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

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

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

Swiss prosecutor probes state-backed Credit Suisse takeover of UBS

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

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

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

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

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

NYT loses Twitter verification as Musk launches scathing attack on publication

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

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

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

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

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

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

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

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

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

Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need? Such was the promise of the “The World Startup Convention” that over 100,000 fund-seekers worldwide applied for registration. Luke Talwar, the event's co-founder, declared in December it would be the world’s biggest funding festival with the target of raising investments worth more than INR 100,000 crore [or $12 billion]. The three-day event was supposed to be held at the Expo Mart located at Knowledge Park in Greater Noida, on the outskirts of the Indian capital New Delhi, &nbsp;from March 24th. 
&nbsp; 
Sohil Shah, the founder of Spreadd.io, a Dubai-based ‘Decentralised Creator Economy’ company, decided not to squander away this godsent opportunity to raise funds. He discussed the idea with his colleague Sayan Sapui and declared that he will be flying his entire team to Noida to pitch to investors. Sayan surfed the web to know more about the event and his findings really made an impression. 
&nbsp; 
The homepage of the official website of the World Startup Convention featured top Indian officials including Union Minister of Road Transport and Highways Nitin Gadkari and Chief Minister of India’s northern state of Uttarakhand Pushkar Singh Dhami.
<img alt="Home page of World Startup Convention website" data-align="center" data-entity-type="file" data-entity-uuid="a6725157-dfcb-4714-9abf-b3873514a6ae" src="//cdn.wionews.com/sites/default/files/inline-images/im%201.PNG" />
The icing on the cake were promotional messages from India’s top influencers. Ankur Warikoo, Chetan Bhagat, MBA Chaiwala and Raj Shamani, all of them were singing the praises of the event.
<img alt="India's top influencers" data-align="center" data-entity-type="file" data-entity-uuid="19f00e57-9ed4-4a09-ae17-70d0b3cea0c0" src="//cdn.wionews.com/sites/default/files/inline-images/im%202.PNG" />
In his message, Warikoo can be seen saying, “1,500 VCs [venture capitalists], 9,000 angel investors, India’s leading banks and 75,000+startups will be present at the event.” Raj Shamani, in his message, recommended founders to book passes and turn their startup dream into reality. 
&nbsp;&nbsp; 
Luke Talwar and Arjun Chaudhary, the founders of ‘World Startup Convention’, also hinted that eminent personalities like Elon Musk (CEO of Tesla), Gautam Adani (Founder &amp; Chairman of Adani Group), Sheikh Hamdan (Crown Prince of Dubai) and Sundar Pichai (CEO of Google) will attend the mega event. Interestingly, they all were referred to as “special invitees” and not “attendees” in posters used for event promotion.
<img alt="Promotional content used by WSC" data-align="center" data-entity-type="file" data-entity-uuid="61a3e4fd-84c8-4c8a-8c6f-9372b061b935" src="//cdn.wionews.com/sites/default/files/inline-images/im%203.PNG" />
“Having seen a few ads of the event myself featuring a few of India’s top influencers, I agreed to go,” Sayan told WION. But within days, when Sayan’s colleagues at spreadd.io dug more into the event and history of its founders, their perception of World Startup Convention dramatically changed. “After research by one of our team members named Nikunj Kachhiya, he realised that this company organised some events like this before too and the participants left some negative tweets and reviews about them,” Sayan said. 
&nbsp; 
Eventually, Sayan and his colleagues decided against going to the event.

<h2>Stuff hits the fan</h2>

But many others, including Vaibhav Anant from Bambrew, gave their all to secure funding at the event. Team Bambrew “invested over 50 lac [five million] rupees” to make their presence felt at the World Startup Convention, according to a <a href="https://www.youtube.com/watch?v=hMNxl3lGCVE">statement </a>by Anant. 
&nbsp; 
But the turnaround of events that took place on 24th March stirred a massive uproar in India’s entrepreneurial community. What was supposed to be the world’s biggest startup funding festival turned out to be “India’s biggest startup scam.” 
&nbsp; 
“There were only 70 founders present at the event, and no good investor,” Anant said. 
&nbsp; 
In no time, the founders realised they had been scammed out of their hard-earned money. 
&nbsp; 
What came hot on the heels was a clash between founders and organisers. Some founders climbed on the stage and demanded compensation. Police had to be called in. 
&nbsp; 
“Apparently, standing on the World Startup Convention stage in Noida are not the investors from Sequoia or Accel, but cops from the Uttar Pradesh Police,” wrote Rajan Singh, CEO of HabitStrong, on LinkedIn. 
&nbsp; 
“We had very high hopes. This was the biggest investment we made in a convention like this, and we are devastated to the core,” Vaibhav Anant said. “Nobody is going to believe the idea of such a convention like this in future, even if it is genuine,” Anant said in a video message. 
&nbsp; 
Disgruntled founders are now planning to take legal action against the organisers and the influencers who promoted this fake event. 
&nbsp; 
“The World Startup Convention has affected a few of our startups. Apart from monetary, there has been a huge loss of trust and morale. We are trying to take collective legal action against the organisers,” wrote Vandana Rungta, co-founder of WerFunds Pvt Ltd, on social media.&nbsp;

<h2>Role of the influencers</h2>

&nbsp;All the influencers who spoke about the event have played their part in promoting this scam. And for that reason, the founders are slamming these influencers too. “Ankur Warikoo, I was your fan and looked up to you as a founder. I have now lost every bit of trust. It will be so so difficult to even trust anyone now,” Vaibhav Anant wrote on LinkedIn 
&nbsp; 
But, how did the influencers get it all wrong? 
&nbsp; 
“I believe where it all went wrong is that the Influencers’ manager or managing team was approached by the brand and they agreed to do it with little to no background checks on the company,” Sayan Sapui told WION upon being asked the same question. 
&nbsp; 
“If they spent some time researching on the event company, their past events and whether there are any negative reviews on the internet, there could have been a chance they would have been able to save a lot of entrepreneurs from losing their money and time,” Sayan told further. 
&nbsp; 
But make no mistake, the carelessness shown by the influencers, in this case, does make a good court case. The Consumer Affairs Ministry of India clearly states it is the moral responsibility of the influencers to verify the authenticity of the product they are promoting. An influencer can be fined up to 5 million rupees in case of failure to comply with the guidelines. 
&nbsp; 
WION tried to reach Ankur Warikoo, MBA Chaiwala and Raj Shamani to know what they had to say in their defence. This is what Ankur Warikoo told WION: 
&nbsp; 
“I am not involved in the conceptualising or organising of the event. We had done an Instagram collab reel on 19th January where I spoke about the importance of funding for a startup and how this event could be a good opportunity to explore the same and meet other founders.” 
&nbsp; 
“The terms of the collab were clear that my video will not be used for promoting the event. However, I realised that this was not respected. While they took down ads of the video when we asked them to, the video was and is still being used on their website and in all of their communication,” he said. 
&nbsp; 
“In January itself we distanced ourselves from the event. They repeatedly asked me to be present for the event, which we declined. As late as February, we had to keep sending them emails asking them to take down ads they were running to promote the event using my video,” he added.
<img alt="What Warikoo said in his defence?" data-align="center" data-entity-type="file" data-entity-uuid="247a0968-26f4-466c-bd2f-0c0f6cb0e027" src="//cdn.wionews.com/sites/default/files/inline-images/im%204.PNG" />
 
&nbsp;“It is really tragic to see how the event eventually ended up. It showed promise and could have genuinely helped founders if done the right way,” he pointed out. 
&nbsp; 
MBA Chaiwala and Raj Shamani didn’t reply to the emails sent by WION.

<h2>Lessons learned</h2>

In a nutshell, &nbsp;Sayan Sapui recommends both influencers and entrepreneurs do their due diligence before signing up for such events. 
&nbsp; 
“Take everything from TV ads to Influencers on Instagram with a pinch of salt,” Sayan said while addressing founders. 
&nbsp; 
For influencers, Sayan has a simple yet powerful suggestion: Always put your credibility above all. 
&nbsp; 
According to Sayan, “An influencer’s career is built on TRUST. And we all know it’s a very fragile thing, especially in the online world. As a startup/finance influencer, these online celebrities hold massive responsibility towards their audience.”

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Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need?

Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need? Such was the promise of the “The World Startup Convention” that over 100,000 fund-seekers worldwide applied for registration. Luke Talwar, the event's co-founder, declared in December it would be the world’s biggest funding festival with the target of raising investments worth more than INR 100,000 crore [or $12 billion]. The three-day event was supposed to be held at the Expo Mart located at Knowledge Park in Greater Noida, on the outskirts of the Indian capital New Delhi, from March 24th. Sohil Shah, the founder of Spreadd.io, a Dubai-based ‘Decentralised Creator Economy’ company, decided not to squander away this godsent opportunity to raise funds. He discussed the idea with his colleague Sayan Sapui and declared that he will be flying his entire team to Noida to pitch to investors. Sayan surfed the web to know more about the event and his findings really made an impression. The homepage of the official website of the World Startup Convention featured top Indian officials including Union Minister of Road Transport and Highways Nitin Gadkari and Chief Minister of India’s northern state of Uttarakhand Pushkar Singh Dhami. The icing on the cake were promotional messages from India’s top influencers. Ankur Warikoo, Chetan Bhagat, MBA Chaiwala and Raj Shamani, all of them were singing the praises of the event. In his message, Warikoo can be seen saying, “1,500 VCs [venture capitalists], 9,000 angel investors, India’s leading banks and 75,000+startups will be present at the event.” Raj Shamani, in his message, recommended founders to book passes and turn their startup dream into reality. Luke Talwar and Arjun Chaudhary, the founders of ‘World Startup Convention’, also hinted that eminent personalities like Elon Musk (CEO of Tesla), Gautam Adani (Founder & Chairman of Adani Group), Sheikh Hamdan (Crown Prince of Dubai) and Sundar Pichai (CEO of Google) will attend the mega event. Interestingly, they all were referred to as “special invitees” and not “attendees” in posters used for event promotion. “Having seen a few ads of the event myself featuring a few of India’s top influencers, I agreed to go,” Sayan told WION. But within days, when Sayan’s colleagues at spreadd.io dug more into the event and history of its founders, their perception of World Startup Convention dramatically changed. “After research by one of our team members named Nikunj Kachhiya, he realised that this company organised some events like this before too and the participants left some negative tweets and reviews about them,” Sayan said. Eventually, Sayan and his colleagues decided against going to the event. Stuff hits the fan But many others, including Vaibhav Anant from Bambrew, gave their all to secure funding at the event. Team Bambrew “invested over 50 lac [five million] rupees” to make their presence felt at the World Startup Convention, according to a statement by Anant. But the turnaround of events that took place on 24th March stirred a massive uproar in India’s entrepreneurial community. What was supposed to be the world’s biggest startup funding festival turned out to be “India’s biggest startup scam.” “There were only 70 founders present at the event, and no good investor,” Anant said. In no time, the founders realised they had been scammed out of their hard-earned money. What came hot on the heels was a clash between founders and organisers. Some founders climbed on the stage and demanded compensation. Police had to be called in. “Apparently, standing on the World Startup Convention stage in Noida are not the investors from Sequoia or Accel, but cops from the Uttar Pradesh Police,” wrote Rajan Singh, CEO of HabitStrong, on LinkedIn. “We had very high hopes. This was the biggest investment we made in a convention like this, and we are devastated to the core,” Vaibhav Anant said. “Nobody is going to believe the idea of such a convention like this in future, even if it is genuine,” Anant said in a video message. Disgruntled founders are now planning to take legal action against the organisers and the influencers who promoted this fake event. “The World Startup Convention has affected a few of our startups. Apart from monetary, there has been a huge loss of trust and morale. We are trying to take collective legal action against the organisers,” wrote Vandana Rungta, co-founder of WerFunds Pvt Ltd, on social media. Role of the influencers All the influencers who spoke about the event have played their part in promoting this scam. And for that reason, the founders are slamming these influencers too. “Ankur Warikoo, I was your fan and looked up to you as a founder. I have now lost every bit of trust. It will be so so difficult to even trust anyone now,” Vaibhav Anant wrote on LinkedIn But, how did the influencers get it all wrong? “I believe where it all went wrong is that the Influencers’ manager or managing team was approached by the brand and they agreed to do it with little to no background checks on the company,” Sayan Sapui told WION upon being asked the same question. “If they spent some time researching on the event company, their past events and whether there are any negative reviews on the internet, there could have been a chance they would have been able to save a lot of entrepreneurs from losing their money and time,” Sayan told further. But make no mistake, the carelessness shown by the influencers, in this case, does make a good court case. The Consumer Affairs Ministry of India clearly states it is the moral responsibility of the influencers to verify the authenticity of the product they are promoting. An influencer can be fined up to 5 million rupees in case of failure to comply with the guidelines. WION tried to reach Ankur Warikoo, MBA Chaiwala and Raj Shamani to know what they had to say in their defence. This is what Ankur Warikoo told WION: “I am not involved in the conceptualising or organising of the event. We had done an Instagram collab reel on 19th January where I spoke about the importance of funding for a startup and how this event could be a good opportunity to explore the same and meet other founders.” “The terms of the collab were clear that my video will not be used for promoting the event. However, I realised that this was not respected. While they took down ads of the video when we asked them to, the video was and is still being used on their website and in all of their communication,” he said. “In January itself we distanced ourselves from the event. They repeatedly asked me to be present for the event, which we declined. As late as February, we had to keep sending them emails asking them to take down ads they were running to promote the event using my video,” he added. “It is really tragic to see how the event eventually ended up. It showed promise and could have genuinely helped founders if done the right way,” he pointed out. MBA Chaiwala and Raj Shamani didn’t reply to the emails sent by WION. Lessons learned In a nutshell, Sayan Sapui recommends both influencers and entrepreneurs do their due diligence before signing up for such events. “Take everything from TV ads to Influencers on Instagram with a pinch of salt,” Sayan said while addressing founders. For influencers, Sayan has a simple yet powerful suggestion: Always put your credibility above all. According to Sayan, “An influencer’s career is built on TRUST. And we all know it’s a very fragile thing, especially in the online world. As a startup/finance influencer, these online celebrities hold massive responsibility towards their audience.” WATCH WION LIVE HERE ×

‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions

Why did US banks collapse?

The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made. Amid the financial uncertainties, Silicon Valley Bank (SVB) collapsed in March this year, sending shockwaves across the global financial markets. The fear grew stronger after the failure of Signature Bank as investors and customers were apprehensive of a major financial crisis.

The SVB collapse marked the largest bank failure in 2008 financial. The US regional banks were under pressure as concern grew among customers and investors about the financial health of the banks in the country.

However, the Indian banking system is relatively strong. Some of the factors that contribute to the strength of the Indian banking system is its robust regulatory framework, diversified banking sector and deposit insurance.

What is the meaning of a bank run?

A bank run occurs when a large number of depositors withdraw their funds from a bank in a short period of time, often due to concerns about the bank's solvency or liquidity. Bank runs typically occur when depositors lose confidence in a bank's ability to repay their deposits, and may be triggered by rumors, news reports, or other external factors.

A bank run can quickly lead to a bank's insolvency if it does not have enough cash on hand to meet the demand for withdrawals. This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis.

To prevent bank runs, many countries have established deposit insurance programs that guarantee a certain level of protection for depositors' funds. Additionally, central banks can provide liquidity to banks in times of stress to help them meet the demand for withdrawals and avoid insolvency.

What have the regulators done?

After the collapse, the governments and regulators across the world are checking for SVB exposure in their corporate and banking sectors. While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio. The US president has recently said that the perpetrators will face the consequences.

What is the meaning of insured deposits?

Insured deposits are funds held in a bank or credit union that are protected by deposit insurance. Deposit insurance is a program offered by governments or central banks and it guarantees the safety of a certain amount of deposits in the event of a bank failure.

In India, the DICGC &nbsp;-- an RBI subsidiary – will provide deposit insurance up to Rs. 5,00,000 per customer per bank covering principal and interest.

What happens to deposits of over $2,50,000

In the United States, for example, the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance for up to $250,000 per depositor, per insured bank. This means that if a bank fails, depositors can receive up to $250,000 of their deposits back, even if the bank does not have enough assets to repay all its depositors in full.

Deposits that are typically insured include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. However, some types of deposits, such as investment products like mutual funds or stocks, are not typically insured.

Having insured deposits can give depositors peace of mind, knowing that their money is protected in the event of a bank failure. It also helps maintain stability in the banking system, by reducing the likelihood of bank runs and the associated risks of broader financial instability.

Can customers withdraw their deposits, transfer?

Yes, customers can withdraw their insured deposits or transfer them to other accounts or financial institutions in the United States. Deposit insurance does not restrict the ability of customers to access or transfer their funds.

However, it's important to note that the amount of insured deposits may be limited to the coverage limit established by the deposit insurance program. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank. Deposits exceeding this limit may not be fully insured and could be subject to loss in the event of a bank failure.

Customers should also be aware of any fees or restrictions that may apply to withdrawals or transfers of their funds, which may be set by their bank or financial institution. It's a good idea to review the terms and conditions of your account to understand any applicable fees or restrictions.

What is the meaning of the contagion?

In finance, contagion refers to the spread of financial distress or instability from one institution or market to others, often leading to a broader financial crisis. In the United States, financial contagion has been a major concern during times of economic instability, such as the 2008 financial crisis.

What does it mean to businesses with their money in the banks

Businesses may be able to recover deposits up to the deposit coverage limit. Beyond it, they may or may not their funds. This comes down to the liquidation of the bank's assets and the priority of claims. In this case, the business may need to pursue legal action or negotiate with the bank or its regulators to recover their funds.

In addition, businesses that rely on a failed bank for loans or other financial services may face disruptions or challenges in finding new sources of financing. This can have significant implications for the business's operations and growth prospects.

What is the meaning of the credit Suisse bailout?

Credit Suisse is a multinational investment bank and financial services company. In recent years, it has faced financial challenges, including losses related to high-risk trading and legal settlements. Recently, Credit Suisse has confirmed that it will accept an $80 billion bailout from the country's central bank. The package has stemmed fears the bank could go under, after shareholders had initially fled the bank.

Why are banks going through this stress?

One of the most significant factors contributing to bank stress is the broader economic environment. Banks are highly sensitive to changes in economic conditions, such as recessions, interest rate fluctuations, and changes in market sentiment. During times of economic stress, banks may face increased loan defaults, declining asset values, and other challenges that can put pressure on their balance sheets.

The Indian Story

The collapse of American banks is unlikely to have a direct impact on Indian banks. India has its own system of regulatory oversight and deposit insurance, which helps to protect depositors and ensure the stability of the banking system. The Reserve Bank of India (RBI) is responsible for regulating and supervising banks in India, and the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides deposit insurance coverage for bank deposits.

However, in an interconnected world, economic volatility in one large market tends to spill over into other markets, leading to a broader economic slowdown or financial market volatility. For example, a slowdown in global trade or investment could affect Indian exporters or investors, and volatility in global financial markets could affect the value of Indian assets and the availability of credit.

Indian banks hardly have any direct or indirect exposure to SVB or other regional banks in the USA. The Indian banking system is more resilient and insulated due to the supervision of the Reserve Bank of India (RBI). Having said that, some sentiment impact might be visible while American markets continue to churn.

Why did US banks collapse? The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made.

Why did US banks collapse? The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made. Amid the financial uncertainties, Silicon Valley Bank (SVB) collapsed in March this year, sending shockwaves across the global financial markets. The fear grew stronger after the failure of Signature Bank as investors and customers were apprehensive of a major financial crisis. The SVB collapse marked the largest bank failure in 2008 financial. The US regional banks were under pressure as concern grew among customers and investors about the financial health of the banks in the country. However, the Indian banking system is relatively strong. Some of the factors that contribute to the strength of the Indian banking system is its robust regulatory framework, diversified banking sector and deposit insurance. What is the meaning of a bank run? A bank run occurs when a large number of depositors withdraw their funds from a bank in a short period of time, often due to concerns about the bank's solvency or liquidity. Bank runs typically occur when depositors lose confidence in a bank's ability to repay their deposits, and may be triggered by rumors, news reports, or other external factors. A bank run can quickly lead to a bank's insolvency if it does not have enough cash on hand to meet the demand for withdrawals. This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis. To prevent bank runs, many countries have established deposit insurance programs that guarantee a certain level of protection for depositors' funds. Additionally, central banks can provide liquidity to banks in times of stress to help them meet the demand for withdrawals and avoid insolvency. What have the regulators done? After the collapse, the governments and regulators across the world are checking for SVB exposure in their corporate and banking sectors. While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio. The US president has recently said that the perpetrators will face the consequences. What is the meaning of insured deposits? Insured deposits are funds held in a bank or credit union that are protected by deposit insurance. Deposit insurance is a program offered by governments or central banks and it guarantees the safety of a certain amount of deposits in the event of a bank failure. In India, the DICGC -- an RBI subsidiary – will provide deposit insurance up to Rs. 5,00,000 per customer per bank covering principal and interest. What happens to deposits of over $2,50,000 In the United States, for example, the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance for up to $250,000 per depositor, per insured bank. This means that if a bank fails, depositors can receive up to $250,000 of their deposits back, even if the bank does not have enough assets to repay all its depositors in full. Deposits that are typically insured include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. However, some types of deposits, such as investment products like mutual funds or stocks, are not typically insured. Having insured deposits can give depositors peace of mind, knowing that their money is protected in the event of a bank failure. It also helps maintain stability in the banking system, by reducing the likelihood of bank runs and the associated risks of broader financial instability. Can customers withdraw their deposits, transfer? Yes, customers can withdraw their insured deposits or transfer them to other accounts or financial institutions in the United States. Deposit insurance does not restrict the ability of customers to access or transfer their funds. However, it's important to note that the amount of insured deposits may be limited to the coverage limit established by the deposit insurance program. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank. Deposits exceeding this limit may not be fully insured and could be subject to loss in the event of a bank failure. Customers should also be aware of any fees or restrictions that may apply to withdrawals or transfers of their funds, which may be set by their bank or financial institution. It's a good idea to review the terms and conditions of your account to understand any applicable fees or restrictions. What is the meaning of the contagion? In finance, contagion refers to the spread of financial distress or instability from one institution or market to others, often leading to a broader financial crisis. In the United States, financial contagion has been a major concern during times of economic instability, such as the 2008 financial crisis. What does it mean to businesses with their money in the banks Businesses may be able to recover deposits up to the deposit coverage limit. Beyond it, they may or may not their funds. This comes down to the liquidation of the bank's assets and the priority of claims. In this case, the business may need to pursue legal action or negotiate with the bank or its regulators to recover their funds. In addition, businesses that rely on a failed bank for loans or other financial services may face disruptions or challenges in finding new sources of financing. This can have significant implications for the business's operations and growth prospects. What is the meaning of the credit Suisse bailout? Credit Suisse is a multinational investment bank and financial services company. In recent years, it has faced financial challenges, including losses related to high-risk trading and legal settlements. Recently, Credit Suisse has confirmed that it will accept an $80 billion bailout from the country's central bank. The package has stemmed fears the bank could go under, after shareholders had initially fled the bank. Why are banks going through this stress? One of the most significant factors contributing to bank stress is the broader economic environment. Banks are highly sensitive to changes in economic conditions, such as recessions, interest rate fluctuations, and changes in market sentiment. During times of economic stress, banks may face increased loan defaults, declining asset values, and other challenges that can put pressure on their balance sheets. The Indian Story The collapse of American banks is unlikely to have a direct impact on Indian banks. India has its own system of regulatory oversight and deposit insurance, which helps to protect depositors and ensure the stability of the banking system. The Reserve Bank of India (RBI) is responsible for regulating and supervising banks in India, and the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides deposit insurance coverage for bank deposits. However, in an interconnected world, economic volatility in one large market tends to spill over into other markets, leading to a broader economic slowdown or financial market volatility. For example, a slowdown in global trade or investment could affect Indian exporters or investors, and volatility in global financial markets could affect the value of Indian assets and the availability of credit. Indian banks hardly have any direct or indirect exposure to SVB or other regional banks in the USA. The Indian banking system is more resilient and insulated due to the supervision of the Reserve Bank of India (RBI). Having said that, some sentiment impact might be visible while American markets continue to churn.

Explained | The current banking crisis in the US and Europe

The semiconductor industry has been experiencing sales downturn but there is now growing optimism that it has reached its lowest point. One reason for this is surge in artificial intelligence technology which is expected to boost sales in the coming years of tech devices.

Semiconductor index rises on AI optimism as it boosts sales outlook | World Business News

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

The Wall Street Journal (WSJ) newspaper, citing people who are close&nbsp;to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy.

On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history.

The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.

The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou.

The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government.

Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years.

The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months.

The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago.

As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business.

The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources.

It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development.

(With inputs from agencies)

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Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China. The Wall Street Journal (WSJ) newspaper, citing people who are close to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy. On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history. The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou. The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government. Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years. The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months. The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago. As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business. The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources. It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development. (With inputs from agencies) WATCH WION LIVE HERE

Jack Ma engineered Alibaba Group’s split from abroad: Report

Global automaker Honda's India unit has announced its entry into electric two-wheeler market. The company aims to start the mass production of EVs by March 2024 and simultaneous launch of its first product in the Indian market.

Honda India Unit's electric drive: HMSI plans five product launches for 2024 | World Business Watch

Tulipshare is urging Nike to provide more transparency on working conditions and its Supply chains. The group owns 276 Nike shares, it has requested a report from Nike on effectiveness of its policies in achieving equity and human rights objectives including information on metrics and methodology which is used to track forged labor and wage theft risks.

Nike faces criticism over labor practices

Disney on Monday announced that his company will start making staff reductions this week. This is the first of three rounds of anticipated reductions. The company would axe 7,000 jobs in total. A multibillion-dollar cost-cutting strategy aimed at streamlining the company's operations during a period of unrest in the media sector includes the reduction of Disney's global staff.

Disney's cost cutting leads to senior executives' layoffs  at ABC

China called remarks by US Treasury Secretary Janet Yellen "irresponsible" and "unreasonable" after Yellen said Beijing's lending activities leave developing countries "trapped in debt."

China calls US debt trap accusation 'unreasonable'

Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. The company to reduce its headcount by about 675 employees, about 85% of its workforce, in a move to reduce expenses amid failed efforts to secure lifeline funding, The Wall Street Journal reported.

Richard Branson's rocket company Virgin Orbit to layoff 675 employees

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls.

Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%.

"Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months.

Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025.

Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips.

Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies.

(With inputs from agencies)

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China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company.

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls. Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%. "Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months. Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025. Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips. Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies. (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 ×

Huawei profits slump, but revenue edges up

Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters.

The exact timing of the visit is subject to Li Qiang's availability, one of the sources said.

Tesla and China's State Council Information Office did not immediately reply to requests for comment on Friday.

China is Tesla's second-largest market after the United States and its Shanghai plant is the electric carmaker's largest production hub.

A visit by Musk would mark his first visit to China since the Covid-19 pandemic and since Xi Jinping secured a third term as China's president. Before Li became premier in March, he served as Shanghai's party secretary where he oversaw the construction and opening of the Tesla factory.

ALSO READ | <a href="https://www.wionews.com/world/elon-musk-now-the-most-followed-on-twitter-overtakes-obama-577578">Elon Musk now the most followed on Twitter; overtakes Barack Obama, Justin Bieber</a>

Musk last visited China in early 2020, when he set the internet abuzz by dancing on stage during an event at the Shanghai factory. But he has continued to deliver virtual speeches at forums such as China's World Internet Conference.

Li and Musk have met before, at the 2019 opening of the Shanghai plant. In 2020, they participated in an online meeting where Musk thanked the then-Shanghai party secretary for supporting the plant's operations during the pandemic's outbreak, according to local media reports.

Musk's planned visit also comes as China is trying to woo more foreign investment to help shore up an economy battered by three years of COVID curbs.

Li has been at the forefront of that effort, speaking over the past week at business events attended by the likes of Apple Inc's Tim Cook and Pfizer's Albert Bourla.

The sources did not say what Musk intends to discuss with Li or do in China.

Tesla is grappling with multiple issues, such as delays to its plans to more than double production capacity at the Shanghai plant.

Tesla cars have also been barred from Chinese military complexes and political meeting venues amid concerns over cameras installed on the vehicles, and the company is still waiting for Beijing's approval to offer its full self-driving technology in China.

China is also one of the largest, non-US&nbsp;revenue streams for Twitter, which Musk took over last year for $44 billion, sources have told Reuters.

Twitter's China operations have caused divisions within the company between teams keen to maximise the sales opportunity and others concerned about the optics of doing business with state-affiliated entities at a time of growing tension between Beijing and Washington, the sources said.

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Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters.

Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters. The exact timing of the visit is subject to Li Qiang's availability, one of the sources said. Tesla and China's State Council Information Office did not immediately reply to requests for comment on Friday. China is Tesla's second-largest market after the United States and its Shanghai plant is the electric carmaker's largest production hub. A visit by Musk would mark his first visit to China since the Covid-19 pandemic and since Xi Jinping secured a third term as China's president. Before Li became premier in March, he served as Shanghai's party secretary where he oversaw the construction and opening of the Tesla factory. ALSO READ | Elon Musk now the most followed on Twitter; overtakes Barack Obama, Justin Bieber Musk last visited China in early 2020, when he set the internet abuzz by dancing on stage during an event at the Shanghai factory. But he has continued to deliver virtual speeches at forums such as China's World Internet Conference. Li and Musk have met before, at the 2019 opening of the Shanghai plant. In 2020, they participated in an online meeting where Musk thanked the then-Shanghai party secretary for supporting the plant's operations during the pandemic's outbreak, according to local media reports. Musk's planned visit also comes as China is trying to woo more foreign investment to help shore up an economy battered by three years of COVID curbs. Li has been at the forefront of that effort, speaking over the past week at business events attended by the likes of Apple Inc's Tim Cook and Pfizer's Albert Bourla. The sources did not say what Musk intends to discuss with Li or do in China. Tesla is grappling with multiple issues, such as delays to its plans to more than double production capacity at the Shanghai plant. Tesla cars have also been barred from Chinese military complexes and political meeting venues amid concerns over cameras installed on the vehicles, and the company is still waiting for Beijing's approval to offer its full self-driving technology in China. China is also one of the largest, non-US revenue streams for Twitter, which Musk took over last year for $44 billion, sources have told Reuters. Twitter's China operations have caused divisions within the company between teams keen to maximise the sales opportunity and others concerned about the optics of doing business with state-affiliated entities at a time of growing tension between Beijing and Washington, the sources said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk plans China visit, seeks meeting with premier

Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips.

Japan, home to major global chip equipment makers such as Nikon Corp and Tokyo Electron Ltd, did not specify China as the target of the measures, saying equipment makers would need to seek export permission for all regions.

"We are fulfilling our responsibility as a technological nation to contribute to international peace and stability," Minister for Economy, Trade and Industry Yasutoshi Nishimura told a news conference.

Japan wants to stop advanced technology being used for military purposes and does not have one specific country in mind with the measures, he said.

But Japan's decision is seen as a major diplomatic win for US President Joe Biden's administration, which in October announced sweeping restrictions on China's access to US chipmaking tech to slow its technological and military advances.

Without the co-operation of industry heavyweights Japan and the Netherlands, the US measures would have been ineffective and its companies would face a competitive disadvantage.

Japan and the Netherlands in January agreed to join the U.S. in restricting equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking China, sources said earlier.

Japan has never publicly acknowledged any agreement.

A nanometre, or one-billionth of a metre, refers to a specific semiconductor industry technology, with fewer nanometres generally meaning the chip is more advanced.

In the Netherlands, the government said in a letter to parliament this month that it planned to restrict chipmaking equipment exports. Dutch major ASML Holding NV dominates the market for lithography systems used to create chips' minute circuitry.

China, which has accused the U.S. of "tech hegemony" because of its export restrictions, urged the Netherlands "not to follow export control measure by certain countries".

ALSO READ | <a href="https://www.wionews.com/world/nvidia-tweaks-flagship-h100-chip-for-export-to-china-amid-us-bans-574621">Nvidia tweaks flagship H100 chip for export to China amid US bans</a>

Limited Impact?

Japan said it would impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching.

The restrictions, effective from July, are likely to affect equipment manufactured by at least a dozen Japanese companies, such as Nikon, Tokyo Electron, Screen Holdings Co Ltd and Advantest Corp.

Takamoto Suzuki, head of economic research for Marubeni in China, said the measures would be a blow to Japanese equipment makers given the absence of a strong domestic chip market.

"It will undermine the market development of Japanese companies and certainly reduce their competitiveness from a regulatory aspect," he said.

When asked about the impact, minister Nishimura said, without elaborating, that he expected limited impact on domestic companies.

Some industry watchers point to potential sales elsewhere.

"If you take a long-term view, the effect will be diminished, with new semiconductor plants coming into operation in places like the United States and Japan," said Takahiro Shinada, a professor at Japan's Tohoku University.

Japan, which once dominated chip production but has seen its market share slip to about 10%, is still a major supplier of chipmaking machines and semiconductor materials. Tokyo Electron and Screen make around a fifth of the world's chipmaking tools, while Shin-Etsu Chemical Co Ltd&nbsp;and Sumco Corp produce most silicone wafers.

Shares of Nikon and Advantest rose 0.8% and 1.9% respectively after the news, broadly in line with the wider market's 1.1% rise. Tokyo Electron and Screen were little changed.

"We will continue to comply with any rules and work to maximize our results within them," a Nikon spokesperson said.

 
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Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips.

Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips. Japan, home to major global chip equipment makers such as Nikon Corp and Tokyo Electron Ltd, did not specify China as the target of the measures, saying equipment makers would need to seek export permission for all regions. "We are fulfilling our responsibility as a technological nation to contribute to international peace and stability," Minister for Economy, Trade and Industry Yasutoshi Nishimura told a news conference. Japan wants to stop advanced technology being used for military purposes and does not have one specific country in mind with the measures, he said. But Japan's decision is seen as a major diplomatic win for US President Joe Biden's administration, which in October announced sweeping restrictions on China's access to US chipmaking tech to slow its technological and military advances. Without the co-operation of industry heavyweights Japan and the Netherlands, the US measures would have been ineffective and its companies would face a competitive disadvantage. Japan and the Netherlands in January agreed to join the U.S. in restricting equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking China, sources said earlier. Japan has never publicly acknowledged any agreement. A nanometre, or one-billionth of a metre, refers to a specific semiconductor industry technology, with fewer nanometres generally meaning the chip is more advanced. In the Netherlands, the government said in a letter to parliament this month that it planned to restrict chipmaking equipment exports. Dutch major ASML Holding NV dominates the market for lithography systems used to create chips' minute circuitry. China, which has accused the U.S. of "tech hegemony" because of its export restrictions, urged the Netherlands "not to follow export control measure by certain countries". ALSO READ | Nvidia tweaks flagship H100 chip for export to China amid US bans Limited Impact? Japan said it would impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching. The restrictions, effective from July, are likely to affect equipment manufactured by at least a dozen Japanese companies, such as Nikon, Tokyo Electron, Screen Holdings Co Ltd and Advantest Corp. Takamoto Suzuki, head of economic research for Marubeni in China, said the measures would be a blow to Japanese equipment makers given the absence of a strong domestic chip market. "It will undermine the market development of Japanese companies and certainly reduce their competitiveness from a regulatory aspect," he said. When asked about the impact, minister Nishimura said, without elaborating, that he expected limited impact on domestic companies. Some industry watchers point to potential sales elsewhere. "If you take a long-term view, the effect will be diminished, with new semiconductor plants coming into operation in places like the United States and Japan," said Takahiro Shinada, a professor at Japan's Tohoku University. Japan, which once dominated chip production but has seen its market share slip to about 10%, is still a major supplier of chipmaking machines and semiconductor materials. Tokyo Electron and Screen make around a fifth of the world's chipmaking tools, while Shin-Etsu Chemical Co Ltd and Sumco Corp produce most silicone wafers. Shares of Nikon and Advantest rose 0.8% and 1.9% respectively after the news, broadly in line with the wider market's 1.1% rise. Tokyo Electron and Screen were little changed. "We will continue to comply with any rules and work to maximize our results within them," a Nikon spokesperson said. 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

Japan to restrict export of chipmaking equipment as it aligns with curbs by US

The National Company Law Appellate Tribunal (NCLAT)&nbsp;on Wednesday&nbsp;concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market.&nbsp;

NCLAT upheld a fine of $157 million (13bn rupees) on the internet giant Google.&nbsp;

It also struck down anti-trust regulator order that had said Google will not restrict the removal of its pre-installed apps by the users.&nbsp;

A two-member bench of NCLAT chairperson Justice Ashok Bhushan and Dr Alok Srivastava asked Google to implement the direction and deposit the amount in 30 days.&nbsp;

The appellate tribunal said "the impugned order of the Commission is upheld except the four directions" issued and added that Google is "thus not entitled for any other relief except for setting aside the above four directions".&nbsp;

"The Appellant (Google) is allowed to deposit the amount of penalty (after adjusting the 10 per cent amount of penalty as deposited under order dated January 4, 2023) within a period of 30 days from today," it said.&nbsp;

WATCH | Instagram now lets you bookmark posts with friends and store them in a dedicated space

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Last year in October, CCI imposed a monetary penalty on Google for anti-competitive practices concerning Android mobile devices.&nbsp;

CCI had accused Google of entering into "one-sided agreements" with smartphone makers to ensure the dominance of its apps.&nbsp;

Meanwhile, a Google spokesperson said: "We are grateful for the opportunity given by the NCLAT to make our case. We are reviewing the order and evaluating our legal options".&nbsp;

(With inputs from agencies)&nbsp;

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The National Company Law Appellate Tribunal (NCLAT) on Wednesday concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market. NCLAT upheld a fine of $157 million (13bn rupees) on the internet giant Google. It also struck down anti-trust regulator order that had said Google will not restrict the removal of its pre-installed apps by the users. A two-member bench of NCLAT chairperson Justice Ashok Bhushan and Dr Alok Srivastava asked Google to implement the direction and deposit the amount in 30 days. The appellate tribunal said "the impugned order of the Commission is upheld except the four directions" issued and added that Google is "thus not entitled for any other relief except for setting aside the above four directions". "The Appellant (Google) is allowed to deposit the amount of penalty (after adjusting the 10 per cent amount of penalty as deposited under order dated January 4, 2023) within a period of 30 days from today," it said. WATCH | Instagram now lets you bookmark posts with friends and store them in a dedicated space × Last year in October, CCI imposed a monetary penalty on Google for anti-competitive practices concerning Android mobile devices. CCI had accused Google of entering into "one-sided agreements" with smartphone makers to ensure the dominance of its apps. Meanwhile, a Google spokesperson said: "We are grateful for the opportunity given by the NCLAT to make our case. We are reviewing the order and evaluating our legal options". (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.

NCLAT upholds fine imposed on Google by Competition Commission of India

In the midst of a worldwide banking crisis that has caused bond yields to drop on safe haven trading, India revealed a fiscal first-half borrowing plan that is broadly consistent with prior years.

India may sell green bonds in second half of fiscal

A group of experts and industry executives including billionaire owner of Twitter and Tesla, Elon Musk have called for a six-month pause in developing AI systems more powerful than OpenAI's latest program GPT4 citing potential risk to society.

OpenAI faces criticism over GPT-4 launch

With no rivals appearing as the nomination period came to an end, US Treasury Secretary Janet Yellen on Wednesday dismissed the notion of a short-term capital increase for the World Bank and predicted that US nominee Ajay Banga would be elected as the organization's next head.

World Bank reforms to vastly expand lending

The nation's exports of products and services reached record highs in 2021–2022 of $422 billion and $254 billion, respectively, bringing the total to $676 billion. India's total exports have reached a record high of $750 billion, according to Piyush Goyal, the Union Minister of Commerce, on Tuesday.

India: A bright spot among global headwinds

Jobs for models could be at risk shortly. The well-known clothing firm Levi Strauss and Co. has switched out human models for AI-generated ones. The business has teamed up with Lalaland.ai, a digital fashion studio that creates unique models using artificial intelligence. It's interesting to note that until recently, people who worked as coders or copywriters believed that AI could replace them. Yet, human models today face similar challenges. According to the business, tests of this technology will incorporate AI-generated models in addition to human models. According to Levi Straus, we will be steadily growing both the variety and number of our product models.

Will AI models put human ones out of job?

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report.

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report. The coal-to-polyvinyl chloride project was to have a production capacity of 2,000 KTPA (kilo tonne per annum) once completed. However, the report appears to have thrown a spanner into the works. Apart from the said unit, Adani Group is expected to ease its ambitions of diving into aluminium, steel and road projects. Instead, the group will revert to its core projects viz. power generation, ports and green energy. Previously, media reports claimed that the multi-billion dollar company had tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the earlier target of 40 per cent. After the Hindenburg report came out, Adani and its affiliate companies have lost more than $125 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation and using tax havens whilst having unsustainable debt. The idea behind managing the expectations regarding revenue growth was to rebuild investor confidence, reports added. The development comes a day after Adani Group came out with a statement quashing another report claiming it had not repaid its loans against the promoter's shares. Rubbishing the reports, the conglomerate said the report was 'baseless' and 'deliberately mischievous'. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Adani Group CFO Jugeshinder Robbie Singh also took to Twitter to slam the report saying it speculated 'outright lies'. "Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," tweeted the company CFO on Monday. ALSO READ | Adani Group rubbishes report on debt repayment concerns after shares turn red In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. (With inputs from agencies) WATCH WION LIVE HERE:

Is Adani Group abandoning ambitious growth projects? This report claims so

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator.

Watch |&nbsp;Chinese tech giant Alibaba's shares jump 14%

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Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/alibaba-undergoes-transformation-will-split-into-six-individual-units-576785">Alibaba undergoes 'transformation,' will split into six individual units</a>

Zhang will, however, continue to serve as Alibaba's CEO.

Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".

The restructuring reportedly opens up each of the Chinese tech giant's new individual units to&nbsp;the possibility of raising funds through their own initial public offering (IPO).

Also read |&nbsp;<a href="https://www.wionews.com/world/jack-ma-returns-to-china-recently-after-nearly-a-year-of-overseas-travel-visits-school-576299">Jack Ma returns to China after nearly a year of overseas travel, visits a school</a>

On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared.

Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue&nbsp;that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another.

(With inputs from agencies)

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Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday. While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator. Watch | Chinese tech giant Alibaba's shares jump 14% Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies. Also read | Alibaba undergoes 'transformation,' will split into six individual units Zhang will, however, continue to serve as Alibaba's CEO. Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes". The restructuring reportedly opens up each of the Chinese tech giant's new individual units to the possibility of raising funds through their own initial public offering (IPO). Also read | Jack Ma returns to China after nearly a year of overseas travel, visits a school On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared. Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Alibaba restructuring will help make company 'more agile' and enhance decision-making, CEO says