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The federal agency for immigration services said it is wrong to assume that sacked workers holding the H-1B visas have to leave the US within 60 days. The remarks came amid mass layoffs in the tech sector and the agency also asserted that they have multiple options to stay in the US.&nbsp;

In a letter to the Foundation for India and Indian Diaspora Studies (FIIDS), USCIS Director Ur M Jaddou said: "When non-immigrant workers are laid off, they may not be aware of their options and may, in some instances, wrongly assume that they have no option but to leave the country within 60 days."

FIIDS recently wrote to USCIS about the impacts of recent technology sector layoffs. The group also sought an increase to the up to 60-day grace period.&nbsp;

The H-1B visa allows US employers to recruit foreign workers in speciality occupations. A speciality occupation requires the application of specialised knowledge and a bachelor's degree or the equivalent of work experience. FIIDS has been working for laid-off H-1B visa holders.&nbsp;

The USCIS addressed a letter to the FIIDS director for policy and analysis strategy Khanderao Kand and said it acknowledges the financial and emotional impact that job loss can have on employment-based non-immigrant workers and their families in the US.&nbsp;

"We are aware of the issue of involuntary terminations, especially in the technology sector," Kand said.&nbsp;

Indians were among thousands of highly skilled foreign-born workers in the US, who have lost their jobs due to the series of recent layoffs at big tech companies.&nbsp;

According to The Washington Post, nearly 200,000 IT workers have been laid off since November last year.

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The federal agency for immigration services said it is wrong to assume that sacked workers holding the H-1B visas have to leave the US within 60 days. The remarks came amid mass layoffs in the tech sector and the agency also asserted that they have multiple options to stay in the US.

The federal agency for immigration services said it is wrong to assume that sacked workers holding the H-1B visas have to leave the US within 60 days. The remarks came amid mass layoffs in the tech sector and the agency also asserted that they have multiple options to stay in the US. In a letter to the Foundation for India and Indian Diaspora Studies (FIIDS), USCIS Director Ur M Jaddou said: "When non-immigrant workers are laid off, they may not be aware of their options and may, in some instances, wrongly assume that they have no option but to leave the country within 60 days." FIIDS recently wrote to USCIS about the impacts of recent technology sector layoffs. The group also sought an increase to the up to 60-day grace period. The H-1B visa allows US employers to recruit foreign workers in speciality occupations. A speciality occupation requires the application of specialised knowledge and a bachelor's degree or the equivalent of work experience. FIIDS has been working for laid-off H-1B visa holders. The USCIS addressed a letter to the FIIDS director for policy and analysis strategy Khanderao Kand and said it acknowledges the financial and emotional impact that job loss can have on employment-based non-immigrant workers and their families in the US. "We are aware of the issue of involuntary terminations, especially in the technology sector," Kand said. Indians were among thousands of highly skilled foreign-born workers in the US, who have lost their jobs due to the series of recent layoffs at big tech companies. According to The Washington Post, nearly 200,000 IT workers have been laid off since November last year. 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.

Wrong to assume sacked H-1B staffers have to leave America within 60 days: USCIS director

Adidas has pulled back a request asking the US Trademark Office to block a trademark request by Black Lives Matter (BLM) regarding a design featuring three parallel stripes. The company did not give any reason for the withdrawal. “Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible,” a spokesperson for Adidas said.&nbsp;

Earlier on Monday, the German sportswear company in a filing said that the Black Lives Matter Global Network Foundation (BLMGNF) design will create confusion with Adidas's branding which it has been using for more than 70 years. The proposed BLMGNF design “incorporates three stripes in a manner that is confusingly similar to the three-stripe mark in appearance and overall commercial impression," the company's opposition statement said.

Black Lives Matter Global Network Foundation (BLMGNF) applied for a US trademark for a yellow three-striped design in November 2020, which it wants to use on its merchandise. But Adidas was against the design, saying that the design had gained “international fame and tremendous public recognition” and will lead to confusion.

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/beyonce-and-adidas-mutually-agree-to-severe-business-ties-after-massive-decline-in-sales-report-575179">Beyonce and Adidas mutually agree to severe business ties after massive decline in sales</a>

Consumers "are likely to assume" that the goods and services with the said design "originate from the same source, or that they are affiliated, connected, or associated with or sponsored by Adidas", the company had said in its earlier statement.&nbsp;

BLMGNF was founded following the killing of unarmed black teenager Trayvon Martin by George Zimmerman in 2012. It grabbed headlines during the global protests against the killing of George Floyd by a white police officer in 2020.

Earlier this year, Adidas had lost a court case against luxury brand Thom Browne it had filed to stop the brand from using a four-stripe design it said was extremely similar to its three stripes.

(With inputs from agencies)

&nbsp;

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Adidas has pulled back a request asking the US Trademark Office to block a trademark request by Black Lives Matter (BLM) regarding a design featuring three parallel stripes.

Adidas has pulled back a request asking the US Trademark Office to block a trademark request by Black Lives Matter (BLM) regarding a design featuring three parallel stripes. The company did not give any reason for the withdrawal. “Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible,” a spokesperson for Adidas said. Earlier on Monday, the German sportswear company in a filing said that the Black Lives Matter Global Network Foundation (BLMGNF) design will create confusion with Adidas's branding which it has been using for more than 70 years. The proposed BLMGNF design “incorporates three stripes in a manner that is confusingly similar to the three-stripe mark in appearance and overall commercial impression," the company's opposition statement said. Black Lives Matter Global Network Foundation (BLMGNF) applied for a US trademark for a yellow three-striped design in November 2020, which it wants to use on its merchandise. But Adidas was against the design, saying that the design had gained “international fame and tremendous public recognition” and will lead to confusion. Also Read | Beyonce and Adidas mutually agree to severe business ties after massive decline in sales Consumers "are likely to assume" that the goods and services with the said design "originate from the same source, or that they are affiliated, connected, or associated with or sponsored by Adidas", the company had said in its earlier statement. BLMGNF was founded following the killing of unarmed black teenager Trayvon Martin by George Zimmerman in 2012. It grabbed headlines during the global protests against the killing of George Floyd by a white police officer in 2020. Earlier this year, Adidas had lost a court case against luxury brand Thom Browne it had filed to stop the brand from using a four-stripe design it said was extremely similar to its three stripes. (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.

Adidas withdraws request to block Black Lives Matter’s trademark application

Binance- the world's biggest crypto exchange and its Chief Executive Officer (CEO) and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday (March 27) for operating an allegedly ''illegal" exchange.

Binance- the world's biggest crypto exchange and its Chief Executive Officer (CEO) and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday (March 27) for operating an allegedly ''illegal" exchange. According to a statement, the CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of American law while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. On Monday, the CFTC said in its complaint that from at least July 2019 till now, Binance "offered and executed commodity derivatives transactions on behalf of US persons" in violation of American laws. Changpeng Zhao,46, meanwhile, has called the regulator's complaint "unexpected and disappointing." Who is Changpeng Zhao? Changpeng Zhao was born in China in 1977 and moved to Canada in 1989 when he was 12 years old. Zhao moved to Canada just after China's Tiananmen Square crackdown on pro-democracy protesters. As a child, Zhao expressed an interest in computer programming courses and later went on to study computer science at McGill University in Montreal. After university, Zhao interned for a subcontractor at the Tokyo Stock Exchange, according to a report by Forbes. He then worked for Bloomberg Tradebook in New York for several years, where he developed software to match trade orders. In 2005, he moved to China and tried his hand at several different tech startups before he got involved in crypto. 2017: Zhao founded Binance In 2017, Changpeng Zhao founded Binance- which became the world's biggest crypto exchange within six months. According to research firm CryptoCompare, Binance at present accounts for about 60% of global crypto trading volumes. In October last year, a report by the news agency Reuters said that Zhao has kept a tight grip on Binance from its earliest days as a powerful leader committed to secrecy and focused on market domination. Even in 2017 when the crypto exchange was founded, Zhao had towering ambitions. "We want to take over the entire market!" he told staff in a company chat group. And this year, the 46-year-old felt that a major goal was almost within his grasp: a seat at the top table of finance. "The idea that a five-year-old start-up could mature and operate at the same level as a financial institution that has been around for 200 years was once impossible to fathom," he wrote in January in a review of the previous year. The Reuters report added that Zhao installed a tight circle of associates, many of whom had worked or studied in China into top jobs. Though Binance has hired widely from the traditional financial and regulatory worlds in recent years, Zhao's tight control over his company continues. Zhao closely guards details about company's finances Changpeng Zhao has closely guarded details about Binance's finances. A Reuters analysis of Binance's corporate filings done last year showed that the core of the business- the Binance.com exchange had processed trades worth more than $22 trillion last year. This was mostly hidden from public view. The extent of Zhao's wealth is also unclear. The US regulator's complaint The CFTC's complaint on Monday detailed Binance's efforts to retain American customers even after the company, in partnership with a purportedly independent American firm, launched a US exchange in 2019 to serve American customers in compliance with US regulations. This American firm- BAM Trading- was in fact controlled by Zhao and managed by Binance as a de-facto subsidiary, the news agency previously reported. The CFTC said that under Zhao's orders, Binance from at least July 2019 till now told employees and customers to swerve compliance checks. It also alleged that the crypto exchange grew and concealed the US user base and failed to establish the money-laundering checks required of financial institutions. Speaking to CNBC on Tuesday, CFTC Chairman Rostin Behnam said, "This seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible because this was an ongoing fraud." The US regulator has also accused Binance's former Chief Compliance Officer Samuel Lim of "aiding and abetting" the crypto exchange's violations. Zhao responds to allegations In a blog post on Monday, Changpeng Zhao said that the CFTC's complaint appeared to contain an incomplete recitation of facts "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below," Zhao said in the post. "Binance is committed to transparency and cooperation with regulators and law enforcement — in the US and globally," Zhao said, adding, the crypto exchange intends to continue to respect and collaborate with the US and other regulators around the world. A spokesperson for Binance said the company would continue to collaborate with regulators, Reuters reported. The spokesperson added that Binance made significant investments to ensure it does not have US users on its platform. 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Explained: Who is Changpeng Zhao, Binance billionaire sued by US regulator?

Retirement fund body EPFO on Tuesday marginally raised interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.&nbsp;

In March 2022, Employees' Provident Fund Organisation (EPFO) had lowered the interest rate on EPF for 2021-22 to a four-decade low of 8.10 per cent for its subscribers, from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.&nbsp;

The apex decision-making body of EPFO, Central Board Trustees (CBT) headed by Union Labour Minister Bhupender Yadav, recommended 8.15 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2022-23, a labour ministry statement said.&nbsp;

The interest rate would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into subscribers' accounts, it said.

The recommended rate of interest of 8.15 per cent safeguards the surplus as well as guarantees increased income to members, it stated adding that in fact, this rate of interest and the surplus of Rs 663.91 crore are higher than the last year's.&nbsp;

According to EPFO's income projection, the body would have had a surplus of Rs 112.78 crore by providing 8.20 per cent interest rate on EPF for 2022-23. There would have been a deficit of Rs 438.34 crore on providing an 8.25 per cent rate of interest.&nbsp;

The ministry said the board's recommendation involves the distribution of more than Rs 90,000 crore in the members' account on a total principal amount of Rs 11 lakh crore which was Rs 77,424.84 crore (interest) and Rs 9.56 lakh crore (principal), respectively in 2021-22.&nbsp;

The total income recommended for distribution is the highest to date, it claimed to add that the growth in income and the principal amount are respectively more than 16 per cent and 15 per cent as compared to that in 2021-22.&nbsp;

EPFO over the years has been able to distribute higher income to its members, through various economic cycles with minimal credit risk, it stated.&nbsp;

Considering the credit profile of the EPFO investment, the interest rate of EPFO is higher than other comparable investment avenues available for subscribers, it said.&nbsp;

EPFO has consistently followed a prudent and balanced approach towards investment, putting the highest emphasis on the safety and preservation of principal with an approach of caution and growth, the statement said.&nbsp;

EPFO is one of the largest social security organisations has stayed true to its objective by maintaining and providing its subscribers with a high assured interest rate even during the periods of volatility in equity and capital markets, it added.&nbsp;

A blend of the conservative yet progressive approaches of investment followed by EPFO has made it a wise option for EPF members, it opined.&nbsp;

The CBT's decision on the interest rate on EPF deposits for 2022-23 will now be sent to the Ministry of Finance for concurrence.&nbsp;

After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over six crore subscribers of EPFO. 
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.&nbsp;

In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.&nbsp;

EPFO had provided 8.65 per cent interest rates to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.&nbsp;

The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.&nbsp;

The rate of interest was 8.25 per cent in 2011-12.

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Retirement fund body EPFO on Tuesday marginally raised interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.

Retirement fund body EPFO on Tuesday marginally raised interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers. In March 2022, Employees' Provident Fund Organisation (EPFO) had lowered the interest rate on EPF for 2021-22 to a four-decade low of 8.10 per cent for its subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. The apex decision-making body of EPFO, Central Board Trustees (CBT) headed by Union Labour Minister Bhupender Yadav, recommended 8.15 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2022-23, a labour ministry statement said. The interest rate would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into subscribers' accounts, it said. The recommended rate of interest of 8.15 per cent safeguards the surplus as well as guarantees increased income to members, it stated adding that in fact, this rate of interest and the surplus of Rs 663.91 crore are higher than the last year's. According to EPFO's income projection, the body would have had a surplus of Rs 112.78 crore by providing 8.20 per cent interest rate on EPF for 2022-23. There would have been a deficit of Rs 438.34 crore on providing an 8.25 per cent rate of interest. The ministry said the board's recommendation involves the distribution of more than Rs 90,000 crore in the members' account on a total principal amount of Rs 11 lakh crore which was Rs 77,424.84 crore (interest) and Rs 9.56 lakh crore (principal), respectively in 2021-22. The total income recommended for distribution is the highest to date, it claimed to add that the growth in income and the principal amount are respectively more than 16 per cent and 15 per cent as compared to that in 2021-22. EPFO over the years has been able to distribute higher income to its members, through various economic cycles with minimal credit risk, it stated. Considering the credit profile of the EPFO investment, the interest rate of EPFO is higher than other comparable investment avenues available for subscribers, it said. EPFO has consistently followed a prudent and balanced approach towards investment, putting the highest emphasis on the safety and preservation of principal with an approach of caution and growth, the statement said. EPFO is one of the largest social security organisations has stayed true to its objective by maintaining and providing its subscribers with a high assured interest rate even during the periods of volatility in equity and capital markets, it added. A blend of the conservative yet progressive approaches of investment followed by EPFO has made it a wise option for EPF members, it opined. The CBT's decision on the interest rate on EPF deposits for 2022-23 will now be sent to the Ministry of Finance for concurrence. After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over six crore subscribers of EPFO. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry. In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19. EPFO had provided 8.65 per cent interest rates to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12. 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: EPFO raises interest rate on employees' provident fund to 8.15% for FY23

Due to governance weaknesses at the parent conglomerate and other Adani group companies, two Adani Group subsidiaries are susceptible to "heightened contagion risks," which might undermine their financial flexibility, according to rating agency Fitch. In a report published late on Tuesday, Fitch stated that Adani Transmission Ltd., Adani Ports, and the Special Economic Zone are vulnerable to risks.

Adani's cash generating companies under scrutiny, says Fitch

Facebook owner Meta recently cut thousands of jobs, and is now planning to lower the bonuses for some employees, Wall Street Journal reported. The report also said that the company will now assess staff performance more frequently. Smaller bonuses will be given to employees who get a rating of "met most expectations" in their 2023 year-end reviews, besides restricted stock awards.

The WSJ report said that the bonus multiplier for the particular grade has been cut to 65 per cent from 85 per cent.&nbsp;

Regarding the assessment of staff performances, the exercise will not be carried out twice a year.

A Meta spokesperson told Reuters that the performance review process is being changed at the company after looking into learnings and feedback over the last year. "These changes are not related to workforce restructuring," the spokesperson said.

Meta has so far cut over 20,000 jobs as a cost-cutting measure owing to a fall in demand over recession fears. On March 14, it announced that it would cut 10,000 jobs this year in a second round of layoffs. Hiring plans for 5,000 openings will also be scrapped.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/meta-announces-second-round-of-layoffs-to-cut-10000-jobs-572049">Meta announces second round of layoffs, to cut 10,000 jobs</a>

In November last year, the company asked more than 11,000 workers to leave. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.

Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.

In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation are contributing to the firm’s slowdown.

(With inputs from agencies)

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Facebook owner Meta recently cut thousands of jobs, and is now planning to lower the bonuses for some employees, Wall Street Journal reported. The report also said that the company will now assess staff performance more frequently.

Facebook owner Meta recently cut thousands of jobs, and is now planning to lower the bonuses for some employees, Wall Street Journal reported. The report also said that the company will now assess staff performance more frequently. Smaller bonuses will be given to employees who get a rating of "met most expectations" in their 2023 year-end reviews, besides restricted stock awards. The WSJ report said that the bonus multiplier for the particular grade has been cut to 65 per cent from 85 per cent. Regarding the assessment of staff performances, the exercise will not be carried out twice a year. A Meta spokesperson told Reuters that the performance review process is being changed at the company after looking into learnings and feedback over the last year. "These changes are not related to workforce restructuring," the spokesperson said. Meta has so far cut over 20,000 jobs as a cost-cutting measure owing to a fall in demand over recession fears. On March 14, it announced that it would cut 10,000 jobs this year in a second round of layoffs. Hiring plans for 5,000 openings will also be scrapped. Also Read | Meta announces second round of layoffs, to cut 10,000 jobs In November last year, the company asked more than 11,000 workers to leave. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency. In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May. Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation are contributing to the firm’s slowdown. (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.

Meta to give lower bonus payouts to some employees: Report

United States officials on Tuesday (March 28) charged former FTX chief Sam Bankman-Fried over authorising bribes of at least $40 million to Chinese officials.&nbsp;

The charge was added to 12 counts already faced by the former FTX chief. The 13th criminal charge against him is for "conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act."&nbsp;

An updated indictment showed that the payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, which is FTX’s sister company.&nbsp;

FTX and its trading house Alameda Research went bankrupt in November last year after it was unable to meet withdrawal demands from customers. It dissolved a virtual trading business that at one point had been valued by the market at $32 billion.&nbsp;

In December, Bankman-Fried was extradited from his home in the Bahamas and was charged with eight criminal counts over what prosecutors described as "one of the biggest financial frauds in American history".&nbsp;

However, the case was broadened by the government against Bankman-Fried last month to include charges of securities fraud and conspiracy to commit bank fraud.&nbsp;

WATCH |&nbsp;Banking stress puts U.S. and Europe on watch for credit crunch&nbsp;

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Bankman-Fried has pleaded not guilty to a raft of fraud charges in the wake of FTX's collapse in November. He is out on bail and living at his parent's home in California.&nbsp;

According to the indictment, Bankman-Fried and associates "tried numerous methods" to regain access to the funds, including retaining attorneys and communicating with Chinese exchanges.&nbsp;

It added that after months of setbacks, Bankman-Fried "ultimately agreed to and directed a multi-million-dollar bribe to seek to unfreeze the accounts".

(With inputs from agencies)&nbsp;&nbsp;

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United States officials on Tuesday (March 28) charged former FTX chief Sam Bankman-Fried over authorising bribes of at least $40 million to Chinese officials. The charge was added to 12 counts already faced by the former FTX chief.

United States officials on Tuesday (March 28) charged former FTX chief Sam Bankman-Fried over authorising bribes of at least $40 million to Chinese officials. The charge was added to 12 counts already faced by the former FTX chief. The 13th criminal charge against him is for "conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act." An updated indictment showed that the payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, which is FTX’s sister company. FTX and its trading house Alameda Research went bankrupt in November last year after it was unable to meet withdrawal demands from customers. It dissolved a virtual trading business that at one point had been valued by the market at $32 billion. In December, Bankman-Fried was extradited from his home in the Bahamas and was charged with eight criminal counts over what prosecutors described as "one of the biggest financial frauds in American history". However, the case was broadened by the government against Bankman-Fried last month to include charges of securities fraud and conspiracy to commit bank fraud. WATCH | Banking stress puts U.S. and Europe on watch for credit crunch × Bankman-Fried has pleaded not guilty to a raft of fraud charges in the wake of FTX's collapse in November. He is out on bail and living at his parent's home in California. According to the indictment, Bankman-Fried and associates "tried numerous methods" to regain access to the funds, including retaining attorneys and communicating with Chinese exchanges. It added that after months of setbacks, Bankman-Fried "ultimately agreed to and directed a multi-million-dollar bribe to seek to unfreeze the 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.

US charges disgraced crypto founder Sam Bankman-Fried for bribing Chinese officials

In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors. The company said that the move aimed to "unlock shareholder value and foster market competitiveness". Alibaba chairman and CEO Daniel Zhang said in a statement that the restructuring would enable each of these businesses to pursue their own fundraising and public listing plans.

Watch |&nbsp;China’s Alibaba announces it is working on a ChatGPT like AI bot

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Referring to the plan as a "transformation", Zhang said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".

Zhang will continue to serve as Alibaba CEO, however, the day-to-day operations of the six individual business units will be ceded to their respective new management bodies.

Also read |&nbsp;<a href="https://www.wionews.com/world/jack-ma-returns-to-china-recently-after-nearly-a-year-of-overseas-travel-visits-school-576299">Jack Ma returns to China after nearly a year of overseas travel, visits a school</a>

As per AFP, one key exception to this restructuring is Taobao Tmall Commerce Group, which operates one of China's top online purchasing platforms.&nbsp;

Taobao will continue to be under Alibaba's control and will be wholly owned by the group.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-china-record-highest-trade-surplus-in-2022-says-data-576151">Russia, China record highest trade surplus in 2022, says data</a>

Alibaba stated that the modifications would not have an influence on its stocks, which are currently listed in New York and Hong Kong. The company is aiming for a more "nimble structure", which means that it will be&nbsp;reducing the size of its middle and back office functions.

The firm's decision to restructure comes as China promised to support its private sector. In recent years, the company faced unprecedented headwinds as Beijing imposed tighter restrictions on the domestic tech industry.

(With inputs from agencies)

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In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors.

In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors. The company said that the move aimed to "unlock shareholder value and foster market competitiveness". Alibaba chairman and CEO Daniel Zhang said in a statement that the restructuring would enable each of these businesses to pursue their own fundraising and public listing plans. Watch | China’s Alibaba announces it is working on a ChatGPT like AI bot Referring to the plan as a "transformation", Zhang said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes". Zhang will continue to serve as Alibaba CEO, however, the day-to-day operations of the six individual business units will be ceded to their respective new management bodies. Also read | Jack Ma returns to China after nearly a year of overseas travel, visits a school As per AFP, one key exception to this restructuring is Taobao Tmall Commerce Group, which operates one of China's top online purchasing platforms. Taobao will continue to be under Alibaba's control and will be wholly owned by the group. Also read | Russia, China record highest trade surplus in 2022, says data Alibaba stated that the modifications would not have an influence on its stocks, which are currently listed in New York and Hong Kong. The company is aiming for a more "nimble structure", which means that it will be reducing the size of its middle and back office functions. The firm's decision to restructure comes as China promised to support its private sector. In recent years, the company faced unprecedented headwinds as Beijing imposed tighter restrictions on the domestic tech industry. (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.

Alibaba undergoes 'transformation,' will split into six individual units

After laying off 10,000 people, Facebook's owner Meta allegedly intends to reduce bonus payments for some workers and conduct more frequent performance evaluations. Employees who obtain a rating of "meets most expectations" in their year-end 2023 assessments would receive a reduced portion of bonuses and restricted stock awards that are due in March 2024.

After job cuts, Facebook owner Meta is now preparing to reduce bonus for some employees : Report

An investigation into Silicon Valley Bank's (SVB) failure has been started by the Office of Inspector General (OIG) of the US Federal Reserve, an OIG representative announced on Tuesday. According to a top Federal Reserve official, the failure of Silicon Valley Bank (SVB) was a classic case of mismanagement that calls for more banking supervision.

US Federal Reserve watchdog launches probe of Silicon Valley Bank supervision

Ride-hailing company Lyft is getting a new CEO as it reels under financial crisis. The company’s co-founders Logan Green and John Zimmer will step down from their respective roles of CEO and President by April end. David Risher, a season tech executive, will take over the reins on April 17 as the company’s CEO. Green and Zimmer will transition to non-executive roles and serve as chair and vice chair of Lyft’s board.

<h2>Who is David Risher?</h2>

David Risher will be Lyft’s new CEO, and the news has already taken the investors by storm. The shares of the company rose 5% within hours. Many believe Risher has the required skills to upend the sorry state of the ride-hailing corporate, which has been battered by rising operational costs, lack of labour and neck-breaking competition from Uber.

Risher has previously worked with Amazon, who rose through the ranks working with its founder and chairman Jeff Bezos. He started working at Amazon in 1997. In 2002, before leaving the company, he was serving as SVP of marketing and merchandising. Today, Risher serves as the CEO and co-founder of Worldreader, a nonprofit organisation that encourages kids to read digital books.

<h2>Will David Risher beat Uber?</h2>

David Risher believes Lyft might be an underdog to Uber in the ride-hailing business but it could appeal differently to customers. Risher said, “When I look at the 800-pound gorilla, I see a company that I think is very business-model driven. But we’re going to be customer driven.”&nbsp;

“I am honored to step into the CEO role at such an important moment in the company’s history, and am prepared to take this business to new levels of success,” Risher added.

His impeccable record at Amazon further reinforces the investors’ confidence in Risher. According to a statement from Lyft, he contributed to Amazon’s transformation from an online bookseller with $15 million in yearly sales to the "everything store" with over $4 billion in sales. Now, Lyft’s investors are expecting to see such a corporate miracle again with Risher at the helm.

<h2>Lyft vs Uber: Who stands where?</h2>

In its most recent quarter, Lyft did report record revenue of $1.2 billion, but with $588 million in losses. On the flip side, Uber announced $8.6 billion in revenue and informed investors that it anticipated operating income profitability this year. This showed that Uber's business was growing. 
&nbsp;

Ride-hailing company Lyft is getting a new CEO as it reels under financial crisis. The company’s co-founders Logan Green and John Zimmer will step down from their respective roles of CEO and President by April end.

Ride-hailing company Lyft is getting a new CEO as it reels under financial crisis. The company’s co-founders Logan Green and John Zimmer will step down from their respective roles of CEO and President by April end. David Risher, a season tech executive, will take over the reins on April 17 as the company’s CEO. Green and Zimmer will transition to non-executive roles and serve as chair and vice chair of Lyft’s board. Who is David Risher? David Risher will be Lyft’s new CEO, and the news has already taken the investors by storm. The shares of the company rose 5% within hours. Many believe Risher has the required skills to upend the sorry state of the ride-hailing corporate, which has been battered by rising operational costs, lack of labour and neck-breaking competition from Uber. Risher has previously worked with Amazon, who rose through the ranks working with its founder and chairman Jeff Bezos. He started working at Amazon in 1997. In 2002, before leaving the company, he was serving as SVP of marketing and merchandising. Today, Risher serves as the CEO and co-founder of Worldreader, a nonprofit organisation that encourages kids to read digital books. Will David Risher beat Uber? David Risher believes Lyft might be an underdog to Uber in the ride-hailing business but it could appeal differently to customers. Risher said, “When I look at the 800-pound gorilla, I see a company that I think is very business-model driven. But we’re going to be customer driven.” “I am honored to step into the CEO role at such an important moment in the company’s history, and am prepared to take this business to new levels of success,” Risher added. His impeccable record at Amazon further reinforces the investors’ confidence in Risher. According to a statement from Lyft, he contributed to Amazon’s transformation from an online bookseller with $15 million in yearly sales to the "everything store" with over $4 billion in sales. Now, Lyft’s investors are expecting to see such a corporate miracle again with Risher at the helm. Lyft vs Uber: Who stands where? In its most recent quarter, Lyft did report record revenue of $1.2 billion, but with $588 million in losses. On the flip side, Uber announced $8.6 billion in revenue and informed investors that it anticipated operating income profitability this year. This showed that Uber's business was growing.

Who is David Risher—the new CEO of Lyft?  Will he be able to beat Uber at its own game?

The city of Saint Louis, Missouri, has joined a number of other significant American towns in suing Korean automakers Hyundai and Kia for failing to install NT theft technology in millions of vehicles, according to the latest news from Auto World.

City of St. Louis, Missouri sues Hyundai and Kia over car thefts

The US Commodity Futures Trading Commission (CFTC) has initiated action against the CEO and founder of the largest cryptocurrency exchange in the world, Finance, for allegedly running an illegal exchange and a phony compliance programme.

CFTC charges Binance with evasion of federal law

China officially launched the Belt and Road Initiative, also known as BRI, almost five years ago. Nevertheless, a recent analysis claims that between 2008 and 2021, Asia's greatest economy paid 240 billion dollars simply to bail out 22 developing countries.

China has lent hundreds of billions of dollars to build infra

Let's talk about Millennials now now they're changing their spending habits faster than any other generation. The tech savvy and specially and socially conscious choices affords Industries to cater to this influential group. This Special Report focuses on their rental preferences travel aspirations and even shopping choices take a look at how this generation is spending.

Insight into Millennial Money: Spending Habits and Top Purchases

Walt Disney Company on Monday (March 27) began to cut 7,000 jobs that as it had announced earlier this year, reported Reuters citing a letter by Chief Executive Bob Iger. The company is seeking to control costs and create a more "streamlined" business

Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be impacted, according to a person familiar with the matter who spoke to Reuters. ESPN is not touched by this week's round of cuts, but is anticipated to be included in later rounds.

The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc.

These companies started to cut expenses after Netflix posted its first loss of subscribers in a decade in 2022. Wall Street had around that time began prioritising profitability over subscriber growth.

The letter by Iger said that the company would begin to notify its first group of fired employees over the next four days.

The letter said that a second round of job cuts will take place in April and it will be larger than this one.

Details of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney's annual shareholder meeting on April 3.

(With inputs from agencies)

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Walt Disney Company on Monday (March 27) began to cut 7,000 jobs that as it had announced earlier this year, reported Reuters citing a letter by Chief Executive Bob Iger.

Walt Disney Company on Monday (March 27) began to cut 7,000 jobs that as it had announced earlier this year, reported Reuters citing a letter by Chief Executive Bob Iger. The company is seeking to control costs and create a more "streamlined" business Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be impacted, according to a person familiar with the matter who spoke to Reuters. ESPN is not touched by this week's round of cuts, but is anticipated to be included in later rounds. The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc. These companies started to cut expenses after Netflix posted its first loss of subscribers in a decade in 2022. Wall Street had around that time began prioritising profitability over subscriber growth. The letter by Iger said that the company would begin to notify its first group of fired employees over the next four days. The letter said that a second round of job cuts will take place in April and it will be larger than this one. Details of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney's annual shareholder meeting on April 3. (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 ×

Walt Disney begins to fire 7,000 staff

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale.

They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/australian-lending-firm-latitude-financial-says-data-of-14-million-customers-stolen-in-cyberattack-576192">Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack</a>

US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely.

Binance.US and Voyager did not immediately respond to requests for comment late on Monday.

Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration.

Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-national-bank-chair-steps-down-post-credit-suisse-collapse-576137">Saudi National Bank chair steps down post Credit Suisse collapse</a>

The international Binance crypto exchange was sued on Monday in a separate legal action by the US&nbsp;Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program.

Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange.

The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao.

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A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal. The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale. They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws. Also read | Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely. Binance.US and Voyager did not immediately respond to requests for comment late on Monday. Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration. Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager. Also read | Saudi National Bank chair steps down post Credit Suisse collapse The international Binance crypto exchange was sued on Monday in a separate legal action by the US Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program. Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange. The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao. 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.

Judge halts Voyager Digital's $1.3 billion sale to Binance.US

The world's biggest crypto exchange&nbsp;Binance&nbsp;and its CEO and founder Changpeng Zhao were sued by the US&nbsp;Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program.

The CFTC sued&nbsp;Binance, Zhao and its former top compliance executive with "willful evasion" of US law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit."

Zhao, a billionaire who was born in China and moved to Canada at the age of 12, called CFTC's complaint as "unexpected and disappointing."

"Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement.

The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. For years, US&nbsp;prosecutors and civil investigators have targeted crypto firms for illegal offerings and failures to comply with rules designed to prevent illicit activity. But the pace of such government activity has surged recently.

The CFTC said in its complaint on Monday that from at least July 2019 to the present,&nbsp;Binance&nbsp;"offered and executed commodity derivatives transactions on behalf of US persons" in violation of US laws.

Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said, citing a number of practices first reported by Reuters in a series of investigations into the exchange last year.

The CFTC also accused&nbsp;Binance's former Chief Compliance Officer Samuel Lim of "aiding and abetting"&nbsp;Binance's violations. Lim did not immediately respond to calls and messages from Reuters.

A spokesperson for&nbsp;Binance, which dominates the global digital asset sector, said the firm will continue to "collaborate" with regulators.

Binance&nbsp;has made "significant investments" to ensure it does not have US users on its platform, the spokesperson said.

CFTC Chairman Rostin Behnam said in a statement that&nbsp;Binance&nbsp;executives knew for years "they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance."

The CFTC is responsible for oversight of commodities and derivatives markets, including Bitcoin. Firms such as brokers that facilitate US customers' trading of such products are required to register with the agency.

Reuters reported in December that the US Justice Department had been investigating&nbsp;Binance&nbsp;since 2018 for possible money laundering and sanctions violations.&nbsp;Binance&nbsp;has processed at least $10 billion in payments for criminals and companies seeking to evade US sanctions, Reuters has found.

Binance's cryptocurrency BNB, the world's fourth largest by market size, dropped around 4% on the news.

In a tweet on Monday afternoon, Zhao wrote "4" - a reference to a previous post listing his "Do's and Don'ts" for 2023. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative.

'PIRATE SHIP'

Founded in Shanghai in 2017,&nbsp;Binance&nbsp;sits at the heart of the global crypto industry. Its core&nbsp;Binance.com exchange processed trades worth about $23 trillion last year, according to data provider CryptoCompare. Trading volumes hit $34 trillion in 2021, Zhao said last year.

With a holding company based in the Cayman Islands,&nbsp;Binance&nbsp;has never revealed the location of its core exchange. The CFTC charged the holding company and two other&nbsp;Binance&nbsp;units.

Binance&nbsp;did not require customers to submit information verifying their identity before trading and "failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering," the CFTC said.

The CFTC's complaint detailed&nbsp;Binance's efforts to retain US customers even after the company, in partnership with a purportedly independent American firm, launched a US exchange in 2019 to serve American customers in compliance with US regulations.

Reuters previously reported that this American firm, BAM Trading, was in fact controlled by Zhao and managed by&nbsp;Binance&nbsp;as a de-facto subsidiary. The CFTC said when Zhao hired BAM's first CEO, he "described&nbsp;Binance&nbsp;as a pirate ship and explained that he wished for&nbsp;Binance.US to be a navy boat."

VIP CUSTOMERS

Though&nbsp;Binance's global business publicly said it was restricting US customers from trading on its platform, the CFTC said&nbsp;Binance&nbsp;told its commercially valuable U.S.-based "VIP customers" how to evade its compliance controls.

Zhao kept information reflecting&nbsp;Binance's US customer base secret from some senior managers, CFTC said. In October 2020, Zhao directed&nbsp;Binance&nbsp;personnel to replace the US value for some data fields in&nbsp;Binance's internal database with "UNKWN", it said.

Binance&nbsp;traded on its own platform through some 300 "house accounts," directly or indirectly owned by Zhao, though the exchange had not disclosed this activity in its public terms of use or elsewhere, according to CFTC. The house accounts were exempt from&nbsp;Binance's "insider trading" policy, the CFTC said.

A top&nbsp;Binance&nbsp;executive told the Wall Street Journal in February that the company expected to pay penalties to resolve the US investigations.

The CFTC said it is seeking monetary penalties, disgorgement of ill-gotten gains and permanent trading and registration bans.

&nbsp;

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The world's biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program.

The world's biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program. The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of US law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." Zhao, a billionaire who was born in China and moved to Canada at the age of 12, called CFTC's complaint as "unexpected and disappointing." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. For years, US prosecutors and civil investigators have targeted crypto firms for illegal offerings and failures to comply with rules designed to prevent illicit activity. But the pace of such government activity has surged recently. The CFTC said in its complaint on Monday that from at least July 2019 to the present, Binance "offered and executed commodity derivatives transactions on behalf of US persons" in violation of US laws. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said, citing a number of practices first reported by Reuters in a series of investigations into the exchange last year. The CFTC also accused Binance's former Chief Compliance Officer Samuel Lim of "aiding and abetting" Binance's violations. Lim did not immediately respond to calls and messages from Reuters. A spokesperson for Binance, which dominates the global digital asset sector, said the firm will continue to "collaborate" with regulators. Binance has made "significant investments" to ensure it does not have US users on its platform, the spokesperson said. CFTC Chairman Rostin Behnam said in a statement that Binance executives knew for years "they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance." The CFTC is responsible for oversight of commodities and derivatives markets, including Bitcoin. Firms such as brokers that facilitate US customers' trading of such products are required to register with the agency. Reuters reported in December that the US Justice Department had been investigating Binance since 2018 for possible money laundering and sanctions violations. Binance has processed at least $10 billion in payments for criminals and companies seeking to evade US sanctions, Reuters has found. Binance's cryptocurrency BNB, the world's fourth largest by market size, dropped around 4% on the news. In a tweet on Monday afternoon, Zhao wrote "4" - a reference to a previous post listing his "Do's and Don'ts" for 2023. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative. 'PIRATE SHIP' Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. Its core Binance.com exchange processed trades worth about $23 trillion last year, according to data provider CryptoCompare. Trading volumes hit $34 trillion in 2021, Zhao said last year. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange. The CFTC charged the holding company and two other Binance units. Binance did not require customers to submit information verifying their identity before trading and "failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering," the CFTC said. The CFTC's complaint detailed Binance's efforts to retain US customers even after the company, in partnership with a purportedly independent American firm, launched a US exchange in 2019 to serve American customers in compliance with US regulations. Reuters previously reported that this American firm, BAM Trading, was in fact controlled by Zhao and managed by Binance as a de-facto subsidiary. The CFTC said when Zhao hired BAM's first CEO, he "described Binance as a pirate ship and explained that he wished for Binance.US to be a navy boat." VIP CUSTOMERS Though Binance's global business publicly said it was restricting US customers from trading on its platform, the CFTC said Binance told its commercially valuable U.S.-based "VIP customers" how to evade its compliance controls. Zhao kept information reflecting Binance's US customer base secret from some senior managers, CFTC said. In October 2020, Zhao directed Binance personnel to replace the US value for some data fields in Binance's internal database with "UNKWN", it said. Binance traded on its own platform through some 300 "house accounts," directly or indirectly owned by Zhao, though the exchange had not disclosed this activity in its public terms of use or elsewhere, according to CFTC. The house accounts were exempt from Binance's "insider trading" policy, the CFTC said. A top Binance executive told the Wall Street Journal in February that the company expected to pay penalties to resolve the US investigations. The CFTC said it is seeking monetary penalties, disgorgement of ill-gotten gains and permanent trading and registration bans. 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 regulator sues top crypto exchange Binance, CEO for 'willful evasion'

Latitude Holdings, a company that deals with digital payments and lending, has disclosed that on March 16, a significant information breach resulted in the theft of over 7.9 million Australian and New Zealand driving license numbers.

Australia: Fintech firm Latitude discloses MASSIVE DATA BREACH

First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis.

The Raleigh, North Carolina-based lender entered into a purchase and assumption agreement for all deposits and loans of SVB, the FDIC said in a statement.

The transaction covers $119 billion in deposits and $72 billion in assets, and "SVB's 17 branches will open as First Citizens" on Monday, it said.

The regulator said that all the deposits assumed by the First Citizens from the SVB would continue to be insured by the FDIC up to the insurance limit.

“The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership,” it said in a statement.

Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, the statement added.

<h2>First Citizens in advanced talk to BUY COLLAPSED Silicon Valley Bank</h2>

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First Citizens has around $109 billion in assets and total deposits of $89.4 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/explained-silicon-valley-bank-crisis-did-us-central-bank-miss-headwinds-572334">Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds?</a>

For the last two weekends, the FDIC has been trying to find a buyer for the SVB Private and Silicon Valley Bank, but it failed to reach a deal to sell them together.&nbsp;Since then, it has been asking for separate offers for SVB&nbsp;Private and Silicon Valley Bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">Explained | How Silicon Valley Bank crisis unfolded in 48 hours</a>

According to a Bloomberg report on Saturday, Valley National Bancorp was also a bidder for Silicon Valley Bank.

SVB—16th biggest bank by assets and a key lender to startups in the US since the 1980s — broke down after a sudden outlfow of deposits, prompting regulators to seize control.

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First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis.

First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis. The Raleigh, North Carolina-based lender entered into a purchase and assumption agreement for all deposits and loans of SVB, the FDIC said in a statement. The transaction covers $119 billion in deposits and $72 billion in assets, and "SVB's 17 branches will open as First Citizens" on Monday, it said. The regulator said that all the deposits assumed by the First Citizens from the SVB would continue to be insured by the FDIC up to the insurance limit. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership,” it said in a statement. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, the statement added. First Citizens in advanced talk to BUY COLLAPSED Silicon Valley Bank First Citizens has around $109 billion in assets and total deposits of $89.4 billion. Also read | Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds? For the last two weekends, the FDIC has been trying to find a buyer for the SVB Private and Silicon Valley Bank, but it failed to reach a deal to sell them together. Since then, it has been asking for separate offers for SVB Private and Silicon Valley Bank. Also read | Explained | How Silicon Valley Bank crisis unfolded in 48 hours According to a Bloomberg report on Saturday, Valley National Bancorp was also a bidder for Silicon Valley Bank. SVB—16th biggest bank by assets and a key lender to startups in the US since the 1980s — broke down after a sudden outlfow of deposits, prompting regulators to seize control. WATCH WION LIVE HERE

Silicon Valley Bank sold to First Citizens Bank

First Citizens BancShares Inc. was in advanced negotiations to buy Silicon Valley Bank (SVB). The Federal Deposit Insurance Corp (FDIC) may soon sell Silicon Valley Bank to First Citizens, according to Bloomberg News, which broke the news first. One of the main buyers of bankrupt American lenders is the firm.

First Citizens in advanced talk to BUY COLLAPSED Silicon Valley Bank

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned on Sunday that risks to financial stability had increased and emphasised the need for vigilance. The managing director of the IMF predicted that 2023 will be yet another hard year, with global economy dropping to below 3.0 percent as a result of the conflict in the Ukraine, monetary tightening, and pandemic's scarring

IMF chief Georgieva says risk to financial stability have increased

On Friday, the Silicon Valley Bank announced that it will be shutting down its operations after the lender’s announcement of raising $2 billion in funds to plug losses triggered a massive sell-off.

This marked the failure of the largest retail bank since the 2008 financial crisis.&nbsp;

The crisis unfolded in a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients— many startups and venture-capital firms—who rushed to withdraw their money.

The US Federal Deposit Insurance <a name="_Hlk129451671">Corporation</a> (FDIC) later announced that it has seized the embattled lender’s assets and had taken control of the customer deposits worth roughly around $175 billion. The regulator typically protects deposits of up to $250,000.

The US regulator said they acted to "protect insured depositors" and that the bank offices would reopen and clients with insured deposits would have access to funds "no later than Monday morning". It added that money raised from selling the bank's assets would go to uninsured depositors.

How did it happen?

The Silicon Valley Bank, flush with cash, had bought huge amounts of bonds more than a year ago. Like other banks, it kept a small amount of the deposits on hand and invested the rest with the hope of earning a return.

However, it didn’t last long as the Federal Reserve kept on raising interest rates to taper down inflation since last year. And at the same time, a start-up funding freeze put pressure on the bank’s clients, who then began to withdraw their money.

To pay those requests, SVB was forced to sell off some of its investments at a time when their value had declined. In its surprise disclosure on Wednesday, the bank said it had lost nearly $2 billion.

What else went wrong?

Apart from that, SVB’s deposit inflows became as outflows as its clients burned cash and stopped getting new funds from public offerings or fundraisings. Getting new deposits also became far more expensive, as the deposit rates were rising with the Fed’s hikes. As a result, deposits fell from nearly $200 billion at the end of March 2022 to $173 billion at year-end 2022.

The deposits are expected to fall further this year. As of January 19, SVB was forecasting its deposits would decline by a mid-single-digit percentage in 2023. But their expectation as of March 8 was for a low-double-digit percentage decline.

The tipping point

SVB on Wednesday said that it had sold a large chunk of its securities worth $21 billion at the time of sale, at a loss of about $1.8 billion after tax. It wanted to reset its interest earnings at today’s higher yields, and provide it with the balance-sheet flexibility to meet potential outflows and still fund new lending. It was also seeking to raise about $2.25 billion in capital.

Why didn’t it work?

But the announcement triggered panic in the stock markets. The share-sale announcement led the stock price to fall, making it harder to raise capital and leading the bank to scuttle its share-sale plans, The Wall Street Journal has reported. Moreover, venture-capital firms reportedly began advising their portfolio companies to withdraw deposits&nbsp;from SVB.

According to the newspaper, the customers on Thursday attempted to withdraw $42 billion of deposits—about a quarter of the bank’s total—according to a filing by California regulators. As a result, it ran out of cash.

What will happen next?

The offices of Silicon Valley Bank will&nbsp;reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said.

However, 89 per cent of the bank's $175 billion in deposits were uninsured as of 2022-end, FDIC said.

The US regulator hasn’t yet determined the current amount of uninsured deposits, but it said that the uninsured depositors will get an advance dividend within the next week.

For the remaining amounts of uninsured funds, the depositors will get something called a “receivership certificate,” and as the FDIC sells off the assets of SVB, they may get future dividend payments.

According to Reuters, citing people familiar with the developement, the FDIC is finding another bank over the weekend that is willing to merge with Silicon Valley Bank.

But even as FDIC hopes to stitch together a merger by Monday to safeguard unsecured deposits, no deal is certain, Reuters reported.

Biggest US bank to fail since 2008

The Silicon Valley Bank saga marks the second-biggest US commercial bank failure since Washington Mutual, which collapsed at the peak of the 2008 financial crisis.

Washington Mutual was the largest savings and loan association bank in the US before it went bust.

The failure of Washington Mutual, along with other major investment banks such as Lehman Brothers and Bear Stearns, led to a systemwide banking crisis, and many other small and mid-sized regional banks failed as a result.

(With inputs from agencies)

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On Friday, the Silicon Valley Bank announced that it will be shutting down its operations after the lender’s announcement of raising $2 billion in funds to plug losses triggered a massive sell-off.

On Friday, the Silicon Valley Bank announced that it will be shutting down its operations after the lender’s announcement of raising $2 billion in funds to plug losses triggered a massive sell-off. This marked the failure of the largest retail bank since the 2008 financial crisis. The crisis unfolded in a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients— many startups and venture-capital firms—who rushed to withdraw their money. The US Federal Deposit Insurance Corporation (FDIC) later announced that it has seized the embattled lender’s assets and had taken control of the customer deposits worth roughly around $175 billion. The regulator typically protects deposits of up to $250,000. The US regulator said they acted to "protect insured depositors" and that the bank offices would reopen and clients with insured deposits would have access to funds "no later than Monday morning". It added that money raised from selling the bank's assets would go to uninsured depositors. How did it happen? The Silicon Valley Bank, flush with cash, had bought huge amounts of bonds more than a year ago. Like other banks, it kept a small amount of the deposits on hand and invested the rest with the hope of earning a return. However, it didn’t last long as the Federal Reserve kept on raising interest rates to taper down inflation since last year. And at the same time, a start-up funding freeze put pressure on the bank’s clients, who then began to withdraw their money. To pay those requests, SVB was forced to sell off some of its investments at a time when their value had declined. In its surprise disclosure on Wednesday, the bank said it had lost nearly $2 billion. What else went wrong? Apart from that, SVB’s deposit inflows became as outflows as its clients burned cash and stopped getting new funds from public offerings or fundraisings. Getting new deposits also became far more expensive, as the deposit rates were rising with the Fed’s hikes. As a result, deposits fell from nearly $200 billion at the end of March 2022 to $173 billion at year-end 2022. The deposits are expected to fall further this year. As of January 19, SVB was forecasting its deposits would decline by a mid-single-digit percentage in 2023. But their expectation as of March 8 was for a low-double-digit percentage decline. The tipping point SVB on Wednesday said that it had sold a large chunk of its securities worth $21 billion at the time of sale, at a loss of about $1.8 billion after tax. It wanted to reset its interest earnings at today’s higher yields, and provide it with the balance-sheet flexibility to meet potential outflows and still fund new lending. It was also seeking to raise about $2.25 billion in capital. Why didn’t it work? But the announcement triggered panic in the stock markets. The share-sale announcement led the stock price to fall, making it harder to raise capital and leading the bank to scuttle its share-sale plans, The Wall Street Journal has reported. Moreover, venture-capital firms reportedly began advising their portfolio companies to withdraw deposits from SVB. According to the newspaper, the customers on Thursday attempted to withdraw $42 billion of deposits—about a quarter of the bank’s total—according to a filing by California regulators. As a result, it ran out of cash. What will happen next? The offices of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said. However, 89 per cent of the bank's $175 billion in deposits were uninsured as of 2022-end, FDIC said. The US regulator hasn’t yet determined the current amount of uninsured deposits, but it said that the uninsured depositors will get an advance dividend within the next week. For the remaining amounts of uninsured funds, the depositors will get something called a “receivership certificate,” and as the FDIC sells off the assets of SVB, they may get future dividend payments. According to Reuters, citing people familiar with the developement, the FDIC is finding another bank over the weekend that is willing to merge with Silicon Valley Bank. But even as FDIC hopes to stitch together a merger by Monday to safeguard unsecured deposits, no deal is certain, Reuters reported. Biggest US bank to fail since 2008 The Silicon Valley Bank saga marks the second-biggest US commercial bank failure since Washington Mutual, which collapsed at the peak of the 2008 financial crisis. Washington Mutual was the largest savings and loan association bank in the US before it went bust. The failure of Washington Mutual, along with other major investment banks such as Lehman Brothers and Bear Stearns, led to a systemwide banking crisis, and many other small and mid-sized regional banks failed as a result. (With inputs from agencies) WATCH WION LIVE HERE

Explained | How Silicon Valley Bank crisis unfolded in 48 hours

The financial regulators in the United States shut down Silicon Valley Bank&nbsp;in the <a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">biggest bank failure since the 2008</a> recession that turned most stock indices red across the world.

One of the crucial steps taken by the US Federal Deposit Insurance Corporation (FDIC) involved the creation of a National Bank of Santa Clara. This especially created financial institution involved feeding deposits and other assets of the failed Silicon Valley Bank. However, the abrupt closing impacted tech firms, the chief customers of the now collapsed bank.&nbsp;

Large US banks have been&nbsp;injected with $30 billion in deposits into First Republic Bank, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of Silicon Valley Bank.

<h2>The ‘greed and avarice’ of Silicon Valley</h2>

However, despite its proactive response to the crisis, the United States Federal Reserve is facing the flak for the signs of high risk of collapsing that the Silicon Valley Bank was facing.&nbsp;

The United States federal regulators said that all deposits will be made whole, <a href="https://www.wionews.com/business-economy/silicon-valley-bank-crisis-what-led-to-stock-crash-whats-next-heres-everything-you-need-to-know-570568">in a relief to many depositors</a>.

However, many investors and analysts say that the SVB crisis is not an isolated incident, and its roots lie in a bigger systemic problem, they add.

“With regard to who’s to blame here, I think that the greed and avarice that has long been present in Silicon Valley has come home to roost,” Keith Fitz-Gerald, a trader, was quoted as saying by CNBC.

<h2>Questions raised on the US regulators</h2>

Analysts cited in the US media say that the regulators have been asleep at the wheel. This is because the Silicon Valley Bank relied heavily on corporate deposits and not much on retail and holding a large proportion of assets in loans and securities. This exact aspect of the Silicon Valley Bank’s functioning made it more prone to collapse.&nbsp;

“I would submit that not only are they (the US Feds) complicit, they had a hand in designing this mess...SVB did what they needed to do, arguably, within the structure of rules that are the problem. So, to me, it’s the system that’s broken, or at least needs to be seriously reviewed here,” Keith Fitz-Gerald said.

ALSO WATCH |&nbsp;HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

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“I am personally flabbergasted that the system is what it is today and that this stuff was allowed to happen,” he said. “Where were the regulators? Where were the auditors? I think there’s going to be very serious questions asked about how the rating systems work. Why were these banks allowed to take on assets when they should have been backing their deposits?” Fitz-Gerald asked.

“That is a fundamental issue that has got to come to the forefront now. We can’t ignore it and kick the can down the road. I think it’s an embarrassment to the US Federal Reserve. I think it’s an embarrassment to the banking regulators, frankly.”

<h2>‘Stupid risks’ were at play</h2>

Investor Michael Burry attributed the Silicon Valley Bank’s collapse to what he called the ‘stupid risks’ taken by the ‘people full of hubris’.&nbsp;

“2000, 2008, 2023, it is always the same,” Burry, who founded the hedge fund Scion Asset Management was quoted as saying.&nbsp;

“People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well.”

<h2>The aftermath</h2>

Gold has witnessed early decline after US consumer price data came in line with expectations. The yellow metal is reportedly holding above the price of $1,900 an ounce after more than a five per cent surge over the previous three sessions, Bloomberg reported.

The oil prices rose from their lowest close in three months, with the West Texas Intermediate approaching $72 per barrel after losing seven per cent over the previous two sessions.

Global accounting firm KPMG said it stands behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported.

The firm's US boss Paul Knopp said that the audit work considered all the facts available at the time and that the market-driven events led to the banks' failures.

The SVB has now filed for a&nbsp;court-supervised reorganisation under Chapter 11 bankruptcy protection while it continues to scramble to seek buyers for the assets it is left with. Before&nbsp;that as well the company had mentioned that they were&nbsp;planning to look at&nbsp;strategic alternatives for its businesses which included&nbsp;SVB Capital and SVB Securities. However, the&nbsp;two aforementioned holding companies'&nbsp;funds and general partner entities are not a part of its reorganisation-related filing.&nbsp;

Meanwhile, the White House is carefully monitoring developments at First Republic and other smaller banks after actions to protect the depositors following SVB's collapse. This comes a day after

Moody's Investors Service downgraded First Republic Bank and five other lenders, citing concerns over their reliance on uninsured deposit funding and losses in the asset portfolios.

(With inputs from agencies) 
&nbsp;

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The financial regulators in the United States shut down Silicon Valley Bank in the biggest bank failure since the 2008 recession that turned most stock indices red across the world.

The financial regulators in the United States shut down Silicon Valley Bank in the biggest bank failure since the 2008 recession that turned most stock indices red across the world. One of the crucial steps taken by the US Federal Deposit Insurance Corporation (FDIC) involved the creation of a National Bank of Santa Clara. This especially created financial institution involved feeding deposits and other assets of the failed Silicon Valley Bank. However, the abrupt closing impacted tech firms, the chief customers of the now collapsed bank. Large US banks have been injected with $30 billion in deposits into First Republic Bank, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of Silicon Valley Bank. The ‘greed and avarice’ of Silicon Valley However, despite its proactive response to the crisis, the United States Federal Reserve is facing the flak for the signs of high risk of collapsing that the Silicon Valley Bank was facing. The United States federal regulators said that all deposits will be made whole, in a relief to many depositors. However, many investors and analysts say that the SVB crisis is not an isolated incident, and its roots lie in a bigger systemic problem, they add. “With regard to who’s to blame here, I think that the greed and avarice that has long been present in Silicon Valley has come home to roost,” Keith Fitz-Gerald, a trader, was quoted as saying by CNBC. Questions raised on the US regulators Analysts cited in the US media say that the regulators have been asleep at the wheel. This is because the Silicon Valley Bank relied heavily on corporate deposits and not much on retail and holding a large proportion of assets in loans and securities. This exact aspect of the Silicon Valley Bank’s functioning made it more prone to collapse. “I would submit that not only are they (the US Feds) complicit, they had a hand in designing this mess...SVB did what they needed to do, arguably, within the structure of rules that are the problem. So, to me, it’s the system that’s broken, or at least needs to be seriously reviewed here,” Keith Fitz-Gerald said. ALSO WATCH | HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch × “I am personally flabbergasted that the system is what it is today and that this stuff was allowed to happen,” he said. “Where were the regulators? Where were the auditors? I think there’s going to be very serious questions asked about how the rating systems work. Why were these banks allowed to take on assets when they should have been backing their deposits?” Fitz-Gerald asked. “That is a fundamental issue that has got to come to the forefront now. We can’t ignore it and kick the can down the road. I think it’s an embarrassment to the US Federal Reserve. I think it’s an embarrassment to the banking regulators, frankly.” ‘Stupid risks’ were at play Investor Michael Burry attributed the Silicon Valley Bank’s collapse to what he called the ‘stupid risks’ taken by the ‘people full of hubris’. “2000, 2008, 2023, it is always the same,” Burry, who founded the hedge fund Scion Asset Management was quoted as saying. “People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well.” The aftermath Gold has witnessed early decline after US consumer price data came in line with expectations. The yellow metal is reportedly holding above the price of $1,900 an ounce after more than a five per cent surge over the previous three sessions, Bloomberg reported. The oil prices rose from their lowest close in three months, with the West Texas Intermediate approaching $72 per barrel after losing seven per cent over the previous two sessions. Global accounting firm KPMG said it stands behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported. The firm's US boss Paul Knopp said that the audit work considered all the facts available at the time and that the market-driven events led to the banks' failures. The SVB has now filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection while it continues to scramble to seek buyers for the assets it is left with. Before that as well the company had mentioned that they were planning to look at strategic alternatives for its businesses which included SVB Capital and SVB Securities. However, the two aforementioned holding companies' funds and general partner entities are not a part of its reorganisation-related filing. Meanwhile, the White House is carefully monitoring developments at First Republic and other smaller banks after actions to protect the depositors following SVB's collapse. This comes a day after Moody's Investors Service downgraded First Republic Bank and five other lenders, citing concerns over their reliance on uninsured deposit funding and losses in the asset portfolios. (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.

Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds?

After Switzerland's second-largest bank had to be saved last week by UBS, the Swiss financial regulator FINMA said it was debating whether to take disciplinary action against Credit Suisse (CSGN.S) managers (UBSG.S).

Swiss regulator: Credit Suisse could face disciplinary action

Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet. This comes as many companies are downsizing for various reasons, including changes in market conditions.&nbsp;

“We don’t hire in thousands and then land up figuring out that we have too many people on board and resort to extreme measures," Raghavan reportedly said in an interview. “We do responsible hiring and there are no mass layoffs happening at Flipkart."

Also Read | <a href="https://www.wionews.com/world/at-least-2-killed-12-injured-in-blast-near-afghanistan-foreign-ministry-576237">At least 6 killed, several injured in blast near Afghanistan foreign ministry</a>

That said, it appears Flipkart is navigating smoothly amid the rough seas of the ongoing mass layoffs season. Flipkart, one of the leading e-commerce companies in India, has a workforce of over 15,000 employees that are spread across various functions such as technology, operations, logistics, marketing, and customer service.&nbsp;

Raghavan said that the decision to not provide raises to top management will not result in resignations because it follows a promotion and raise cycle last year. He also mentioned that a employee stock option (ESOP) buyback plan of $700 million was also implemented after the pay increases and it will benefit the employees.

“In January 2022, we did a one-time increase on salaries off-cycle. We continued pretty much with all the promotions. So, the 3000-4000 people get their promotions , and promotion-linked increments. They get their bonus, they get their new ESOP grants, and there’s a one-time discretionary payout that will happen in the second quarter (by June-end)," he said. “Flipkart is one company in the ecosystem where ESOPs actually turn into liquidation opportunities."&nbsp;

Also Read | <a href="https://www.wionews.com/world/iranian-saudi-foreign-ministers-to-hold-talks-during-muslim-holy-month-576251">Iranian, Saudi foreign ministers to hold talks during Muslim holy month</a>

The Bangalore-headquartered company has offices and warehouses in many cities across India and is known for its innovative business models and customer-centric approach. The company has played a significant role in transforming the e-commerce landscape in India.

Unlike other IT firms, &nbsp;Raghavan said they are well on their way to hire freshers for various roles across the organization giving opportunities for entry-level candidates.&nbsp;

Campus hirings are as per planned and freshers will join in June, he said. “We are very thoughtful and deliberate on how we do workflows planning in general."&nbsp;

Watch | Scotland: SNP to announce Nicola Sturgeon's successor

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“As we expand our business portfolio, and grow in the marketplace, this is a tremendous opportunity and potential for us, and we’ll constantly revisit how we look at increments in the subsequent years. We do have liquidation opportunities that we offer to our employees almost every year," he added.

The leading e-commerce company has increased its internal job posting as opposed to new hirings.&nbsp;“In the last couple of years, our internal talent mobility in terms of the number of positions we filled internally versus externally has doubled.

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Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet.

Flipkart is not among the companies that hire in thousands and then resort to mass lays off, said the company's Chief People Officer Krishna Raghavan in a recent interview with a media outlet. This comes as many companies are downsizing for various reasons, including changes in market conditions. “We don’t hire in thousands and then land up figuring out that we have too many people on board and resort to extreme measures," Raghavan reportedly said in an interview. “We do responsible hiring and there are no mass layoffs happening at Flipkart." Also Read | At least 6 killed, several injured in blast near Afghanistan foreign ministry That said, it appears Flipkart is navigating smoothly amid the rough seas of the ongoing mass layoffs season. Flipkart, one of the leading e-commerce companies in India, has a workforce of over 15,000 employees that are spread across various functions such as technology, operations, logistics, marketing, and customer service. Raghavan said that the decision to not provide raises to top management will not result in resignations because it follows a promotion and raise cycle last year. He also mentioned that a employee stock option (ESOP) buyback plan of $700 million was also implemented after the pay increases and it will benefit the employees. “In January 2022, we did a one-time increase on salaries off-cycle. We continued pretty much with all the promotions. So, the 3000-4000 people get their promotions , and promotion-linked increments. They get their bonus, they get their new ESOP grants, and there’s a one-time discretionary payout that will happen in the second quarter (by June-end)," he said. “Flipkart is one company in the ecosystem where ESOPs actually turn into liquidation opportunities." Also Read | Iranian, Saudi foreign ministers to hold talks during Muslim holy month The Bangalore-headquartered company has offices and warehouses in many cities across India and is known for its innovative business models and customer-centric approach. The company has played a significant role in transforming the e-commerce landscape in India. Unlike other IT firms, Raghavan said they are well on their way to hire freshers for various roles across the organization giving opportunities for entry-level candidates. Campus hirings are as per planned and freshers will join in June, he said. “We are very thoughtful and deliberate on how we do workflows planning in general." Watch | Scotland: SNP to announce Nicola Sturgeon's successor × “As we expand our business portfolio, and grow in the marketplace, this is a tremendous opportunity and potential for us, and we’ll constantly revisit how we look at increments in the subsequent years. We do have liquidation opportunities that we offer to our employees almost every year," he added. The leading e-commerce company has increased its internal job posting as opposed to new hirings. “In the last couple of years, our internal talent mobility in terms of the number of positions we filled internally versus externally has doubled. 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.

Flipkart Chief People Officer says Yes to 'responsible hiring', NO to 'mass layoffs'