Lawrence Bishnoi gang claims responsibility for firing at Tiger Shroff over ties to Salman Khan

Kylie Jenner makes Victoria’s Secret debut in $50 million diamond-encrusted design as Timothée Chalamet cheers

Saudi Arabia asks skyscraper employees to work from home amid Houthi threats

KATSEYE performs at Victoria’s Secret show, teases Sophia Laforteza’s return

Putin wants joint meeting with Trump-Xi summit on Ukraine war, proposes talks alongside APEC: Report

India moves to buy 10,000 more AI chips for a national compute pool open to startups

Tiger Shroff attacked by three gunmen in Mumbai, actor safe, two injured

Researchers name newly discovered Andean plant after Argentina legend Lionel Messi

Tesla Roadster engineering: The hidden hardware behind its flying demonstration

After Kennedy Center and reflecting pool disputes, Trump turns to Washington golf course plan amid legal battle

NFl 2026/27 - Saints vs Steelers to go ahead in Paris next week despite protest

4 killed, 19 critically injured in grass fire at Canada's largest military base

Why France looks the most fragile in the G7 amid protests and budget deadlock

Elon Musk features on Lucknow's 'anti-India' Ravan poster alongside Rahul Gandhi, Akhilesh

Flying car race: Alef Aeronautics welcomes Tesla Roadster '11 years' later, but are the two models the same?

Asian Para Games: Nishad Kumar clinches T47 long jump gold; Ravi Budigina bags swimming silver

Girl 'dead' for 8 hours wakes up at her own funeral, dad insists she wasn't breathing

China responds to Trump's Press Secretary Katie Zacharia after toilet remark: 'Visit China more often'

'Grassroots leagues help bridge the gap': India's ODI WC winner Suresh Raina lauds ISCL ahead of Season 2

MI5 is opening an AI threat centre, and OpenAI just told MPs the worst isn't over

Karan Johar reimagines Student Of The Year with thriller series After Dark, Shanaya Kapoor to debut on OTT

PCB omits Atherton, Hussain from tri-series commentary panel over Imran Khan interview row

Brendan Taylor overtakes Andy Flower to become Zimbabwe’s leading ODI run-scorer

Nobel laureate Machado, who dedicated prize to Trump, confirmed as Venezuela opposition leader

'We feel like Mr India': Gujarat’s undercover SHE team guard garba nights at Navratri

No Ravindra Jadeja, Yashasvi Jaiswal in India’s 2027 ODI World Cup plans: Report

Anirudh Ravichander-Kavya Maran wedding: Telangana CM reveals Chennai reception date

Priest dies after crucifix falls on his head during livestreamed Mass in Ecuador | VIDEO

US to review Russia sanctions waiver within 60 days as Rubio cites India’s ‘substantial’ Russian energy imports

Anthropic’s public benefit plan: What its 5% share commitment means for AI’s future

Cattle-feed bran in biscuits, detergent in milk: FSSAI acts against 3 companies

New OTT releases this week (October 19-25, 2026): Gajab Raat to Chaar Yaar-8 titles to watch during Dussehra week on Netflix, Prime Video and more

Shastri backs Shami comeback; lauds Bhuvi and warns Bumrah on format workload ahead of World Cup

'It's a joy to see the makers bring it on such a grand scale': SS Rajamouli on Ramayana

Ghaziabad is world's fastest-growing city; Surat, Patna, Rajkot also feature on list

BuzzFeed announced Thursday that it was shutting its news division as part of cost-saving measures. The company said the move is part of the process of reducing staff which is being brought down by 15 per cent. The shutting down of the newsroom signals the end of one of the most notable news websites of the internet era.

"We are reducing our workforce by approximately 15 per cent today... and beginning the process of closing BuzzFeed News," chief executive Jonah Peretti wrote in an email sent to the staff.

"While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," he wrote.

Buzzfeed said that it was facing certain challenges, including a recession in the tech sector and the struggling stock market.&nbsp;CEO Peretti admitted that he was partly at fault for the closure.

Peretti acknowledged that since he loved the work and mission of Buzzfeed News, he had "overinvested" in it. "This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media," he wrote in the memo.

BuzzFeed shares fell more than 20 per cent on Wall Street following the news.

Peretti&nbsp;added that the company now plans to concentrate its news output on its HuffPost website.

The coronavirus pandemic, less capital, a decelerating digital advertising market and "ongoing audience and platform shifts" were the other reasons Peretti cited for the decision.

"Dealing with all of these obstacles at once is part of why we've needed to make the difficult decisions to eliminate more jobs and reduce spending," he said.

Peretti conceded that he could have reacted better to the challenges.

"I also want to be clear: I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances," he wrote.

BuzzFeed is&nbsp;an American digital company that was created in 2006. It primarily became popular for its lists and quizzes. In late 2011, it founded BuzzFeed News&nbsp;which went on to win a number of awards.&nbsp;

(With inputs from agencies)

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

BuzzFeed announced Thursday that it was shutting its news division as part of cost-saving measures. The company said the move is part of the process of reducing staff which is being brought down by 15 per cent.

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

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

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

Disney to cut 7,000 jobs amid more layoffs

Facebook's parent company Meta began executing job cuts across all Metaverse companies on Wednesday, April 19. The move, which will eventually eliminate 10,000 positions across Facebook, WhatsApp, Instagram and Reality Labs, is part of Meta's goal of "greater efficiency."

The development came after Meta notified managers to make the dreadful announcement to their team members designated to be laid off by the company.&nbsp;

It is not immediately clear how many of these 10,000 positions have been eliminated after Meta's April 19 notification to its managers at various Metaverse companies.

The memo, seen by Bloomberg News, indicated that the teams at Meta will be reorganised. Various employees still employed after the latest round of layoffs would be reassigned to work under new managers.

All employees who can work from home in North America have been reportedly told to continue doing so in order to "process the news", the memo's content reportedly said.

Already, Meta cut about 13 per cent or 11,000 jobs, in November. This means that within a matter of two quarters or six months, Meta would have put a total of 21,000 people out of jobs.&nbsp;

ALSO WATCH |&nbsp;Another round of mass layoffs begin in Meta, to cut 10,000 more jobs

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/another-round-of-mass-layoffs-begin-in-meta-to-cut-10000-more-jobs-572125/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

WION <a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">reported in February 2023</a> about Meta delaying the setting up of team budgets, triggering speculations of more layoffs, an eventuality that was officially announced soon after.

<h2>Meta's 'year of efficiency' a year of job cuts</h2>

Meta also extended a hiring freeze through first three months of 2023.&nbsp;

In March, Zuckerberg billed 2023 as "year of efficiency".&nbsp;

"We expect to announce restructuring and layoffs in our tech groups in late April, and then our business groups in May," he wrote.

As made clear by Zuckerberg himself, Meta plans to cut business-facing roles, such as finance, legal and human resources, in May 2023.

<h2>Meta layoffs: India among affected regions</h2>

According to a CNBC TV18 report, employees in India will also be affected by the second round of layoffs. The news platform cited a person with knowledge of the matter as saying that people in tech roles will be among those who will be laid off.

Several laid off Meta employees took to LinkedIn to inform their networks of Meta's job cuts affecting thousands in multiple regions where the company operates.&nbsp;

In a LinkedIn post, Teresa Jimenez, a former Business Program Manager at Facebook, said, "I woke up this morning to the unfortunate news that I was one of the many laid off from Meta today. While I am certainly disappointed, I'm also feeling extremely #grateful for the opportunity to have worked alongside some of the most talented individuals for almost 3 years!"

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Facebook's parent company Meta began executing job cuts across all Metaverse companies on Wednesday, April 19. The move, which will eventually eliminate 10,000 positions across Facebook, WhatsApp, Instagram and Reality Labs, is part of Meta's goal of "greater efficiency.

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

Meta begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp

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

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

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

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

Another round of layoffs at Meta

Walt Disney Co. is set to eliminate thousands of jobs next week which will reportedly include about 15 per cent of the Disney staff in the company's entertainment division.&nbsp;

The job cuts would entail people employed in Disney's TV and film divisions as well as the employees in theme parks and corporate positions, Bloomberg reported while citing people familiar with the matter.

The latest Disney job cuts will affect every region where Disney operates, Bloomberg report added. Some affected workers will be notified as early as April 24, it said.

Earlier in February, Disney announced 7,000 job cuts as part of its cost-cutting measures to save $5.5 billion in its annual costs.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/disney-next-in-line-for-layoffs-to-cut-7000-jobs-in-cost-saving-efforts-560164">Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts</a>

The job cuts would significantly reduce headcount at Disney Entertainment, which includes the company's movie and TV production, streaming and distribution businesses. Disney Entertainment was created as part of Walt Disney's restructuring process this year itself.

ALSO WATCH |&nbsp;Disney's cost cutting leads to senior executives' layoffs at ABC

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/disneys-cost-cutting-leads-to-senior-executives-layoffs-at-abc-577558/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

As the streaming industry's focus shifts to operating online video platforms, major players such as NBC Universal, Warner Bros and Paramount Global too have reduced their head count.

In November, the current Disney CEO Bob Iger returned to lead the company after a $1.47 billion quarterly loss in the company’s streaming business that resulted in the removal of another Bob of Disney: Bob Chapek.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Walt Disney Co. is set to eliminate thousands of jobs next week which will reportedly include about 15 per cent of the Disney staff in the company's entertainment division.

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

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

Chinese electric vehicle maker Xpeng Inc is the latest to announce a production shift to digital vehicle architecture. It is the same technology Tesla uses to make its cars.

China Xpeng to follow Tesla's Digi vehicle architecture

Alphabet's Google has had a major legal victory in a decade-old case after it was able to covince a US court to cancel at least three patent infringement claims against its chrome browser.

Google wins decade-long legal case in US

Russia continues to enjoy strong oil trade with India and China despite the sanctions imposed by the West for its war in Ukraine. A Reuters report shows that both countries have bought a vast majority of Russian oil in April at prices above the western price cap of 60 dollars per barrel.

India, China buy Russian oil above West's cap

Whilst COVID-19 emerged to spell doom for the global economy back in 2019, it induced a golden period for the Indian startup ecosystem. Indian companies suddenly became the favourites of global investors as they kept pouring in massive funding incessantly.

Whilst COVID-19 emerged to spell doom for the global economy back in 2019, it induced a golden period for the Indian startup ecosystem. Indian companies suddenly became the favourites of global investors as they kept pouring in massive funding incessantly. It’s evident from the fact that Indian startups raised $13.2 billion in funding in 2019 and $10.9 billion in 2020. Then, 2021 turned out to be a ‘year of unicorns’ for the Indian economy, which saw Indian startups raising a record $35.2 billion in funding and producing at least 34 unicorn startups. However, the golden period seems to have come to a grinding halt now. Just two years down the line, the Indian startup ecosystem is facing a grave funding crisis. To put things in perspective, Indian companies have raised a mere $2 billion in the first quarter of 2023. This amount is 75 per cent lower than the same period last year, as per Reuters. Private equity and venture capital funding have also seen a drop of 60 per cent during the Q4 of FY23. At this miserable run rate, Indian companies might end this year with just $10 billion in funding, far less than $35.2 billion in 2021 and $20 billion in 2022. Experts say the Indian economy won’t see a repeat of the 2021-like funding boom in the coming decade. Reasons behind the funding crisis Both global as well domestic factors have triggered the dry funding spell for Indian companies. High interest rates, inflation, the banking crisis and the global economic slowdown have left global investors anxious. It must be noted that Indian startups have raised the majority of their capital from foreign investors only, so global factors directly impact the funding climate in India. Central banks around the world have resorted to increasing interest rates to tackle inflation; however, this has ratcheted up the borrowing cost. Adding to that, the banking crisis in the US has further tightened liquidity. The imminent recession in Western countries has further exacerbated the woes of global investors. It’s speculated that the US economy, along with Germany and UK, will enter recession in FY24. Domestic factors that have led to the funding crunch On the other hand, there are also some domestic factors to blame. Of all, the biggest factor is the faltering consumption growth in India. As per a report by Indian VC firm Blume Ventures, the consumption growth in India is driven by a “tiny superuser set.” Consumption outside the top layer of 30 million households has actually dropped sharply. As a result of this, the target market for Indian startups has reduced to a mere 100 million people, below 10 per cent of India’s total population of 1.4 billion. Moreover, global investors are fast realising the fact that many Indian startups which they funded earlier were massively overvalued. For instance, Blackrock cut the valuation of Indian EdTech company Byju’s by half from $22 billion to $11.15 billion. Similarly, Swiggy’s valuation was also slashed by a quarter by Invesco. Investors are waiting for further correction in the valuations of Indian companies. For example, Softbank has steered clear of Indian companies during the last year after leading the funding boom in earlier years. Watch: Gravitas Plus: Why are Indian Startups struggling? × According to SME futures, the slowdown in funding activity can also be attributed to the changed norms for foreign direct investment (FDI) introduced by the government of India in 2020. This has led to confusion among several foreign investors, making it even more difficult for Indian fund-seekers to raise capital from international VC firms. Rachit Poddar, Co-Founder of IVY Growth Associates, was quoted by SEM Futures as saying, “One of the main challenges that Indian start-ups face when seeking foreign investment is a lack of understanding of the Indian market by foreign investors. Additionally, regulatory hurdles and the complexity of the Indian tax system can be deterrents for foreign investors.” Indian government must do more Although the Indian government has launched several programmes to shore up the Indian startup ecosystem, such as the Start-up India Programme and the Fund of Funds for Start-ups; experts believe that might not be enough. There is still much to be done to make regulations simpler, lower administrative barriers, and encourage investors to fund early-stage start-ups. The government needs to work towards promoting private investment in startups. Also Read | ‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions Despite all odds, it remains a fact that the Indian economy continues to be a bright spot in a world fast slipping into economic turmoil. As per projections made by IMF, India and China will contribute half of the global growth in FY24. India remains the world’s fastest-growing major economy, which is expected to grow at 6.8 per cent in the ongoing fiscal year. As relations between China and the West continue to deteriorate due to geopolitical tensions, India will clearly emerge as the only promising investment destination for international VC firms. WATCH WION LIVE HERE ×

Explained: Why are foreign investors no longer funding Indian startups? 

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent.&nbsp;

On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations.&nbsp;

Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022.&nbsp;

"Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters.&nbsp;

China's economy rebounding?

The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March.&nbsp;

The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011.

In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy.

"Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying.

"Zero-Covid" policy impact on China&nbsp;

The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year.&nbsp;

The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent.

China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people. &nbsp;

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent.

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent. On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations. Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022. "Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters. China's economy rebounding? The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March. The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011. In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy. "Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying. "Zero-Covid" policy impact on China The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year. The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent. China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people.

China beats estimates, grows at 4.5% in first three months of 2023

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West.&nbsp;

India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.&nbsp;

The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports.

According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent.

Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap.

In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine.

A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow.

"We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime,"&nbsp;the official told Reuters on a condition of anonymity.&nbsp;&nbsp;

Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap&nbsp;in early April.&nbsp;

Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.&nbsp;

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said. The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports. According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent. Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap. In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine. A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. "We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime," the official told Reuters on a condition of anonymity. Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap in early April. Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.

Russia's oil exports remain strong, India and China top buyers in April: Report

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. &nbsp;

Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company.

Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls.

After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day.&nbsp;

In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth.&nbsp;Paya Holdings, a US-based&nbsp;payments solutions company,&nbsp;was&nbsp;bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition&nbsp;"appears troubled" as Paya was losing market share before the takeover.

Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure.

"Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report.&nbsp;

The short-seller said&nbsp;that it expects&nbsp;Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year.

Second report in less than 2 years

Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company.&nbsp;

“Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. &nbsp;

This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries.

In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.”

The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.&nbsp;

&nbsp;

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said.

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company. Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls. After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day. In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth. Paya Holdings, a US-based payments solutions company, was bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition "appears troubled" as Paya was losing market share before the takeover. Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure. "Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report. The short-seller said that it expects Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year. Second report in less than 2 years Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company. “Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries. In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.” The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.

Canadian fintech firm Nuvei's shares fall after short-seller report

Apple's CEO Tim Cook is in India ahead of the opening of the company's first store in Mumbai. Cook met India Inc leaders ahead of the store launch.

Apple CEO Tim Cook visits India for new store opening

China's gross domestic product (GDP) expanded 4.5 percent in the first quarter of the year 2023, boosted by increased consumption and retail sales.

China's GDP jumps 4.5% in Q1 as consumption, retail sales grow

Rishi Sunak's wife Akshata Murty lost about $61 million Monday after shares in Infosys tumbled the most since he became UK prime minister. Murty owns a 0.94% stake in the Infosys Ltd co-founded by her father Narayana Murthy.

Akshata Murty loses $61 million in a day after Infosys stocks tumble

Ernst &amp; Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts&nbsp;to eliminate "overcapacity."&nbsp;

The cuts were announced less than a week after the collapse of Project Everest, a proposed plan to spin off EY’s global consulting business into a new company.&nbsp;Project Everest&nbsp;consumed more than a year of work and cost EY more than $600mn, executives told company's staff last week.

<h2>Ernst &amp; Young layoffs: Who will be affected?</h2>

According to Financial Times, the consulting side of the firm will be most-affected during EY's job-cuts.

The job cuts will&nbsp;account for about 5 per cent of EY’s US workforce.

"After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying by Financial Times.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-much-salary-hike-your-employer-is-planning-in-2023-crucial-report-drops-key-revelations-574317">How much salary hike your employer is planning in 2023? Crucial report drops key revelations</a>

"These actions are part of the ongoing management of our business and not a result of the recently concluded strategic review, known as Project Everest," the spokesperson added.&nbsp;

<h2>Ernst &amp; Young job cuts: Biggest layoff in the sector</h2>

Among its competitors such as the KMPG, Accenture and McKinsey, EY's job cuts are deeper than others.

KPMG laid off close to 2 per cent of its US staff in February.

Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months.

McKinsey's&nbsp;restructuring will reduce about 3 per cent of its workforce.&nbsp;

ALSO WATCH |&nbsp;German watchdog bans EY from taking on new audits for two years

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/german-watchdog-bans-ey-from-taking-on-new-audits-for-two-years-578872/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Consulting businesses have slowed sharply due to rise in interest rates among other related factors.

Earlier, EY had&nbsp;axed holiday bonuses for its US staff, citing the slowing economy. The firms in the sector have sharply slowed hiring.

Job postings by the 'Big Four' (Deloitte, Ernst &amp; Young, KPMG, and PricewaterhouseCoopers) are 50 per cent lower than a year ago, according to the latest monthly survey by William Blair, an equity research firm.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Ernst & Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts to eliminate "overcapacity.

Ernst & Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts to eliminate "overcapacity." The cuts were announced less than a week after the collapse of Project Everest, a proposed plan to spin off EY’s global consulting business into a new company. Project Everest consumed more than a year of work and cost EY more than $600mn, executives told company's staff last week. Ernst & Young layoffs: Who will be affected? According to Financial Times, the consulting side of the firm will be most-affected during EY's job-cuts. The job cuts will account for about 5 per cent of EY’s US workforce. "After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying by Financial Times. ALSO READ | How much salary hike your employer is planning in 2023? Crucial report drops key revelations "These actions are part of the ongoing management of our business and not a result of the recently concluded strategic review, known as Project Everest," the spokesperson added. Ernst & Young job cuts: Biggest layoff in the sector Among its competitors such as the KMPG, Accenture and McKinsey, EY's job cuts are deeper than others. KPMG laid off close to 2 per cent of its US staff in February. Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months. McKinsey's restructuring will reduce about 3 per cent of its workforce. ALSO WATCH | German watchdog bans EY from taking on new audits for two years × Consulting businesses have slowed sharply due to rise in interest rates among other related factors. Earlier, EY had axed holiday bonuses for its US staff, citing the slowing economy. The firms in the sector have sharply slowed hiring. Job postings by the 'Big Four' (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) are 50 per cent lower than a year ago, according to the latest monthly survey by William Blair, an equity research firm. 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.

'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts

Elon Musk passed&nbsp;his billionaire acumen&nbsp;to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals.

Shares of&nbsp;Dalseo-gu, Daegu-based&nbsp;L&amp;F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla.&nbsp;

According to the Bloomberg Billionaires Index, the listed holdings for the L&amp;F Co. chairperson Hur Jae-hong and family is now worth more than $800 million.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-workers-in-shanghai-appeal-to-elon-musk-over-bonus-cuts-583293">Tesla workers in Shanghai appeal to Elon Musk over bonus cuts</a>

Tesla has been using L&amp;F’s cathodes for years. But they were supplied through LG Energy Solution Ltd.&nbsp;

This is the first time that L&amp;F has become Tesla's direct client.

Like L&amp;F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported.

ALSO WATCH |&nbsp;World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe class="includeVide&lt;/div&gt;&lt;a id=" height="350" jqclosemark="" src="https://www.wionews.com/videos/world-business-watch-tesla-fined-22-mln-for-exaggerating-driving-range-of-evs-548911/embed" style="width:100%;max-width:560px;" width="560">&amp;times;</iframe></div>

&nbsp;
</div>
</div>

For L&amp;F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational.&nbsp;

L&amp;F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue.&nbsp;

L&amp;F may see its reliance on LG Energy Solution drop to 50 per cent&nbsp;of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co.

Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla. According to the Bloomberg Billionaires Index, the listed holdings for the L&F Co. chairperson Hur Jae-hong and family is now worth more than $800 million. ALSO READ | Tesla workers in Shanghai appeal to Elon Musk over bonus cuts Tesla has been using L&F’s cathodes for years. But they were supplied through LG Energy Solution Ltd. This is the first time that L&F has become Tesla's direct client. Like L&F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported. ALSO WATCH | World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs For L&F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational. L&F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue. L&F may see its reliance on LG Energy Solution drop to 50 per cent of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company

A Johnson &amp; Johnson (J&amp;J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer. This comes as the company makes another attempt at "resolving the litigation in bankruptcy after a federal appeals court found its first attempt improper," reports Reuters.

On Tuesday, LTL Management, the J&amp;J subsidiary in a hearing in Trenton, New Jersey, will argue that the so-called "automatic stay" under bankruptcy law should also protect J&amp;J which has not filed for bankruptcy and has a market value of over $430 billion.

Bankruptcy law places an "automatic stay" on legal action against a business while it is in Chapter 11 proceedings.

Also read |&nbsp;<a href="https://www.wionews.com/world/johnson-johnson-to-pay-89-billion-to-settle-lawsuits-over-cancer-causing-talc-579243">Johnson &amp; Johnson to pay $8.9 billion to settle lawsuits over 'cancer-causing' talc</a>

LTL's first bankruptcy filing in 2021 placed the lawsuits on hold, but the Philadelphia-based 3rd US Circuit Court of Appeals ruled in January that LTL was not eligible for bankruptcy because it was not in "financial distress."

Two groups of cancer plaintiffs and the US Department of Justice's bankruptcy watchdog as per Reuters have objected to the company's plea for a stay, claiming that it is a deceptive attempt to bypass the earlier court ruling and that the second bankruptcy has "slim to nonexistent prospects" of success.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musks-direct-deal-propels-ultra-rich-fortune-for-south-korean-company-583504">Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company</a>

The plaintiffs are alleging that J&amp;J's baby powder and other talc products cause cancer. J&amp;J has offered $8.9 billion&nbsp;to settle the claims but has not provided details on how much each claimant would receive from the deal. LTL argues that litigation against J&amp;J would imperil its efforts to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

A Johnson & Johnson (J&J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer.

A Johnson & Johnson (J&J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer. This comes as the company makes another attempt at "resolving the litigation in bankruptcy after a federal appeals court found its first attempt improper," reports Reuters. On Tuesday, LTL Management, the J&J subsidiary in a hearing in Trenton, New Jersey, will argue that the so-called "automatic stay" under bankruptcy law should also protect J&J which has not filed for bankruptcy and has a market value of over $430 billion. Bankruptcy law places an "automatic stay" on legal action against a business while it is in Chapter 11 proceedings. Also read | Johnson & Johnson to pay $8.9 billion to settle lawsuits over 'cancer-causing' talc LTL's first bankruptcy filing in 2021 placed the lawsuits on hold, but the Philadelphia-based 3rd US Circuit Court of Appeals ruled in January that LTL was not eligible for bankruptcy because it was not in "financial distress." Two groups of cancer plaintiffs and the US Department of Justice's bankruptcy watchdog as per Reuters have objected to the company's plea for a stay, claiming that it is a deceptive attempt to bypass the earlier court ruling and that the second bankruptcy has "slim to nonexistent prospects" of success. Also read | Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company The plaintiffs are alleging that J&J's baby powder and other talc products cause cancer. J&J has offered $8.9 billion to settle the claims but has not provided details on how much each claimant would receive from the deal. LTL argues that litigation against J&J would imperil its efforts to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy. (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.

Johnson & Johnson unit seeks to halt 38,000 lawsuits over its alleged 'cancer causing' talc

India violated trade rules by imposing huge import duties on certain information&nbsp;and communication&nbsp;technology products, the World Trade Organisation (WTO) ruled&nbsp;on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation.&nbsp;

"We recommend that India bring such measures into conformity with its obligations," a WTO panel report said.&nbsp;

The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017.

India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs.

These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO.

They added that the import duties&nbsp;infringe&nbsp;WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty.&nbsp;

But India has been arguing&nbsp;that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products.&nbsp;

New Delhi added that these tech products were not part of the 1996 agreement on Information Technology.&nbsp;&nbsp;

The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.&nbsp;

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday.

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation. "We recommend that India bring such measures into conformity with its obligations," a WTO panel report said. The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017. India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs. These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO. They added that the import duties infringe WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty. But India has been arguing that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products. New Delhi added that these tech products were not part of the 1996 agreement on Information Technology. The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.

India violated global trading rules in IT tariff dispute, says WTO

Alphabet's parent company, Google, continues to experience negative news as its shares dropped about 4% on Monday on reports that Samsung may switch Google's default search engine for its devices to Microsoft's Bing.

Samsung may make bing default search engine

JP Morgan reported a surge in deposits in the first quarter, as the sudden collapse of two US regional banks in March drove customers to move their money to bigger lenders.

JP Morgan bank sees a surge in deposits amid US banking crisis

A price breakout for Ethereum has occurred as a result of the successful Shanghai upgrades. After the upgrade, there was an uptick in optimistic sentiment, and the price momentarily reached a year-to-date high of $2100.

Ether rallies after successful tech upgrade

Given that the Congress has a deadline to handle the country's debt, the head of the European Central Bank stated that she did not think the United States would default on its debt this time.

ECB Chief: US debt default just not possible

According to the Indian Commerce Ministry, the United States has surpassed China to become India's largest trading partner in 2022–2023. India in 2022 and 2023, U.S. trade increased to 128 points 55 billion dollars, up from 119.5 billion dollars in 2021 and 2022.

US now biggest trade partner of India

Elon Musk, launched a brand-new artificial intelligence firm named X.AI Corp to compete with ChatGPT-maker OpenAI. Musk was named a director of the AI start-up, which was established in Nevada on March 9.

Elon Musk launches new AI start up to compete with OpenAI