the first product was scanned: a pack of chewing gum that is now in the National Museum of American History in Washington. Today, the non-governmental organisation Global Standard 1 manages the barcode system and counts about two million firms as members. It provides companies with a unique "global trade item number" for each product, which is then translated into the barcode. Each firm must pay an annual fee based on their sales, up to nearly $5,000 per year. From bars to QRs But the humble barcode will soon give way to another standard developed by the organisation, said Renaud de Barbuat and Didier Veloso, the respective heads of GS1 Global and GS1 France. The new standard, based on QR, or Quick Response code, will be introduced around 2027. If barcodes have been compared to prison bars by critics of the over-commercialisation of society, the Chinese game Go with its white and black pieces on a square board was the inspiration for the QR code's Japanese creator, Masahiro Hara. Developed in 1994, QR codes can hold much more information as they are read both horizontally, like barcodes, and vertically. Instead of having to search a database for information to go along with a product, the QR code can integrate information directly, such as the composition of the product and recycling instructions. GS1 believes moving to the QR code format allows the sharing of far more information about products as well as content, enabling new uses that will be accessible to consumers as well as retailers. As smartphones can read QR codes, they are an easy way to send people to websites to get additional information, leading to their widespread adoption by companies, artists and even museums. They are even used by payment systems. But barcodes are likely to remain in place for years to come as the world gradually transitions to QR codes. 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.

Barcode turns 50 but its days might be numbered

McDonald's has joined other big farms in layoffs according to a Reuters report quoting The Wall Street Journal. The fast food chain is closing its US offices for the time being this week to inform the employees about its layoff plans as a part of a broader company restructuring. Now the company asked US employees and some International staff to work from home from Monday through Wednesday that way the company can tell the impacted employees virtually.

McDonald's temporarily shuts US offices, to announce layoffs

The bank created by UBS's stakeholder of Credit Suisse is reportedly planning to cut its Workforce by 20 to 30 percent, the Swiss daily reported. UBS agreed to acquire credit Suites for 3.3 billion dollars to prevent a meltdown in Switzerland's Financial system that was also to ensure Financial stability globally, however the merger of two banks with 1.6 trillion dollars in assets and over 120 000 employees worldwide has sparked concerns about the size of the new bank the job cards are expected to impact around 11 000 jobs in Switzerland where the two Banks had previously employed slightly over 72 000 to 50 000 people respectively.

UBS to reduce workforce by 20-30 % after Credit Suisse buy

Tesla reported a record quarterly vehicle delivers on Sunday shipping nearly 420 000 cars in the first three months of this year. But quarter on quarter sales growth of a four percent from the previous quarter was modest at best the company's price cuts have yet to result in the level of acceleration that Co Elon Musk had hoped for and their concerns that eroding margins May harm investors. CEO Elon Musk predicted in January that Tesla would ship 2 million Vehicles this year a 52 jump from last year still Tesla Shares are up over 90 percent in 2023.

Tesla's shares are up over 90% in 2023 so far

China has launched an inquiry into US tripmaker micron, claiming national security dangers, in the US-China semiconductor war. According to China's cyberspace administration, it is to safeguard national security, prevent hidden hazards, and preserve the supply chain security for important information infrastructure. No information has been supplied regarding which microproducts are under investigation.

A new front in US-China semiconductor race ?

India's market regulator is investigating a possible violation of 'related party' transaction rules in the&nbsp;Adani&nbsp;Group's dealings with at least three offshore entities that have links to the brother of the conglomerate's founder, two people said.

The three entities allegedly entered into several investment transactions with unlisted units of the ports-to-power conglomerate founded by billionaire Gautam&nbsp;Adani&nbsp;over the last 13 years, said the sources with direct knowledge of the matter.

Vinod&nbsp;Adani, Gautam&nbsp;Adani's brother, is either a beneficial owner&nbsp;or director or has links with those three offshore entities, said the two sources, adding the regulator, the Securities and Exchange Board of India (SEBI), is probing if the lack of that disclosure violated 'related party transaction' rules.

Under Indian laws, direct relatives, promoter groups and subsidiaries of listed companies are considered related parties.

A promoter group is defined as an entity that has a large shareholding in a listed company and can influence company policy.

Transactions between such entities have to be disclosed in regulatory and public filings and require shareholder approval above a specified threshold. Violations typically attract monetary fines.

An e-mail to SEBI requesting a comment was not answered. SEBI chairperson Madhabi Puri Buch declined to comment on the&nbsp;Adani&nbsp;investigations at a news conference on Wednesday.

ALSO READ | <a href="https://www.wionews.com/business-economy/is-adani-group-abandoning-ambitious-growth-projects-this-report-claims-so-577365">Is Adani Group abandoning ambitious growth projects? This report claims so</a>

An&nbsp;Adani&nbsp;Group spokesperson said Vinod&nbsp;Adani&nbsp;is a member of the&nbsp;Adani&nbsp;family and is part of the promoter group, but he does not hold any managerial position in any of the listed&nbsp;Adani&nbsp;entities or their subsidiaries.

"This fact, like all other material information required to be reported, has been disclosed to the regulatory authorities in the past and also as and when required," the spokesperson added, without commenting on the regulatory probe into offshore entities.

Vinod&nbsp;Adani&nbsp;could not be reached for comment. Requests for comment sent to his holding company in Dubai,&nbsp;Adani&nbsp;Global Investment DMCC, were not responded to.

The probe comes after U.S. short-seller Hindenburg Research's January&nbsp;24 report alleging improper use of tax havens and stock manipulation by&nbsp;Adani&nbsp;Group, among other things - charges it has denied.

Hindenburg's report eroded more than $100 billion in the value of shares in&nbsp;Adani's&nbsp;group of companies.

India's Supreme Court asked SEBI in March to investigate the&nbsp;Adani&nbsp;Group for any lapses related to public shareholding, related party rules or regulatory disclosures.

SEBI's investigation into&nbsp;Adani's possible 'related party' transactions with offshore entities with links to Vinod&nbsp;Adani&nbsp;has not been reported before.

While SEBI investigations are continuing, top regulatory officials are due to give a status report to a court-appointed panel on Sunday, the two sources said, speaking on condition of anonymity as investigations are private.

WATCH | Gravitas: India's Adani group faces unprecedented turmoil

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Disclosure Violations

Hindenburg in its January report alleged that Vinod&nbsp;Adani&nbsp;entities have collectively moved "billions of dollars" into&nbsp;Adani's publicly listed and private entities, often without required disclosure of the related party nature of the deals.

The&nbsp;Adani&nbsp;Group in a 413-page response to the allegations had said all transactions entered into by it with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed.

The three offshore entities with links to Vinod&nbsp;Adani&nbsp;being probed for 'related party' transactions are Mauritius-based Krunal Trade and Investments Ltd and Gardenia Trade and Investments Ltd, and Electrogen Infra in Dubai.

There was no response from Krunal, Gardenia and Electrogen Infra to e-mails requesting comment.

While the sources said that other similar transactions are also under regulatory examination, Reuters could not ascertain the names of other entities and their possible violation of 'related party' transaction rules.

SEBI suspects there were "disclosure violations" on some of those transactions, said one of the two sources.

If proven, it could lead to monetary penalties and the matter may be referred to India's Ministry of Corporate Affairs (MCA) for transactions that are beyond SEBI jurisdiction, the source said.

(With inputs from agencies)

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India's market regulator is investigating a possible violation of 'related party' transaction rules in the Adani Group's dealings with at least three offshore entities that have links to the brother of the conglomerate's founder, two people said.

India's market regulator is investigating a possible violation of 'related party' transaction rules in the Adani Group's dealings with at least three offshore entities that have links to the brother of the conglomerate's founder, two people said. The three entities allegedly entered into several investment transactions with unlisted units of the ports-to-power conglomerate founded by billionaire Gautam Adani over the last 13 years, said the sources with direct knowledge of the matter. Vinod Adani, Gautam Adani's brother, is either a beneficial owner or director or has links with those three offshore entities, said the two sources, adding the regulator, the Securities and Exchange Board of India (SEBI), is probing if the lack of that disclosure violated 'related party transaction' rules. Under Indian laws, direct relatives, promoter groups and subsidiaries of listed companies are considered related parties. A promoter group is defined as an entity that has a large shareholding in a listed company and can influence company policy. Transactions between such entities have to be disclosed in regulatory and public filings and require shareholder approval above a specified threshold. Violations typically attract monetary fines. An e-mail to SEBI requesting a comment was not answered. SEBI chairperson Madhabi Puri Buch declined to comment on the Adani investigations at a news conference on Wednesday. ALSO READ | Is Adani Group abandoning ambitious growth projects? This report claims so An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. "This fact, like all other material information required to be reported, has been disclosed to the regulatory authorities in the past and also as and when required," the spokesperson added, without commenting on the regulatory probe into offshore entities. Vinod Adani could not be reached for comment. Requests for comment sent to his holding company in Dubai, Adani Global Investment DMCC, were not responded to. The probe comes after U.S. short-seller Hindenburg Research's January 24 report alleging improper use of tax havens and stock manipulation by Adani Group, among other things - charges it has denied. Hindenburg's report eroded more than $100 billion in the value of shares in Adani's group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before. While SEBI investigations are continuing, top regulatory officials are due to give a status report to a court-appointed panel on Sunday, the two sources said, speaking on condition of anonymity as investigations are private. WATCH | Gravitas: India's Adani group faces unprecedented turmoil Disclosure Violations Hindenburg in its January report alleged that Vinod Adani entities have collectively moved "billions of dollars" into Adani's publicly listed and private entities, often without required disclosure of the related party nature of the deals. The Adani Group in a 413-page response to the allegations had said all transactions entered into by it with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed. The three offshore entities with links to Vinod Adani being probed for 'related party' transactions are Mauritius-based Krunal Trade and Investments Ltd and Gardenia Trade and Investments Ltd, and Electrogen Infra in Dubai. There was no response from Krunal, Gardenia and Electrogen Infra to e-mails requesting comment. While the sources said that other similar transactions are also under regulatory examination, Reuters could not ascertain the names of other entities and their possible violation of 'related party' transaction rules. SEBI suspects there were "disclosure violations" on some of those transactions, said one of the two sources. If proven, it could lead to monetary penalties and the matter may be referred to India's Ministry of Corporate Affairs (MCA) for transactions that are beyond SEBI jurisdiction, the source said. (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

India regulator probing some Adani offshore deals for possible rule violations

Oil&nbsp;prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher.

Both main crude contracts jumped almost six percent at one point following the cut by&nbsp;Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October.

It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.

A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the&nbsp;oil&nbsp;market", according to the official Saudi Press Agency.

Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine.

"The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the&nbsp;oil&nbsp;price which had fallen over recent months," said National Australia Bank's Tapas Strickland.

Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected.

"For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple.

"The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle."

Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further.

The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January.

Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased.

In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped.

Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years.

However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed.

Key figures around 0230 GMT

West Texas Intermediate: UP 5.6 percent at $79.91 per barrel

Brent North Sea crude: UP 5.5 percent&nbsp;at $84.26 per barrel

Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break)

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41

Shanghai - Composite: UP 0.2 percent at 3,278.61

Euro/dollar: DOWN at $1.0806 from $1.0846&nbsp;on Friday

Pound/dollar: DOWN at $1.2297 from $1.2331

Euro/pound: DOWN at 87.87 pence from 87.93 pence&nbsp;

Dollar/yen: UP at 133.02 yen from 132.82 yen

New York - Dow: UP 1.3 percent at 33,274.15 (close)

London - FTSE 100: UP 0.2 percent at 7,631.74 (close)&nbsp;

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Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month. However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher. Both main crude contracts jumped almost six percent at one point following the cut by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October. It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production. A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the oil market", according to the official Saudi Press Agency. Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine. "The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the oil price which had fallen over recent months," said National Australia Bank's Tapas Strickland. Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected. "For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple. "The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle." Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further. The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January. Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased. In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped. Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years. However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed. Key figures around 0230 GMT West Texas Intermediate: UP 5.6 percent at $79.91 per barrel Brent North Sea crude: UP 5.5 percent at $84.26 per barrel Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break) Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41 Shanghai - Composite: UP 0.2 percent at 3,278.61 Euro/dollar: DOWN at $1.0806 from $1.0846 on Friday Pound/dollar: DOWN at $1.2297 from $1.2331 Euro/pound: DOWN at 87.87 pence from 87.93 pence Dollar/yen: UP at 133.02 yen from 132.82 yen New York - Dow: UP 1.3 percent at 33,274.15 (close) London - FTSE 100: UP 0.2 percent at 7,631.74 (close) 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.

Oil prices soar as producers unveil shock output cut

US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported.

The move is part of a broader company restructuring plan for the burger giant amidst concerns about a slowing economy.

In an internal memo to its employees in the US and international staff last week, the US fast food chain has asked its employees to work from home from Monday to Wednesday so that it can inform them virtually about the company's lay off plans, the WSJ reported on Sunday.

It has also asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters.&nbsp;

“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in the message viewed by the WSJ.&nbsp;

It has asked staff who don’t have access to a computer during the week to provide personal contact information to their manager.&nbsp;

“We want to ensure the comfort and confidentiality of our people during the notification period,” the company said.

More than 150,000 people are employed globally with McDonald’s, with 70 per cent of them located outside of the US, the company said in February.&nbsp;

However, it has not commented how many employees are being laid off over the course of this week.

In January, McDonald’s had indicated that it may take “difficult” decisions about changes to its corporate staffing levels by April, as part of a broader strategic plan for the burger chain.&nbsp;

At that time, Chief Executive Chris Kempczinski said that the company wants to move forward with its retrenchment policy as they were expected to save money, but didn’t have a set dollar amount or the number of jobs he was looking to cut.

“Some jobs that are existing today are either going to get moved or those jobs may go away,” Kempczinski was quoted as saying.

(With inputs from agencies)

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US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported.

US burger chain McDonald’s is temporarily closing off its offices earlier this week in the US and preparing to lay off its employees, the Wall Street Journal (WSJ) newspaper has reported. The move is part of a broader company restructuring plan for the burger giant amidst concerns about a slowing economy. In an internal memo to its employees in the US and international staff last week, the US fast food chain has asked its employees to work from home from Monday to Wednesday so that it can inform them virtually about the company's lay off plans, the WSJ reported on Sunday. It has also asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters. “During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in the message viewed by the WSJ. It has asked staff who don’t have access to a computer during the week to provide personal contact information to their manager. “We want to ensure the comfort and confidentiality of our people during the notification period,” the company said. More than 150,000 people are employed globally with McDonald’s, with 70 per cent of them located outside of the US, the company said in February. However, it has not commented how many employees are being laid off over the course of this week. In January, McDonald’s had indicated that it may take “difficult” decisions about changes to its corporate staffing levels by April, as part of a broader strategic plan for the burger chain. At that time, Chief Executive Chris Kempczinski said that the company wants to move forward with its retrenchment policy as they were expected to save money, but didn’t have a set dollar amount or the number of jobs he was looking to cut. “Some jobs that are existing today are either going to get moved or those jobs may go away,” Kempczinski was quoted as saying. (With inputs from agencies) WATCH WION LIVE HERE

McDonald’s shuts offices in US temporarily, prepares for layoffs: Report

India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced.

The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency.

The move comes in the wake of India making efforts to shift away from US dollars—the dominant reserve currency for international trade—as it has been appreciating against the local currency in the aftermath of the Russia-Ukraine war.

“Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,” the Ministry of External Affairs said in a statement.

“This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees.”

To facilitate settlement in Indian rupee, the Union Bank of India has opened a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia, based in Kuala Lumpur.

Vostro accounts are used to make payments in domestic currency.

In a separate statement, the India International Bank of Malaysia said, "IIBM now offers the facility to settle India-Malaysia bilateral trade in Indian Rupee (INR)...This new mechanism is also aligned with Malaysia's foreign exchange policies (FEP) as part of which Malaysian banks are allowed to undertake the settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia."

"Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded. IIBM will facilitate the traders in Malaysia for settlement of this trade in Indian Rupee (INR). For this purpose, IIBM has opened a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India," IIBM said.

Malaysia is the 27th largest investor in India with foreign direct investment of $ 300 million between April 2000 and June last year. The total FDI into India totalled around $ 298.8 million.

While the bilateral trade between both countries touched $13.86 billion in April-November 2022.

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India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced. The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency.

India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced. The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency. The move comes in the wake of India making efforts to shift away from US dollars—the dominant reserve currency for international trade—as it has been appreciating against the local currency in the aftermath of the Russia-Ukraine war. “Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,” the Ministry of External Affairs said in a statement. “This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees.” To facilitate settlement in Indian rupee, the Union Bank of India has opened a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia, based in Kuala Lumpur. Vostro accounts are used to make payments in domestic currency. In a separate statement, the India International Bank of Malaysia said, "IIBM now offers the facility to settle India-Malaysia bilateral trade in Indian Rupee (INR)...This new mechanism is also aligned with Malaysia's foreign exchange policies (FEP) as part of which Malaysian banks are allowed to undertake the settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia." "Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded. IIBM will facilitate the traders in Malaysia for settlement of this trade in Indian Rupee (INR). For this purpose, IIBM has opened a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India," IIBM said. Malaysia is the 27th largest investor in India with foreign direct investment of $ 300 million between April 2000 and June last year. The total FDI into India totalled around $ 298.8 million. While the bilateral trade between both countries touched $13.86 billion in April-November 2022. WATCH WION LIVE HERE

India and Malaysia dump dollar, to settle trade in Indian rupee

The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies. Besides, countries either seen as aligned or neutral by the West in terms of the ongoing Russian offensive in Ukraine, are increasingly banding together to focus on mutual global finance.

<h2>BRICS currency to challenge US dollar's dominance?</h2>

The BRICS (Brazil, Russia, India, China and South Africa) countries are reportedly exploring the creation of a common currency for trade amongst themselves. A new financial arrangement, seen with a potential to translate into a common BRICS currency, could be announced as soon as in August 2023 at the forthcoming BRICS summit in South Africa.

While speaking at the St. Petersburg International Economic Forum event in New Delhi, India, last week, Alexander Babakov, the deputy chairman of Russian parliament the State Duma, said that the plan is to initially transition to using domestic currencies in transactions. Following this, the introduction and circulation of a digital or an alternative form of currency could be explored. The potential introduction of a common BRICS currency is significant given the bilateral differences between India and China due to ongoing military standoff along the Line of Actual Control between the two Asian giants.&nbsp;&nbsp;

Babakov pointed out that the BRICS leaders summit will reveal a preparedness to implement this particular initiative, with work on the project ongoing, Russian news agency Sputnik reported.

ALSO WATCH |&nbsp;Gravitas: India pushes for trade in rupee

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"The US dollar plays a far too dominant role in global finance," Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the acronym BRIC, wrote in a paper published in the Global Policy journal last month.

"Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic."

Brazil, Russia, India and China established BRIC in 2009 and the bloc became BRICS a year later when South Africa was admitted.&nbsp;

If it expands to include other "emerging nations with persistent surpluses," a globally fairer, multi-currency global system could emerge, O’Neill said.&nbsp;

<h2>India, China march forward to internationalise their currencies</h2>

India has been making consistent efforts to replace the dollar with rupee as global reserve currency. New Delhi is offering countries facing dollar shortage to settle their trade payments in Indian rupee. The country aims to “disaster proof” countries in its immediate neighbourhood and the one with which it shares significant trade volumes.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/rupee-and-taka-to-replace-dollar-as-currency-of-exchange-between-india-bangladesh-568558">Rupee and Taka to replace Dollar as currency of exchange between India, Bangladesh</a>

China set up its own commodity exchange in Shanghai – the Shanghai International Energy Exchange (INE) in 2018 for oil deliveries from countries such as Iran, Venezuela and Russia. The contracts traded in INE are solely in the Chinese renminbi.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-to-use-indian-rupee-for-international-trade-543895">Sri Lanka to use Indian rupee for international trade, more countries aim to follow</a>

A potential deal between China and Saudi Arabia to settle trade transactions in renminbi may further push back the US dollar from the oil territory.

<h2>Why uproar against the US dollar's dominance in global trade?&nbsp;</h2>

This is because the US dollar, almost hegemonically, is a dominant force in global finance. This can be best illustrated by the US dollar's status in global oil trading. Most of the trade is denominated in the US dollars even when neither the barrels of crude (in terms of country of origin) nor the parties trading it have anything to do with it.&nbsp;

According to Basel, Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars.&nbsp;

This disproportionately large reliance on the US dollar is in spite of the United States accounting for just over a 10th of global trade.

The dollar’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions.

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The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies.

The dominance of US dollar in global trade is facing a significant challenge as emerging global economies, such as China and India, step forward to trade in their own currencies. Besides, countries either seen as aligned or neutral by the West in terms of the ongoing Russian offensive in Ukraine, are increasingly banding together to focus on mutual global finance. BRICS currency to challenge US dollar's dominance? The BRICS (Brazil, Russia, India, China and South Africa) countries are reportedly exploring the creation of a common currency for trade amongst themselves. A new financial arrangement, seen with a potential to translate into a common BRICS currency, could be announced as soon as in August 2023 at the forthcoming BRICS summit in South Africa. While speaking at the St. Petersburg International Economic Forum event in New Delhi, India, last week, Alexander Babakov, the deputy chairman of Russian parliament the State Duma, said that the plan is to initially transition to using domestic currencies in transactions. Following this, the introduction and circulation of a digital or an alternative form of currency could be explored. The potential introduction of a common BRICS currency is significant given the bilateral differences between India and China due to ongoing military standoff along the Line of Actual Control between the two Asian giants. Babakov pointed out that the BRICS leaders summit will reveal a preparedness to implement this particular initiative, with work on the project ongoing, Russian news agency Sputnik reported. ALSO WATCH | Gravitas: India pushes for trade in rupee × "The US dollar plays a far too dominant role in global finance," Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the acronym BRIC, wrote in a paper published in the Global Policy journal last month. "Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic." Brazil, Russia, India and China established BRIC in 2009 and the bloc became BRICS a year later when South Africa was admitted. If it expands to include other "emerging nations with persistent surpluses," a globally fairer, multi-currency global system could emerge, O’Neill said. India, China march forward to internationalise their currencies India has been making consistent efforts to replace the dollar with rupee as global reserve currency. New Delhi is offering countries facing dollar shortage to settle their trade payments in Indian rupee. The country aims to “disaster proof” countries in its immediate neighbourhood and the one with which it shares significant trade volumes. ALSO READ | Rupee and Taka to replace Dollar as currency of exchange between India, Bangladesh China set up its own commodity exchange in Shanghai – the Shanghai International Energy Exchange (INE) in 2018 for oil deliveries from countries such as Iran, Venezuela and Russia. The contracts traded in INE are solely in the Chinese renminbi. ALSO READ | Sri Lanka to use Indian rupee for international trade, more countries aim to follow A potential deal between China and Saudi Arabia to settle trade transactions in renminbi may further push back the US dollar from the oil territory. Why uproar against the US dollar's dominance in global trade? This is because the US dollar, almost hegemonically, is a dominant force in global finance. This can be best illustrated by the US dollar's status in global oil trading. Most of the trade is denominated in the US dollars even when neither the barrels of crude (in terms of country of origin) nor the parties trading it have anything to do with it. According to Basel, Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars. This disproportionately large reliance on the US dollar is in spite of the United States accounting for just over a 10th of global trade. The dollar’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions. 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.

BRICS common currency soon? India, China step up to counter US dollar's dominance

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse&nbsp;by UBS Group, the office of the attorney general said on Sunday.

The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, which&nbsp;agreed on an emergency merger&nbsp;last month to avoid a meltdown in the country's financial system.

There were "numerous aspects of events around Credit Suisse" that warranted investigation and which needed to be analysed to "identify any criminal offences that could fall within the competence of the [prosecutor]", it said in a statement.

"The Office of the Attorney General wants to proactively fulfil its mandate and responsibility to contribute to a clean Swiss financial centre and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility," it added.

It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last.

Both UBS and Credit Suisse declined to comment.

<h2 data-testid="Heading">Out of ordinary</h2>

"It's astonishing that the prosecutor would comment," said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue "is so out of the ordinary that they had to say something."

Pieth said the prosecutor could be probing breaches of secrecy provisions by officials, or the trading on inside information, adding that the wiping out of some bondholders as planned under the deal is also problematic.

In the deal announced on March 19 and orchestrated by the Swiss government, the central bank and market regulator, UBS would acquire rival Credit Suisse for 3 billion Swiss francs ($3.3 billion). The bank is trying to close the deal by as soon as the end of April, sources have told Reuters.

The Swiss public and politicians have voiced concerns about the level of state support, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank.

A poll of Swiss economists&nbsp;found that nearly half think the takeover of Credit Suisse was not the best solution, and warned that the situation had dented Switzerland's reputation as a banking centre.

The takeover, which was also designed to help secure financial stability globally during a period of turmoil, has sparked concern among critics about the size of the merged bank, with $1.6 trillion in assets and more than 120,000 staff worldwide.

Up to 30% of staff&nbsp;could lose their jobs due to the takeover, according to an unnamed senior UBS manager quoted in Swiss media.

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday.

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday. The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, which agreed on an emergency merger last month to avoid a meltdown in the country's financial system. There were "numerous aspects of events around Credit Suisse" that warranted investigation and which needed to be analysed to "identify any criminal offences that could fall within the competence of the [prosecutor]", it said in a statement. "The Office of the Attorney General wants to proactively fulfil its mandate and responsibility to contribute to a clean Swiss financial centre and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility," it added. It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last. Both UBS and Credit Suisse declined to comment. Out of ordinary "It's astonishing that the prosecutor would comment," said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue "is so out of the ordinary that they had to say something." Pieth said the prosecutor could be probing breaches of secrecy provisions by officials, or the trading on inside information, adding that the wiping out of some bondholders as planned under the deal is also problematic. In the deal announced on March 19 and orchestrated by the Swiss government, the central bank and market regulator, UBS would acquire rival Credit Suisse for 3 billion Swiss francs ($3.3 billion). The bank is trying to close the deal by as soon as the end of April, sources have told Reuters. The Swiss public and politicians have voiced concerns about the level of state support, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank. A poll of Swiss economists found that nearly half think the takeover of Credit Suisse was not the best solution, and warned that the situation had dented Switzerland's reputation as a banking centre. The takeover, which was also designed to help secure financial stability globally during a period of turmoil, has sparked concern among critics about the size of the merged bank, with $1.6 trillion in assets and more than 120,000 staff worldwide. Up to 30% of staff could lose their jobs due to the takeover, according to an unnamed senior UBS manager quoted in Swiss media.

Swiss prosecutor probes state-backed Credit Suisse takeover of UBS

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters.&nbsp;

The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October.&nbsp;

The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. &nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its&nbsp;Joint Ministerial Monitoring Committee meeting virtually, on Monday.&nbsp;

Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil.&nbsp;

“As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak.&nbsp;The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe.

Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity.&nbsp;OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries.

Production cuts announced by OPEC+ members, as per their official statements:&nbsp;

Russia: 500,000 bpd 
Saudi Arabia: 500,000 bpd 
UAE: 144,000 bpd 
Kuwait: 128,000 bpd 
Kazakhstan: 78,000 bpd 
Algeria: 48,000 bpd 
Oman: 40,000 bpd 
 
According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil.&nbsp;

Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine.&nbsp;

(With inputs from agencies)&nbsp; 
 
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In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters. The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October. The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its Joint Ministerial Monitoring Committee meeting virtually, on Monday. Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil. “As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak. The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe. Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity. OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries. Production cuts announced by OPEC+ members, as per their official statements: Russia: 500,000 bpd Saudi Arabia: 500,000 bpd UAE: 144,000 bpd Kuwait: 128,000 bpd Kazakhstan: 78,000 bpd Algeria: 48,000 bpd Oman: 40,000 bpd According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil. Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine. (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.

Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd

New York Times lost its verified "gold" tag on its Twitter page on Sunday as Elon Musk launched an attack on the publication, calling the organisation "propaganda". Twitter’s new rules state that organisations can apply for a new “gold” tick, and individuals will have to shell out money for a Twitter Blue subscription.&nbsp;

The New York Times has said that it does not plan on paying a monthly fee for verified check mark status on Twitter. A spokesperson for the publication made the announcement, hours after it lost its verified badge. The company will also not pay individual reporters for their Twitter Blue personal accounts.

"We also will not reimburse reporters for Twitter Blue for personal accounts, except in rare instances where this status would be essential for reporting purposes," the spokesperson added.

Twitter announced a few weeks back that several Twitter accounts will lose the check marks from April 1 as the social media company will begin winding down its legacy verified program.

Also Read |&nbsp;<a href="https://www.wionews.com/world/no-to-checkmark-badges-nyt-la-times-politico-and-other-major-news-outlets-reject-twitters-blue-tick-577519">NYT, LA Times, Politico, and other major news outlets reject Twitter's blue tick</a>

Twitter CEO Elon Musk slammed NYT on Sunday for saying no to the paid verification scheme.

"The real tragedy of @NYTimes is that their propaganda isn't even interesting", Musk wrote on the platform.

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<blockquote class="twitter-tweet">
The real tragedy of <a href="https://twitter.com/nytimes?ref_src=twsrc%5Etfw">@NYTimes</a> is that their propaganda isn’t even interesting
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642395451209940993?ref_src=twsrc%5Etfw">April 2, 2023</a></blockquote>
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&nbsp;

"Also, their feed is the Twitter equivalent of diarrhea. It's unreadable," he added.

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<blockquote class="twitter-tweet">
Also, their feed is the Twitter equivalent of diarrhea. It’s unreadable. 
 
They would have far more real followers if they only posted their top articles. 
 
Same applies to all publications.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642402646836297729?ref_src=twsrc%5Etfw">April 2, 2023</a></blockquote>
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&nbsp;

The New York Times, among other firms and charities, had already lost its blue tick and was tagged as a verified business account with a gold tick under Musk's new system.&nbsp;

Organisations that want a verification badge on their handles have to pay a monthly fee of $1,000 for a gold verification tick. Individual handles need to pay $8 a month for a blue tick.&nbsp;

Elon Musk, on Friday, defended his contentious pay model for Twitter, asserting that any social media site that didn't adopt a similar model would fail and be swarmed by bot accounts.

(With inputs from agencies)

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New York Times lost its verified "gold" tag on its Twitter page on Sunday as Elon Musk launched an attack on the publication, calling the organisation "propaganda".

New York Times lost its verified "gold" tag on its Twitter page on Sunday as Elon Musk launched an attack on the publication, calling the organisation "propaganda". Twitter’s new rules state that organisations can apply for a new “gold” tick, and individuals will have to shell out money for a Twitter Blue subscription. The New York Times has said that it does not plan on paying a monthly fee for verified check mark status on Twitter. A spokesperson for the publication made the announcement, hours after it lost its verified badge. The company will also not pay individual reporters for their Twitter Blue personal accounts. "We also will not reimburse reporters for Twitter Blue for personal accounts, except in rare instances where this status would be essential for reporting purposes," the spokesperson added. Twitter announced a few weeks back that several Twitter accounts will lose the check marks from April 1 as the social media company will begin winding down its legacy verified program. Also Read | NYT, LA Times, Politico, and other major news outlets reject Twitter's blue tick Twitter CEO Elon Musk slammed NYT on Sunday for saying no to the paid verification scheme. "The real tragedy of @NYTimes is that their propaganda isn't even interesting", Musk wrote on the platform. The real tragedy of @NYTimes is that their propaganda isn’t even interesting — Elon Musk (@elonmusk) April 2, 2023 × "Also, their feed is the Twitter equivalent of diarrhea. It's unreadable," he added. Also, their feed is the Twitter equivalent of diarrhea. It’s unreadable. They would have far more real followers if they only posted their top articles. Same applies to all publications. — Elon Musk (@elonmusk) April 2, 2023 × The New York Times, among other firms and charities, had already lost its blue tick and was tagged as a verified business account with a gold tick under Musk's new system. Organisations that want a verification badge on their handles have to pay a monthly fee of $1,000 for a gold verification tick. Individual handles need to pay $8 a month for a blue tick. Elon Musk, on Friday, defended his contentious pay model for Twitter, asserting that any social media site that didn't adopt a similar model would fail and be swarmed by bot accounts. (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.

NYT loses Twitter verification as Musk launches scathing attack on publication

The hastily arranged alliance of Credit Suisse and UBS could trigger a loss of 36,000 jobs across the world, according to German media. The management brought in to wade through the stormy waters of the merger may be looking to cut between 20 per cent to 30 per cent of the workforce, meaning somewhere between 25,000 to 36,000 could end up losing their jobs, reported SonntagsZeitung.

The hastily arranged alliance of Credit Suisse and UBS could trigger a loss of 36,000 jobs across the world, according to German media. The management brought in to wade through the stormy waters of the merger may be looking to cut between 20 per cent to 30 per cent of the workforce, meaning somewhere between 25,000 to 36,000 could end up losing their jobs, reported SonntagsZeitung. UBS and Credit Suisse employ 72,000 and 50,000 people worldwide respectively. Switzerland, the base of Credit Suisse, may alone see a cut of 11,000 jobs. Meanwhile, jobs in the US could also be at severe risk, the publication stated. The release of the report comes in the same week when UBS announced it was bringing its former chief executive Sergio Ermotti to handle the absorption of troubled rival Credit Suisse. WATCH | Why you should be worried if Credit Suisse collapses Apart from thousands losing their jobs, investors have also lost billions. Reportedly, over $17.3 billion worth of bonds issued by Credit Suisse bank have become worthless after UBS came in with the takeover bid. Under the takeover deal, UBS will be writing down the bank's additional tier 1 (AT1) bonds to increase core capital. “The extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around 16 billion [Swiss francs],” said Swiss regulator FINMA. The AT1 bonds were primarily created for the failing banks to absorb losses, thereby reducing the chances of a taxpayer-funded bailout. Because of the higher risks, the AT1 bonds provided a greater yield than most other bonds and they became a quick favourite of institutional investors. ALSO READ | Over $17 billion worth of bonds become zero after Credit Suisse takeover by UBS After reports came in that Credit Suisse had collapsed, the Swiss government stepped up and arranged a takeover by the UBS Group for $3.25 billion. The takeover was aimed at preventing economic turmoil from spreading throughout the country and beyond. (With inputs from agencies) WATCH WION LIVE HERE:

Hastily arranged marriage of UBS-Credit Suisse could lead to loss of 36,000 jobs: Report

According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States along with the European Union.

The report also said that the US government and Congress have disclosed retaliatory measures against Beijing in advance which include raising tariffs. This move is seen as Washington’s bid to discourage Beijing from economically bullying other countries. According to the report, the US has already called for action in working-level talks with G7 nations and asked for it to be on the agenda for this year’s G7 meetings.&nbsp;

The details of what these actions would entail will be discussed with Japan which is also the G7 chair this year ahead of the group’s leaders’ summit scheduled for May. The US has also sought the support of Japan and European partners on the matter, said the report.&nbsp;

This also comes after Congress, in February, also reportedly introduced a bipartisan bill which would grant the president the power to take multiple countermeasures against Chinese economic coercion. In line with this, along with tariffs on Beijing, Washington would also offer support to the countries affected, as per the Japan-based media outlet.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-calls-for-joint-g7-action-against-chinas-economic-bullying-578215">US calls for joint G7 action against China's economic bullying</a>

It also said how under one of the proposals the US would decrease the duties from the affected country and boost shipments and offset the impact of Chinese bullying. The report also suggests that recently Beijing has used its economic power as leverage to steer foreign relations.&nbsp;

The example given by the Japan-based media outlet was of China increasing tariffs on Australian imports such as coal, wine and barley after Canberra pushed for an independent inquiry into the origins of COVID-19. Similarly, China also imposed restrictions on imports from Lithuania from European nations to strengthen their ties with Taiwan.&nbsp;

The report, citing analysts, also noted that China is breaking World Trade Organisation rules by applying such economic pressure on other countries. Therefore, the US reportedly views the joint action as more effective than a unilateral approach as many countries are heavily dependent on China, economically.&nbsp;

According to the report, Washington also believes that the framework it is working on will help countries cover each other's losses from trade in an emergency and would help reduce the toll they would suffer in the Chinese market. However, one major hurdle would be Germany and Japan’s deep economic ties with China which would pose a challenge to the US’ bid to draw up unified rules.&nbsp; 
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According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners.

According to a report by the Japan-based publication, Nikkei Asia, the United States is pushing the members of the Group of Seven countries to take joint action against China if it engages in economic coercion against the group’s partners. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States along with the European Union. The report also said that the US government and Congress have disclosed retaliatory measures against Beijing in advance which include raising tariffs. This move is seen as Washington’s bid to discourage Beijing from economically bullying other countries. According to the report, the US has already called for action in working-level talks with G7 nations and asked for it to be on the agenda for this year’s G7 meetings. The details of what these actions would entail will be discussed with Japan which is also the G7 chair this year ahead of the group’s leaders’ summit scheduled for May. The US has also sought the support of Japan and European partners on the matter, said the report. This also comes after Congress, in February, also reportedly introduced a bipartisan bill which would grant the president the power to take multiple countermeasures against Chinese economic coercion. In line with this, along with tariffs on Beijing, Washington would also offer support to the countries affected, as per the Japan-based media outlet. ALSO WATCH | US calls for joint G7 action against China's economic bullying It also said how under one of the proposals the US would decrease the duties from the affected country and boost shipments and offset the impact of Chinese bullying. The report also suggests that recently Beijing has used its economic power as leverage to steer foreign relations. The example given by the Japan-based media outlet was of China increasing tariffs on Australian imports such as coal, wine and barley after Canberra pushed for an independent inquiry into the origins of COVID-19. Similarly, China also imposed restrictions on imports from Lithuania from European nations to strengthen their ties with Taiwan. The report, citing analysts, also noted that China is breaking World Trade Organisation rules by applying such economic pressure on other countries. Therefore, the US reportedly views the joint action as more effective than a unilateral approach as many countries are heavily dependent on China, economically. According to the report, Washington also believes that the framework it is working on will help countries cover each other's losses from trade in an emergency and would help reduce the toll they would suffer in the Chinese market. However, one major hurdle would be Germany and Japan’s deep economic ties with China which would pose a challenge to the US’ bid to draw up unified rules. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US calls for G7 joint response to prevent China’s economic bullying of other countries: Report

Elon Musk broke federal labour law by tweeting that Tesla workers would lose stock options if they joined a union, ruled a US appeals court. The 5th US Circuit Court of Appeals judges in New Orleans over Musk's 2018 tweet said that it constituted an unlawful threat that would deter unionisation and ordered Musk to remove it.

The appeals court while backing the findings of US National Labor Relations Board's (NLRB) gave the ruling. This came after an organising campaign by the United Auto Workers (UAW) union at Tesla’s Fremont automobile plant in California.

Musk tweeted, “Nothing stopping Tesla team at our car plant from voting union … But why pay union dues &amp; give up stock options for nothing?”

Also Read | <a href="https://www.wionews.com/world/deadly-avalanches-in-norway-kill-four-including-tourists-house-sweeps-into-sea-577942">Deadly avalanches in Norway kill four including tourists, house sweeps into sea</a>

The UAW president, Shawn Fain, welcomed the ruling but also said it exposed “our broken US labour law”.&nbsp;“Here is a company that clearly broke the law and yet it is several years down the road before these workers have achieved a modicum of justice,” Fain said.

Earlier, Tesla won in a lawsuit filed by investors in February related to a Tweet&nbsp;by Musk from 2018 that suggested funding was available for the company to go private. Musk claimed in a tweet that he has "funding&nbsp;secured" to take the electric vehicle manufacturer private at a price of $420 per share. Investors contended that the tweets caused stocks to soar over a 10-day period. 
 
After winning the lawsuit, Musk had tweeted, “Thank goodness, the wisdom of the people has prevailed!” “I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.”

Also Read |&nbsp;<a href="https://www.wionews.com/world/love-themed-spring-break-in-chinese-colleges-as-nation-scurries-to-tackle-population-decline-577925">Love-themed spring break in Chinese colleges as nation scurries to tackle population decline</a>

In addition, Musk won in a defamation case brought by a British caver.&nbsp;The Tesla founder&nbsp;was sued by Vernon Unsworth for $190 million in damages, but Elon Musk won. Musk argued in court that the term "pedo man" was prevalent in South Africa, where he was raised.

Musk acquired Twitter in 2022 for $44 billion. In the argument on Friday, Tesla had contended that the tweet about organising wasn't a threat and was instead just a reflection of the reality that union employees at other automakers weren't given stock options.&nbsp;

Watch | Will Artificial Intelligence be the end of mankind?&nbsp;

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“Substantial evidence supports the NLRB’s conclusion that the tweet is an implied threat to end stock options as retaliation for unionization,” the panel wrote. 
 
In another case, the labour board concluded in 2022 that Tesla had infringed the law by preventing workers at the Fremont factory from wearing shirts that backed the union movement. The company is contesting that decision.

 
 
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Elon Musk broke federal labour law by tweeting that Tesla workers would lose stock options if they joined a union, ruled a US appeals court. The 5th US Circuit Court of Appeals judges in New Orleans over Musk's 2018 tweet said that it constituted an unlawful threat that would deter unionisation and ordered Musk to remove it.

Elon Musk broke federal labour law by tweeting that Tesla workers would lose stock options if they joined a union, ruled a US appeals court. The 5th US Circuit Court of Appeals judges in New Orleans over Musk's 2018 tweet said that it constituted an unlawful threat that would deter unionisation and ordered Musk to remove it. The appeals court while backing the findings of US National Labor Relations Board's (NLRB) gave the ruling. This came after an organising campaign by the United Auto Workers (UAW) union at Tesla’s Fremont automobile plant in California. Musk tweeted, “Nothing stopping Tesla team at our car plant from voting union … But why pay union dues & give up stock options for nothing?” Also Read | Deadly avalanches in Norway kill four including tourists, house sweeps into sea The UAW president, Shawn Fain, welcomed the ruling but also said it exposed “our broken US labour law”. “Here is a company that clearly broke the law and yet it is several years down the road before these workers have achieved a modicum of justice,” Fain said. Earlier, Tesla won in a lawsuit filed by investors in February related to a Tweet by Musk from 2018 that suggested funding was available for the company to go private. Musk claimed in a tweet that he has "funding secured" to take the electric vehicle manufacturer private at a price of $420 per share. Investors contended that the tweets caused stocks to soar over a 10-day period. After winning the lawsuit, Musk had tweeted, “Thank goodness, the wisdom of the people has prevailed!” “I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.” Also Read | Love-themed spring break in Chinese colleges as nation scurries to tackle population decline In addition, Musk won in a defamation case brought by a British caver. The Tesla founder was sued by Vernon Unsworth for $190 million in damages, but Elon Musk won. Musk argued in court that the term "pedo man" was prevalent in South Africa, where he was raised. Musk acquired Twitter in 2022 for $44 billion. In the argument on Friday, Tesla had contended that the tweet about organising wasn't a threat and was instead just a reflection of the reality that union employees at other automakers weren't given stock options. Watch | Will Artificial Intelligence be the end of mankind? × “Substantial evidence supports the NLRB’s conclusion that the tweet is an implied threat to end stock options as retaliation for unionization,” the panel wrote. In another case, the labour board concluded in 2022 that Tesla had infringed the law by preventing workers at the Fremont factory from wearing shirts that backed the union movement. The company is contesting that decision. 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.

Musk violated labour law by tweeting Tesla workers would lose stock options if they joined union: Court