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Swedish multinational company Ericsson has decided to trim 1,400 jobs in Sweden with larger headcount loss in other countries. Not too long ago, big tech companies were hiring at an alarming rate during the pandemic, expecting greater demand for their tech offering. But in retrospect, that decision has backfired, given the massive layoffs in the past few months.

What triggered this cycle of layoffs? 
The pandemic pushed individuals to work remotely, given the norms of social distancing. It was a time when traditional outlets were severely impacted, and a massive transformation led to a digitalisation trend.

This transition resulted in a digital market boom, and companies saw massive incentives to invest in WEB 3.0 projects, Artificial intelligence (AI), 5G and more.

Watch: LinkedIn gains popularity amid mass layoffs

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Tech giants such as Google, Facebook and Instagram parent Meta, Twitter, Microsoft and many others thought investing in these new and lucrative technology projects was a good time.

Thousands were hired to fill those lofty ambitions in all these big firms.

But with things returning to normal post the pandemic, several impediments, including the global supply chain crisis, geopolitical conflicts, labour shortage, low demand and surging inflation, caused firms to re-evaluate their stance.

Ericsson's struggle to sustenance 
A magnitude of the latest job cuts at Ericsson comes after the company's previous experience of restructuring and cost cuts in 2017 when they were fighting to pull the company back from losses towards profitability.

The company plans to cut costs up to $880 million by the end of this year to save it from the hefty blow of slowing global demand, including in North America, a high-margin region.

The share of its 5G equipment hit a low, resulting in lower output in the fourth quarter, fuelling the company's decision to lower costs. The company has been negotiating with the employee's' union in Sweden for months as it devises a plan to cut costs.

Also read: <a href="https://www.wionews.com/business-economy/indias-tcs-no-layoffs-instead-salary-hikes-are-coming-564047">India's TCS: No Layoffs; instead, salary hikes are coming</a>

The company's Chief Financial Officer Carl Mellander said the plan is to take up cost-cutting measures by reducing consultants, real estate agents and the overall employee headcount. On this, the union and Ericsson have agreed to reduce the headcount through a voluntary program.

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Swedish multinational company Ericsson has decided to trim 1,400 jobs in Sweden with larger headcount loss in other countries. Not too long ago, big tech companies were hiring at an alarming rate during the pandemic, expecting greater demand for their tech offering.

Swedish multinational company Ericsson has decided to trim 1,400 jobs in Sweden with larger headcount loss in other countries. Not too long ago, big tech companies were hiring at an alarming rate during the pandemic, expecting greater demand for their tech offering. But in retrospect, that decision has backfired, given the massive layoffs in the past few months. What triggered this cycle of layoffs? The pandemic pushed individuals to work remotely, given the norms of social distancing. It was a time when traditional outlets were severely impacted, and a massive transformation led to a digitalisation trend. This transition resulted in a digital market boom, and companies saw massive incentives to invest in WEB 3.0 projects, Artificial intelligence (AI), 5G and more. Watch: LinkedIn gains popularity amid mass layoffs Tech giants such as Google, Facebook and Instagram parent Meta, Twitter, Microsoft and many others thought investing in these new and lucrative technology projects was a good time. Thousands were hired to fill those lofty ambitions in all these big firms. But with things returning to normal post the pandemic, several impediments, including the global supply chain crisis, geopolitical conflicts, labour shortage, low demand and surging inflation, caused firms to re-evaluate their stance. Ericsson's struggle to sustenance A magnitude of the latest job cuts at Ericsson comes after the company's previous experience of restructuring and cost cuts in 2017 when they were fighting to pull the company back from losses towards profitability. The company plans to cut costs up to $880 million by the end of this year to save it from the hefty blow of slowing global demand, including in North America, a high-margin region. The share of its 5G equipment hit a low, resulting in lower output in the fourth quarter, fuelling the company's decision to lower costs. The company has been negotiating with the employee's' union in Sweden for months as it devises a plan to cut costs. Also read: India's TCS: No Layoffs; instead, salary hikes are coming The company's Chief Financial Officer Carl Mellander said the plan is to take up cost-cutting measures by reducing consultants, real estate agents and the overall employee headcount. On this, the union and Ericsson have agreed to reduce the headcount through a voluntary program. 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.

Ericsson plans to fire nearly 1,400 employees

In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies. India's tech giant, TCS, the largest exporter of tech services in the country, is also eager to hire startup workers who have lost their jobs and said it believes in developing talent for longer careers after hiring an employee.

TCS chief human resources officer Milind Lakkad in a media interview, said, "we don't do that (job cuts); we believe in grooming talent in the company and (there will be) no layoffs".

He claimed that many businesses are now compelled to cut jobs to lower costs because they recruited more people than they intended.

TCS, which he described as "conservative," disagrees, contending that the employer must ensure that new hires are productive and add value.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/indias-forex-reserves-mark-the-biggest-weekly-drop-in-11-months-563840">India's forex reserves mark the biggest weekly drop in 11 months</a>

Lakkad speaking to the Indian news agency PTI said when an employee's skill set falls short of what is needed, the company prioritises training the worker.

<h2>Salary hikes coming soon</h2>

The chief human resources officer said TCS, which has over 6 lakh employees, would soon announce salary hikes similar to previous years. That underscores the "India a bright spot" in an otherwise gloomy global economy backdrop comments from top institutions.

Indeed, TCS is looking at increasing employee benefits at a time when global firms are laying off thousands of employees.

The Indian tech giant also said it is looking at hiring employees laid off, especially in the US and startups the world over.

ALSO WATCH |&nbsp;LinkedIn gains popularity amid mass layoffs

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Lakkad said TCS is working on fascinating projects across various industries and technologies. He added that some extraordinary talent must join in on the action for those projects. But when asked about the decline of more than 2,000 staff in the December quarter, the HR head said it was a one-off case.

He did not clarify if there would be more additions or if the company would continue to groom their existing talent base.

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In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies.

In yet another sign of the rising status of India in the world, Tata Consultancy Services (TCS) has stated that it is not considering any job cuts despite layoffs at big tech firms and large companies. India's tech giant, TCS, the largest exporter of tech services in the country, is also eager to hire startup workers who have lost their jobs and said it believes in developing talent for longer careers after hiring an employee. TCS chief human resources officer Milind Lakkad in a media interview, said, "we don't do that (job cuts); we believe in grooming talent in the company and (there will be) no layoffs". He claimed that many businesses are now compelled to cut jobs to lower costs because they recruited more people than they intended. TCS, which he described as "conservative," disagrees, contending that the employer must ensure that new hires are productive and add value. ALSO READ | India's forex reserves mark the biggest weekly drop in 11 months Lakkad speaking to the Indian news agency PTI said when an employee's skill set falls short of what is needed, the company prioritises training the worker. Salary hikes coming soon The chief human resources officer said TCS, which has over 6 lakh employees, would soon announce salary hikes similar to previous years. That underscores the "India a bright spot" in an otherwise gloomy global economy backdrop comments from top institutions. Indeed, TCS is looking at increasing employee benefits at a time when global firms are laying off thousands of employees. The Indian tech giant also said it is looking at hiring employees laid off, especially in the US and startups the world over. ALSO WATCH | LinkedIn gains popularity amid mass layoffs Lakkad said TCS is working on fascinating projects across various industries and technologies. He added that some extraordinary talent must join in on the action for those projects. But when asked about the decline of more than 2,000 staff in the December quarter, the HR head said it was a one-off case. He did not clarify if there would be more additions or if the company would continue to groom their existing talent base. WATCH WION LIVE HERE:

India's TCS: No Layoffs; instead, salary hikes are coming

Asia is in a warring sign for the world's third largest economy, which is facing weakening demand and struggling to tame cost pressures. Japan's manufacturing activity contracted at fastest space in 30 months in February.

Worrying sign for Japan's economy as factory activity sinks | World Business Watch

Failed cryptocurrency exchange FTX's Japan unit sai on Monday (February 20)&nbsp;that it would allow customers to withdraw deposits of fiat currency and crypto assets from Tuesday. This step has come after months of suspension.

FTX Japan said its customers could withdraw assets through the website of Liquid Japan, a crypto exchange it bought in February last year.

FTX, once the third-largest cryptocurrency exchange in the world, went bankrupt in 2022. Its founder Sam Bankman-Fried faces fraud charges and is currently being tried in the US. Last week, Bankman-Fried attended the court in Manhattan. He had pleaded not guilty to fraud charges.

The hearing that took place last week came after prosecutors asked US District Judge Lewis Kaplan to ban Bankman-Fried from using the internet except to review evidence against him or use email on his Gmail account, citing his use of a virtual private network (VPN) that could have let him hide some online activity.

Kaplan had already banned Bankman-Fried from contacting current or former employees at his now-bankrupt exchange and Alameda Research hedge fund, and from using encrypted messaging apps such as Signal that let users auto-delete messages.

Bankman-Fried's communications became an issue when prosecutors said he sought to contact FTX's current chief executive John Ray, and an in-house lawyer.

Defense lawyers have said the attempts to contact FTX officials were efforts to help, not interfere.

(With inputs from agencies)

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Failed cryptocurrency exchange FTX's Japan unit sai on Monday (February 20) that it would allow customers to withdraw deposits of fiat currency and crypto assets from Tuesday.

Failed cryptocurrency exchange FTX's Japan unit sai on Monday (February 20) that it would allow customers to withdraw deposits of fiat currency and crypto assets from Tuesday. This step has come after months of suspension. FTX Japan said its customers could withdraw assets through the website of Liquid Japan, a crypto exchange it bought in February last year. FTX, once the third-largest cryptocurrency exchange in the world, went bankrupt in 2022. Its founder Sam Bankman-Fried faces fraud charges and is currently being tried in the US. Last week, Bankman-Fried attended the court in Manhattan. He had pleaded not guilty to fraud charges. The hearing that took place last week came after prosecutors asked US District Judge Lewis Kaplan to ban Bankman-Fried from using the internet except to review evidence against him or use email on his Gmail account, citing his use of a virtual private network (VPN) that could have let him hide some online activity. Kaplan had already banned Bankman-Fried from contacting current or former employees at his now-bankrupt exchange and Alameda Research hedge fund, and from using encrypted messaging apps such as Signal that let users auto-delete messages. Bankman-Fried's communications became an issue when prosecutors said he sought to contact FTX's current chief executive John Ray, and an in-house lawyer. Defense lawyers have said the attempts to contact FTX officials were efforts to help, not interfere. (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 ×

FTX Japan says it would allow customers to withdraw assets

Part of a broader plan to reduce costs globally, Swedish Telecom gear makers - Ericsson plans to get about 1,400 jobs in Sweden alone. The move is a part of companies' earlier announced plan to get cost by $880 million by the end of this year.

Major global tech firms going for job cuts: Ericsson to cut 1,400 jobs

In a hacking episode that can be unnerving for many large co-operations. Reports say that hackers got hold of login credentials for data centers in Asia are used by some of world's biggest experts.

Hackers selling data center logins, had credentials for over a year

Blue ticks have become synonymous with a status symbol in society. Thus, by following the footsteps of Twitter, meta has now come up with its very own verification system called "Meta Verified", which shall enable users to get verified on both Instagram and Facebook.

The model will allow users to get verified by Meta; if done, they will get a blue tick against their names, allowing users to get the hype they crave.

The subscription priced at $11.99 per month on the web against the $14.99 for iPhones and Android phones will ensure additional layers of security, protecting creators from impersonation, thereby safeguarding their privacy rights.

Meta has priced this model, considering the larger user base in India. It has tried to keep the balance between the premium fee of Netflix and the newly launched Twitter blue, which costs around $11 per month.

Meta has kept the verification process fairly simple; any user can get verified with government identification.

They will get a 'Meta Verified Badge', availing their exclusive access to customer service, enhanced visibility and reach on the platform, and many other exclusive features. However, there will be no limitation on ads in any case.

The CEO of meta, Mark Zuckerburg, has followed in the footsteps of Twitter; it was only after a reverse engineer spotted familiar code embedding this new feature that the company confirmed the news of it coming out.

Previously, Twitter launched a similar service back in November 2022, but it failed following the abuse of impersonating brands and celebrities.

Meta, however, has ensured this safety level by keeping an age limit of 18 years as a prerequisite for verification; a government ID, profile photo, and name are also required. That is not alone. This service will implement a proactive monitoring system to ensure the solid security of the platform.

Mark Zuckerburg was set to launch several other new products as he looked to "empower creators to be more productive and creative".

The service will first be introduced in Australia and New Zealand, post the subscription model will be rolled out to more countries.

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Blue ticks have become synonymous with a status symbol in society. Thus, by following the footsteps of Twitter, meta has now come up with its very own verification system called "Meta Verified", which shall enable users to get verified on both Instagram and Facebook.

Blue ticks have become synonymous with a status symbol in society. Thus, by following the footsteps of Twitter, meta has now come up with its very own verification system called "Meta Verified", which shall enable users to get verified on both Instagram and Facebook. The model will allow users to get verified by Meta; if done, they will get a blue tick against their names, allowing users to get the hype they crave. The subscription priced at $11.99 per month on the web against the $14.99 for iPhones and Android phones will ensure additional layers of security, protecting creators from impersonation, thereby safeguarding their privacy rights. Meta has priced this model, considering the larger user base in India. It has tried to keep the balance between the premium fee of Netflix and the newly launched Twitter blue, which costs around $11 per month. Meta has kept the verification process fairly simple; any user can get verified with government identification. They will get a 'Meta Verified Badge', availing their exclusive access to customer service, enhanced visibility and reach on the platform, and many other exclusive features. However, there will be no limitation on ads in any case. The CEO of meta, Mark Zuckerburg, has followed in the footsteps of Twitter; it was only after a reverse engineer spotted familiar code embedding this new feature that the company confirmed the news of it coming out. Previously, Twitter launched a similar service back in November 2022, but it failed following the abuse of impersonating brands and celebrities. Meta, however, has ensured this safety level by keeping an age limit of 18 years as a prerequisite for verification; a government ID, profile photo, and name are also required. That is not alone. This service will implement a proactive monitoring system to ensure the solid security of the platform. Mark Zuckerburg was set to launch several other new products as he looked to "empower creators to be more productive and creative". The service will first be introduced in Australia and New Zealand, post the subscription model will be rolled out to more countries. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Meta to launch its blue verified subscription service for Insta and Facebook

Billionaire Jack Ma was seen in Australia recently, a development confirmed by China's Yicai media outlet. The media group confirmed that Jack Ma has been spending time in Australia after the Alibaba co-founder was spotted at a hotel in Melbourne. Pictures of Ma are also circulating on the internet, however their authenticity is yet to be verified.

While it is not clear what is on Ma's agenda in Australia, he has a close connection with the Morley family who helped him during his teenage years. He remained in touch with the family and in 2017 set up a $20 million university scholarship fund in the name of his late mentor Ken Morley.&nbsp;

Jack Ma has been on a global tour since 2022, something he had hit the pause button on some time back. He visited Tokyo a countryside in Japan before going to Thailand. He reportedly toured foodie spots in Thailand and took in a Muay Thai boxing match. He was in Hong Kong last month, meeting finance and tech executives.&nbsp;

The news of his tour comes as reports suggest that Beijing is toning down on its campaign to curtail the influence and power of internet giants. In January, Ma ceded controlling rights to his Ant Group Co. fintech empire. Experts saw it as a sign that the crackdown might be nearing an end.

Also Read |&nbsp;<a href="https://www.wionews.com/world/top-chinese-banker-bao-fan-goes-missing-sending-chills-down-nations-finance-industry-reports-562934">Top Chinese banker Bao Fan goes missing</a>

Where was Jack Ma?

Ma went missing in November 2020 and wasn't seen in public for several months. News that Ma had been missing came after authorities called off the IPO of his Ant Group parent company. However, Alibaba never said that Ma was unreachable. In fact, several media reported suggested that he had been traveling in Europe, Japan and Hong Kong.

Recently, Bao Fan, the chairman and chief executive of China Renaissance investment bank, had also gone missing.&nbsp;

"The company has been unable to contact Mr. Bao," China Renaissance said in an announcement to the Hong Kong Stock Exchange, without offering further details.

(With inputs from agencies)

&nbsp;

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Billionaire Jack Ma was seen in Australia recently, a development confirmed by China's Yicai media outlet. The media group confirmed that Jack Ma has been spending time in Australia after the Alibaba co-founder was spotted at a hotel in Melbourne.

Billionaire Jack Ma was seen in Australia recently, a development confirmed by China's Yicai media outlet. The media group confirmed that Jack Ma has been spending time in Australia after the Alibaba co-founder was spotted at a hotel in Melbourne. Pictures of Ma are also circulating on the internet, however their authenticity is yet to be verified. While it is not clear what is on Ma's agenda in Australia, he has a close connection with the Morley family who helped him during his teenage years. He remained in touch with the family and in 2017 set up a $20 million university scholarship fund in the name of his late mentor Ken Morley. Jack Ma has been on a global tour since 2022, something he had hit the pause button on some time back. He visited Tokyo a countryside in Japan before going to Thailand. He reportedly toured foodie spots in Thailand and took in a Muay Thai boxing match. He was in Hong Kong last month, meeting finance and tech executives. The news of his tour comes as reports suggest that Beijing is toning down on its campaign to curtail the influence and power of internet giants. In January, Ma ceded controlling rights to his Ant Group Co. fintech empire. Experts saw it as a sign that the crackdown might be nearing an end. Also Read | Top Chinese banker Bao Fan goes missing Where was Jack Ma? Ma went missing in November 2020 and wasn't seen in public for several months. News that Ma had been missing came after authorities called off the IPO of his Ant Group parent company. However, Alibaba never said that Ma was unreachable. In fact, several media reported suggested that he had been traveling in Europe, Japan and Hong Kong. Recently, Bao Fan, the chairman and chief executive of China Renaissance investment bank, had also gone missing. "The company has been unable to contact Mr. Bao," China Renaissance said in an announcement to the Hong Kong Stock Exchange, without offering further details. (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.

Billionaire Jack Ma spotted in Australia, is reportedly spending time with the Morley family

A new shopping app linked to China's top retailers has become the most downloaded app in the US, said media reports. The app has surpassed mighty brands like Amazon and Walmart.

Temu, a Boston-based online retailer that shares the same owner as Chinese social commerce giant Pinduoduo, made its Super Bowl debut Sunday.

Temu, which runs an online superstore for virtually everything — from home goods to apparel to electronics — unveiled a commercial during the game that encouraged consumers to “shop like a billionaire”.

The pitch? You don’t have to be one, CNN reported.

The surprisingly low prices — by Western standards, at least — have drawn comparisons to Shein, the Chinese fast fashion upstart that also offers a wide selection of inexpensive clothing and home goods, and has made significant inroads into markets including the United States.

Shein is considered one of Temu’s competitors, along with US-based discount retailer Wish and Alibaba’s AliExpress, according to Coresight Research, CNN reported.

Temu, pronounced “tee-moo”, was launched last year by PDD, its US-listed parent company formerly known as Pinduoduo. The company officially changed its name just this month.

PDD’s subsidiary Pinduoduo is one of China’s most popular e-commerce platforms with approximately 900 million users. It made its name with a group-buying business model, allowing people to save money by enlisting friends to buy the same item in bulk, CNN reported.

Since its rollout in September, the application has been downloaded 24 million times, racking up more than 11 million monthly active users, according to Sensor Tower.

(With inputs from agencies)

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A new shopping app linked to China's top retailers has become the most downloaded app in the US, said media reports. The app has surpassed mighty brands like Amazon and Walmart.

A new shopping app linked to China's top retailers has become the most downloaded app in the US, said media reports. The app has surpassed mighty brands like Amazon and Walmart. Temu, a Boston-based online retailer that shares the same owner as Chinese social commerce giant Pinduoduo, made its Super Bowl debut Sunday. Temu, which runs an online superstore for virtually everything — from home goods to apparel to electronics — unveiled a commercial during the game that encouraged consumers to “shop like a billionaire”. The pitch? You don’t have to be one, CNN reported. The surprisingly low prices — by Western standards, at least — have drawn comparisons to Shein, the Chinese fast fashion upstart that also offers a wide selection of inexpensive clothing and home goods, and has made significant inroads into markets including the United States. Shein is considered one of Temu’s competitors, along with US-based discount retailer Wish and Alibaba’s AliExpress, according to Coresight Research, CNN reported. Temu, pronounced “tee-moo”, was launched last year by PDD, its US-listed parent company formerly known as Pinduoduo. The company officially changed its name just this month. PDD’s subsidiary Pinduoduo is one of China’s most popular e-commerce platforms with approximately 900 million users. It made its name with a group-buying business model, allowing people to save money by enlisting friends to buy the same item in bulk, CNN reported. Since its rollout in September, the application has been downloaded 24 million times, racking up more than 11 million monthly active users, according to Sensor Tower. (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 ×

China-linked shopping app leaves behind Amazon, Walmart in US

India's foreign exchange reserves fell significantly to a one-month low of $566.94 billion in the week ending February 10, marking its biggest weekly decline in 11 months.

The country's import cover in the week prior had dropped by $1.49 billion to $575.27 billion, stalling a three-week rising streak, according to the Reserve Bank of India's weekly data.

The latest dip in FX reserves was due to the Indian central bank selling dollars to shore up the rupee in international markets and stabilise the domestic currency from extreme volatility.

That trend of the Indian central bank intervening in forex markets to defend the rupee has been a phenomenon over the past year.

But why is this important? What does the foreign exchange of a country signify?

Foreign Exchange Reserves are of crucial importance to the functioning of any economy.

They entail all the foreign assets owned by a country's central bank. Foreign assets generate income in foreign currency.

They are stored in the form of gold or cash and are used to maintain the balance of payment and to maintain the country's financial market stability.

In October 2021, India's forex kitty hit an all-time high of $645 billion; however, the trend has reversed and declined as the Indian rupee fell significantly against the US dollar.

According to the RBI data, India's Foreign Currency Assets (FCS) have also fallen by $7.11 billion to $500.59 billion in the latest week.

The FCA differs from the reserves since it considers the effect of appreciation or depreciation of non-U.S. units such as yen, pounds, and euro.

Apart from that, India's Gold Reserves have fallen by $919 million, taking the bullion reserves to $42.86 billion. &nbsp;

The collective trend over the past year aptly showcases the drop in the rupee against the dollar.

The rupee's dramatic fall

The value of the domestic currency declined for the fourth straight week but did not weaken beyond its record low of a touch over 83 per dollar, which would have likely triggered a response by the RBI.

However, despite all the chaos, the Indian rupee has remained relatively stable compared to its Asian peers.

The RBI Governor said that the volatility in the rupee is better than seen in the past, with India's forex reserves in a comfortable position, despite the fall over the past year.

The broader sell-off of most major global currencies in favour of the dollar has hurt the forex reserves of almost every emerging market country, pushing some into a historic economic crisis.

That trend for increased interest in dollar-denominated assets intensified after Russia invaded Ukraine almost a year ago.

The Indian rupee has not been an exception.

The Indian currency fell to multiple record lows and hovered around 83 per dollar from about 74 per dollar before the war on the edge of Europe started in February last year.

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India's foreign exchange reserves fell significantly to a one-month low of $566.94 billion in the week ending February 10, marking its biggest weekly decline in 11 months.

India's foreign exchange reserves fell significantly to a one-month low of $566.94 billion in the week ending February 10, marking its biggest weekly decline in 11 months. The country's import cover in the week prior had dropped by $1.49 billion to $575.27 billion, stalling a three-week rising streak, according to the Reserve Bank of India's weekly data. The latest dip in FX reserves was due to the Indian central bank selling dollars to shore up the rupee in international markets and stabilise the domestic currency from extreme volatility. That trend of the Indian central bank intervening in forex markets to defend the rupee has been a phenomenon over the past year. But why is this important? What does the foreign exchange of a country signify? Foreign Exchange Reserves are of crucial importance to the functioning of any economy. They entail all the foreign assets owned by a country's central bank. Foreign assets generate income in foreign currency. They are stored in the form of gold or cash and are used to maintain the balance of payment and to maintain the country's financial market stability. In October 2021, India's forex kitty hit an all-time high of $645 billion; however, the trend has reversed and declined as the Indian rupee fell significantly against the US dollar. According to the RBI data, India's Foreign Currency Assets (FCS) have also fallen by $7.11 billion to $500.59 billion in the latest week. The FCA differs from the reserves since it considers the effect of appreciation or depreciation of non-U.S. units such as yen, pounds, and euro. Apart from that, India's Gold Reserves have fallen by $919 million, taking the bullion reserves to $42.86 billion. The collective trend over the past year aptly showcases the drop in the rupee against the dollar. The rupee's dramatic fall The value of the domestic currency declined for the fourth straight week but did not weaken beyond its record low of a touch over 83 per dollar, which would have likely triggered a response by the RBI. However, despite all the chaos, the Indian rupee has remained relatively stable compared to its Asian peers. The RBI Governor said that the volatility in the rupee is better than seen in the past, with India's forex reserves in a comfortable position, despite the fall over the past year. The broader sell-off of most major global currencies in favour of the dollar has hurt the forex reserves of almost every emerging market country, pushing some into a historic economic crisis. That trend for increased interest in dollar-denominated assets intensified after Russia invaded Ukraine almost a year ago. The Indian rupee has not been an exception. The Indian currency fell to multiple record lows and hovered around 83 per dollar from about 74 per dollar before the war on the edge of Europe started in February last year. WATCH WION LIVE HERE

India's forex reserves mark the biggest weekly drop in 11 months

Multinational beverage giant, Pepsico has recalled over 25,000 bottles of Starbucks vanilla drink in U.S. in an action that was initiated on January 28. After recovering pieces of glass in some of the bottles, the company has recalled drinks.

Pepsico recalls over 25,000 cases of Starbucks Chilled Coffee

Microblogging site Twitter has officially announced that it will start charging its users to authenticate and secure their account via text messages as a two-factor authentication (2FA) method.

Twitter to charge users for SMS two-factor authentication

India's foreign exchange reserves fell by $8.3 billion to $566.95 billion in the week ended February 10 -- its biggest weekly fall in 11 months. According to data released by RBI on Friday, the reserves are at their lowest level since January 6, 2023.

India's Forex Reserves fall biggest in 11 months

China's central banks are all set to adopt new revamped policy of differentiated regulatory systems for assessing commercial banks' capital adequacy and risk management, in a step to better prevent risks in the country's financial system

China to revamp risk management strategy

Starlink is testing a new satellite internet service. It says it will let you connect from almost anywhere on land in the world. The globalising roaming internet service will utilize Starlink’s inter-satellite links (space lasers) to provide connectivity around the globe.

Starlink to offer 'Global Roaming' internet

Mark Zuckerberg's Meta has announced its plan to announce monthly-subscription model services called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge.

Meta introduces a monthly subscription model

A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review. This comes months after the tech giant announced that it would fire 11,000 employees and after the recent poor reviews the company leadership believes that it would prompt more workers to quit in the upcoming weeks, reported the WSJ.&nbsp;

The people speaking to the publication also said that the company has also cut a bonus metric which is one of the several steps senior executives are taking after CEO Mark Zuckerberg dubbed 2023 as the “year of efficiency”. Additionally, the sources also told WSJ that the company leadership is hoping that the subpar reviews would lead to employees quitting in the upcoming week. However, if enough people do not quit, Meta may consider another round of layoffs, said the report.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/laid-off-meta-employees-at-loss-of-words-ask-for-work-opportunities-on-social-media-532946">Laid off Meta employees 'at loss of words', ask for work opportunities on social media</a>

“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” said Zuckerberg, in a town hall last year. The sources also said that at least 10 per cent of employees in the company have been given a “meets most” rating and that this is the second lowest of the five possible ratings at Meta. Therefore, some employees have taken this as a sign to look for new job opportunities, reported WSJ citing anonymous sources.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-why-did-meta-fire-13-per-cent-of-its-employees-whats-in-store-for-the-facebook-parent-company-533887">Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company?</a>

This also comes months after a report by Insider citing two people familiar with the matter had made a similar claim and said that Meta wanted their managers to rank double the number of employees as low performing in their annual performance review. Additionally, the publication also reported that Meta will roughly double the number of employees receiving the downgraded “needs support” (the lowest rating) from “met most” expectations when compared to last year’s review cycle.&nbsp; 
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A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review.

A report by the Wall Street Journal, citing people familiar with the matter, on Friday (February 17) claimed that Facebook parent company Meta gave thousands of employees below-average ratings in a recently concluded round of performance review. This comes months after the tech giant announced that it would fire 11,000 employees and after the recent poor reviews the company leadership believes that it would prompt more workers to quit in the upcoming weeks, reported the WSJ. The people speaking to the publication also said that the company has also cut a bonus metric which is one of the several steps senior executives are taking after CEO Mark Zuckerberg dubbed 2023 as the “year of efficiency”. Additionally, the sources also told WSJ that the company leadership is hoping that the subpar reviews would lead to employees quitting in the upcoming week. However, if enough people do not quit, Meta may consider another round of layoffs, said the report. ALSO READ | Laid off Meta employees 'at loss of words', ask for work opportunities on social media “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” said Zuckerberg, in a town hall last year. The sources also said that at least 10 per cent of employees in the company have been given a “meets most” rating and that this is the second lowest of the five possible ratings at Meta. Therefore, some employees have taken this as a sign to look for new job opportunities, reported WSJ citing anonymous sources. ALSO READ | Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company? This also comes months after a report by Insider citing two people familiar with the matter had made a similar claim and said that Meta wanted their managers to rank double the number of employees as low performing in their annual performance review. Additionally, the publication also reported that Meta will roughly double the number of employees receiving the downgraded “needs support” (the lowest rating) from “met most” expectations when compared to last year’s review cycle. 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.

Thousands of employees at Facebook parent company Meta receive subpar reviews, signals more job cuts: Reports

Tesla&nbsp;Inc will recall more than 362,000 US&nbsp;vehicles to update its Full Self-Driving (FSD) Beta software after U.S. regulators said on Thursday the driver assistance system did not adequately adhere to traffic safety laws and could cause crashes.

The National Highway Traffic Safety Administration (NHTSA) said the&nbsp;Tesla&nbsp;software allows a vehicle to "exceed speed limits or travel through intersections in an unlawful or unpredictable manner increases the risk of a crash."

Tesla&nbsp;said it disagreed with NHTSA's analysis but ultimately acquiesced to the safety agency's January request. The electric vehicle manufacturer has previously clashed with NHTSA, which has a number of pending&nbsp;Tesla&nbsp;probes, over other safety issues and recall demands.

Tesla, whose shares closed down 5.7% at $202.04, will release an over-the-air (OTA) software update free of charge. The EV maker said it is not aware of any injuries or deaths that may be related to the recall issue. The automaker said it had 18 warranty claims.

The recall covers 2016-2023 Model S and Model X vehicles, 2017-2023 Model 3, and 2020-2023 Model Y vehicles equipped with FSD Beta software or pending installation.

US&nbsp;senators Ed Markey and Richard Blumenthal, both Democrats, said the recall was "long overdue," adding, "Tesla&nbsp;must finally stop overstating the real capabilities of its vehicles."

This is a fresh setback for&nbsp;Tesla's driver assistance system. Chief Executive Elon Musk has repeatedly missed his own targets to achieve self-driving capability, which he has touted as a potential cash cow.

The move is a rare intervention by federal regulators in a real-world testing program that the company sees as crucial to the development of cars that can drive themselves.

The recall comes less than two weeks before the company's March 1 investor day, during which Musk is expected to promote the EV maker's artificial intelligence capability and plans to expand its vehicle lineup.

While&nbsp;Tesla's Autopilot feature assists with steering, accelerating and braking for other vehicles and pedestrians within its lane, the company says FSD is a more advanced system “designed to provide more active guidance and assisted driving” under active supervision of the driver.

Tesla&nbsp;reported having $2.9 billion in deferred revenue at the end of 2022 related to "access to our FSD features, internet connectivity, free Supercharging programs and over-the-air software updates primarily on automotive sales."

Tesla&nbsp;could not be reached for comment, but Musk tweeted on Thursday that the word "recall" for an over-the-air software update is "anachronistic and just flat wrong!"

Tesla&nbsp;released FSD Beta to nearly all of its 400,000 FSD customers in the United States and Canada in the fourth quarter, when it recognized FSD revenue of $324 million. It said it expects to recognize nearly $1 billion of deferred revenue that remains over time as software updates are delivered.

ONGOING PROBES

Musk has positioned FSD technology as one of several artificial intelligence initiatives at&nbsp;Tesla.

Last May, in an interview with members of a&nbsp;Tesla&nbsp;owners club, Musk called full self driving "essential" for the company. "It’s really the difference between&nbsp;Tesla&nbsp;being worth a lot of money or worth basically zero."

NHTSA has an ongoing investigation it opened in 2021 into 830,000&nbsp;Tesla&nbsp;vehicles with driver assistance system Autopilot over a string of crashes with parked emergency vehicles. NHTSA is reviewing whether&nbsp;Tesla&nbsp;vehicles adequately ensure drivers are paying attention. NHTSA said on Thursday despite the FSD recall its "investigation into&nbsp;Tesla’s Autopilot and associated vehicle systems remains open and active."

Tesla&nbsp;said in "certain rare circumstances ... the feature could potentially infringe upon local traffic laws or customs while executing certain driving maneuvers."

Possible situations where the problem could occur include traveling or turning through certain intersections during a yellow traffic light and making a lane change out of certain turn-only lanes to continue traveling straight, NHTSA said.

NHTSA said "the system may respond insufficiently to changes in posted speed limits or not adequately account for the driver's adjustment of the vehicle's speed to exceed posted speed limits."

Last year,&nbsp;Tesla&nbsp;recalled nearly 54,000 U.S. vehicles with FSD Beta software that may allow some models to conduct "rolling stops" and not come to a complete stop at some intersections, posing a safety risk, NHTSA said.

Tesla&nbsp;and NHTSA say FSD's advanced driving features do not make the cars autonomous and require drivers to pay attention.

In December, NHTSA opened two new special investigations into crashes involving&nbsp;Tesla&nbsp;vehicles, including an eight-vehicle crash in San Francisco on the Bay Bridge in which a driver reported the FSD feature had malfunctioned.

Since 2016, NHTSA has opened more than three dozen investigations involving&nbsp;Tesla&nbsp;crashes where advanced driver assistance systems were suspected of use and 19 deaths were reported.

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Tesla Inc will recall more than 362,000 US vehicles to update its Full Self-Driving (FSD) Beta software after U.S. regulators said on Thursday the driver assistance system did not adequately adhere to traffic safety laws and could cause crashes.

Tesla Inc will recall more than 362,000 US vehicles to update its Full Self-Driving (FSD) Beta software after U.S. regulators said on Thursday the driver assistance system did not adequately adhere to traffic safety laws and could cause crashes. The National Highway Traffic Safety Administration (NHTSA) said the Tesla software allows a vehicle to "exceed speed limits or travel through intersections in an unlawful or unpredictable manner increases the risk of a crash." Tesla said it disagreed with NHTSA's analysis but ultimately acquiesced to the safety agency's January request. The electric vehicle manufacturer has previously clashed with NHTSA, which has a number of pending Tesla probes, over other safety issues and recall demands. Tesla, whose shares closed down 5.7% at $202.04, will release an over-the-air (OTA) software update free of charge. The EV maker said it is not aware of any injuries or deaths that may be related to the recall issue. The automaker said it had 18 warranty claims. The recall covers 2016-2023 Model S and Model X vehicles, 2017-2023 Model 3, and 2020-2023 Model Y vehicles equipped with FSD Beta software or pending installation. US senators Ed Markey and Richard Blumenthal, both Democrats, said the recall was "long overdue," adding, "Tesla must finally stop overstating the real capabilities of its vehicles." This is a fresh setback for Tesla's driver assistance system. Chief Executive Elon Musk has repeatedly missed his own targets to achieve self-driving capability, which he has touted as a potential cash cow. The move is a rare intervention by federal regulators in a real-world testing program that the company sees as crucial to the development of cars that can drive themselves. The recall comes less than two weeks before the company's March 1 investor day, during which Musk is expected to promote the EV maker's artificial intelligence capability and plans to expand its vehicle lineup. While Tesla's Autopilot feature assists with steering, accelerating and braking for other vehicles and pedestrians within its lane, the company says FSD is a more advanced system “designed to provide more active guidance and assisted driving” under active supervision of the driver. Tesla reported having $2.9 billion in deferred revenue at the end of 2022 related to "access to our FSD features, internet connectivity, free Supercharging programs and over-the-air software updates primarily on automotive sales." Tesla could not be reached for comment, but Musk tweeted on Thursday that the word "recall" for an over-the-air software update is "anachronistic and just flat wrong!" Tesla released FSD Beta to nearly all of its 400,000 FSD customers in the United States and Canada in the fourth quarter, when it recognized FSD revenue of $324 million. It said it expects to recognize nearly $1 billion of deferred revenue that remains over time as software updates are delivered. ONGOING PROBES Musk has positioned FSD technology as one of several artificial intelligence initiatives at Tesla. Last May, in an interview with members of a Tesla owners club, Musk called full self driving "essential" for the company. "It’s really the difference between Tesla being worth a lot of money or worth basically zero." NHTSA has an ongoing investigation it opened in 2021 into 830,000 Tesla vehicles with driver assistance system Autopilot over a string of crashes with parked emergency vehicles. NHTSA is reviewing whether Tesla vehicles adequately ensure drivers are paying attention. NHTSA said on Thursday despite the FSD recall its "investigation into Tesla’s Autopilot and associated vehicle systems remains open and active." Tesla said in "certain rare circumstances ... the feature could potentially infringe upon local traffic laws or customs while executing certain driving maneuvers." Possible situations where the problem could occur include traveling or turning through certain intersections during a yellow traffic light and making a lane change out of certain turn-only lanes to continue traveling straight, NHTSA said. NHTSA said "the system may respond insufficiently to changes in posted speed limits or not adequately account for the driver's adjustment of the vehicle's speed to exceed posted speed limits." Last year, Tesla recalled nearly 54,000 U.S. vehicles with FSD Beta software that may allow some models to conduct "rolling stops" and not come to a complete stop at some intersections, posing a safety risk, NHTSA said. Tesla and NHTSA say FSD's advanced driving features do not make the cars autonomous and require drivers to pay attention. In December, NHTSA opened two new special investigations into crashes involving Tesla vehicles, including an eight-vehicle crash in San Francisco on the Bay Bridge in which a driver reported the FSD feature had malfunctioned. Since 2016, NHTSA has opened more than three dozen investigations involving Tesla crashes where advanced driver assistance systems were suspected of use and 19 deaths were reported. 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.

Tesla recalls 3,62,000 vehicles in the US over Full Self-Driving software

The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted. The global energy crisis worsened after Russia launched a full-scale invasion in February 2022, it further underlines, stressing that continued high reliance on fossil fuels and the severe mismatch between energy demand and supply were among the other factors that contributed.&nbsp;

With Russia being a major exporter of oil (12.3 per cent of global supply in 2021) and natural gas (23.6 per cent), European nations dependent on oil and natural gas imports from the country, already at high risk since gas storages were nearly and probably deliberately emptied before the war, face unprecedented fuel supply shortages, according to the study by the Birmingham University. Many economies have been pushed into recession, it further points out, and inflation has been triggered due to the energy crisis.

Even as several governments have brought in measures to subsidise soaring energy bills for households, these might be insufficient in view of the scale of the problem, researchers said. The surge in direct energy costs of households in 116 countries range from 51.1 per cent to 176.1 per cent.&nbsp;

"Referring to the World Bank’s latest international poverty line (US$2.15 in 2017 purchasing power parity (PPP) per person per day, updated in September 2022), we estimated that an additional 78 million–141 million people (1.2–2.1 percent of the global population) could be pushed into extreme poverty," the report reads. "Our results are 5–48% larger than the estimates from the World Bank (75 million–95 million compared with pre-crisis projections)," it adds.&nbsp;

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The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted.

The increasing cost-of-living pressure because of the Ukraine war could push an additional 141 million people into extreme poverty, a study published on Thursday (February 16) in the British scientific journal Nature has highlighted. The global energy crisis worsened after Russia launched a full-scale invasion in February 2022, it further underlines, stressing that continued high reliance on fossil fuels and the severe mismatch between energy demand and supply were among the other factors that contributed. With Russia being a major exporter of oil (12.3 per cent of global supply in 2021) and natural gas (23.6 per cent), European nations dependent on oil and natural gas imports from the country, already at high risk since gas storages were nearly and probably deliberately emptied before the war, face unprecedented fuel supply shortages, according to the study by the Birmingham University. Many economies have been pushed into recession, it further points out, and inflation has been triggered due to the energy crisis. Even as several governments have brought in measures to subsidise soaring energy bills for households, these might be insufficient in view of the scale of the problem, researchers said. The surge in direct energy costs of households in 116 countries range from 51.1 per cent to 176.1 per cent. "Referring to the World Bank’s latest international poverty line (US$2.15 in 2017 purchasing power parity (PPP) per person per day, updated in September 2022), we estimated that an additional 78 million–141 million people (1.2–2.1 percent of the global population) could be pushed into extreme poverty," the report reads. "Our results are 5–48% larger than the estimates from the World Bank (75 million–95 million compared with pre-crisis projections)," it adds. 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.

Russia-Ukraine war putting 141 million globally at risk of extreme poverty: Study 

The cost of living crisis continues to impact the British economy and common people despite indications that the inflationary pressures might have been easing.&nbsp;

Recent trends show how common&nbsp;people are suffering. Local reports have mentioned that prices for olive oil, sugar and low-fat milk have surged with food costs.&nbsp;

A report by Bloomberg highlighted the impact of the overall rate of inflation on the price of a full English breakfast. The report states that it will increase.&nbsp;

Referring to its&nbsp;Breakfast Index, the report stated that the average cost of ingredients to make a traditional fry-up soared by more than 22 per cent from a year earlier in January.&nbsp;

The Office for National Statistics (ONS) said in a statement that the UK Consumer Prices Index (CPI) fell to 10.1 per cent in January compared with a rate of 10.5 per cent in December.

Matt Hood, who is managing director of Co-op Food, said prices continued to rise in January as costs for grocers did, which made it "incredibly tough".&nbsp;

He told the BBC's Today programme:&nbsp;"Inflation is the thing that keeps us up at night. Believe it or not we as retailers are trying our hardest not to flow it all through to our customers."&nbsp;

WATCH |&nbsp;Russia- Ukraine war: One year into war, who stands where?

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For the unversed, this comes as the official data showed on Wednesday that the annual inflation dropped further last month on easing transport costs, however, it remains above 10 per cent.&nbsp;

Sharon Graham, general secretary at major British union Unite, said:&nbsp;"These latest figures show the cost-of-living crisis is still pummelling workers' pay packets. Unite will continue to fight for and win better wages in the face of this crisis," she added in a statement.&nbsp;

(With inputs from agencies)

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The cost of living crisis continues to impact the British economy and common people despite indications that the inflationary pressures might have been easing. Recent trends show how common people are suffering.

The cost of living crisis continues to impact the British economy and common people despite indications that the inflationary pressures might have been easing. Recent trends show how common people are suffering. Local reports have mentioned that prices for olive oil, sugar and low-fat milk have surged with food costs. A report by Bloomberg highlighted the impact of the overall rate of inflation on the price of a full English breakfast. The report states that it will increase. Referring to its Breakfast Index, the report stated that the average cost of ingredients to make a traditional fry-up soared by more than 22 per cent from a year earlier in January. The Office for National Statistics (ONS) said in a statement that the UK Consumer Prices Index (CPI) fell to 10.1 per cent in January compared with a rate of 10.5 per cent in December. Matt Hood, who is managing director of Co-op Food, said prices continued to rise in January as costs for grocers did, which made it "incredibly tough". He told the BBC's Today programme: "Inflation is the thing that keeps us up at night. Believe it or not we as retailers are trying our hardest not to flow it all through to our customers." WATCH | Russia- Ukraine war: One year into war, who stands where? × For the unversed, this comes as the official data showed on Wednesday that the annual inflation dropped further last month on easing transport costs, however, it remains above 10 per cent. Sharon Graham, general secretary at major British union Unite, said: "These latest figures show the cost-of-living crisis is still pummelling workers' pay packets. Unite will continue to fight for and win better wages in the face of this crisis," she added in a statement. (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 cost of living crisis: Inflation retreats further, remains above 10%

The world’s biggest food group Nestlé will lift prices again this year. Chief executive Mark Schneider said on Thursday, after more costly ingredients contributed to making its 2022 profit miss market forecast.

Bad news for Nestle consumers, company plans price hikes

The company behind ChatGPT, OpenAI, announced on Thursday that it is working to address concerns about bias in artificial intelligence by creating an updated version of its popular chatbot that users may edit.

User customization upgrade for ChatGPT addresses

The world's biggest food group, Nestle, is set to hike prices this year. The chief executive officer of the group has said that the price surge is necessary to offset the impact of increased commodity costs. Consumer inflation is at a record high in many countries following the impact of the Ukraine war and the pandemic. The global supply chain logjams, because of Covid, were further aggravated by Russia's invasion of Ukraine last year, which led to a shortage of essentials in many parts of the world.

The multinational food and drink processing conglomerate is known for its widely consumed brands, such as Maggi instant noodles, Nestle coffee and KitKat chocolate bars. Prices were hiked last year but that could not fully tackle the increased costs for ingredients on margins, as per reports. In 2022, the company's reported sales increased 8.4 per cent to 94.4 billion Swiss francs ($102.31 billion).

Many consumer goods makers, including Unilever, have been increasing prices to deal with the inflation aftermath. Amid increased pressure on margins and profitability, the surge is set to continue this year.&nbsp;

Nestle Chief Executive Mark Schneider made the latest announcement - which came after the corporation missed its 2022 profit market forecasts - on Thursday (February 16). "Our gross margin is down about 260 basis points - that is massive. That is after all the pricing we have done in 2022," Schneider told reporters. &nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistanis-struggle-with-skyrocketing-milk-and-chicken-prices-as-inflation-tops-48-year-high-561693">Pakistanis struggle with skyrocketing milk and chicken prices as inflation tops 48-year high</a>

"Last year brought many challenges and tough choices for families, communities and businesses. Inflation surged to unprecedented levels, cost-of-living pressures intensified and the effect of geopolitical tensions were felt around the world," he further underlined.&nbsp;

(With inputs from agencies)

 
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The world's biggest food group, Nestle, is set to hike prices this year. The chief executive officer of the group has said that the price surge is necessary to offset the impact of increased commodity costs.

The world's biggest food group, Nestle, is set to hike prices this year. The chief executive officer of the group has said that the price surge is necessary to offset the impact of increased commodity costs. Consumer inflation is at a record high in many countries following the impact of the Ukraine war and the pandemic. The global supply chain logjams, because of Covid, were further aggravated by Russia's invasion of Ukraine last year, which led to a shortage of essentials in many parts of the world. The multinational food and drink processing conglomerate is known for its widely consumed brands, such as Maggi instant noodles, Nestle coffee and KitKat chocolate bars. Prices were hiked last year but that could not fully tackle the increased costs for ingredients on margins, as per reports. In 2022, the company's reported sales increased 8.4 per cent to 94.4 billion Swiss francs ($102.31 billion). Many consumer goods makers, including Unilever, have been increasing prices to deal with the inflation aftermath. Amid increased pressure on margins and profitability, the surge is set to continue this year. Nestle Chief Executive Mark Schneider made the latest announcement - which came after the corporation missed its 2022 profit market forecasts - on Thursday (February 16). "Our gross margin is down about 260 basis points - that is massive. That is after all the pricing we have done in 2022," Schneider told reporters. Also read: Pakistanis struggle with skyrocketing milk and chicken prices as inflation tops 48-year high "Last year brought many challenges and tough choices for families, communities and businesses. Inflation surged to unprecedented levels, cost-of-living pressures intensified and the effect of geopolitical tensions were felt around the world," he further underlined. (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.

KitKat, other Nestle products set to get costlier. Details here

The business anticipated current-quarter revenue of between $830 million and $855 million, below analysts' projections of $918.4 million, causing WeWork shares to decline 5.5% in morning trading.

Shares of Wework fell 5.5% in morning trade, issues glum revenue forecast

Bao Fan, a high-profile tech banker in China, has gone missing, sending chills down the country's finance industry. On Thursday (February 16), Bao's company China Renaissance Holdings Ltd said that it had lost touch with him, the news agency Bloomberg reported.

Bao Fan, a high-profile tech banker in China, has gone missing, sending chills down the country's finance industry. On Thursday (February 16), Bao's company China Renaissance Holdings Ltd said that it had lost touch with him, the news agency Bloomberg reported. A person familiar with developments said Bao Fan was out of contact with the company for two days, adding his family was told that he was assisting in an investigation. The person, who wished to remain anonymous, said that the former president of China Renaissance Cong Lin had been involved in an investigation by authorities since September last year. Cong has held various positions at the Industrial & Commercial Bank of China Ltd, and he left China Renaissance last year. China Renaissance stock slides by 50% On Friday (February 17), China Renaissance's stock slid by 50% in early Hong Kong trading to hit a low of $0.64 (around HK$5), wiping off $356.7 million (HK$2.8 billion) in market value, a report by news agency Reuters said. It regained ground to be off by 28%. The report added that so far, 19.04 million China Renaissance shares changed hands, the highest on record. Disappearance of top Chinese executives not uncommon It is not uncommon for top executives in China to disappear when they are involved in any government investigation. In late 2021, Chinese President Xi Jinping launched a broad anti-corruption investigation targeting the country's $60 trillion financial sector. The probe has implicated the investment banking community, ensnaring bankers from brokerages including Everbright Securities Co. and Guotai Junan Securities Co, Bloomberg reported. Bao Fan has been described as one of China's best-connected bankers and his disappearance has fuelled speculations of a fresh clampdown on the finance industry. A former banker at Morgan Stanley and Credit Suisse Group AG, Fan became popular for being able to broker difficult mergers and acquisitions, including those that led to the formation of Didi Global Inc. and Meituan. He started China Renaissance Holdings Ltd in 2005 and listed it in Hong Kong in 2018 after raising $346 million. The company is an active investor, backing many tech companies which grew to giants including NIO Inc. and WuXi AppTec Co. According to China Renaissance's most recent interim report, the company had $7.1 billion ( 48.6 billion yuan) under its investment manager at the end of June last year. Before Fan, property developer Seazen Group Ltd reported that it was unable to reach or contact its vice-chairman Qu Dejun. According to a report by Mingtiandi on Monday (February 13), Dejun was cooperating with authorities concerning an investigation into the Dalian Wanda Group, where he had previously worked. (With inputs form 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.

Top Chinese banker Bao Fan goes missing, sending chills down nation's finance industry: Reports

Becoming world's four biggest accountancy firm to slash jobs in the US. Reports say that KPMG is cutting close to 2% of its workforce in the country, this will be the turbulent macro-economic environment that has pressured consumers.

KPMG to cut 2% staff in US, several financial firms slash jobs