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The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank.

A group of 11 private banks in the United States, which include Citigroup, JPMorgan Chase and Bank of America, announced that $30 billion will be deposited by them into the First Republic.

The step marks a dramatic initiative by the lenders to support the system after the failures of three lenders in the last week.

ALSO READ | <a href="https://www.wionews.com/business-economy/us-first-republic-bank-drops-70-amid-silicon-valley-bank-collapse-regional-banks-raise-concern-571937">US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern</a>

"This action by America's largest banks reflects their confidence in the First Republic and in banks of all sizes," stated the group, in a joint statement.

"Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most," the banks added.

"This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," stated leaders of the Federal Deposit Insurance Corporation, US Federal Reserve, Treasury Department and Office of the Comptroller of the Currency in a joint statement.

JPMorgan Chase, Bank of America, Wells Fargo and Citigroup each are making an uninsured deposit of $5 billion in the First Republic, while Morgan Stanley and Goldman will pump in $2.5 billion each.

Another group of five lenders, which include US Bank and PNC Bank, will each allot $1 billion.

First Republic founder Jim Herbert and CEO Mike Roffler, in a statement, said the "collective support strengthens our liquidity position... and is a vote of confidence for First Republic and the entire US banking system."

WATCH | SVB Collapse: Moody's to re-evaluate ratings of six banks

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Meanwhile, US banks were lent nearly $12 billion by the Federal Reserve under a new one-year lending programme announced on Sunday, as steps were taken by the authorities to relax stress on the financial system after the collapse of Silicon Valley Bank.

Under the Bank Term Funding Programme, the total outstanding amount of all advances reached $11.9 billion by Wednesday, said the US central bank in a statement on Thursday.

(With inputs from agencies)

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The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank.

The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank. A group of 11 private banks in the United States, which include Citigroup, JPMorgan Chase and Bank of America, announced that $30 billion will be deposited by them into the First Republic. The step marks a dramatic initiative by the lenders to support the system after the failures of three lenders in the last week. ALSO READ | US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern "This action by America's largest banks reflects their confidence in the First Republic and in banks of all sizes," stated the group, in a joint statement. "Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most," the banks added. "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," stated leaders of the Federal Deposit Insurance Corporation, US Federal Reserve, Treasury Department and Office of the Comptroller of the Currency in a joint statement. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup each are making an uninsured deposit of $5 billion in the First Republic, while Morgan Stanley and Goldman will pump in $2.5 billion each. Another group of five lenders, which include US Bank and PNC Bank, will each allot $1 billion. First Republic founder Jim Herbert and CEO Mike Roffler, in a statement, said the "collective support strengthens our liquidity position... and is a vote of confidence for First Republic and the entire US banking system." WATCH | SVB Collapse: Moody's to re-evaluate ratings of six banks Meanwhile, US banks were lent nearly $12 billion by the Federal Reserve under a new one-year lending programme announced on Sunday, as steps were taken by the authorities to relax stress on the financial system after the collapse of Silicon Valley Bank. Under the Bank Term Funding Programme, the total outstanding amount of all advances reached $11.9 billion by Wednesday, said the US central bank in a statement on Thursday. (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

Largest banks move to shore up First Republic Bank in United States

With business travel across domestic and international markets showing a rebound post-Covid pandemic, the majority of Indian businesses (67 per cent) expect a rise in business travel in 2023, while 77 per cent of companies are expected to increase their travel budget in 2023 compared to 2022.

These findings were revealed in the business travel and entertainment (T&amp;E) survey report titled ‘Revival of business travel: An India perspective’ by American Express, India, with the Centre for Economics and Business Research (Cebr).

The report further indicated that 79 per cent of Indian businesses surveyed use business travel data analytics to assist with travel booking and expenditure, showing how important technology has become for the travel sector.

Along the broader technology ambit, the travel technology sector is constantly innovating. In the post-pandemic period, 43 per cent of financial decision makers surveyed said that using better software to manage expenses and travel is a crucial innovation.

“The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed the pre-pandemic level. International travel is also picking up and we can expect a sustained recovery,” <a name="x__Hlk129341758">Manish Kapoor, Vice President and Head, Global Commercial Services (GCS),&nbsp;American Express Banking Corp., India said</a>.

“With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies,” he added.

In terms of the practical methods used to pay for travel expenses, two-thirds of companies (66 per cent) say they utilise third-party booking systems.

However, the report said that most businesses use multiple methods, with 61 per cent letting employees pay, while 57 per cent saying that they provide employees with access to a company credit card.

The survey report was conducted amongst 500+ Indian businesses across cities in the nation. It focuses on larger businesses, with half of the respondents seeing annual revenues greater than Rs 6 billion. About 82 per cent of businesses in the survey have 250 employees or more.

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With business travel across domestic and international markets showing a rebound post-Covid pandemic, the majority of Indian businesses (67 per cent) expect a rise in business travel in 2023, while 77 per cent of companies are expected to increase their travel budget in 2023 compared to 2022.

With business travel across domestic and international markets showing a rebound post-Covid pandemic, the majority of Indian businesses (67 per cent) expect a rise in business travel in 2023, while 77 per cent of companies are expected to increase their travel budget in 2023 compared to 2022. These findings were revealed in the business travel and entertainment (T&E) survey report titled ‘Revival of business travel: An India perspective’ by American Express, India, with the Centre for Economics and Business Research (Cebr). The report further indicated that 79 per cent of Indian businesses surveyed use business travel data analytics to assist with travel booking and expenditure, showing how important technology has become for the travel sector. Along the broader technology ambit, the travel technology sector is constantly innovating. In the post-pandemic period, 43 per cent of financial decision makers surveyed said that using better software to manage expenses and travel is a crucial innovation. “The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed the pre-pandemic level. International travel is also picking up and we can expect a sustained recovery,” Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp., India said. “With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies,” he added. In terms of the practical methods used to pay for travel expenses, two-thirds of companies (66 per cent) say they utilise third-party booking systems. However, the report said that most businesses use multiple methods, with 61 per cent letting employees pay, while 57 per cent saying that they provide employees with access to a company credit card. The survey report was conducted amongst 500+ Indian businesses across cities in the nation. It focuses on larger businesses, with half of the respondents seeing annual revenues greater than Rs 6 billion. About 82 per cent of businesses in the survey have 250 employees or more. WATCH WION LIVE HERE

77% of Indian businesses expect to increase their travel budgets in 2023: Survey 

Japanese and South Korean business leaders are taking steps towards better ties. Business leaders have pledged greater economic cooperation, as they seek to pivot away from years of strain and acrimony over compensation for forced wartime labour. The head of Japan's Keidanren business lobby met with members of its South Korean counterpart, the federation of Korean industries, and the South Korean president. The two business lobbies agreed to launch foundations aimed at forward-looking bilateral relations. The lack of cooperation between Japan and South Korea has long undercut U.S-led efforts to present a united front against China and North Korea. Signs of a breakthrough came last week when Seoul announced a plan for its companies to compensate former forced labourers.

Japan and South Korea move to mend ties; Business leaders pledge greater economic cooperation

The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue.

Global markets rattles by SVB & signature bank

The Biden administration has threatened to ban TikTok from the U.S. unless the app’s Chinese owners agree to spin off their share of the social media platform.

Biden threatens to ban Tiktok unless Chinese owners sell their stake

The shares of swiss lender Credit Suisse tumbled as much as 30% on Wednesday. The Credit Suisse turmoil resulted in torrid sessions in Europe and the united states overnight, as investors fretted about potential runs on global bank deposits. Asian markets slid Thursday, with contagion talk sweeping across trading floors, owing to fears about the swiss giant. Credit Suisse has announced it is borrowing $53.7 billion from the swiss Central Bank. Global markets have been rattled by the collapse of the silicon valley bank and signature bank, the sector's biggest failures since the 2008 financial crisis. Asian stocks followed wall street's tumble on Thursday. Investors bought gold, bonds and the dollar. while the bank's announcement helped trim some losses, trade was volatile and sentiment fragile. Credit Suisse is the first major global bank to be given a liquidity lifeline since the 2008 financial crisis.

Asian stocks tumble on Credit Suisse turmoil after torrid sessions in Europe & U.S. | Details

India's plan is under review, this after failing collectively cage consumers preferences for mobile phones, it allows consumer electronics to surpass Chinese company in world's second largest market for these devices.

Xiaomi reviews India strategy, misjudges consumer tastes in country | World Business Watch

T-Mobile is buying Mint Mobile, the budget-friendly mobile carrier partially-owned by Ryan Reynolds. According to media reports, the deal is valued at upto 1.3 billion dollars and it comes that T-mobile looks to build its prepaid phone offerings and looking to acquire its parent company.

T Mobile to buy Ryan Reynolds' backed Mint, says report | World Business Watch | WION

British finance minister Jeremy Hunt on Wednesday unveiled the spring budget as the United Kingdom said that the cost-of-living support for this year and next will total $114 billion. As per the government, the forecast is that the economy would avoid recession this year as inflation slows sharply.&nbsp;

Hunt hopes that he will speed up the nation's stagnating economy with the budget plans, including extra support for energy bills, childcare and pension reforms. He expects more people to work and corporate tax breaks to boost weak business investment.&nbsp;

Chancellor of the Exchequer Hunt told parliament that high inflation is the root cause of the strikes we have seen in recent months and the government will continue to work hard to settle those disputes. He mentioned that government policies will focus on not fueling inflation.&nbsp;

UK inflation remains above 10 per cent but should cool to 2.9 per cent by year-end, Hunt said. "The UK will not... enter a technical recession this year," he added after the economy narrowly avoided two successive quarters of contraction in 2022.&nbsp;

The British finance minister announced 12 new investment zones. Citing Canary Wharf's example, he said that there will be in: the West Midlands, Greater Manchester, the north-east, South Yorkshire, West Yorkshire, East Midlands, Teesside, and Liverpool. There will also be at least one in Scotland, Wales and Northern Ireland.&nbsp;

<h2>Investment on defence&nbsp;</h2>

The British finance minister said that the government will add a total of £11bn to the defence budget over the next five years and it will be nearly 2.25% of GDP by 2025. He said, "We were the first large European country to commit to 2% of GDP for defence and will raise that to 2.5% as soon as fiscal and economic circumstances allow."&nbsp;

<h2>Pension reforms</h2>

The government announced reforming the pensions lifetime allowance, annual allowance and money purchase annual allowance to encourage highly-skilled workers, such as senior NHS doctors, to remain in the labour market, and help tackle NHS waiting lists.&nbsp;

"So today I will increase the pensions annual tax free allowance by 50%, from 40,000 to 60,000 (pounds). Some have also asked me to increase the lifetime allowance from its £1 million limit, but I've decide not to do that. Instead, I will go further and abolish the lifetime allowance altogether. It is a pension tax reform that will stop over 80% of NHS doctors from receiving a tax charge," Hunt said.&nbsp;

<h2>Voice of opposition leader&nbsp;</h2>

Uk's opposition Labour leader Keir Starmer argued this was a "permanent tax cut... for the richest one percent" as many did not have enough income to benefit.&nbsp;

"According to the IMF, the worst performing country in the G7 this year. A prediction today confirmed by the OBR and growth downgraded in years to come," Starmer said.&nbsp;

(With inputs from agencies)

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British finance minister Jeremy Hunt on Wednesday unveiled the spring budget as the United Kingdom said that the cost-of-living support for this year and next will total $114 billion.

British finance minister Jeremy Hunt on Wednesday unveiled the spring budget as the United Kingdom said that the cost-of-living support for this year and next will total $114 billion. As per the government, the forecast is that the economy would avoid recession this year as inflation slows sharply. Hunt hopes that he will speed up the nation's stagnating economy with the budget plans, including extra support for energy bills, childcare and pension reforms. He expects more people to work and corporate tax breaks to boost weak business investment. Chancellor of the Exchequer Hunt told parliament that high inflation is the root cause of the strikes we have seen in recent months and the government will continue to work hard to settle those disputes. He mentioned that government policies will focus on not fueling inflation. UK inflation remains above 10 per cent but should cool to 2.9 per cent by year-end, Hunt said. "The UK will not... enter a technical recession this year," he added after the economy narrowly avoided two successive quarters of contraction in 2022. The British finance minister announced 12 new investment zones. Citing Canary Wharf's example, he said that there will be in: the West Midlands, Greater Manchester, the north-east, South Yorkshire, West Yorkshire, East Midlands, Teesside, and Liverpool. There will also be at least one in Scotland, Wales and Northern Ireland. Investment on defence The British finance minister said that the government will add a total of £11bn to the defence budget over the next five years and it will be nearly 2.25% of GDP by 2025. He said, "We were the first large European country to commit to 2% of GDP for defence and will raise that to 2.5% as soon as fiscal and economic circumstances allow." Pension reforms The government announced reforming the pensions lifetime allowance, annual allowance and money purchase annual allowance to encourage highly-skilled workers, such as senior NHS doctors, to remain in the labour market, and help tackle NHS waiting lists. "So today I will increase the pensions annual tax free allowance by 50%, from 40,000 to 60,000 (pounds). Some have also asked me to increase the lifetime allowance from its £1 million limit, but I've decide not to do that. Instead, I will go further and abolish the lifetime allowance altogether. It is a pension tax reform that will stop over 80% of NHS doctors from receiving a tax charge," Hunt said. Voice of opposition leader Uk's opposition Labour leader Keir Starmer argued this was a "permanent tax cut... for the richest one percent" as many did not have enough income to benefit. "According to the IMF, the worst performing country in the G7 this year. A prediction today confirmed by the OBR and growth downgraded in years to come," Starmer said. (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.

UK unveils cost-of-living budget with focus on childcare, pensions and welfare

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution.

"Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement.

ALSO READ | <a href="https://www.wionews.com/business-economy/credit-suisses-survival-is-in-focus-after-shares-hit-a-new-record-low-572401">Credit Suisse's survival is in focus after shares hit a new record low</a>

Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion.

Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake.

The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls.

The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent.

WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector

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Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic".

"We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October.

(With inputs from agencies)

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The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required. The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution. "Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement. ALSO READ | Credit Suisse's survival is in focus after shares hit a new record low Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion. Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake. The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls. The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent. WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic". "We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October. (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

Will make liquidity available to Credit Suisse if required, says Swiss central bank

South Korean&nbsp;government rolled back an upcoming policy initiative which entailed a&nbsp;rise in the working hours. The roll back came&nbsp;after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk.

The government had intended to raise the maximum weekly working time to 69 hours after business groups complained that the current cap of 52 hours was making it difficult to meet deadlines.

However, as&nbsp;protests from the country’s millennials and Gen-Z, both on and off the social media&nbsp;prompted the president, Yoon Suk-yeol, to order his administration to&nbsp; reconsider the measure and "communicate better with the public, especially with generation z and millennials,"&nbsp;his press secretary, Kim Eun-hye, said.

ALSO WATCH |&nbsp;Work-Life Balance | At this IT Firm, the computer tells you to 'Go Home'

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"The core of [Yoon’s] labour market policy is to protect the rights and interests of underprivileged workers, such as the MZ generation, workers not in a union and those working in small and medium-sized businesses," Kim said, according to the Korea Herald.

Earlier, President Yoon had expressed his support to raise the work hours to give employers greater flexibility. Union leaders, however, had said it would force people to work longer hours, in a country where workplaces are known to push tough work-life balance.

According to a recent employment outlook of the Organization for Economic Co-operation and Development average (OECD), South Koreans worked an average of 1,915 hours in 2021, 199 hours more than the group's average.

As per the policy decision&nbsp;announced earlier this month,&nbsp;a legislation introduced in 2018 by the liberal Democratic party that limits the working week to 52 hours: 40 of regular work plus 12 of overtime, was supposed to be overturned. But the bill is less likely to proceed for the immediate future.&nbsp;

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South Korean government rolled back an upcoming policy initiative which entailed a rise in the working hours. The roll back came after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk.

South Korean government rolled back an upcoming policy initiative which entailed a rise in the working hours. The roll back came after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk. The government had intended to raise the maximum weekly working time to 69 hours after business groups complained that the current cap of 52 hours was making it difficult to meet deadlines. However, as protests from the country’s millennials and Gen-Z, both on and off the social media prompted the president, Yoon Suk-yeol, to order his administration to reconsider the measure and "communicate better with the public, especially with generation z and millennials," his press secretary, Kim Eun-hye, said. ALSO WATCH | Work-Life Balance | At this IT Firm, the computer tells you to 'Go Home' × "The core of [Yoon’s] labour market policy is to protect the rights and interests of underprivileged workers, such as the MZ generation, workers not in a union and those working in small and medium-sized businesses," Kim said, according to the Korea Herald. Earlier, President Yoon had expressed his support to raise the work hours to give employers greater flexibility. Union leaders, however, had said it would force people to work longer hours, in a country where workplaces are known to push tough work-life balance. According to a recent employment outlook of the Organization for Economic Co-operation and Development average (OECD), South Koreans worked an average of 1,915 hours in 2021, 199 hours more than the group's average. As per the policy decision announced earlier this month, a legislation introduced in 2018 by the liberal Democratic party that limits the working week to 52 hours: 40 of regular work plus 12 of overtime, was supposed to be overturned. But the bill is less likely to proceed for the immediate future. 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.

Millennials, Gen-Z force South Korea govt against imposing 69-hour work week

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.&nbsp;

This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings.&nbsp;

TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns.&nbsp;

The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tiktok-mulls-over-separation-from-parent-company-bytedance-572290">TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal</a>

TikTok has also rejected allegations of spying.

However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter.&nbsp;

She said that a change in ownership would not impose any new restrictions on data flows or access.&nbsp;

ALSO WATCH |&nbsp;TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app

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TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification.

There would be several legal obstacles in the way of a hypothetical TikTok ban in the US.&nbsp;

The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight.

TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures.&nbsp;

It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that.&nbsp;

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The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company. This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings. TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns. The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts. ALSO READ | TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal TikTok has also rejected allegations of spying. However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter. She said that a change in ownership would not impose any new restrictions on data flows or access. ALSO WATCH | TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app × TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification. There would be several legal obstacles in the way of a hypothetical TikTok ban in the US. The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight. TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures. It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that. 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.

TikTok’s Dilemma: Chinese stake vs. potential ban in the US

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties.

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties. The move comes after the company's mission in January to deploy nine small satellites into lower Earth orbit failed, dealing a significant blow to Virgin Orbit's business. According to a source familiar with the matter, Virgin Orbit CEO Dan Hart told staff in a meeting that the furlough was intended to give the company time to finalize its investment plan. Also Read | UK’s historic satellite launch fails to reach orbit after rocket ‘anomaly’ The duration of the furlough was unclear, but Hart said he would provide employees with an update by the middle of next week on when they could return. The company did not provide details on the furloughs in its statement to Reuters. Virgin Orbit's shares dropped over 18 per cent to 82 cents in extended trading following the announcement. However, the company said its investigation into the January mission failure was nearly complete and that its next production rocket with necessary modifications was in the final stages of integration and testing. Watch: Virgin Orbit company ceases operations, seeks additional funding × Solid Funding Notwithstanding the setback, Virgin Orbit has attracted substantial finance from several sources, including a $280 million funding round in July 2020. The US Department of Defence and the UK Royal Air Force are just two of the organisations with which the corporation holds contracts. The decision by Virgin Orbit to halt operations and lay off staff highlights the difficulties facing the commercial space industry, which has witnessed an increase in investment in recent years but is still extremely risky and competitive. Many space firms have had trouble turning a profit, and the COVID-19 pandemic has made things even worse for them. For Virgin Orbit to succeed in its quest to become a strong competitor in the satellite launch business, the company's upcoming mission must be a success. In the upcoming years, the sector is anticipated to expand significantly due to rising demand for satellite-based services such as internet connectivity, remote sensing, and navigation. In the interim, Virgin Orbit will have to negotiate a challenging financial environment as it looks to get fresh funding and reestablish itself in the industry. The company likely has a long and rocky road ahead of it after the furloughs announced this week. WATCH WION LIVE HERE ×

Virgin Orbit suspends operations, furloughs entire workforce as financial woes bite

The Silicon Valley Bank collapse triggered panic in markets and the banking sector across the world. Moody's has now downgraded its outlook for the sector to "negative" from stable. Follow for more updates. 

Silicon Valley Bank highlights | Silicon Valley Bank now 'open to business', says new CEO

In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half.

The survey was conducted on around 10,000 desk workers by Future Forum,&nbsp; a research consortium supported by Salesforce Inc-owned Slack Technologies.

The study revealed that business leaders have been attending many unproductive meetings with the hope that it would be a good use of their working hours, but it ultimately wasn't.

ALSO READ | <a href="https://www.wionews.com/technology/no-ethics-needed-for-ai-microsoft-sacks-entire-ethics-and-society-team-that-ensure-ai-principles-572035">No ethics needed for AI? Microsoft sacks entire ethics and society team that ensures AI principles</a>

The meetings are also attended by employees to show their manager that they are working and because they don't want to miss something important, the survey found.

For the employees in the lower position, the reason for attending the meetings is that they don't have a choice. The study's findings come at a time when various organisations are making efforts to understand which meetings are really important and which ones need to be jettisoned in a growing hybrid workplace where staffers are not always present at the same location.

Canadian e-commerce site Shopify Inc said that it is working to eliminate 320,000 hours of meetings in 2023 by suspending all recurring meetings that are held with more than two people, making Wednesday a “no-meetings” day and putting a limit on large gatherings while encouraging employees to decline some invites.

WATCH | Gravitas: Will 2023 be about returning to offices?

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Another survey suggested that around $100 million is wasted every year on non-critical meetings at big organisations, which also found that workers decline only 14 per cent of invites even though they are willing to back out from 31 per cent of them.

Brian Elliott, a Slack executive who oversees the research of Future Forum, said, "There's no one-size-fits-all approach to eliminating unnecessary meetings. So get comfortable with experimenting and iterating."&nbsp;

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In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half.

In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half. The survey was conducted on around 10,000 desk workers by Future Forum, a research consortium supported by Salesforce Inc-owned Slack Technologies. The study revealed that business leaders have been attending many unproductive meetings with the hope that it would be a good use of their working hours, but it ultimately wasn't. ALSO READ | No ethics needed for AI? Microsoft sacks entire ethics and society team that ensures AI principles The meetings are also attended by employees to show their manager that they are working and because they don't want to miss something important, the survey found. For the employees in the lower position, the reason for attending the meetings is that they don't have a choice. The study's findings come at a time when various organisations are making efforts to understand which meetings are really important and which ones need to be jettisoned in a growing hybrid workplace where staffers are not always present at the same location. Canadian e-commerce site Shopify Inc said that it is working to eliminate 320,000 hours of meetings in 2023 by suspending all recurring meetings that are held with more than two people, making Wednesday a “no-meetings” day and putting a limit on large gatherings while encouraging employees to decline some invites. WATCH | Gravitas: Will 2023 be about returning to offices? Another survey suggested that around $100 million is wasted every year on non-critical meetings at big organisations, which also found that workers decline only 14 per cent of invites even though they are willing to back out from 31 per cent of them. Brian Elliott, a Slack executive who oversees the research of Future Forum, said, "There's no one-size-fits-all approach to eliminating unnecessary meetings. So get comfortable with experimenting and iterating." 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

Offices can run smoothly with even half of meetings held daily: Survey

A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world. The bank was shuttered on Friday following a bank run. Meanwhile, the Securities and Exchange Commission has also launched a parallel investigation.

As part of the probe, officials are looking into stock sales by officers of SVB Financial Group, which owned the bank, WSJ reported. SEC Chair Gary Gensler had earlier said that the focus of the agency is on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors during periods of volatility.

As the Silicon Valley Bank collapsed, followed by the Signature Bank, regulators find themselves scrambling to contain the damage so that it does not affect the rest of the sector.&nbsp;

Meanwhile, on Tuesday ratings agency Moody's cut its outlook on the US banking system to "negative" from "stable."

Earlier this week, SVB Financial Group and two other executives were sued by shareholders. They accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run.

Fed&nbsp;considers tougher rules for midsize banks&nbsp;

Reuters has reported that the Federal Reserve is considering tougher rules and oversight for midsize banks following SVB's collapse. A review of the $209 billion bank's failure is being conducted by Fed Vice Chair for Supervision Michael Barr. It is expected that the review could lead to strengthened rules on banks in the $100 billion to $250 billion range.

The review will be released by May 1, and will be in addition to a review of bank capital rules by Barr which is already underway.

The Wall Street Journal regarding midsize banks&nbsp;is likely to lead&nbsp;to more stringent capital and liquidity requirements and potentially beefed up annual "stress tests."

New SVB CEO urges clients to move deposits back

Meanwhile,&nbsp;Silicon Valley Bank's new Chief Executive Tim Mayopoulos has urged top venture capital clients of the bank to move their deposits to its newly created bridge entity. The development followed a virtual meeting. The former Fannie Mae CEO was appointed to head&nbsp;Silicon Valley Bridge Bank NA by&nbsp;the Federal Deposit Insurance Corporation (FDIC).&nbsp;

Mayopoulos also assured clients at the meeting that deposits at the bank were now as safe as they would be in any US&nbsp;bank or institution.

Consumers reach out to other banks

Following the collapse of SVB, consumers have flooded banking giants, including JPMorgan Chase &amp; Co,&nbsp;Bank of America Corp&nbsp;and Citigroup Inc. The transfers have reached billions of dollars&nbsp;as investors are worried about the financial health of smaller regional lenders.

However, the&nbsp;lenders are careful not to solicit customers from other banks due to concerns that they could accelerate the outflows.

(With inputs from agencies)

&nbsp;

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A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world.

A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world. The bank was shuttered on Friday following a bank run. Meanwhile, the Securities and Exchange Commission has also launched a parallel investigation. As part of the probe, officials are looking into stock sales by officers of SVB Financial Group, which owned the bank, WSJ reported. SEC Chair Gary Gensler had earlier said that the focus of the agency is on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors during periods of volatility. As the Silicon Valley Bank collapsed, followed by the Signature Bank, regulators find themselves scrambling to contain the damage so that it does not affect the rest of the sector. Meanwhile, on Tuesday ratings agency Moody's cut its outlook on the US banking system to "negative" from "stable." Earlier this week, SVB Financial Group and two other executives were sued by shareholders. They accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run. Fed considers tougher rules for midsize banks Reuters has reported that the Federal Reserve is considering tougher rules and oversight for midsize banks following SVB's collapse. A review of the $209 billion bank's failure is being conducted by Fed Vice Chair for Supervision Michael Barr. It is expected that the review could lead to strengthened rules on banks in the $100 billion to $250 billion range. The review will be released by May 1, and will be in addition to a review of bank capital rules by Barr which is already underway. The Wall Street Journal regarding midsize banks is likely to lead to more stringent capital and liquidity requirements and potentially beefed up annual "stress tests." New SVB CEO urges clients to move deposits back Meanwhile, Silicon Valley Bank's new Chief Executive Tim Mayopoulos has urged top venture capital clients of the bank to move their deposits to its newly created bridge entity. The development followed a virtual meeting. The former Fannie Mae CEO was appointed to head Silicon Valley Bridge Bank NA by the Federal Deposit Insurance Corporation (FDIC). Mayopoulos also assured clients at the meeting that deposits at the bank were now as safe as they would be in any US bank or institution. Consumers reach out to other banks Following the collapse of SVB, consumers have flooded banking giants, including JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc. The transfers have reached billions of dollars as investors are worried about the financial health of smaller regional lenders. However, the lenders are careful not to solicit customers from other banks due to concerns that they could accelerate the outflows. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Justice Department launches probe into collapse of Silicon Valley Bank: Report

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low.

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low. Regulators and banking leaders worldwide have tried to allay concerns about a global financial crisis, but worries persist. Credit Suisse shares dropped by over 20 per cent, leading to a 6 per cent decline in the European Banking Index. The plunge in banking shares halted their trading on several European bourses. Worryingly, the insurance cost, known as the credit default swap (CDS), against default for the flagship Swiss bank hit a new record high. That underscores growing investor unease and the increased risk of a default, with some experts predicting that Credit Suisse could go the Lehman Brothers way if the issues in the global financial system mushroom into a full-blown crisis. Credit Suisse's Saudi backer refuses further assistance Credit Suisse has been struggling for survival for a while, and for now, there seems to be no relief for Switzerland's second-largest lender. That's because its largest investor, the Saudi National Bank, has ruled out providing further financial assistance to the lender. Shares of Credit Suisse plunged by as much as 24 per cent on Wednesday, hitting a new record low after the Swiss bank's largest investor, the Saudi National Bank, said it could not provide more financial assistance due to regulatory issues. The Saudi lender acquired a stake of almost 10 per cent last year after participating in Credit Suisse's capital raising and committing to investing up to $1.5 billion. However, Saudi National Bank Chairman Ammar Al Khudairy said the bank cannot provide additional funding as it would go above the 10 per cent regulatory threshold. The drop in Credit Suisse's shares weighed on broader equity markets, causing some concern among investors about the global banking system's resilience. Ralph Hamers, CEO of Swiss rival UBS, said the lender has benefited from recent market turmoil and seen money inflows, but he cautioned that it's too early to make any long-term projections. WATCH | India makes more digital transactions than U.S, China, Europe combined × Credit Suisse's turmoil Credit Suisse has been trying to recover from a series of scandals that have eroded investor and client confidence. The bank recently published its annual report for 2022, which revealed "material weaknesses" in controls over financial reporting and ongoing customer outflows. In the fourth quarter of 2021, customer outflows exceeded $120 billion. To put Credit Suisse's crisis into perspective: the lender has lost almost 75 per cent of its market value over the past year, making any investment in the company less attractive. Despite the recent turmoil, Credit Suisse CEO Ulrich Koerner told a conference earlier this week that the bank's liquidity coverage ratio averaged 150 per cent in the first quarter of 2023, well above regulatory requirements. But traders are still skeptical, and Credit Suisse shares fell below the 2-Swiss-franc mark in Zurich for the first time. This is the seventh day in a row that they have gone down. In general, lenders are also worried that a recession is coming because of aggressive rate hikes, which make it harder for some businesses to pay back or service their loans. That is weighing on banks and stock valuations of companies worldwide. The sell-off on Wednesday came after US bank stocks reversed deep losses on Tuesday after regulators rushed to make sure bank deposits were safe. Before Tuesday's recovery, global financial stocks lost $465 billion in under two trading sessions. The latest crash is yet another reminder of the uncertain outlook after the collapse of SVB and three other banks sparking fears of a broader US banking crisis and its contagion risks. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse's survival is in focus after shares hit a new record low

Apple is delaying bonuses for some corporate divisions and expanding a cost-cutting effort, joining Silicon Valley peers in trying to streamline operations during uncertain times, according to people with knowledge of the situation.

Apple's new cost cutting move: Delays bonus for some employees, limits hiring

Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

With the latest factory in Chennai setup at an estimated investment of Rs 150 crore&nbsp;($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs.&nbsp;

Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time.&nbsp;

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A highly-sophisticated <a href="https://twitter.com/hashtag/japanese?src=hash&amp;ref_src=twsrc%5Etfw">#japanese</a>-origin Pick &amp; place machine from <a href="https://twitter.com/panasonic?ref_src=twsrc%5Etfw">@panasonic</a> seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest <a href="https://twitter.com/fuji_india?ref_src=twsrc%5Etfw">@fuji_india</a> factory in <a href="https://twitter.com/hashtag/chennai?src=hash&amp;ref_src=twsrc%5Etfw">#chennai</a> <a href="https://twitter.com/hashtag/tamilnadu?src=hash&amp;ref_src=twsrc%5Etfw">#tamilnadu</a> <a href="https://twitter.com/hashtag/india?src=hash&amp;ref_src=twsrc%5Etfw">#india</a> 
 
Fuji offcls tell me, this robot is more advanced than those in <a href="https://twitter.com/hashtag/japan?src=hash&amp;ref_src=twsrc%5Etfw">#japan</a> <a href="https://t.co/xogimQira6">pic.twitter.com/xogimQira6</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1636031294546276354?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
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Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others.

Also Read | <a href="https://www.wionews.com/business-economy/ola-electric-offers-free-upgrade-of-front-fork-in-s1-s1-pro-scooters-amid-controversy-572281">Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy</a>

The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore.&nbsp;

On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory.

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. 
 
 
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Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations.

Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt With the latest factory in Chennai setup at an estimated investment of Rs 150 crore ($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs. Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time. A highly-sophisticated #japanese-origin Pick & place machine from @panasonic seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest @fuji_india factory in #chennai #tamilnadu #india Fuji offcls tell me, this robot is more advanced than those in #japan pic.twitter.com/xogimQira6 — Sidharth.M.P (@sdhrthmp) March 15, 2023 × Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others. Also Read | Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore. On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory. Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. 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.

Japan's Fuji Electric to expand India ops, invest $50mn, export made-in-India hardware

Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses.

Citing people familiar with the matter, the publication reports that a "divestiture" is considered a last resort and will only be pursued if the company's existing proposal with US national security officials is not approved. A divestiture can lead to a sale or an initial public offering (IPO).

Watch |&nbsp;Rishi Sunak hints at TikTok ban from UK government devices

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The short video format mobile app is currently under scrutiny. It is undergoing a national security review by the Committee on Foreign Investment in the United States (CFIUS).

Last year, in an attempt to placate hostile lawmakers, TikTok even agreed to the implementation of a number of plans nicknamed "Project Texas".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uae-spymaster-purchases-100-million-stake-in-tiktok-maker-bytedance-company-valuation-at-220-billion-572240">UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220 billion</a>

CFIUS has, however, left TikTok unsure about its future in America. CFIUS members have allegedly been unwilling to accept TikTok's proposal.

The agency has reportedly stalled in its process, leaving the app in a lurch, unsure about whether its attempts will be enough to ensure the continuation of TikTok's operations in the US.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-mulling-over-tiktok-ban-on-government-devices-over-data-security-concerns-571913">After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China</a>

CFIUS and TikTok have been holding negotiations ever since, with the app claiming it has already spent more than $1.5 billion on rigorous data security efforts.

National security body CFIUS had recommended that ByteDance divest TikTok back in 2020. The app has increasingly come under fire over fears that undermining Western security interests user data can end up in the Chinese government's hands. TikTok, however, rejects the spying allegations.

(With inputs from agencies) 
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Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses.

Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses. Citing people familiar with the matter, the publication reports that a "divestiture" is considered a last resort and will only be pursued if the company's existing proposal with US national security officials is not approved. A divestiture can lead to a sale or an initial public offering (IPO). Watch | Rishi Sunak hints at TikTok ban from UK government devices The short video format mobile app is currently under scrutiny. It is undergoing a national security review by the Committee on Foreign Investment in the United States (CFIUS). Last year, in an attempt to placate hostile lawmakers, TikTok even agreed to the implementation of a number of plans nicknamed "Project Texas". Also read | UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220 billion CFIUS has, however, left TikTok unsure about its future in America. CFIUS members have allegedly been unwilling to accept TikTok's proposal. The agency has reportedly stalled in its process, leaving the app in a lurch, unsure about whether its attempts will be enough to ensure the continuation of TikTok's operations in the US. Also read | After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China CFIUS and TikTok have been holding negotiations ever since, with the app claiming it has already spent more than $1.5 billion on rigorous data security efforts. National security body CFIUS had recommended that ByteDance divest TikTok back in 2020. The app has increasingly come under fire over fears that undermining Western security interests user data can end up in the Chinese government's hands. TikTok, however, rejects the spying allegations. (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.

TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal

Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation. The company is also postponing the bonuses for some of its corporate divisions, the report added.

<h2>Apple's bonus delays: What does it mean?</h2>

The move is set to reduce the frequency of bonuses for a part of Apple’s corporate workforce, translating into&nbsp;significant cost cutting for the company.

<h2>Apple's bonus rollouts in previous years</h2>

In the past, Apple has rolled out bonuses and promotions once or twice per year depending on the division.&nbsp;

The twice-a-year teams usually saw these rollouts in the months of April and October.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">Meta delays setting team budgets, triggers speculation of more layoffs</a>

Under the new plan, all divisions will move to an annual schedule — with the payments occurring only in October instead of April and October as was the case earlier.

The once-a-year schedule for bonuses and promotions was an affair of biannual prominence in Apple's operations and corporate retail divisions.&nbsp;

Apple is the world’s most valuable company. It began its cost cutting effort last July as inflation and recession fears stoked it to take a more cautious stance. The iPhone maker, however, has so far managed to avoid the kind of mass layoffs.

ALSO WATCH | Gravitas: Tech layoffs: Is your job safe?

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Apple is facing a slowdown in sales which has added pressure to its operations. Revenue decreased 5 per cent during the holiday quarter, a steeper drop than the projections. It further hurt the iPhone production amid declined demand for Macs and wearable devices.&nbsp;

Sales are expected to fall by a similar amount in the current period, Bloomberg reported.

During Apple’s shareholder meeting last week, Chief Executive Officer Tim Cook said the company continues to be careful with the finances.&nbsp;

"We are being very prudent and thoughtful on spending and we continue to be very deliberate when it comes to hiring," he told shareholders. 
 
(With inputs from agencies) 
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Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation.

Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation. The company is also postponing the bonuses for some of its corporate divisions, the report added. Apple's bonus delays: What does it mean? The move is set to reduce the frequency of bonuses for a part of Apple’s corporate workforce, translating into significant cost cutting for the company. Apple's bonus rollouts in previous years In the past, Apple has rolled out bonuses and promotions once or twice per year depending on the division. The twice-a-year teams usually saw these rollouts in the months of April and October. ALSO READ | Meta delays setting team budgets, triggers speculation of more layoffs Under the new plan, all divisions will move to an annual schedule — with the payments occurring only in October instead of April and October as was the case earlier. The once-a-year schedule for bonuses and promotions was an affair of biannual prominence in Apple's operations and corporate retail divisions. Apple is the world’s most valuable company. It began its cost cutting effort last July as inflation and recession fears stoked it to take a more cautious stance. The iPhone maker, however, has so far managed to avoid the kind of mass layoffs. ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × Apple is facing a slowdown in sales which has added pressure to its operations. Revenue decreased 5 per cent during the holiday quarter, a steeper drop than the projections. It further hurt the iPhone production amid declined demand for Macs and wearable devices. Sales are expected to fall by a similar amount in the current period, Bloomberg reported. During Apple’s shareholder meeting last week, Chief Executive Officer Tim Cook said the company continues to be careful with the finances. "We are being very prudent and thoughtful on spending and we continue to be very deliberate when it comes to hiring," he told shareholders. (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.

Apple freezes new hirings, delays promotions, bonus payments to cut costs

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.&nbsp;

In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund.

Watch |&nbsp;Rishi Sunak hints at TikTok ban from UK government devices

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At the recent private-market investment, G42 valued ByteDance at around $220 billion.

Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks".

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-mulling-over-tiktok-ban-on-government-devices-over-data-security-concerns-571913">After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China</a>

The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021.

Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources.

The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat.

Also read |&nbsp;<a href="https://www.wionews.com/world/belgium-follows-footsteps-of-us-and-eu-bans-tiktok-from-government-phones-570744">Belgium follows footsteps of US and EU, bans TikTok from government phones</a>

Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier.&nbsp;

Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets.

(With inputs from agencies) 
 
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United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report. In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund. Watch | Rishi Sunak hints at TikTok ban from UK government devices At the recent private-market investment, G42 valued ByteDance at around $220 billion. Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks". Also read | After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021. Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources. The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat. Also read | Belgium follows footsteps of US and EU, bans TikTok from government phones Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier. Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets. (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.

UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220bn

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.&nbsp;

The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further."

One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded."

To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork."&nbsp;

Also Read | <a href="https://www.wionews.com/world/controversial-experiment-in-indonesia-leaves-school-students-trudging-streets-zombie-like-572262">Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like'</a>

Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost."&nbsp;

Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph.&nbsp;The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension.&nbsp;

However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident."&nbsp;

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles."

As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members.

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India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company. The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further." One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded." To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork." Also Read | Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like' Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost." Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph. The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension. However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident." Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles." As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members. 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.

Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy

British unemployment remains close to&nbsp;its historical low but wages are still plummeting&nbsp;in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP.

In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS).

Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent.

"Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/like-lambs-to-the-slaughter-russian-soldiers-letter-describes-the-ordeal-of-being-on-the-battlefield-571857">‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter</a>

Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place.

A cost-of-living crisis that has kick-started&nbsp;strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP.&nbsp;

The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out.

The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday.&nbsp;

"The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data.

ALSO READ |<a href="https://www.wionews.com/sports/ivan-toney-case-man-handed-3-year-ban-from-all-uk-stadiums-after-racially-abusing-brentford-striker-571915">&nbsp;Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker</a>

"Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping&nbsp;more people back into work."

Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce.

In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies.

Although annual UK inflation has decreased recently, it is still higher than 10 per cent,&nbsp;or five times the Bank of England's goal rate.

(With inputs from agencies)

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British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday.

British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP. In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS). Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent. "Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP. ALSO READ | ‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place. A cost-of-living crisis that has kick-started strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP. The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out. The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday. "The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data. ALSO READ | Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker "Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping more people back into work." Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce. In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies. Although annual UK inflation has decreased recently, it is still higher than 10 per cent, or five times the Bank of England's goal rate. (With inputs from agencies) WATCH WION LIVE HERE:

UK: Wages affected by inflation despite historically low unemployment rates

The collapse of the Silicon Valley Bank triggered a major uproar in markets worldwide. HSBC Holdings on Monday said that it is acquiring the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government. Indian shares, on Tuesday, held the near five-month lows hit in the previous session as a US banking crisis unnerved investors globally.

Silicon Valley Bank collapse | Financial stocks on losing streak, other top banks gain new clients

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs.

The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.

On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.

In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

"For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote.

"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years."

Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown.

The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management".

Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta.

It has been focusing on the metaverse, an&nbsp;online virtual world&nbsp;that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it.

(With inputs from agencies)

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US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing.

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency. In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote. "I think we should prepare ourselves for the possibility that this new economic reality will continue for many years." Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown. The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management". Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta. It has been focusing on the metaverse, an online virtual world that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it. (With inputs from agencies) WATCH WION LIVE HERE

Meta announces second round of layoffs, to cut 10,000 jobs