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Consumer finance provider Latitude Financial has said that cyber-criminals have leaked the personal data of around 14 million customers, in what is being described as the biggest data breach reported in Australia.

The non-banking lending firm first reported the cyber hack on March 6, saying that 330,000 customers' information was stolen. On Monday, it acknowledged that the cyberattack was far worse than originally thought, and updated the figure to 14 million.

The stolen information consists of driver’s license numbers of customers from Australia and New Zealand, The Sydney Morning Herald newspaper reported.

In an announcement, the firm added that victims include current and former customers dating back more than 10 years, as well as applicants for its consumer credit services.

“It is hugely disappointing that such a significant number of additional customers and applicants have been affected by this incident. We apologise unreservedly,” Latitude chief executive Ahmed Fahour said in a release to the Australian Securities Exchange.

“We are committed to working closely with impacted customers and applicants to minimise the risk and disruption to them, including reimbursing the cost if they choose to replace their ID document. We are also committed to a full review of what has occurred,” Fahour added. He is due to retire on Friday.

Latitude Financial was founded in 2015 after GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank, KKR and Varde Partners.

Cybersecurity Minister Clare O’Neil on Monday expressed concern about the scale of information theft, and ordered the National Coordination Mechanism (NCM) to support government agencies in relation to the attack.

“The government shares the frustration and concern experienced by many citizens who fear their data may now have been stolen on multiple occasions,” she was quoted as saying by the newspaper.

The firm said that it has not detected any cyberattack on its systems since March 16. It added that it is working with the Australian Cyber Security Centre and the incident is being investigated by the Australian Federal Police.

(With inputs from agencies)

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Consumer finance provider Latitude Financial has said that cyber-criminals have leaked the personal data of around 14 million customers, in what is being described as the biggest data breach reported in Australia.

Consumer finance provider Latitude Financial has said that cyber-criminals have leaked the personal data of around 14 million customers, in what is being described as the biggest data breach reported in Australia. The non-banking lending firm first reported the cyber hack on March 6, saying that 330,000 customers' information was stolen. On Monday, it acknowledged that the cyberattack was far worse than originally thought, and updated the figure to 14 million. The stolen information consists of driver’s license numbers of customers from Australia and New Zealand, The Sydney Morning Herald newspaper reported. In an announcement, the firm added that victims include current and former customers dating back more than 10 years, as well as applicants for its consumer credit services. “It is hugely disappointing that such a significant number of additional customers and applicants have been affected by this incident. We apologise unreservedly,” Latitude chief executive Ahmed Fahour said in a release to the Australian Securities Exchange. “We are committed to working closely with impacted customers and applicants to minimise the risk and disruption to them, including reimbursing the cost if they choose to replace their ID document. We are also committed to a full review of what has occurred,” Fahour added. He is due to retire on Friday. Latitude Financial was founded in 2015 after GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank, KKR and Varde Partners. Cybersecurity Minister Clare O’Neil on Monday expressed concern about the scale of information theft, and ordered the National Coordination Mechanism (NCM) to support government agencies in relation to the attack. “The government shares the frustration and concern experienced by many citizens who fear their data may now have been stolen on multiple occasions,” she was quoted as saying by the newspaper. The firm said that it has not detected any cyberattack on its systems since March 16. It added that it is working with the Australian Cyber Security Centre and the incident is being investigated by the Australian Federal Police. (With inputs from agencies) WATCH WION LIVE HERE

Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack

Saudi National Bank's chairman Ammar al-Khudairy resigned days after the Credit Suisse buyout which took place earlier this month, as per the statement released by the Saudi stock exchange.

Saudi National Bank was Credit Suisse's main shareholder before its collapse. The Saudi bank's board of directors "accepted the resignation" of Ammar al-Khudairy "due to personal reasons", read the statement.

<h2>Disciplinary action against Credit Suisse</h2>

Meanwhile, Swiss financial regulator FINMA stated that managers of Credit Suisse may face disciplinary action after the second largest bank in Switzerland was rescued by UBS last week.

Speaking to Swiss newspaper NZZ am Sonntag, FINMA President Marlene Amstad said that it was "still open" whether they will start new proceedings, however, the main focus of the regulator was on "the transitional phase of integration" and "preserving financial stability".

ALSO READ | <a href="https://www.wionews.com/business-economy/credit-suisse-ubs-merger-likely-to-impact-14000-jobs-in-india-575230">Credit Suisse-UBS merger likely to impact 14,000 jobs in India</a>

Responding to whether FINMA is considering holding current managers of Credit Suisse accountable for the bank's fall, Amstad stated that it is "exploring the options".

"CS had a cultural problem that translated into a lack of responsibilities," said Amstad, adding, "Numerous mistakes were made over several years".

Six public "enforcement proceedings" have been conducted by FINMA against Credit Suisse in recent years, said Amstad. "We have intervened and used our strongest instruments," she added.

Amstad further defended the decision of Switzerland to write down Credit Suisse Additional Tier 1 (AT1) debt's 16 billion Swiss francs to zero which was part of the forced rescue merger.

"The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support," said Amstad.

"The bonds were created precisely for such situations,” she added.

WATCH | Why you should be worried if Credit Suisse collapses

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In another interview with the Swiss newspaper SonntagsZeitung, FINMA's CEO Urban Angehrn defended the role it played in handling Credit Suisse before the takeover.

"We intervened consistently in these cases, used our instruments, and they had an effect. We do not run the bank, that responsibility lies with the board of directors and the management of the bank,” he said.

Credit Suisse was purchased by UBS for 3 billion Swiss francs ($3.26 billion) a week ago.

(With inputs from agencies)

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Saudi National Bank's chairman Ammar al-Khudairy resigned days after the Credit Suisse buyout which took place earlier this month, as per the statement released by the Saudi stock exchange.

Saudi National Bank's chairman Ammar al-Khudairy resigned days after the Credit Suisse buyout which took place earlier this month, as per the statement released by the Saudi stock exchange. Saudi National Bank was Credit Suisse's main shareholder before its collapse. The Saudi bank's board of directors "accepted the resignation" of Ammar al-Khudairy "due to personal reasons", read the statement. Disciplinary action against Credit Suisse Meanwhile, Swiss financial regulator FINMA stated that managers of Credit Suisse may face disciplinary action after the second largest bank in Switzerland was rescued by UBS last week. Speaking to Swiss newspaper NZZ am Sonntag, FINMA President Marlene Amstad said that it was "still open" whether they will start new proceedings, however, the main focus of the regulator was on "the transitional phase of integration" and "preserving financial stability". ALSO READ | Credit Suisse-UBS merger likely to impact 14,000 jobs in India Responding to whether FINMA is considering holding current managers of Credit Suisse accountable for the bank's fall, Amstad stated that it is "exploring the options". "CS had a cultural problem that translated into a lack of responsibilities," said Amstad, adding, "Numerous mistakes were made over several years". Six public "enforcement proceedings" have been conducted by FINMA against Credit Suisse in recent years, said Amstad. "We have intervened and used our strongest instruments," she added. Amstad further defended the decision of Switzerland to write down Credit Suisse Additional Tier 1 (AT1) debt's 16 billion Swiss francs to zero which was part of the forced rescue merger. "The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support," said Amstad. "The bonds were created precisely for such situations,” she added. WATCH | Why you should be worried if Credit Suisse collapses In another interview with the Swiss newspaper SonntagsZeitung, FINMA's CEO Urban Angehrn defended the role it played in handling Credit Suisse before the takeover. "We intervened consistently in these cases, used our instruments, and they had an effect. We do not run the bank, that responsibility lies with the board of directors and the management of the bank,” he said. Credit Suisse was purchased by UBS for 3 billion Swiss francs ($3.26 billion) a week ago. (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

Saudi National Bank chair steps down post Credit Suisse collapse

There are mounting calls to outlaw TikTok, owned by a business based in China, in the United States, with US politicians moving forward with legislation to address National Security concerns over the brief video app.

US: Legislation to address SECURITY WORRIES about TikTok

International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”. This comes after the recent banking turmoil, however, she also noted that the decisive actions by advanced economies have calmed market stress.&nbsp;

The IMF chief, who was speaking at a forum in Beijing, also reiterated her view that 2023 would be “another challenging year”, citing the war in Ukraine, the COVID-19 pandemic and monetary tightening. Global growth which is slowing down to below three per cent due to the aforementioned aspects, despite the better outlook for the upcoming year will remain well below the historic average of 3.8 per cent.&nbsp;

“Uncertainties are exceptionally high,” said the IMF managing director at China Development Forum, in the context of the global economy which is likely to remain weak over the medium term. She added, “It is also clear that risks to financial stability have increased”. The Washington-based fund has predicted global growth of 2.9 per cent for this year and will release its new forecasts next month.

Georgieva also noted how the policymakers in advanced economies acted decisively to the financial stability risks after the bank collapses but despite that vigilance was needed. “These actions have eased market stress to some extent, but uncertainty is high which underscores the need for vigilance”, said the IMF chief.

This statement was made in reference to the collapse of Silicon Valley Bank and the&nbsp;takeover of Swiss bank Credit Suisse by rival UBS which sent ripples throughout the financial sector and led to fears of contagion.

“So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” said Georgieva. She also spoke about how the fund was also paying close attention to vulnerable countries and particularly low-income countries with high levels of debt.&nbsp;

Additionally, the IMF chief warned that geo-economic fragmentation could split the world into rival economic blocs and result in a “dangerous division” leaving “everyone poorer and less secure.” She also noted China’s rebound and called it a bright spot for the world economy.&nbsp;

This comes after the Washington-based fund predicted that the Chinese economy will grow 5.2 per cent this year after Beijing ended its ‘zero-Covid’ restrictions and is set to account for around one-third of global growth in 2023.&nbsp; 
 
(With inputs from agencies)&nbsp; 
 
&nbsp;

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International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”.

International Monetary Fund chief Kristalina Georgieva, on Sunday (March 26) warned that the risks to financial stability have increased and stressed the “need for vigilance”. This comes after the recent banking turmoil, however, she also noted that the decisive actions by advanced economies have calmed market stress. The IMF chief, who was speaking at a forum in Beijing, also reiterated her view that 2023 would be “another challenging year”, citing the war in Ukraine, the COVID-19 pandemic and monetary tightening. Global growth which is slowing down to below three per cent due to the aforementioned aspects, despite the better outlook for the upcoming year will remain well below the historic average of 3.8 per cent. “Uncertainties are exceptionally high,” said the IMF managing director at China Development Forum, in the context of the global economy which is likely to remain weak over the medium term. She added, “It is also clear that risks to financial stability have increased”. The Washington-based fund has predicted global growth of 2.9 per cent for this year and will release its new forecasts next month. Georgieva also noted how the policymakers in advanced economies acted decisively to the financial stability risks after the bank collapses but despite that vigilance was needed. “These actions have eased market stress to some extent, but uncertainty is high which underscores the need for vigilance”, said the IMF chief. This statement was made in reference to the collapse of Silicon Valley Bank and the takeover of Swiss bank Credit Suisse by rival UBS which sent ripples throughout the financial sector and led to fears of contagion. “So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” said Georgieva. She also spoke about how the fund was also paying close attention to vulnerable countries and particularly low-income countries with high levels of debt. Additionally, the IMF chief warned that geo-economic fragmentation could split the world into rival economic blocs and result in a “dangerous division” leaving “everyone poorer and less secure.” She also noted China’s rebound and called it a bright spot for the world economy. This comes after the Washington-based fund predicted that the Chinese economy will grow 5.2 per cent this year after Beijing ended its ‘zero-Covid’ restrictions and is set to account for around one-third of global growth in 2023. (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.

Risks to financial stability have increased, says IMF chief calls for 'need for vigilance'

Twitter Blue users may soon be able to hide the blue tick or verified badge, the little symbol displayed next to the account's name on the profile page, as per reports.&nbsp;Twitter has several features that enable users to interact with their content and engage with other users.

However, as per reports, now Twitter users could be able to personalise their accounts on the platform entirely by hiding the blue tick and changing their other account verification and identity details. But why would anyone want to hide the Blue Ticks? Has the verified badge become a 'Blue' mark of shame?&nbsp;&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/walmart-lays-off-hundreds-of-us-employees-gives-them-90-days-to-find-job-at-its-other-facilities-575868">Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities</a>

Well, Twitter Blue is a subscription-based service offered by the microblogging website that provides additional features and perks to its users for a monthly fee. Twitter Blue subscribers have access to exclusive features such as undo Tweets, bookmark folders, and dedicated customer support among other perks.&nbsp;

But once a user has paid for the Twitter Blue Tick service, the stigma may follow through. It can lead to shame as someone may pick on the Blue Tick subscriber for paying Twitter to get the verified badge.&nbsp;Therefore, to avoid being the target of this teasing, many users may want to hide their blue tick badges.

<img alt="Twitter checkmark" data-entity-type="file" data-entity-uuid="4960b2f7-802c-499c-8f68-ca8cbd2dd05f" src="//cdn.wionews.com/sites/default/files/inline-images/Twitterrrrrr.png" />

Also Read | <a href="https://www.wionews.com/world/nordic-nations-plan-joint-air-defence-to-counter-rising-threat-from-russia-575853">Nordic nations plan joint air defence to counter rising threat from Russia</a>

Twitter Blue costs Rs 650 for web use and Rs 900 for iOS and Android every month in India. With a membership, users may edit tweets, post longer videos, receive early access to new updates, see fewer advertising, and other features.

The blue tick has lost its appeal because anybody may buy one and display it on their profile. It seems to have evolved into a representation of prestige and privileged membership, reserved for certain individuals who can pay for the Blue Tick.&nbsp;

Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation

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From April 1, the microblogging site will stop allowing verified legacy checkmarks. This means users will need to subscribe if they want the white tickmark in a blue blob.

"On April 1st, we will begin winding down our legacy verified programme and removing legacy verified checkmarks. To keep your blue checkmark on Twitter, individuals can sign up for Twitter Blue," tweeted Twitter's official account. Elon Musk previously stated that the legacy blue ticks will be eliminated and that everyone who subscribed to Twitter Blue would be able to get blue tick. 
 
(With inputs from agencies) 
 
&nbsp;

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Twitter Blue users may soon be able to hide the blue tick or verified badge, the little symbol displayed next to the account's name on the profile page, as per reports.

Twitter Blue users may soon be able to hide the blue tick or verified badge, the little symbol displayed next to the account's name on the profile page, as per reports. Twitter has several features that enable users to interact with their content and engage with other users. However, as per reports, now Twitter users could be able to personalise their accounts on the platform entirely by hiding the blue tick and changing their other account verification and identity details. But why would anyone want to hide the Blue Ticks? Has the verified badge become a 'Blue' mark of shame? Also Read | Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities Well, Twitter Blue is a subscription-based service offered by the microblogging website that provides additional features and perks to its users for a monthly fee. Twitter Blue subscribers have access to exclusive features such as undo Tweets, bookmark folders, and dedicated customer support among other perks. But once a user has paid for the Twitter Blue Tick service, the stigma may follow through. It can lead to shame as someone may pick on the Blue Tick subscriber for paying Twitter to get the verified badge. Therefore, to avoid being the target of this teasing, many users may want to hide their blue tick badges. Also Read | Nordic nations plan joint air defence to counter rising threat from Russia Twitter Blue costs Rs 650 for web use and Rs 900 for iOS and Android every month in India. With a membership, users may edit tweets, post longer videos, receive early access to new updates, see fewer advertising, and other features. The blue tick has lost its appeal because anybody may buy one and display it on their profile. It seems to have evolved into a representation of prestige and privileged membership, reserved for certain individuals who can pay for the Blue Tick. Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation × From April 1, the microblogging site will stop allowing verified legacy checkmarks. This means users will need to subscribe if they want the white tickmark in a blue blob. "On April 1st, we will begin winding down our legacy verified programme and removing legacy verified checkmarks. To keep your blue checkmark on Twitter, individuals can sign up for Twitter Blue," tweeted Twitter's official account. Elon Musk previously stated that the legacy blue ticks will be eliminated and that everyone who subscribed to Twitter Blue would be able to get blue tick. (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.

What? Verified Twitter account without Blue checkmark? Musk’s platform steps up to avoid shame, trolling

India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday.

"Our subsidiary Paytm Payment Services has received an extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology," Paytm said in a statement.&nbsp;

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Our subsidiary Paytm Payment Services has received extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology.<a href="https://t.co/E4WQTGWnS0">https://t.co/E4WQTGWnS0</a>
— Paytm (@Paytm) <a href="https://twitter.com/Paytm/status/1639990129816133632?ref_src=twsrc%5Etfw">March 26, 2023</a></blockquote>
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The company in its statement said that during this time, Paytm Payment Services can continue with its online payment aggregation business for existing partners, without onboarding any new merchants.

Also Read | <a href="https://www.wionews.com/business-economy/walmart-lays-off-hundreds-of-us-employees-gives-them-90-days-to-find-job-at-its-other-facilities-575868">Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities</a>

It is important to note that Paytm Payment Services had to resubmit the application for Payment Aggregators services within 120 calendar days. The Reserve Bank of India on 15 February published a list of applicants who have been given in-principle authorisation to function as payment aggregators. At the time, some businesses including Paytm Payment Services had been requested to reapply.&nbsp;

"In this regard, we would like to inform you that we have recently received an extension of time from RBI for resubmission of the application," the company's notification said on Sunday.&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/what-verified-twitter-account-without-blue-checkmark-musks-platform-steps-up-to-avoid-shame-trolling-575898">Verified Twitter account without Blue checkmark? Musk's platform steps up to avoid shame, trolling</a>

A payment aggregator license is a permit granted by a regulatory authority to a company that acts as an intermediary between a merchant and a customer in a payment transaction. Payment aggregators collect payments from customers on behalf of merchants and then transfer the funds to the merchant's account after a specific time.&nbsp;

Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation

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Paytm Payments Services Ltd is one of the biggest players in the online payments business in India and is a wholly owned subsidiary of One 97 Communications.&nbsp;The One 97 Communications business, which owns the well-known Paytm brand, had its application for a payment aggregator licence rejected by India's banking regulator in November.

In the latest update on the extension given by RBI, Paytm said this continues to have "no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants."&nbsp;

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India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday.

India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday. "Our subsidiary Paytm Payment Services has received an extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology," Paytm said in a statement. Our subsidiary Paytm Payment Services has received extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology.https://t.co/E4WQTGWnS0 — Paytm (@Paytm) March 26, 2023 × The company in its statement said that during this time, Paytm Payment Services can continue with its online payment aggregation business for existing partners, without onboarding any new merchants. Also Read | Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities It is important to note that Paytm Payment Services had to resubmit the application for Payment Aggregators services within 120 calendar days. The Reserve Bank of India on 15 February published a list of applicants who have been given in-principle authorisation to function as payment aggregators. At the time, some businesses including Paytm Payment Services had been requested to reapply. "In this regard, we would like to inform you that we have recently received an extension of time from RBI for resubmission of the application," the company's notification said on Sunday. Also Read | Verified Twitter account without Blue checkmark? Musk's platform steps up to avoid shame, trolling A payment aggregator license is a permit granted by a regulatory authority to a company that acts as an intermediary between a merchant and a customer in a payment transaction. Payment aggregators collect payments from customers on behalf of merchants and then transfer the funds to the merchant's account after a specific time. Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation × Paytm Payments Services Ltd is one of the biggest players in the online payments business in India and is a wholly owned subsidiary of One 97 Communications. The One 97 Communications business, which owns the well-known Paytm brand, had its application for a payment aggregator licence rejected by India's banking regulator in November. In the latest update on the extension given by RBI, Paytm said this continues to have "no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants." 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: Paytm gets extension by central bank to re-apply for payment aggregator licence

Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson.&nbsp;

Many companies recently laid off their employees for various reasons such as budget cuts, reorganization, mergers and acquisitions, shifts in business strategy, or declining profits.

Also Read | <a href="https://www.wionews.com/world/finland-worlds-happiest-country-now-offering-masterclass-on-happiness-for-free-575858">Finland, world's happiest country, now offering masterclass on happiness for free</a>

As per the representative, a decrease in evening and weekend shifts resulted in the layoff of about 200 employees in Pedricktown, New Jersey as well as hundreds more in Fort Worth, Texas; Chino, California; Bethlehem, Pennsylvania and Davenport, Florida.

Layoffs can be a challenging experience for the affected employees because of the uncertainty and financial hardships. However, they are becoming more common as companies try to remain competitive and profitable in a rapidly changing industry.

The spokesperson also said that individuals who are laid off will be eligible for 90 days' pay till they find a new job at other locations including Joliet, Lancaster, Texas and Illinois where the firm opened up new e-commerce distribution centres.

Also Read | <a href="https://www.wionews.com/world/nordic-nations-plan-joint-air-defence-to-counter-rising-threat-from-russia-575853">Nordic nations plan joint air defence to counter rising threat from Russia</a>

The five fulfilment centres' employees who are laid off will be qualified for positions at Walmart's 5,000 US shops, which the corporation has been using as a platform to deliver goods to consumers' doorsteps. With nearly 1.7 million US employees, Walmart is the largest private employer in the country.

During the past several years, Walmart has made significant investments in automation working with businesses like Knapp.&nbsp;Walmart CEO Doug McMillon expressed his excitement about the automation possibility on a post-earnings call in February. Walmart has plans to raise investments in automation technologies as part of its more than $15 billion capital expenditure budget this year.

Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation

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According to a Reuters analysis of labour department records, Walmart did not issue a Worker Adjustment and Retraining Notification (WARN) notice for the layoffs other than in Pedricktown, New Jersey. It is pertinent to note that US labour law requires employers with 100 or more employees to give 60 days' notice in advance of plant closures and mass layoffs.&nbsp;

The spokeswoman stated that Walmart did not send out a WARN letter for the other locations because it does not know how many workers will ultimately be let go and rehired.&nbsp;The Walmart representative also refrained from using the term "mass layoff" and said that business as usual continued at the warehouses.

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Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson.

Five US Walmart facilities that cater to e-commerce orders are now downsizing their workforce and laying off hundreds of employees by asking them to find their next job within 90 days at the company's other locations, reported Reuters quoting a spokesperson. Many companies recently laid off their employees for various reasons such as budget cuts, reorganization, mergers and acquisitions, shifts in business strategy, or declining profits. Also Read | Finland, world's happiest country, now offering masterclass on happiness for free As per the representative, a decrease in evening and weekend shifts resulted in the layoff of about 200 employees in Pedricktown, New Jersey as well as hundreds more in Fort Worth, Texas; Chino, California; Bethlehem, Pennsylvania and Davenport, Florida. Layoffs can be a challenging experience for the affected employees because of the uncertainty and financial hardships. However, they are becoming more common as companies try to remain competitive and profitable in a rapidly changing industry. The spokesperson also said that individuals who are laid off will be eligible for 90 days' pay till they find a new job at other locations including Joliet, Lancaster, Texas and Illinois where the firm opened up new e-commerce distribution centres. Also Read | Nordic nations plan joint air defence to counter rising threat from Russia The five fulfilment centres' employees who are laid off will be qualified for positions at Walmart's 5,000 US shops, which the corporation has been using as a platform to deliver goods to consumers' doorsteps. With nearly 1.7 million US employees, Walmart is the largest private employer in the country. During the past several years, Walmart has made significant investments in automation working with businesses like Knapp. Walmart CEO Doug McMillon expressed his excitement about the automation possibility on a post-earnings call in February. Walmart has plans to raise investments in automation technologies as part of its more than $15 billion capital expenditure budget this year. Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation × According to a Reuters analysis of labour department records, Walmart did not issue a Worker Adjustment and Retraining Notification (WARN) notice for the layoffs other than in Pedricktown, New Jersey. It is pertinent to note that US labour law requires employers with 100 or more employees to give 60 days' notice in advance of plant closures and mass layoffs. The spokeswoman stated that Walmart did not send out a WARN letter for the other locations because it does not know how many workers will ultimately be let go and rehired. The Walmart representative also refrained from using the term "mass layoff" and said that business as usual continued at the warehouses. 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.

Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities

Indian multinational conglomerate Tata Group is considering injecting another $2 billion into its super app venture Tata Neu as the group seeks to bolster its digital business. Speaking to the news agency Bloomberg on Thursday (March 23), sources said that Tata Digital Pvt. will receive the additional funding over two years should a deal proceed.

One source said that this fresh capital could help Tata Neu to strengthen its digital offerings, fix technical glitches and meet any fresh spending needs.&nbsp;

The source added that the Tata Group asked Tata Digital to look for ways to boost the valuation of Neu. The report said that any fresh capital would come as&nbsp;Tata Digital is reviewing its strategy and fending off e-commerce rivals including Amazon and Flipkart.&nbsp;

Tata Neu was modelled on China's Alipay and WeChat. However, it ran into technical glitches and customer complaints after its launch last year.&nbsp;

Neu allows users to buy groceries and gadgets as well as reserve flight tickets and restaurants from brands under Tata. The app also comes with a membership service and offers financial products such as bill payments, loans and insurance. The super app is expected to meet just half of the sales target in its debut year.&nbsp;

Bloomberg earlier reported that Neu would see sales of about $4 billion in the year to March 31, compared with the $8 billion target set at the beginning of 2022. In 2020, the news agency said that Tata Sons Pvt. Ltd. had explored bringing in financial or strategic investors including global technology companies, to back the super app.&nbsp;

(With inputs from agencies) 
 
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Indian multinational conglomerate Tata Group is considering injecting another $2 billion into its super app venture Tata Neu as the group seeks to bolster its digital business.

Indian multinational conglomerate Tata Group is considering injecting another $2 billion into its super app venture Tata Neu as the group seeks to bolster its digital business. Speaking to the news agency Bloomberg on Thursday (March 23), sources said that Tata Digital Pvt. will receive the additional funding over two years should a deal proceed. One source said that this fresh capital could help Tata Neu to strengthen its digital offerings, fix technical glitches and meet any fresh spending needs. The source added that the Tata Group asked Tata Digital to look for ways to boost the valuation of Neu. The report said that any fresh capital would come as Tata Digital is reviewing its strategy and fending off e-commerce rivals including Amazon and Flipkart. Tata Neu was modelled on China's Alipay and WeChat. However, it ran into technical glitches and customer complaints after its launch last year. Neu allows users to buy groceries and gadgets as well as reserve flight tickets and restaurants from brands under Tata. The app also comes with a membership service and offers financial products such as bill payments, loans and insurance. The super app is expected to meet just half of the sales target in its debut year. Bloomberg earlier reported that Neu would see sales of about $4 billion in the year to March 31, compared with the $8 billion target set at the beginning of 2022. In 2020, the news agency said that Tata Sons Pvt. Ltd. had explored bringing in financial or strategic investors including global technology companies, to back the super app. (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.

Tata Group considers injecting another $2 billion into super app venture: Report

We have all dreamed of having bosses who will join us and work alongside us, but alas, not everyone is that lucky. However, the new Starbucks boss, Laxman Narasimhan, will do just that. According to a letter he sent to the coffee chain employees, Narasimhan will be trying his hand at being a barista and will work at Starbucks stores half a day every month. As part of his training before taking over as CEO of Starbucks, he reportedly underwent a six months "immersive" training experience where he also learnt how to be a barista.

"I have learned so much about the retail experience from working in our stores."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/after-adani-group-row-hindenburg-says-new-report-soon-another-big-one-575035">Hindenburg's next target is Jack Dorsey's payment app's firm, Block</a>

"To keep us close to the culture and our customers, as well as to our challenges and opportunities, I intend to continue working in stores for a half day each month, and I expect each member of the leadership team to also ensure our support centres stay connected and engaged in the realities of our stores for discussion and improvement," he wrote in the letter published on Starbucks website.

Also read |&nbsp;<a href="https://www.wionews.com/trending/tesla-50-per-cent-price-cut-creates-havoc-in-chinese-market-report-575008">Tesla’s 50 per cent price slash creates ‘havoc’ in Chinese electric car market: Report</a>

"We are a team of partners, and as CEO, I will continue to earn my green apron every day," he added.&nbsp;

Before Starbucks, Narasimhan worked as an executive at PepsiCo. He took over the reins as the CEO of the American multinational chain of coffeehouses on March 20.&nbsp;His appointment comes at a time when Starbucks faces massive strikes at the hands of its employees who are demanding that the multinational coffee brand stop its antiunion coercion.

(With inputs from agencies) 
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We have all dreamed of having bosses who will join us and work alongside us, but alas, not everyone is that lucky. However, the new Starbucks boss, Laxman Narasimhan, will do just that.

We have all dreamed of having bosses who will join us and work alongside us, but alas, not everyone is that lucky. However, the new Starbucks boss, Laxman Narasimhan, will do just that. According to a letter he sent to the coffee chain employees, Narasimhan will be trying his hand at being a barista and will work at Starbucks stores half a day every month. As part of his training before taking over as CEO of Starbucks, he reportedly underwent a six months "immersive" training experience where he also learnt how to be a barista. "I have learned so much about the retail experience from working in our stores." Also read | Hindenburg's next target is Jack Dorsey's payment app's firm, Block "To keep us close to the culture and our customers, as well as to our challenges and opportunities, I intend to continue working in stores for a half day each month, and I expect each member of the leadership team to also ensure our support centres stay connected and engaged in the realities of our stores for discussion and improvement," he wrote in the letter published on Starbucks website. Also read | Tesla’s 50 per cent price slash creates ‘havoc’ in Chinese electric car market: Report "We are a team of partners, and as CEO, I will continue to earn my green apron every day," he added. Before Starbucks, Narasimhan worked as an executive at PepsiCo. He took over the reins as the CEO of the American multinational chain of coffeehouses on March 20. His appointment comes at a time when Starbucks faces massive strikes at the hands of its employees who are demanding that the multinational coffee brand stop its antiunion coercion. (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.

Starbucks' new CEO Laxman Narasimhan says will work as a Barista

IT giant Accenture would cut about 19,000 jobs which represents 2.5% of its workforce. The company announced that more than half of layoffs would impact employees in its non-believable corporate functions.

Accenture to lay off 2.5% of its staff, totaling 19,000 employees! | World Business News

Speaking on the sidelines&nbsp;of an event organised by the&nbsp;Confederation of Indian Industry (CII), the United States-based aircraft maker&nbsp;Boeing said that India might require 31,000 pilots and around 26,000 mechanics over the next two decades amid the growing order book of the aircraft original equipment manufacturers, said a report by news agency PTI. &nbsp;

“India is going to need over 31,000 pilots and 26,000 mechanics over the next 20 years to take care of the aircraft coming in. This is as important a part of the Indian growth story as the aircraft (orders),” Boeing India President Salil Gupte told reporters. He also spoke about how the South Asian region is expected to remain the fastest-growing market globally over the next several years.

Gupte also seemingly hailed the government’s move to let the Tata Group take over Air India and said it will transform the Indian aerospace industry. This comes months after the now Tata Group-owned Air India placed an order of 470 planes with both Boeing and European aviation giant&nbsp;Airbus. Speaking about the order, Gupte said, it is a massive deal for India as a nation and that the country is getting representation on the global stage, reported PTI.&nbsp;

Boeing’s India president also said that considering the country’s air traffic growth, the focus should be on making infrastructure robust, both hard infrastructure which includes airports as well as critical infrastructure, which includes pilots and so on.&nbsp;

India is a huge market for Boeing's narrow-body aircraft, said Gupte adding that at least 90 per cent of the market in the next two decades&nbsp;is going to be a narrow body market and "we expect we will be successful in competing for those every single campaign (aircraft order).”

“India is the gateway like China and once it will grow to be (in) the top four economies of the world, it will be more than a hub,” said Boeing India’s president, as per PTI, and spoke about how New Delhi will become more than a hub for aviation given its sheer size and scale as the country’s economy grow.&nbsp; 
 
(With inputs from agencies) 
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Speaking on the sidelines of an event organised by the Confederation of Indian Industry (CII), the United States-based aircraft maker Boeing said that India might require 31,000 pilots and around 26,000 mechanics over the next two decades amid the growing order book of the aircraft original equipment manufacturers, said a report by news agency PTI.

Speaking on the sidelines of an event organised by the Confederation of Indian Industry (CII), the United States-based aircraft maker Boeing said that India might require 31,000 pilots and around 26,000 mechanics over the next two decades amid the growing order book of the aircraft original equipment manufacturers, said a report by news agency PTI. “India is going to need over 31,000 pilots and 26,000 mechanics over the next 20 years to take care of the aircraft coming in. This is as important a part of the Indian growth story as the aircraft (orders),” Boeing India President Salil Gupte told reporters. He also spoke about how the South Asian region is expected to remain the fastest-growing market globally over the next several years. Gupte also seemingly hailed the government’s move to let the Tata Group take over Air India and said it will transform the Indian aerospace industry. This comes months after the now Tata Group-owned Air India placed an order of 470 planes with both Boeing and European aviation giant Airbus. Speaking about the order, Gupte said, it is a massive deal for India as a nation and that the country is getting representation on the global stage, reported PTI. Boeing’s India president also said that considering the country’s air traffic growth, the focus should be on making infrastructure robust, both hard infrastructure which includes airports as well as critical infrastructure, which includes pilots and so on. India is a huge market for Boeing's narrow-body aircraft, said Gupte adding that at least 90 per cent of the market in the next two decades is going to be a narrow body market and "we expect we will be successful in competing for those every single campaign (aircraft order).” “India is the gateway like China and once it will grow to be (in) the top four economies of the world, it will be more than a hub,” said Boeing India’s president, as per PTI, and spoke about how New Delhi will become more than a hub for aviation given its sheer size and scale as the country’s economy grow. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India might require over 30,000 pilots, some 26,000 mechanics in 20 years: Boeing

US Treasury Secretary Janet Yellen has said that banks across the America are worried about contagion and have been shoring up liquidity to protect themselves from runs after the failures of Silicon Valley Bank and Signature Bank.

Asian markets fall on Janet Yellen's remark

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors."

The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters.

Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours.

Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation.

The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters.

As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks.

Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic.

(With inputs from agencies)

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Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors." The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters. Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours. Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation. The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters. As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks. Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic. (With inputs from agencies) WATCH WION LIVE HERE

Leading US lenders ask employees not to poach clients of embattled banks: Report

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new.

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new. But what happens when they need to be addressed at the same time? Is there a playbook that central banks can turn to? Former Federal Reserve Chair Paul Volcker slayed inflation, and Ben Bernanke saved the banks, but can current Chief Jerome Powell do both? Well, that is the need of the hour. The current banking crisis threatens financial stability, while inflation threatens to push ahead. And that is not restricted to the confines of the US but risks spreading beyond its borders. At first glance, the Fed under Powell's leadership and other major central banks continued this week with the same policy they have had in place for the past year, which is to raise interest rates to bring down inflation. In reality, however, everything is different now that a series of bank failures has sent tremors through global financial markets. Threats to financial stability were not even on the radar of central bankers until recently. To hear Powell and his colleagues tell it, avoiding another round of inflation like the one experienced in the 1970s is still job one. But the signal is shifting that is warranting a policy similar to what Ben Bernanke used during and after the global financial crisis. Bernanke fought off the 2008 crisis by adopting unprecedented methods, including doling out free cash to banks. Turning for the worse? After Silicon Valley Bank failed and Credit Suisse was taken over by a shotgun marriage, the Fed only raised interest rates by half as much as was anticipated. The European Central Bank and the Swiss National Bank hiked as expected, but they refrained from providing any forward guidance. The recent wild swings in market bets on policy show that investors, too, are having a hard time figuring this out. After SVB's failure, they shifted from pricing in an aggressive Fed that hikes several more times to pricing in a "we're all doomed" scenario of imminent rate cuts. Analysts say the core dilemma for policymakers is that prescriptions for controlling prices and boosting banks point in opposite directions. ALSO READ | US Fed delivers 25 points rate hike amid global banking turmoil According to Ethan Harris, Head of Global Economics Research at Bank of America, "the market is acting as if we're in the midst of a pretty serious crisis." "It's putting a very high weight on an adverse scenario where you have a big financial event and a very bad economy," added BofA's Harris, who was the former head of research at Lehman Brothers before its collapse in 2008. WATCH | Silicon Valley Bank's bankruptcy faces challenges × To get inflation down, central banks jack up rates. They give money to struggling lenders and lower the cost of borrowing to avert crises. And the danger is that they end up with the worst of both worlds: a full-blown crisis that triggers a recession. Then central banks would be forced to abandon the fight against inflation before it was over. Anna Wong, Chief US economist at Bloomberg, drawing on a study of American banking crises over the last 140 years, said, "the tension between fighting inflation versus preserving financial stability is now more stark than any time in the Fed's history." The current crisis would have to take a significant turn for the worse," she says referring that tighter credit would take a decent-sized bite out of inflation. And if that doesn’t happen, "markets will have to revise up their estimates for the Fed’s policy path." So, what remains to be seen is, have the predictions now turned for the worse, or the better? A softer tone or an aggressive one will define the path the world's largest economy takes. WATCH WION LIVE HERE:

Analysis: Can the US Fed save banks and fight inflation at the same time?

US investment group Hindenburg Research's latest report targeting payments firm Block has led to co-founder Jack Dorsey losing over $500 million. Dorsey's mobile payments firm has been accused of "widely overstating" its user base in the report. Block's stock tumbled up to 22 per cent in early trading on Wall Street before recovering slightly following the release of the report.

Hindenburg report said Block had taken short positions in the stock and misled investors. While the report caused a drop in Block’s market capitalisation, Dorsey's personal wealth also saw a massive dip. His net worth plunged by $526 million on Thursday, the worst single-day decline in his fortunes since May.

According to the Bloomberg Billionaires Index, Jack Dorsey's net worth saw an 11 per cent drop and now stands at around $4.4 billion.&nbsp;

Hindenburg said that the California-based company knew that many of its accounts were fraudulent or belonged to the same user. However, it failed to account for this in its financial disclosure.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/after-adani-group-row-hindenburg-says-new-report-soon-another-big-one-575035">Hindenburg's next target is Jack Dorsey's payment app's firm, Block</a>

The report accused Block of taking an approach that "made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly."

The Hindenburg report further said that it investigated Block for two years and interviewed dozens of former employees and experts. It also analysed documents from regulators and court proceedings before preparing the report.&nbsp;

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About Block

Block was founded by Twitter founder Dorsey in 2009 and was initially known as Square. It was renamed in late 2021. The tech company operates financial transactions, ranging from payments to merchants to payments between individuals.&nbsp;

Block owns the mobile app Cash App. It has registered staggering growth and surpassed $100 billion in market value in 2021. It is currently worth $38 billion.

(With inputs from agencies)

 
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US investment group Hindenburg Research's latest report targeting payments firm Block has led to co-founder Jack Dorsey losing over $500 million. Dorsey's mobile payments firm has been accused of "widely overstating" its user base in the report.

US investment group Hindenburg Research's latest report targeting payments firm Block has led to co-founder Jack Dorsey losing over $500 million. Dorsey's mobile payments firm has been accused of "widely overstating" its user base in the report. Block's stock tumbled up to 22 per cent in early trading on Wall Street before recovering slightly following the release of the report. Hindenburg report said Block had taken short positions in the stock and misled investors. While the report caused a drop in Block’s market capitalisation, Dorsey's personal wealth also saw a massive dip. His net worth plunged by $526 million on Thursday, the worst single-day decline in his fortunes since May. According to the Bloomberg Billionaires Index, Jack Dorsey's net worth saw an 11 per cent drop and now stands at around $4.4 billion. Hindenburg said that the California-based company knew that many of its accounts were fraudulent or belonged to the same user. However, it failed to account for this in its financial disclosure. Also Read | Hindenburg's next target is Jack Dorsey's payment app's firm, Block The report accused Block of taking an approach that "made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly." The Hindenburg report further said that it investigated Block for two years and interviewed dozens of former employees and experts. It also analysed documents from regulators and court proceedings before preparing the report. × About Block Block was founded by Twitter founder Dorsey in 2009 and was initially known as Square. It was renamed in late 2021. The tech company operates financial transactions, ranging from payments to merchants to payments between individuals. Block owns the mobile app Cash App. It has registered staggering growth and surpassed $100 billion in market value in 2021. It is currently worth $38 billion. (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.

Hindenburg report knocks off $526 million from Jack Dorsey’s wealth

Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday.

The 31-year-old was arrested earlier on Thursday along with another South Korean citizen after his fingerprints matched the official records.

&nbsp;“The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs,” Interior Minister Filip Adzic wrote on Twitter.

The minister added that he was travelling under a false name with fake documents. Authorities were waiting for official confirmation of the man's identity, he said.

Both men were intercepted while attempting to board a flight to Dubai using “falsified travel documents from Costa Rica, which was established also by Interpol checks”, the ministry said in a statement.

Kwon&nbsp;was the co-founder and CEO of Terraform Labs – the firm behind the Terra ecosystem coins LUNA and LUNC.&nbsp;In May 2022, both coins lost their value within days, wiping about $40 billion of the investor's wealth and setting off panic across the crypto sector.&nbsp;His Terraform Labs is based in Singapore.

The South Korean fugitive was wanted in the US and in his country. However, whether he will be tried in Korea or US is yet to be determined as Montenegro does not have extradition treaties with either country.

An arrest warrant for Kwon was issued last September by South Korean authorities, who said that his company Terraform Labs violated capital market rules.

Earlier this year, the US regulators accused Kwon and his company of "orchestrating a multi-billion dollar crypto asset securities fraud". He has also been separately charged with fraud by the prosecutors.

Kwon has previously denied he was in hiding but never revealed his location.

(With inputs from agencies)

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Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday.

Kwon Do-hyeong or Do Kwon, the South Korean responsible for the $40bn collapse of the cryptocurrencies terraUSD and Luna, has been arrested in Montenegro, Interpol said on Friday. The 31-year-old was arrested earlier on Thursday along with another South Korean citizen after his fingerprints matched the official records. “The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs,” Interior Minister Filip Adzic wrote on Twitter. The minister added that he was travelling under a false name with fake documents. Authorities were waiting for official confirmation of the man's identity, he said. Both men were intercepted while attempting to board a flight to Dubai using “falsified travel documents from Costa Rica, which was established also by Interpol checks”, the ministry said in a statement. Kwon was the co-founder and CEO of Terraform Labs – the firm behind the Terra ecosystem coins LUNA and LUNC. In May 2022, both coins lost their value within days, wiping about $40 billion of the investor's wealth and setting off panic across the crypto sector. His Terraform Labs is based in Singapore. The South Korean fugitive was wanted in the US and in his country. However, whether he will be tried in Korea or US is yet to be determined as Montenegro does not have extradition treaties with either country. An arrest warrant for Kwon was issued last September by South Korean authorities, who said that his company Terraform Labs violated capital market rules. Earlier this year, the US regulators accused Kwon and his company of "orchestrating a multi-billion dollar crypto asset securities fraud". He has also been separately charged with fraud by the prosecutors. Kwon has previously denied he was in hiding but never revealed his location. (With inputs from agencies) WATCH WION LIVE HERE

Do Kwon: Fugitive S Korean behind $40bn crypto collapse arrested in Montenegro

The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.25 billion. While Swiss authorities managed to avert a financial crisis, the decision to merge the two banks will likely have a major impact on jobs in India.

Nearly 14,000 Indian employees working in three Indian cities are at risk of losing their jobs after the merger. Technology centres of both UBS and Credit Suisse in India will likely be dealt a massive blow following the Swiss government-backed takeover.

The technology centres of both the banks employ around 7,000 employees each in three Indian cities, an Economic Times report said. Once the merger is finalised, UBS is likely to focus on cost-cutting measures, and the Indian staff of the two companies is likely to be heavily impacted.&nbsp;Locally known as global in-house centres (GIC), UBS will try to retain only the best of the best at these centres in India.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-how-did-the-fall-of-166-year-old-lending-institution-unfold-573930">Credit Suisse: How did the fall of 166-year-old lending institution unfold?</a>

While UBS hasn't released an official figure for job cuts, the number is expected to be huge since the company aims to cut the combined company's annual cost base by more than $8 billion by 2027. The amount is half of Credit Suisse's expenses last year.

Meanwhile, UBS, in a memo, asked employees to continue to see Credit Suisse as a rival bank until the talks are over. They should not divulge any business secrets to their new colleagues, the memo said. “Credit Suisse is still our competitor," UBS CEO Ralph Hamers wrote in a memo to employees.

Further, Credit Suisse urged employees to continue to work as usual despite everything that is happening.&nbsp;

“We know that many of you will have been following the intense media coverage over the past 48 hours on the future of Credit Suisse and appreciate the enormous uncertainty and stress that this has caused," Chairman Axel Lehmann and CEO Ulrich Koerner said in the memo.

“Please note that there is no immediate impact on our clients and on our day-to-day working operations. Our branches and global offices will remain open, and all colleagues are expected to and should continue to come to work."

Credit Suisse said it is identifying which roles can be let go of and “will aim to continue to provide severance in line with market practice."

(With inputs from agencies)

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The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.

The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.25 billion. While Swiss authorities managed to avert a financial crisis, the decision to merge the two banks will likely have a major impact on jobs in India. Nearly 14,000 Indian employees working in three Indian cities are at risk of losing their jobs after the merger. Technology centres of both UBS and Credit Suisse in India will likely be dealt a massive blow following the Swiss government-backed takeover. The technology centres of both the banks employ around 7,000 employees each in three Indian cities, an Economic Times report said. Once the merger is finalised, UBS is likely to focus on cost-cutting measures, and the Indian staff of the two companies is likely to be heavily impacted. Locally known as global in-house centres (GIC), UBS will try to retain only the best of the best at these centres in India. Also Read | Credit Suisse: How did the fall of 166-year-old lending institution unfold? While UBS hasn't released an official figure for job cuts, the number is expected to be huge since the company aims to cut the combined company's annual cost base by more than $8 billion by 2027. The amount is half of Credit Suisse's expenses last year. Meanwhile, UBS, in a memo, asked employees to continue to see Credit Suisse as a rival bank until the talks are over. They should not divulge any business secrets to their new colleagues, the memo said. “Credit Suisse is still our competitor," UBS CEO Ralph Hamers wrote in a memo to employees. Further, Credit Suisse urged employees to continue to work as usual despite everything that is happening. “We know that many of you will have been following the intense media coverage over the past 48 hours on the future of Credit Suisse and appreciate the enormous uncertainty and stress that this has caused," Chairman Axel Lehmann and CEO Ulrich Koerner said in the memo. “Please note that there is no immediate impact on our clients and on our day-to-day working operations. Our branches and global offices will remain open, and all colleagues are expected to and should continue to come to work." Credit Suisse said it is identifying which roles can be let go of and “will aim to continue to provide severance in line with market practice." (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.

Credit Suisse-UBS merger likely to impact 14,000 jobs in India

The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.

The quarter-point increase, which was in line with expectations, lifts the target range to 4.75-5.00 per cent at the end of a two-day policy meeting.

In a statement, the Fed said recent banking sector developments "are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation."

The policy-setting Federal Open Market Committee (FOMC) added that "some additional policy firming may be appropriate" to get to a stance that is sufficiently restrictive to bring inflation down.

The latest increase was the same size as the central bank's previous rate decision in February.&nbsp;It comes after two weeks of market turmoil following the collapse of three regional lenders.

Wednesday's decision underscores the Fed's determination to tackle inflation, which remains stubbornly above policymakers' long-term annual target of two per cent despite an effort to lower price increases.

<h2>Hot data and banking uncertainty</h2>

The implosions of Silicon Valley Bank (SVB) and two other regional lenders pummelled banking stocks around the world last week, with Swiss investment bank Credit Suisse swallowed up by regional rival UBS after its shares sank to a record low.

Asian stock markets and most European indices rose ahead of the Fed's decision. Wall Street stocks picked up shortly after the Fed's announcement.

The combination of hot US economic data at the start of the year and uncertainty in the banking sector has led most analysts to predict the Fed will continue with a more modest hiking cycle than was previously expected.

"After the recent news, the recent developments in the financial markets, we now see a kind of risk to both sides," Stephen Juneau, senior US economist at Bank of America Global Research, told AFP ahead of the decision.

<h2>More 'dovish' language</h2>

Treasury Secretary Janet Yellen said Tuesday that the US banking sector was "stabilising" after authorities stepped in to protect deposits following the failures of SVB and Signature Bank.

But she conceded that "similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."

Yellen's comments underscored this week's relief rally in the stock markets, along with actions by the Fed and other major central banks to improve lenders' access to liquidity.&nbsp;

On Wednesday, the Fed also updated its economic projections, slightly lowering its 2023 GDP growth projections 2023 to 0.4 per cent from 0.5 per cent in December.

Median projections for the Fed's benchmark rate at the end of this year were unchanged, while inflation expectations rose increased slightly.

The Fed's announcement follows on the heels of the European Central Bank's decision last week to raise rates by 0.5 percentage points.

ECB chief Christine Lagarde warned on Wednesday that the Eurozone's monetary policymakers "will still have ground to cover to make sure that inflation pressures are stamped out."&nbsp;

She said the recent banking turmoil could add to "downside risks" in the single currency area.

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The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.

The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector. The quarter-point increase, which was in line with expectations, lifts the target range to 4.75-5.00 per cent at the end of a two-day policy meeting. In a statement, the Fed said recent banking sector developments "are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation." The policy-setting Federal Open Market Committee (FOMC) added that "some additional policy firming may be appropriate" to get to a stance that is sufficiently restrictive to bring inflation down. The latest increase was the same size as the central bank's previous rate decision in February. It comes after two weeks of market turmoil following the collapse of three regional lenders. Wednesday's decision underscores the Fed's determination to tackle inflation, which remains stubbornly above policymakers' long-term annual target of two per cent despite an effort to lower price increases. Hot data and banking uncertainty The implosions of Silicon Valley Bank (SVB) and two other regional lenders pummelled banking stocks around the world last week, with Swiss investment bank Credit Suisse swallowed up by regional rival UBS after its shares sank to a record low. Asian stock markets and most European indices rose ahead of the Fed's decision. Wall Street stocks picked up shortly after the Fed's announcement. The combination of hot US economic data at the start of the year and uncertainty in the banking sector has led most analysts to predict the Fed will continue with a more modest hiking cycle than was previously expected. "After the recent news, the recent developments in the financial markets, we now see a kind of risk to both sides," Stephen Juneau, senior US economist at Bank of America Global Research, told AFP ahead of the decision. More 'dovish' language Treasury Secretary Janet Yellen said Tuesday that the US banking sector was "stabilising" after authorities stepped in to protect deposits following the failures of SVB and Signature Bank. But she conceded that "similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion." Yellen's comments underscored this week's relief rally in the stock markets, along with actions by the Fed and other major central banks to improve lenders' access to liquidity. On Wednesday, the Fed also updated its economic projections, slightly lowering its 2023 GDP growth projections 2023 to 0.4 per cent from 0.5 per cent in December. Median projections for the Fed's benchmark rate at the end of this year were unchanged, while inflation expectations rose increased slightly. The Fed's announcement follows on the heels of the European Central Bank's decision last week to raise rates by 0.5 percentage points. ECB chief Christine Lagarde warned on Wednesday that the Eurozone's monetary policymakers "will still have ground to cover to make sure that inflation pressures are stamped out." She said the recent banking turmoil could add to "downside risks" in the single currency area. 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 Fed delivers 25 points rate hike amid global banking turmoil

Gen-Z is slaying with the use of credit cards as they grow up and enter the workforce in times of high inflation and higher-than-ever affinity towards buying luxury goods and living a lush life. Slay or Slaying is a commonly found expression among Gen-Z individuals to refer to something they excel at.

California-based personal finance company Credit Karma revealed that those born between 1997 and 2012 have the lowest credit card debt among all five generations it collected credit card-related data. The Credit Karma report is based on data collected on January 6 from 78.2 million users ranging from those in the Silent Generation (1928 to 1945) to the Gen-Z.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/can-money-buy-happiness-nobel-prize-winning-economist-says-yes-571733">Can money buy happiness? Nobel prize-winning economist says 'yes'</a>

Gen-Z was found to have average credit card debt of $2,781 for the period between October-December 2022, compared to the millennials ($5,898), Gen-X ($8,266), Baby boomers ($7,310) and Silent Generation ($5,601).&nbsp;

<h2>Why Gen-Z need a <a href="https://www.wionews.com/trending/gen-z-favourite-vibe-check-could-be-most-overused-word-of-this-era-574798">vibe check</a> on use of credit card?</h2>

But it emerged that while Gen-Z has the lowest credit card debt among all generations, the rate at which they are piling up credit card debt (about 6 per cent) is faster than any generation. The report holds significance as the luxury market looks to tap Gen Z spenders as more in the cohort gain spending power amid high inflation.

ALSO WATCH |&nbsp;China tightens rules on $1.3 trillion credit card business

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The report found that while Gen Z has a small amount of total debt among all generations, they are the only generation to see an increase in past-due accounts. This includes credit card, mortgage, student loans, medical loans, auto lease, or auto loan accounts that are overdue by more than 30 days, per Credit Karma. So all added up together, the picture isn't a shiny one.&nbsp; 
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Gen-Z is slaying with the use of credit cards as they grow up and enter the workforce in times of high inflation and higher-than-ever affinity towards buying luxury goods and living a lush life.

Gen-Z is slaying with the use of credit cards as they grow up and enter the workforce in times of high inflation and higher-than-ever affinity towards buying luxury goods and living a lush life. Slay or Slaying is a commonly found expression among Gen-Z individuals to refer to something they excel at. California-based personal finance company Credit Karma revealed that those born between 1997 and 2012 have the lowest credit card debt among all five generations it collected credit card-related data. The Credit Karma report is based on data collected on January 6 from 78.2 million users ranging from those in the Silent Generation (1928 to 1945) to the Gen-Z. ALSO READ | Can money buy happiness? Nobel prize-winning economist says 'yes' Gen-Z was found to have average credit card debt of $2,781 for the period between October-December 2022, compared to the millennials ($5,898), Gen-X ($8,266), Baby boomers ($7,310) and Silent Generation ($5,601). Why Gen-Z need a vibe check on use of credit card? But it emerged that while Gen-Z has the lowest credit card debt among all generations, the rate at which they are piling up credit card debt (about 6 per cent) is faster than any generation. The report holds significance as the luxury market looks to tap Gen Z spenders as more in the cohort gain spending power amid high inflation. ALSO WATCH | China tightens rules on $1.3 trillion credit card business × The report found that while Gen Z has a small amount of total debt among all generations, they are the only generation to see an increase in past-due accounts. This includes credit card, mortgage, student loans, medical loans, auto lease, or auto loan accounts that are overdue by more than 30 days, per Credit Karma. So all added up together, the picture isn't a shiny one. 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.

Gen-Z is slaying with credit card use but why they still need a financial vibe check

Hindenburg Research, the American research firm said in its report on Thursday <a href="https://hindenburgresearch.com/block/">that Jack Dorsey's Block has</a> "systematically taken advantage of the demographics it claims to be helping". The&nbsp;report pushed Block shares to plunge 20%.

US-based short seller Hindenburg Research&nbsp;which made headlines earlier this year for its report accusing the Adani Group,&nbsp;which caused a widespread stock market sell-off and price drop,&nbsp;released its latest critical report on US-based mobile payment provider Block, led by Twitter co-founder Jack Dorsey.

The report added that "Block Inc., formerly known as Square Inc., is a $44 billion market cap company that claims to have developed a 'frictionless' and 'magical' financial technology with a mission to empower the 'unbanked' and the 'underbanked'".

However, Hindenburg said, "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The 'magic' behind Block’s business has not been disruptive innovation, but rather the company's willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics".

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NEW FROM US: 
 
Block—How Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion<a href="https://t.co/pScGE5QMnX">https://t.co/pScGE5QMnX</a> <a href="https://twitter.com/search?q=%24SQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SQ</a> 
 
(1/n)
— Hindenburg Research (@HindenburgRes) <a href="https://twitter.com/HindenburgRes/status/1638881786343063553?ref_src=twsrc%5Etfw">March 23, 2023</a></blockquote>
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Most analysts were optimistic about Block's Cash App platform after the recent post-pandemic uptick, according to Hindenburg.&nbsp;

However, according to the research firm, Block has also "wildly oversated" the number of its actual users and significantly underestimated the amount it has spent on acquiring those users.&nbsp;

According to the US short seller's investigation, between 40% and 75% of the accounts looked at by former employees were either fake or duplicates of accounts already owned by the same person.

Hindenburg also said that Block lied about how many users it had and how much money it made by counting fake accounts and payments as real users and money. According to the article, Block's shares increased by 639% in 18 months during the pandemic, thanks to the new company.

That comes hours after the US research firm said that a new report is coming out soon.&nbsp;"New report soon—another big one," Hidenberg tweeted earlier on Thursday, March 23, but did not give any further details.

Hindenburg's report from January 24 had said that the Adani Group had committed fraud and messed with taxes. The report also said that the Adani Group had unsustainable debt. The conglomerate denied the allegations, saying it complied with all laws and has made necessary disclosures over time.&nbsp;

In India, the opposition Congress accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group.&nbsp;

Adani Group's stock lost more than $145 billion in market value at one point after the report was published. However, since those deep losses, the shares of the Indian business group's firms have recovered sharply but they are still in the red compared to trades before the US short seller's report two months ago. 
 
Hindenburg's tweet of "another big one" comes when the United States is in the midst of a banking crisis.

The recent failures of American banks and the 167-year-old Swiss bank Credit Suisse have weighed heavily on financial markets, wiping out billions of dollars.&nbsp;After the Silicon Valley Bank failed, people on Twitter said that Hindenburg was biased and pointed out that the research firm had been quiet about the failure of major US banks.

For now, the only connection to the latest Hindenburg report is that it accuses the former CEO of Twitter. 
 
(With inputs from agencies) 
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Hindenburg Research, the American research firm said in its report on Thursday that Jack Dorsey's Block has "systematically taken advantage of the demographics it claims to be helping".

Hindenburg Research, the American research firm said in its report on Thursday that Jack Dorsey's Block has "systematically taken advantage of the demographics it claims to be helping". The report pushed Block shares to plunge 20%. US-based short seller Hindenburg Research which made headlines earlier this year for its report accusing the Adani Group, which caused a widespread stock market sell-off and price drop, released its latest critical report on US-based mobile payment provider Block, led by Twitter co-founder Jack Dorsey. The report added that "Block Inc., formerly known as Square Inc., is a $44 billion market cap company that claims to have developed a 'frictionless' and 'magical' financial technology with a mission to empower the 'unbanked' and the 'underbanked'". However, Hindenburg said, "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The 'magic' behind Block’s business has not been disruptive innovation, but rather the company's willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics". NEW FROM US: Block—How Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billionhttps://t.co/pScGE5QMnX $SQ (1/n) — Hindenburg Research (@HindenburgRes) March 23, 2023 × Most analysts were optimistic about Block's Cash App platform after the recent post-pandemic uptick, according to Hindenburg. However, according to the research firm, Block has also "wildly oversated" the number of its actual users and significantly underestimated the amount it has spent on acquiring those users. According to the US short seller's investigation, between 40% and 75% of the accounts looked at by former employees were either fake or duplicates of accounts already owned by the same person. Hindenburg also said that Block lied about how many users it had and how much money it made by counting fake accounts and payments as real users and money. According to the article, Block's shares increased by 639% in 18 months during the pandemic, thanks to the new company. That comes hours after the US research firm said that a new report is coming out soon. "New report soon—another big one," Hidenberg tweeted earlier on Thursday, March 23, but did not give any further details. Hindenburg's report from January 24 had said that the Adani Group had committed fraud and messed with taxes. The report also said that the Adani Group had unsustainable debt. The conglomerate denied the allegations, saying it complied with all laws and has made necessary disclosures over time. In India, the opposition Congress accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. Adani Group's stock lost more than $145 billion in market value at one point after the report was published. However, since those deep losses, the shares of the Indian business group's firms have recovered sharply but they are still in the red compared to trades before the US short seller's report two months ago. Hindenburg's tweet of "another big one" comes when the United States is in the midst of a banking crisis. The recent failures of American banks and the 167-year-old Swiss bank Credit Suisse have weighed heavily on financial markets, wiping out billions of dollars. After the Silicon Valley Bank failed, people on Twitter said that Hindenburg was biased and pointed out that the research firm had been quiet about the failure of major US banks. For now, the only connection to the latest Hindenburg report is that it accuses the former CEO of Twitter. (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.

Hindenburg's next target is Jack Dorsey's payment app's firm, Block

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.&nbsp;

The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%.

Watch:&nbsp;Gravitas: Tech layoffs: Is your job safe?

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As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion.&nbsp;

During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion.

The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell.&nbsp;

Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-announces-second-round-of-layoffs-9000-more-employees-to-lose-their-jobs-573984">Amazon announces second round of layoffs; 9,000 more employees to lose jobs</a>

As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. 
 
(With inputs from agencies) 
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Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector.

Accenture Plc, the Irish-American IT company has announced to slash its working force by 19,000. This comes amid a worsening global economic outlook and the firing spree across the IT sector. The company is also expecting a considerable dip in its annual revenue amid speculations that global companies might look forward to slashing their IT budgets amid the financial crisis. The company now estimates its annual revenue growth to be in the range of 8% to 10%, lower than the previously estimated range of 8% to 11%. Watch: Gravitas: Tech layoffs: Is your job safe? × As per a statement released by the company, revenue for the current quarter is expected to be between $16.1 billion and $16.7 billion. Accenture reported that its new bookings increased by 13% to $22.1 billion during the quarter, while its revenues increased by 5% to $15.8 billion. During the second quarter, Accenture reported business optimisation expenses of $244 million. Through the fiscal year 2024, the corporation projected that its total costs will be close to $1.5 billion. The corporation disclosed that more than half of the layoffs will directly affect employees at its non-billable corporate functions. The company's shares increased 4 per cent before the closing bell. Accenture's announcement comes amid a layoff spree in the IT and tech sector. Tech giants including Google, Meta and Amazon have already set in motion a wave of layoffs, and experts predict that it will last at least through the first half of 2023. Also Read | Amazon announces second round of layoffs; 9,000 more employees to lose jobs As concerns about a coming recession grow, Amazon has announced another 9,000 job layoffs across its cloud services, advertising, and Twitch departments. Meta has also reduced its total workforce by 20,000 since September last year. Chief Executive Officer Mark Zuckerberg recently warned that the climate of layoffs might last for many years to come. (With inputs from agencies) WATCH WION LIVE HERE ×

Accenture to lay off 19,000 employees as revenue growth tumbles

Starbucks workers at more than 100 stores across the nation are striking to demand an end to the company’s union-busting practices, Starbucks Workers United said Wednesday. The strike includes a rally at the company’s Seattle headquarters at noon Pacific time, plus strikes at dozens of other stores from coast to coast, according to the union.

Starbucks workers strike at more than 100 U.S. stores to welcome new CEO

There is relief for Microsoft in the Activision case, the US firm has won the dismissal of a private consumer anti-trust lawsuit. This is over its proposed purchase of Call of Duty maker.

Microsoft wins dismissal of Activision case, judge dismisses claims on 'harm' | World Business Watch

Google said access to the artificial intelligence (AI) program would begin Tuesday (March 21) in the U.S. and U.K., with plans to expand to other countries and languages over time. “You can use Bard to boost your productivity, accelerate your ideas and fuel your curiosity.

Google releases bard program for collaboration with AI

First Republic Bank's (FRC.N) efforts to secure a capital infusion continued without success on Tuesday, as the troubled regional lender started to plan for the possibility it may need to downsize or get a government backstop.

First Republic seeks new ways to escape losses

American technology giant Apple is seeking changes in India's labour laws as part of its efforts to expand local production. According to a report by the news agency Bloomberg on Tuesday (March 21), regional governments are yielding to Apple's request as they are eager to snatch the iPhone assembly from China. Speaking to Bloomberg, sources said that the Southern state of Tamil Nadu, where Apple's top supplier Foxconn Technology Group operates India’s largest iPhone plant, is considering passing new rules that will make factory shifts more flexible.&nbsp;

The sources said that executives from Apple and Indian Cellular and Electronics Association lobby group, which represents the company as well as its suppliers like Foxconn, Pegatron and Wistron, met with Tamil Nadu government officials over six months to push for the reforms. They added that the changes would bring local working hours on par with the iPhone factories in China.&nbsp;

The above moves are part of Apple's effort to shift more production away from China to countries including India. Bloomberg reported that the suggested changes include allowing factories to have two shifts of 12 hours each, instead of the previous three shifts where each shift was for eight hours.&nbsp;

The report said that local officials are keen to attract the business and jobs that Apple represents. It added that the suggested changes could also encourage more women to work in factories.&nbsp;

Labour reforms in India are rare and the country's willingness to accommodate Apple shows how badly it wants to become an electronics manufacturing hub. The sources also told the news agency on Tuesday that Apple and its suppliers are in talks to build large working women’s hostels in and around factory complexes, which would reduce travel time.&nbsp;

The ICEA lobby group said that the above reforms are overdue and at the heart of Make in India's policy objectives. “It helps bring more women with safety and comfort into the work environment like never before,” the ICEA added.&nbsp;

(With inputs from agencies)

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American technology giant Apple is seeking changes in India's labour laws as part of its efforts to expand local production. According to a report by the news agency Bloomberg on Tuesday (March 21), regional governments are yielding to Apple's request as they are eager to snatch the iPhone assembly from China.

American technology giant Apple is seeking changes in India's labour laws as part of its efforts to expand local production. According to a report by the news agency Bloomberg on Tuesday (March 21), regional governments are yielding to Apple's request as they are eager to snatch the iPhone assembly from China. Speaking to Bloomberg, sources said that the Southern state of Tamil Nadu, where Apple's top supplier Foxconn Technology Group operates India’s largest iPhone plant, is considering passing new rules that will make factory shifts more flexible. The sources said that executives from Apple and Indian Cellular and Electronics Association lobby group, which represents the company as well as its suppliers like Foxconn, Pegatron and Wistron, met with Tamil Nadu government officials over six months to push for the reforms. They added that the changes would bring local working hours on par with the iPhone factories in China. The above moves are part of Apple's effort to shift more production away from China to countries including India. Bloomberg reported that the suggested changes include allowing factories to have two shifts of 12 hours each, instead of the previous three shifts where each shift was for eight hours. The report said that local officials are keen to attract the business and jobs that Apple represents. It added that the suggested changes could also encourage more women to work in factories. Labour reforms in India are rare and the country's willingness to accommodate Apple shows how badly it wants to become an electronics manufacturing hub. The sources also told the news agency on Tuesday that Apple and its suppliers are in talks to build large working women’s hostels in and around factory complexes, which would reduce travel time. The ICEA lobby group said that the above reforms are overdue and at the heart of Make in India's policy objectives. “It helps bring more women with safety and comfort into the work environment like never before,” the ICEA added. (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.

Tech giant Apple seeking changes in India's labour laws. Here's why