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<p>HSBC Holdings on Monday said that it is acquiring&nbsp;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.</p>

<p>"Silicon Valley Bank (UK) Ltd has today been sold to HSBC... Customers of SVB UK will be able to access their deposits and banking services as normal from today," said a Treasury statement, adding that the deal involved no taxpayer support.</p>

<p>In a statement, HSBC said that the transaction “completes immediately”, adding that the acquisition will be funded from existing resources.</p>

<p>“As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course,” the bank said.</p>

<p>The deal followed intense overnight bidding for SVB UK, with its chief executive Noel Quinn involved in frantic talks with Prime Minister Rishi Sunak, who is currently in California for a defence summit with the leaders of Australia and the US.</p>

<h2><strong>Silicon Valley Bank staff offered 45 days of work at 1.5 times pay</strong></h2>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/silicon-valley-bank-staff-offered-45-days-of-work-at-15-times-pay-571409/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>According to Sky News, JP Morgan, Barclays, and Lloyds Banking Group were among the large international banks that were asked to consider participating in the pre-insolvency sale process. A&nbsp;Middle Eastern buyer was also said to be one of the leading bidders.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/business-economy/us-govt-says-svb-customers-can-access-their-money-as-second-bank-fails-571313">US govt says SVB customers can access deposits as second lender Signature Bank fails</a></p>

<p>According to the Financial Times newspaper, SVB UK has 3,300 domestic clients, including start-ups, venture-backed companies and funds. Though many have deposits under the £85,000 threshold covered by the financial insurance scheme.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/business-economy/silicon-valley-bank-paid-out-annual-bonuses-to-employees-hours-before-seizure-report-571101">Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report</a></p>

<p>The announcement comes hours after the US government assured to protect the money of depositors, even the uninsured ones, as it races to find potential bidders to acquire the US unit of the SVB.</p>

<p>The US government said that the depositors will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system.</p>

<p>(With inputs from agencies)</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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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.

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. "Silicon Valley Bank (UK) Ltd has today been sold to HSBC... Customers of SVB UK will be able to access their deposits and banking services as normal from today," said a Treasury statement, adding that the deal involved no taxpayer support. In a statement, HSBC said that the transaction “completes immediately”, adding that the acquisition will be funded from existing resources. “As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course,” the bank said. The deal followed intense overnight bidding for SVB UK, with its chief executive Noel Quinn involved in frantic talks with Prime Minister Rishi Sunak, who is currently in California for a defence summit with the leaders of Australia and the US. Silicon Valley Bank staff offered 45 days of work at 1.5 times pay According to Sky News, JP Morgan, Barclays, and Lloyds Banking Group were among the large international banks that were asked to consider participating in the pre-insolvency sale process. A Middle Eastern buyer was also said to be one of the leading bidders. Also read | US govt says SVB customers can access deposits as second lender Signature Bank fails According to the Financial Times newspaper, SVB UK has 3,300 domestic clients, including start-ups, venture-backed companies and funds. Though many have deposits under the £85,000 threshold covered by the financial insurance scheme. Also read | Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report The announcement comes hours after the US government assured to protect the money of depositors, even the uninsured ones, as it races to find potential bidders to acquire the US unit of the SVB. The US government said that the depositors will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system. (With inputs from agencies) WATCH WION LIVE HERE

Silicon Valley Bank: HSBC to acquire lender's UK arm for one pound

<p>The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion.&nbsp;</p>

<p>This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.</p>

<p>The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand.</p>

<p>Also Read | <a href="https://www.wionews.com/india-news/1993-mumbai-blasts-30-years-on-a-scar-on-indian-city-that-still-cuts-deep-570949">1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep</a></p>

<p>Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.&nbsp;Aramco President &amp; CEO Amin H. Nasser said&nbsp;the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."</p>

<p>“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added.&nbsp;</p>

<p>Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund.&nbsp;Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products.</p>

<p>In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023.</p>

<p>Also Read | <a href="https://www.wionews.com/videos/indian-prime-minister-narendra-modi-to-visit-us-in-june-engagement-with-india-to-counter-china-571114">Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China</a></p>

<p>Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022.<br />
<br />
<em>(With inputs from agencies)</em><br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand. Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine. Aramco President & CEO Amin H. Nasser said the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world." “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added. Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund. Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products. In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023. Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi oil giant Aramco's annual profit soars to record high in 2022

<p>The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration. According to a report by the Axios on Saturday, the bonuses were for the work done last year and were previously scheduled to be disbursed on Friday. However, the day coincided with the bank's takeover by the Federal Deposit Insurance Corporation (FDIC).</p>

<p>Bonuses&nbsp;for employees in some other countries were scheduled for later in the month, and haven't been paid.&nbsp;</p>

<p>The Axios report said that an unknown number of SVB employees were emailed by the FDIC on Friday, offering them employment with the remnant organisation for the next 45 days. These employees would be compensated 1.5 times their normal salaries. On the other hand, hourly workers would receive 2 times their normal wages for overtime.</p>

<p><strong>ALSO READ | <a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">Explained: How Silicon Valley Bank crisis unfolded in 48 hours</a></strong></p>

<p>Speaking to the news website, a spokesperson from the insurance corporation said, "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process."</p>

<p>On Friday, American authorities swooped in and seized the assets of the SVB, which had been a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the bank to stay afloat on its own.&nbsp;</p>

<p>Given the bank's sudden collapse, US Treasury Secretary Janet Yellen convened an emergency meeting of the country's top banking regulators. Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remained resilient and regulators have effective tools to address this type of event, a statement from the Treasury department said.&nbsp;</p>

<p>The collapse of the bank has left markets jittery over a potential sign of widespread turmoil. However, analysts only see a limited risk of financial contagion.&nbsp;</p>

<p>CFRA Research's Ken Leon said that the SVB's woes were the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry." Leon said that stricter US regulations enacted after the 2008 financial crisis have helped contain trouble, the news agency AFP reported on Saturday.&nbsp;</p>

<p>Analysts at Morgan Stanley, meanwhile said, "We want to be very clear here...we do not believe there is a liquidity crunch facing the banking industry, and most banks in our coverage have ample access to liquidity."<br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration.

The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration. According to a report by the Axios on Saturday, the bonuses were for the work done last year and were previously scheduled to be disbursed on Friday. However, the day coincided with the bank's takeover by the Federal Deposit Insurance Corporation (FDIC). Bonuses for employees in some other countries were scheduled for later in the month, and haven't been paid. The Axios report said that an unknown number of SVB employees were emailed by the FDIC on Friday, offering them employment with the remnant organisation for the next 45 days. These employees would be compensated 1.5 times their normal salaries. On the other hand, hourly workers would receive 2 times their normal wages for overtime. ALSO READ | Explained: How Silicon Valley Bank crisis unfolded in 48 hours Speaking to the news website, a spokesperson from the insurance corporation said, "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process." On Friday, American authorities swooped in and seized the assets of the SVB, which had been a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the bank to stay afloat on its own. Given the bank's sudden collapse, US Treasury Secretary Janet Yellen convened an emergency meeting of the country's top banking regulators. Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remained resilient and regulators have effective tools to address this type of event, a statement from the Treasury department said. The collapse of the bank has left markets jittery over a potential sign of widespread turmoil. However, analysts only see a limited risk of financial contagion. CFRA Research's Ken Leon said that the SVB's woes were the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry." Leon said that stricter US regulations enacted after the 2008 financial crisis have helped contain trouble, the news agency AFP reported on Saturday. Analysts at Morgan Stanley, meanwhile said, "We want to be very clear here...we do not believe there is a liquidity crunch facing the banking industry, and most banks in our coverage have ample access to liquidity." 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.

Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report

<p>In what comes as the&nbsp;largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns&nbsp;with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around.&nbsp;</p>

<p>Days before SVB collapsed, the bank posted a self-congratulatory tweet where Forbes magazine had named it in the list of 'America's Best Banks' while also adding it to the Financial All-Stars list.&nbsp;</p>

<p>"Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list," read the tweet which is still up.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Proud to be on <a href="https://twitter.com/Forbes?ref_src=twsrc%5Etfw">@Forbes</a>' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list.<br />
<br />
👉 <a href="https://t.co/rEmfOSTT4f">https://t.co/rEmfOSTT4f</a> <a href="https://t.co/NFWlPJUbh5">pic.twitter.com/NFWlPJUbh5</a></p>
— SVB (@SVB_Financial) <a href="https://twitter.com/SVB_Financial/status/1632818336391213059?ref_src=twsrc%5Etfw">March 6, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<p>The tweet by SVB can be clubbed in the same league as the tweets that aged like milk,&nbsp;with the infamous tweet by World Health Organization citing&nbsp;COVID-19 did not spread through human contact taking the top spot.&nbsp;</p>

<p>Five days after SVB posted the boastful tweet, the regulators came down charging and seized control of its assets after it failed to meet the withdrawal demands of the investors.&nbsp;</p>

<h2><strong>SVB executives sell their shares</strong></h2>

<p>US media has reported that prior to the collapse, senior executives at SVB sold a significant portion of their shares.</p>

<p>CEO Gregory Becker sold 11 per cent of his shares last month while Daniel Beck, CFO, Michelle Draper, CMO and Michael Zucker, general counsel sold as much as 32 per cent, 25 per cent and 19 per cent shares respectively.&nbsp;</p>

<h2><strong>SVB paid bonuses to US employees</strong></h2>

<p>Additionally, hours before going bust, SVB paid out annual bonuses to its US employees, according to multiple news sources. The payments were made for the work done in 2022.&nbsp;</p>

<p>Though the size of payouts could not be confirmed, a CNBC report estimated the bonus to be in the&nbsp;$12,000-$140,000 range for associates and managing directors respectively.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/silicon-valley-bank-collapses-in-americas-biggest-banking-failure-since-2008-570853"><strong>WATCH |&nbsp;Silicon Valley Bank collapses in America's biggest banking failure since 2008</strong></a></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/silicon-valley-bank-collapses-in-americas-biggest-banking-failure-since-2008-570853/embed" width="560"></iframe></p>

<h2><strong>Hiring&nbsp;'financial crimes' senior manager</strong></h2>

<p>Another report states that the bank posted a job listing for Senior Manager, Financial Crimes on Friday, just before it was shut down.&nbsp;</p>

<p>"This position within Client [Bank Secrecy Act] Risk assesses Prospective client [Bank Secrecy Act]/[Anti-Money Laundering] risks pre-onboarding to approve or decline the Prospect as well as review Clients who may pivot during their relationship and require approval throughout the client’s relationship," read the job description.&nbsp;</p>

<h2><strong>VC firms pulling out their funds</strong></h2>

<p>A day before the fall, billionaire Peter Thiel's Founders Fund — a venture capital firm had withdrawn nearly all of its money from the bank, smelling the coffee.&nbsp;</p>

<p>Following the withdrawals, the fund&nbsp;no longer had any exposure to SVB. According to reports, the company had run into problems using SVB's services. Apart from Founders Fund,&nbsp;Coatue Management, and Union Square Ventures were the other VC firms that managed to avoid exposure to the bank.</p>

<p><a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945" target="_blank"><strong>Explained | How Silicon Valley Bank crisis unfolded in 48 hours</strong></a></p>

<p>However, the ordinary customers were not so lucky. Images and videos have gone viral on social media platforms which show anxious customers lining up outside the bank branches in long queues, waiting to withdraw their precious savings.&nbsp;</p>

<p>The videos captured drew eerie similarities to the Great Depression of the 1930s when people had to line up similarly to receive their own money.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
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<p dir="ltr" lang="en">US regulators have Shut Down Silicon Valley Bank (SVB) and taken control of its ‘Customer Deposits’ in the largest failure of a US Bank since 2008.<br />
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Massive line forms outside Silicon Valley Bank as Customers Panic 👀 <a href="https://t.co/zA7BJ3h6Vy">pic.twitter.com/zA7BJ3h6Vy</a></p>
— khafi martinaz (@usera49) <a href="https://twitter.com/usera49/status/1634358531485835266?ref_src=twsrc%5Etfw">March 11, 2023</a></blockquote>
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<p>Though Federal Deposit Insurance Corporation, or FDIC has assured it has access to $175 billion of the bank's customer deposits and that depositors will get hands over their insured amounts — there is still palpable anxiety.&nbsp;</p>

<p>The fact that big VC companies which have no dearth of money managed to save their funds while the ordinary public suffered, seems to suggest&nbsp;that something was fishy.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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In what comes as the largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around.

In what comes as the largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around. Days before SVB collapsed, the bank posted a self-congratulatory tweet where Forbes magazine had named it in the list of 'America's Best Banks' while also adding it to the Financial All-Stars list. "Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list," read the tweet which is still up. Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list. 👉 https://t.co/rEmfOSTT4f pic.twitter.com/NFWlPJUbh5 — SVB (@SVB_Financial) March 6, 2023 × The tweet by SVB can be clubbed in the same league as the tweets that aged like milk, with the infamous tweet by World Health Organization citing COVID-19 did not spread through human contact taking the top spot. Five days after SVB posted the boastful tweet, the regulators came down charging and seized control of its assets after it failed to meet the withdrawal demands of the investors. SVB executives sell their shares US media has reported that prior to the collapse, senior executives at SVB sold a significant portion of their shares. CEO Gregory Becker sold 11 per cent of his shares last month while Daniel Beck, CFO, Michelle Draper, CMO and Michael Zucker, general counsel sold as much as 32 per cent, 25 per cent and 19 per cent shares respectively. SVB paid bonuses to US employees Additionally, hours before going bust, SVB paid out annual bonuses to its US employees, according to multiple news sources. The payments were made for the work done in 2022. Though the size of payouts could not be confirmed, a CNBC report estimated the bonus to be in the $12,000-$140,000 range for associates and managing directors respectively. WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 Hiring 'financial crimes' senior manager Another report states that the bank posted a job listing for Senior Manager, Financial Crimes on Friday, just before it was shut down. "This position within Client [Bank Secrecy Act] Risk assesses Prospective client [Bank Secrecy Act]/[Anti-Money Laundering] risks pre-onboarding to approve or decline the Prospect as well as review Clients who may pivot during their relationship and require approval throughout the client’s relationship," read the job description. VC firms pulling out their funds A day before the fall, billionaire Peter Thiel's Founders Fund — a venture capital firm had withdrawn nearly all of its money from the bank, smelling the coffee. Following the withdrawals, the fund no longer had any exposure to SVB. According to reports, the company had run into problems using SVB's services. Apart from Founders Fund, Coatue Management, and Union Square Ventures were the other VC firms that managed to avoid exposure to the bank. Explained | How Silicon Valley Bank crisis unfolded in 48 hours However, the ordinary customers were not so lucky. Images and videos have gone viral on social media platforms which show anxious customers lining up outside the bank branches in long queues, waiting to withdraw their precious savings. The videos captured drew eerie similarities to the Great Depression of the 1930s when people had to line up similarly to receive their own money. US regulators have Shut Down Silicon Valley Bank (SVB) and taken control of its ‘Customer Deposits’ in the largest failure of a US Bank since 2008. Massive line forms outside Silicon Valley Bank as Customers Panic 👀 pic.twitter.com/zA7BJ3h6Vy — khafi martinaz (@usera49) March 11, 2023 × Though Federal Deposit Insurance Corporation, or FDIC has assured it has access to $175 billion of the bank's customer deposits and that depositors will get hands over their insured amounts — there is still palpable anxiety. The fact that big VC companies which have no dearth of money managed to save their funds while the ordinary public suffered, seems to suggest that something was fishy. (With inputs from agencies) WATCH WION LIVE HERE:

Did Silicon Valley Bank hoodwink everyone before its collapse?

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<p>USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.3 billion of its reserves in the now-collapsed Silicon Valley Bank (SVB).&nbsp;</p>

<p>USDC is a stablecoin, meaning its price is pegged to a reserve asset and in this case, the US dollar. However, after the revelation, the stablecoin broke its 1:1 dollar peg and fell as low as $0.87, before recovering to $0.90 at the end of the day.&nbsp;</p>

<p>According to a statement released by Circle, $3.3 billion of USDC's $40 billion reserves are held at the SVB.&nbsp;</p>

<p>"Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB," the company said in a tweet.&nbsp;</p>

<p>"Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators."</p>

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<p dir="ltr" lang="en">1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.</p>
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<p><a href="https://www.wionews.com/business-economy/silicon-valley-bank-crisis-what-led-to-stock-crash-whats-next-heres-everything-you-need-to-know-570568" target="_blank"><strong>Read more: Silicon Valley Bank crisis: What led to stock crash &amp; what's next. Here's everything you need to know</strong></a></p>

<p>Gavin Newsom, governor of California, where SVB is headquartered, released a statement in the aftermath saying&nbsp;he was in communication with the White House and monitoring the situation.&nbsp;</p>

<p>“Everyone is working with FDIC [Federal Deposit Insurance Corporation] to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy."</p>

<p><a href="https://www.wionews.com/videos/silicon-valley-bank-collapses-in-americas-biggest-banking-failure-since-2008-570853"><strong>WATCH |&nbsp;Silicon Valley Bank collapses in America's biggest banking failure since 2008</strong></a></p>

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<p>Notably, SVB collapsed on Friday, a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients.&nbsp;</p>

<p>It was the largest US bank failure since the 2008 financial crisis. The FDIC is now scurrying around to find another bank over the weekend that is willing to merge with SVB and stop the impending total collapse.&nbsp;</p>

<p><a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945" target="_blank"><strong>Explained | How Silicon Valley Bank crisis unfolded in 48 hours</strong></a></p>

<p><em>(With inputs from agencies)</em><br />
<br />
&nbsp;</p>

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USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.

USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.3 billion of its reserves in the now-collapsed Silicon Valley Bank (SVB). USDC is a stablecoin, meaning its price is pegged to a reserve asset and in this case, the US dollar. However, after the revelation, the stablecoin broke its 1:1 dollar peg and fell as low as $0.87, before recovering to $0.90 at the end of the day. According to a statement released by Circle, $3.3 billion of USDC's $40 billion reserves are held at the SVB. "Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB," the company said in a tweet. "Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators." 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB. — Circle (@circle) March 11, 2023 × Read more: Silicon Valley Bank crisis: What led to stock crash & what's next. Here's everything you need to know Gavin Newsom, governor of California, where SVB is headquartered, released a statement in the aftermath saying he was in communication with the White House and monitoring the situation. “Everyone is working with FDIC [Federal Deposit Insurance Corporation] to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy." WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 × Notably, SVB collapsed on Friday, a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients. It was the largest US bank failure since the 2008 financial crisis. The FDIC is now scurrying around to find another bank over the weekend that is willing to merge with SVB and stop the impending total collapse. Explained | How Silicon Valley Bank crisis unfolded in 48 hours (With inputs from agencies) WATCH WION LIVE HERE:

World’s fifth-biggest cryptocurrency USDC’s value falls after Silicon Valley Bank connection revealed

<p>Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time? Elon Musk, the CEO of Twitter, has said that he is open to the possibility of purchasing the defunct Silicon Valley Bank. He made these comments in response to a Tweet from Razer co-founder and CEO Min-Liang Tan. Tan recommended that Musk acquire the bank and transform it into a digital bank.</p>

<p>WATCH | <a href="https://www.wionews.com/world/watch-bizarre-is-it-raining-worms-in-china-570896">BIZARRE! Is it raining worms in China?</a></p>

<p>"I think Twitter should buy SVB and become a digital bank," he wrote on Twitter.&nbsp;In response to this, Musk wrote, "I’m open to the idea."</p>

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<p>His remarks rapidly gained traction online. It drew a slew of interesting reactions from netizens. One user wrote, "It would certainly kickstart Twitter as a financial institution. Perhaps?"&nbsp;</p>

<p>Another user joked, "Yeah, give him something to keep him busy. He barely has anything to do."</p>

<p>One Twitter user even went on to suggest a new name for SVB, "The Bank of Elon, Musk Bank, Bank X, Blue Bird Bank, I can keep going."&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/india-news/1993-mumbai-blasts-30-years-on-a-scar-on-indian-city-that-still-cuts-deep-570949">1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep</a></p>

<p>Musk, the founder of Tesla Inc. and SpaceX, acquired Twitter for $44 billion in a very contentious deal.</p>

<p>Silicon Valley Bank stated on Friday that it will be ceasing operations after the lender's statement that it would raise $2 billion in capital to cover losses sparked a significant sell-off.&nbsp;</p>

<p>Watch | <a href="https://www.wionews.com/videos/foreign-minister-bilawal-bhutto-admits-pakistan-unable-to-get-uns-attention-on-kashmir-570886">Foreign minister Bilawal Bhutto admits Pakistan unable to get UN’s attention on Kashmir</a></p>

<p>Following the bank's announcement, the crisis developed in just 48 hours. It caused an aggressive decline in its stock that resulted in a market loss of over $80 billion but also sparked panic among depositors and clients. Many startups and venture capital firms rushed to withdraw their money.=</p>

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Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time?

Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time? Elon Musk, the CEO of Twitter, has said that he is open to the possibility of purchasing the defunct Silicon Valley Bank. He made these comments in response to a Tweet from Razer co-founder and CEO Min-Liang Tan. Tan recommended that Musk acquire the bank and transform it into a digital bank. WATCH | BIZARRE! Is it raining worms in China? "I think Twitter should buy SVB and become a digital bank," he wrote on Twitter. In response to this, Musk wrote, "I’m open to the idea." His remarks rapidly gained traction online. It drew a slew of interesting reactions from netizens. One user wrote, "It would certainly kickstart Twitter as a financial institution. Perhaps?" Another user joked, "Yeah, give him something to keep him busy. He barely has anything to do." One Twitter user even went on to suggest a new name for SVB, "The Bank of Elon, Musk Bank, Bank X, Blue Bird Bank, I can keep going." Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Musk, the founder of Tesla Inc. and SpaceX, acquired Twitter for $44 billion in a very contentious deal. Silicon Valley Bank stated on Friday that it will be ceasing operations after the lender's statement that it would raise $2 billion in capital to cover losses sparked a significant sell-off. Watch | Foreign minister Bilawal Bhutto admits Pakistan unable to get UN’s attention on Kashmir Following the bank's announcement, the crisis developed in just 48 hours. It caused an aggressive decline in its stock that resulted in a market loss of over $80 billion but also sparked panic among depositors and clients. Many startups and venture capital firms rushed to withdraw their money.= 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.

For real? Tesla CEO Elon Musk teases buying collapsed Silicon Valley Bank

<p>US regulators have taken control over the Silicon Valley Bank (SVB) after it was shut down, marking the largest retail bank failure since the 2008 financial crisis.&nbsp;</p>

<p>The Federal Deposit Insurance Corporation (FDIC) on Friday announced that it has taken control of the customer deposits of the lender which are roughly around $175 billion. The regulator typically protects deposits of up to $250,000.</p>

<p>The bank primarily served technology workers and venture capital-backed companies, including some of the industry’s best-known brands.</p>

<p>The move came as the SVB was scrambling to raise money to plug a loss from the sale of assets affected by the Federal Reserve’s interest rate hikes.</p>

<p>The quick jump in interest rates meant that securities they had bought were selling for significantly less.&nbsp;</p>

<p>This sparked a rush of customer withdrawals amidst fears about the state of the banking sector.</p>

<p>The US regulator said they acted to "protect insured depositors" and that the bank offices would reopen and clients with insured deposits would have access to funds "no later than Monday morning". It added that money raised from selling the bank's assets would go to uninsured depositors.</p>

<h2><strong>Gravitas: Italy exposes China’s underground banking network</strong></h2>

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<p>Meanwhile, the chief executive officer of Silicon Valley Bank, Greg Becker, in a video message to the employees acknowledged the "incredibly difficult" 48 hours leading up to its collapse on Friday.</p>

<p>"It's with an incredibly heavy heart that I'm here to deliver&nbsp;this message," he said in the video seen by Reuters.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/hamburg-shooting-police-were-tipped-off-about-gunmans-mental-health-weeks-before-attack-570772">Hamburg shooting: Police were tipped off about gunman's mental health</a></p>

<p>The CEO said that he is cooperating with banking regulators to find a partner for the bank, but added that there is "no guarantee" that a deal will be struck.</p>

<p>According to the bank’s website, nearly half of the US technology and healthcare companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers.</p>

<p>It also boasted of its connections to leading tech companies such as Shopify, ZipRecruiter and one of the top venture capital firms, Andreesson Horowitz.</p>

<h2><strong>Markets collapse</strong></h2>

<p>The collapse of SVB hooked the global markets on Friday as banking shares across US, EU and UK were in red.</p>

<p>In the United States, First Republic Bank was among the hard-hit banks whose shares&nbsp; slumped 14.8 per cent, and Comerica, which slipped five per cent.</p>

<p>Larger banks like JPMorgan Chase and Bank of America had a mixed performance on Friday.</p>

<p>In London, shares in banking giant HSBC dropped 4.7 per cent, while Standard Chartered fell 4.4 per cent, Barclays 4.1 per cent and Lloyds 3.5 per cent, reports AFP news agency.</p>

<p>In the eurozone, Deutsche Bank tanked 10 per cent at one stage and closed down 7.4 per cent, while French lender Societe Generale slumped 4.5 per cent.</p>

<p>Asian stocks posted steep losses&nbsp;too.</p>

<p><em>(With inputs from agencies)</em><br />
<br />
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US regulators have taken control over the Silicon Valley Bank (SVB) after it was shut down, marking the largest retail bank failure since the 2008 financial crisis.

US regulators have taken control over the Silicon Valley Bank (SVB) after it was shut down, marking the largest retail bank failure since the 2008 financial crisis. The Federal Deposit Insurance Corporation (FDIC) on Friday announced that it has taken control of the customer deposits of the lender which are roughly around $175 billion. The regulator typically protects deposits of up to $250,000. The bank primarily served technology workers and venture capital-backed companies, including some of the industry’s best-known brands. The move came as the SVB was scrambling to raise money to plug a loss from the sale of assets affected by the Federal Reserve’s interest rate hikes. The quick jump in interest rates meant that securities they had bought were selling for significantly less. This sparked a rush of customer withdrawals amidst fears about the state of the banking sector. The US regulator said they acted to "protect insured depositors" and that the bank offices would reopen and clients with insured deposits would have access to funds "no later than Monday morning". It added that money raised from selling the bank's assets would go to uninsured depositors. Gravitas: Italy exposes China’s underground banking network Meanwhile, the chief executive officer of Silicon Valley Bank, Greg Becker, in a video message to the employees acknowledged the "incredibly difficult" 48 hours leading up to its collapse on Friday. "It's with an incredibly heavy heart that I'm here to deliver this message," he said in the video seen by Reuters. Also read | Hamburg shooting: Police were tipped off about gunman's mental health The CEO said that he is cooperating with banking regulators to find a partner for the bank, but added that there is "no guarantee" that a deal will be struck. According to the bank’s website, nearly half of the US technology and healthcare companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers. It also boasted of its connections to leading tech companies such as Shopify, ZipRecruiter and one of the top venture capital firms, Andreesson Horowitz. Markets collapse The collapse of SVB hooked the global markets on Friday as banking shares across US, EU and UK were in red. In the United States, First Republic Bank was among the hard-hit banks whose shares slumped 14.8 per cent, and Comerica, which slipped five per cent. Larger banks like JPMorgan Chase and Bank of America had a mixed performance on Friday. In London, shares in banking giant HSBC dropped 4.7 per cent, while Standard Chartered fell 4.4 per cent, Barclays 4.1 per cent and Lloyds 3.5 per cent, reports AFP news agency. In the eurozone, Deutsche Bank tanked 10 per cent at one stage and closed down 7.4 per cent, while French lender Societe Generale slumped 4.5 per cent. Asian stocks posted steep losses too. (With inputs from agencies) WATCH WION LIVE HERE

Silicon Valley Bank shuts down amidst liquidity crisis, regulator seizes assets; global markets tank

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<p>Job cuts by American companies over January and February this year hit the highest since 2009, with the technology sector accounting for more than a third of the over 180,000 job cuts announced. According to a report by employment firm Challenger, Gray &amp; Christmas Inc on Thursday (March 9), US-based employers announced 77,770 job cuts in February, down 24% from the 102,943 cuts announced in January.&nbsp;</p>

<p>"February’s total is the highest for the month since 2009 when 186,350 cuts were recorded. So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009 when a total of 428,099 job cuts were announced in January and February," the report said.&nbsp;</p>

<p>Andrew Challenger, Senior Vice President at Challenger, Gray &amp; Christmas Inc, said that employers are paying attention to rate increase plans from the Fed. "Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies," Challenger said in the report.&nbsp;</p>

<p>He said that at present, the overwhelming bulk of cuts are occurring in technology, adding that retail and finance are also cutting jobs as consumer spending matches economic conditions.&nbsp;</p>

<h2><strong>The sectors which are cutting jobs</strong></h2>

<p>According to the Challenger report on Thursday, technology, healthcare, retail, financial and fintech, and media and news announced job cuts.&nbsp;</p>

<p><strong>Technology:</strong>&nbsp;The report said that the technology sector cut the most number of jobs in February with 21,387, 28% of all cuts announced last month. "The industry has cut a total of 63,216, up 33,705% from the 187 cuts announced in the same period last year. This sector has announced 35% of all job cuts in 2023," the report said.&nbsp;</p>

<p><strong>Healthcare:</strong>&nbsp;The healthcare sector- which includes hospitals and healthcare products manufacturers- announced the second most number of job cuts in February at 9,749 compared to 8,928 cuts during the same month last year. Andrew Challenger said on Thursday that while many hospitals are still struggling to retain and attract staff, others are cutting costs as economic conditions continue to soften. When it comes to healthcare product manufacturers, Challenger said that such establishments are dealing with increasing costs of doing business and cutting back staff.&nbsp;</p>

<p><strong>Retail, financial and fintech:&nbsp;</strong>Thursday's report said that retailers announced 17,456 job cuts so far this year, up 2,194% from the 761 job cuts announced in the sector during the same period last year. "Financial firms have cut 17,235, 1,401% higher than the 1,148 cuts announced in January and February last year," the report said. It added that in January and February this year, the fintech sector announced 4,675 job cuts, 45% of the 10,476 the industry cut in all of 2022.</p>

<p><strong>Media and news:</strong>&nbsp;Till now, the media industry announced to cut 9,738 jobs, compared to 3,774 cuts announced last year. "Of those, 906 occurred in digital, print, and broadcast News, which Challenger tracks as a subset of Media, 546 of which occurred in February. This is up 353% from the 200 News cuts which occurred through February 2022," Thursday's statement said.&nbsp;</p>

<h2><strong>A downfall in hiring plans</strong></h2>

<p>Challenger, Gray &amp; Christmas Inc said on Thursday that there has been a downfall in hiring plans. Companies announced plans to hire 28,830 workers last month, down 12% from 32,764 hires announced in January. In February last year, 215,127 hiring plans were announced. "So far this year, companies announced plans to hire 61,594 workers, the lowest January-February total since 2016, when employers planned to hire just 15,901 workers in the first two months of the year," the report said.&nbsp;</p>

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Job cuts by American companies over January and February this year hit the highest since 2009, with the technology sector accounting for more than a third of the over 180,000 job cuts announced.

Job cuts by American companies over January and February this year hit the highest since 2009, with the technology sector accounting for more than a third of the over 180,000 job cuts announced. According to a report by employment firm Challenger, Gray & Christmas Inc on Thursday (March 9), US-based employers announced 77,770 job cuts in February, down 24% from the 102,943 cuts announced in January. "February’s total is the highest for the month since 2009 when 186,350 cuts were recorded. So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009 when a total of 428,099 job cuts were announced in January and February," the report said. Andrew Challenger, Senior Vice President at Challenger, Gray & Christmas Inc, said that employers are paying attention to rate increase plans from the Fed. "Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies," Challenger said in the report. He said that at present, the overwhelming bulk of cuts are occurring in technology, adding that retail and finance are also cutting jobs as consumer spending matches economic conditions. The sectors which are cutting jobs According to the Challenger report on Thursday, technology, healthcare, retail, financial and fintech, and media and news announced job cuts. Technology: The report said that the technology sector cut the most number of jobs in February with 21,387, 28% of all cuts announced last month. "The industry has cut a total of 63,216, up 33,705% from the 187 cuts announced in the same period last year. This sector has announced 35% of all job cuts in 2023," the report said. Healthcare: The healthcare sector- which includes hospitals and healthcare products manufacturers- announced the second most number of job cuts in February at 9,749 compared to 8,928 cuts during the same month last year. Andrew Challenger said on Thursday that while many hospitals are still struggling to retain and attract staff, others are cutting costs as economic conditions continue to soften. When it comes to healthcare product manufacturers, Challenger said that such establishments are dealing with increasing costs of doing business and cutting back staff. Retail, financial and fintech: Thursday's report said that retailers announced 17,456 job cuts so far this year, up 2,194% from the 761 job cuts announced in the sector during the same period last year. "Financial firms have cut 17,235, 1,401% higher than the 1,148 cuts announced in January and February last year," the report said. It added that in January and February this year, the fintech sector announced 4,675 job cuts, 45% of the 10,476 the industry cut in all of 2022. Media and news: Till now, the media industry announced to cut 9,738 jobs, compared to 3,774 cuts announced last year. "Of those, 906 occurred in digital, print, and broadcast News, which Challenger tracks as a subset of Media, 546 of which occurred in February. This is up 353% from the 200 News cuts which occurred through February 2022," Thursday's statement said. A downfall in hiring plans Challenger, Gray & Christmas Inc said on Thursday that there has been a downfall in hiring plans. Companies announced plans to hire 28,830 workers last month, down 12% from 32,764 hires announced in January. In February last year, 215,127 hiring plans were announced. "So far this year, companies announced plans to hire 61,594 workers, the lowest January-February total since 2016, when employers planned to hire just 15,901 workers in the first two months of the year," the report said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Layoffs by US companies over Jan-Feb hit highest since 2009, says report

<p>Former&nbsp;Goldman&nbsp;Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.</p>

<p>A jury in Brooklyn federal court last April found Ng,&nbsp;Goldman's former head of investment banking in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business.</p>

<p>The charges stem from some $6.5 billion in bonds that&nbsp;Goldman&nbsp;helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013.</p>

<p>US&nbsp;prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history.</p>

<p>Funds were used to buy high-end real estate, jewellery and artwork, and finance the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice.</p>

<p>US&nbsp;District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants "effectively stole money" meant for infrastructure and economic development projects to aid the Malaysian people.</p>

<p>"There is a critical need to deter crimes of pure greed like this one," Brodie said.</p>

<p>The 1MDB scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit.</p>

<p>Najib has consistently denied wrongdoing.</p>

<p>In a filing last week, federal prosecutors in Brooklyn urged Brodie to sentence Ng to 15 years in prison, calling him a "deeply corrupt banker" and arguing a stiff sentence was necessary to dissuade other financial professionals from bribing officials to win business.</p>

<p>"Foreign corruption undermines the public's confidence in international markets and institutions," prosecutors wrote. "It destroys people's faith in their leaders and it is deeply unfair to everybody else who plays by the rules."</p>

<p>In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018.</p>

<p>Ng had pleaded not guilty and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made.</p>

<p>Leissner had been&nbsp;Goldman's Southeast Asia chief. He pleaded guilty and testified against Ng as part of a cooperation agreement. He has not yet been sentenced.</p>

<p>Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains at large. Malaysian officials have said Low is in China, which Beijing denies.</p>

<p>In October 2020,&nbsp;Goldman&nbsp;agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge.<br />
<br />
<em>(With inputs from agencies)</em><br />
&nbsp;</p>

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Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.

Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday (March 9), after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. A jury in Brooklyn federal court last April found Ng, Goldman's former head of investment banking in Malaysia, guilty of helping his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe government officials to win business. The charges stem from some $6.5 billion in bonds that Goldman helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013. US prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. Funds were used to buy high-end real estate, jewellery and artwork, and finance the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice. US District Judge Margo Brodie, who imposed the sentence, said Ng and his co-defendants "effectively stole money" meant for infrastructure and economic development projects to aid the Malaysian people. "There is a critical need to deter crimes of pure greed like this one," Brodie said. The 1MDB scandal also rocked Malaysian politics. Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit. Najib has consistently denied wrongdoing. In a filing last week, federal prosecutors in Brooklyn urged Brodie to sentence Ng to 15 years in prison, calling him a "deeply corrupt banker" and arguing a stiff sentence was necessary to dissuade other financial professionals from bribing officials to win business. "Foreign corruption undermines the public's confidence in international markets and institutions," prosecutors wrote. "It destroys people's faith in their leaders and it is deeply unfair to everybody else who plays by the rules." In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018. Ng had pleaded not guilty and argued that $35 million in kickback payments he was accused of receiving was actually a return on an investment his wife had made. Leissner had been Goldman's Southeast Asia chief. He pleaded guilty and testified against Ng as part of a cooperation agreement. He has not yet been sentenced. Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains at large. Malaysian officials have said Low is in China, which Beijing denies. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. (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.

Ex-Goldman banker Ng sentenced to 10 years prison in 1MDB corruption case

<p>The United States Federal Trade Commission (FTC) said on Thursday (March 9) that it is expected to vote on March 16 on whether to send demands for information about deceptive advertising to eight social media and video streaming companies.&nbsp;</p>

<p>According to a statement released by the FTC, "the Commission will vote on whether to issue 6(b) Orders to eight social media and video streaming platforms concerning how they monitor and review deceptive advertising on their platforms."</p>

<p>The FTC said that these orders would examine the ad review practices of the companies and if any measures were taken to detect, prevent and reduce deceptive advertising on their platforms. This would include advertising related to fraudulent healthcare products, financial scams, and fake goods, the commission added.&nbsp;</p>

<p>The social media and video streaming companies that would receive the demands have not been identified yet.&nbsp;</p>

<p>Also on March 16, the FTC would vote on issuing demands for information to five business credit reporting agencies concerning how they collect data and market their products.&nbsp;</p>

<p>"A business credit report can affect a small business in many ways, including potentially impacting the terms on which it can obtain goods, services, and equipment necessary for the operation of the business. This study will provide the public with information about an industry that has a significant impact on small businesses, but that currently has little publicly available data about it," Thursday's statement read.&nbsp;</p>

<p>The above developments come after the FTC asked Twitter to turn over some internal communications related to the owner Elon Musk and other detailed information about business decisions as part of an investigation into the social media giant.&nbsp;</p>

<p>The commission has sent over a dozen letters to Twitter and its lawyers since Musk became the owner in October last year. One of the requests was that the social media giant identified all journalists who were granted access to company records. The FTC also wants Musk to testify in connection with the investigation.&nbsp;</p>

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The United States Federal Trade Commission (FTC) said on Thursday (March 9) that it is expected to vote on March 16 on whether to send demands for information about deceptive advertising to eight social media and video streaming companies.

The United States Federal Trade Commission (FTC) said on Thursday (March 9) that it is expected to vote on March 16 on whether to send demands for information about deceptive advertising to eight social media and video streaming companies. According to a statement released by the FTC, "the Commission will vote on whether to issue 6(b) Orders to eight social media and video streaming platforms concerning how they monitor and review deceptive advertising on their platforms." The FTC said that these orders would examine the ad review practices of the companies and if any measures were taken to detect, prevent and reduce deceptive advertising on their platforms. This would include advertising related to fraudulent healthcare products, financial scams, and fake goods, the commission added. The social media and video streaming companies that would receive the demands have not been identified yet. Also on March 16, the FTC would vote on issuing demands for information to five business credit reporting agencies concerning how they collect data and market their products. "A business credit report can affect a small business in many ways, including potentially impacting the terms on which it can obtain goods, services, and equipment necessary for the operation of the business. This study will provide the public with information about an industry that has a significant impact on small businesses, but that currently has little publicly available data about it," Thursday's statement read. The above developments come after the FTC asked Twitter to turn over some internal communications related to the owner Elon Musk and other detailed information about business decisions as part of an investigation into the social media giant. The commission has sent over a dozen letters to Twitter and its lawyers since Musk became the owner in October last year. One of the requests was that the social media giant identified all journalists who were granted access to company records. The FTC also wants Musk to testify in connection with the investigation. 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 FTC considering probe of deceptive advertising on social media

<p>The Silicon Valley Bank (SVB), one of the leading lenders in the United States has sparked a wave of panic in the country and brought down banking shares across the world. The development comes as the SVB announced a share sale to shore up its finances, but the plan did not go well on the Wall Street as investors went on a sell-off spree, triggering a crash in its shares.<br />
<br />
As concerns over the bank's financial position spooked the market, a person familiar with the matter said Greg Becker, the SVB Financial Group Chief Executive Officer held a conference call around 11:30 am with the bank's advising clients including its venture and capital investors for 10 minutes and urged them to 'stay calm' and to support the bank like they had been doing for the past 40 years. Now to understand what happened with one of the US's oldest lenders, it's important to look at why did it happen and what's next. Here's everything you need to know:</p>

<p><strong>When and how did the crisis begin?</strong></p>

<p>As per Google Finance, SVB's stock fell 60 per cent ($106.04) on Thursday and its bond posted record declines.</p>

<p>Back in 2021, the bank saw a massive influx in its deposits which jumped from $61.67 billion to almost $189.20 billion. As its deposits grew, it failed to generate its loan book fast enough to generate the yield it wanted to see on the deposited capital. To tackle this, the bank purchased a large mortgage-backed security (MBS) worth $80 billion for its hold-to-maturity (HTM) portfolio. Over 95 per cent of these MBS were for over 10 years, with an average yield of 1.56 per cent.&nbsp;</p>

<p>However, with the rise in Fed rates, the value of SVB's MBS decreased, as the customers could buy "risk free" bonds from the Fed at a 2.5x higher yield, meaning,&nbsp;with the rising value of the Fed, the value of existing bonds fell.&nbsp;</p>

<p><strong>Who are the SVB's clients?</strong></p>

<p>The United States' leading lender is deeply connected to startups, as its focuses on trade in Silicon Valley and tech startups only.&nbsp;</p>

<p>As per the bank's website, it does business with over 50 per cent of all US venture capital-backed startups and almost 45 per cent of US venture-backed tech and healthcare companies.</p>

<p>The SVB announced that it had sold $21 billion of its Available For Sale (AFS) securities at a $1.8 billion loss and was raising another $2.5 billion in equity and debt.&nbsp;</p>

<p>This came as a surprise for its investors, who thought that the bank won't sell its AFS securities. Prominent venture capitalists advised businesses and startups to withdraw their money from the bank.&nbsp;</p>

<p>According to Bloomberg, a high-profile VC firm, Founders Fund, asked its portfolio companies to move their money. Union Square Ventures and Founder Collective also advised their portfolio companies to pull their funds from the bank.&nbsp;</p>

<p><strong>What could happen next?</strong></p>

<p>With the ongoing crisis at the SVB, analysts have raised their respective concerns.</p>

<p>According to a founding engineer at Glean, Debarghya Das if tech companies and startups continue to pull their money out of the bank, the SVB might go bankrupt, and tech companies would be wiped out, raising the chances of recession. &nbsp;</p>


The Silicon Valley Bank (SVB), one of the leading lenders in the United States has sparked a wave of panic in the country and brought down banking shares across the world.

The Silicon Valley Bank (SVB), one of the leading lenders in the United States has sparked a wave of panic in the country and brought down banking shares across the world. The development comes as the SVB announced a share sale to shore up its finances, but the plan did not go well on the Wall Street as investors went on a sell-off spree, triggering a crash in its shares. As concerns over the bank's financial position spooked the market, a person familiar with the matter said Greg Becker, the SVB Financial Group Chief Executive Officer held a conference call around 11:30 am with the bank's advising clients including its venture and capital investors for 10 minutes and urged them to 'stay calm' and to support the bank like they had been doing for the past 40 years. Now to understand what happened with one of the US's oldest lenders, it's important to look at why did it happen and what's next. Here's everything you need to know: When and how did the crisis begin? As per Google Finance, SVB's stock fell 60 per cent ($106.04) on Thursday and its bond posted record declines. Back in 2021, the bank saw a massive influx in its deposits which jumped from $61.67 billion to almost $189.20 billion. As its deposits grew, it failed to generate its loan book fast enough to generate the yield it wanted to see on the deposited capital. To tackle this, the bank purchased a large mortgage-backed security (MBS) worth $80 billion for its hold-to-maturity (HTM) portfolio. Over 95 per cent of these MBS were for over 10 years, with an average yield of 1.56 per cent. However, with the rise in Fed rates, the value of SVB's MBS decreased, as the customers could buy "risk free" bonds from the Fed at a 2.5x higher yield, meaning, with the rising value of the Fed, the value of existing bonds fell. Who are the SVB's clients? The United States' leading lender is deeply connected to startups, as its focuses on trade in Silicon Valley and tech startups only. As per the bank's website, it does business with over 50 per cent of all US venture capital-backed startups and almost 45 per cent of US venture-backed tech and healthcare companies. The SVB announced that it had sold $21 billion of its Available For Sale (AFS) securities at a $1.8 billion loss and was raising another $2.5 billion in equity and debt. This came as a surprise for its investors, who thought that the bank won't sell its AFS securities. Prominent venture capitalists advised businesses and startups to withdraw their money from the bank. According to Bloomberg, a high-profile VC firm, Founders Fund, asked its portfolio companies to move their money. Union Square Ventures and Founder Collective also advised their portfolio companies to pull their funds from the bank. What could happen next? With the ongoing crisis at the SVB, analysts have raised their respective concerns. According to a founding engineer at Glean, Debarghya Das if tech companies and startups continue to pull their money out of the bank, the SVB might go bankrupt, and tech companies would be wiped out, raising the chances of recession.

Silicon Valley Bank crisis: What led to stock crash & what's next. Here's everything you need to know

<p>Aircraft manufacturing giant Boeing and defence technology company Shield AI are set to collaborate on Artificial Intelligence (AI) and autonomy for current and future defence programmes. According to a statement released by Boeing on Wednesday (March 8), the two companies have signed a memorandum of understanding "to explore strategic collaboration in the areas of autonomous capabilities and artificial intelligence".&nbsp;</p>

<p>The agreement, signed at the Air Force Association Warfare Symposium in Colorado, will be managed by Boeing Phantom Works. Steve Nordlund, vice president and general manager for Boeing’s Air Dominance organisation, said on Wednesday that the company has continued to leverage "talent from across the enterprise to make great strides in autonomous capabilities and programmes in recent years."</p>

<p>Nordlund added the collaboration with Shield AI would accelerate Boeing's ability to deliver these capabilities to the warfighter.&nbsp;</p>

<p>According to Wednesday's statement, Shield AI has created&nbsp;Hivemind,&nbsp;an artificial intelligence pilot that has flown a variety of aircraft. The defence technology said the AI pilot can enable swarms of drones and aircraft to operate autonomously without GPS, communications or a human pilot in the cockpit.&nbsp;</p>

<p>Shield AI's President and Co-founder Brandon Tseng that an AI pilot is the most strategic deterrent technology since the introduction of stealth aircraft and has proven successful in flying air-combat scenarios. Tseng, a former Navy SEAL, said that integrating Boeing aircraft with his company's AI pilot would redefine what large aircraft, crewed or uncrewed, could do.&nbsp;</p>

<p>"As the world leader in aerospace technology, Boeing has been exceptionally easy to engage with, so we are excited to expand our scope of work to co-develop, productise and bring to market the world’s best AI pilot for large aircraft,” Tseng added.&nbsp;<br />
<br />
<em>(With inputs from agencies)</em></p>

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Aircraft manufacturing giant Boeing and defence technology company Shield AI are set to collaborate on Artificial Intelligence (AI) and autonomy for current and future defence programmes.

Aircraft manufacturing giant Boeing and defence technology company Shield AI are set to collaborate on Artificial Intelligence (AI) and autonomy for current and future defence programmes. According to a statement released by Boeing on Wednesday (March 8), the two companies have signed a memorandum of understanding "to explore strategic collaboration in the areas of autonomous capabilities and artificial intelligence". The agreement, signed at the Air Force Association Warfare Symposium in Colorado, will be managed by Boeing Phantom Works. Steve Nordlund, vice president and general manager for Boeing’s Air Dominance organisation, said on Wednesday that the company has continued to leverage "talent from across the enterprise to make great strides in autonomous capabilities and programmes in recent years." Nordlund added the collaboration with Shield AI would accelerate Boeing's ability to deliver these capabilities to the warfighter. According to Wednesday's statement, Shield AI has created Hivemind, an artificial intelligence pilot that has flown a variety of aircraft. The defence technology said the AI pilot can enable swarms of drones and aircraft to operate autonomously without GPS, communications or a human pilot in the cockpit. Shield AI's President and Co-founder Brandon Tseng that an AI pilot is the most strategic deterrent technology since the introduction of stealth aircraft and has proven successful in flying air-combat scenarios. Tseng, a former Navy SEAL, said that integrating Boeing aircraft with his company's AI pilot would redefine what large aircraft, crewed or uncrewed, could do. "As the world leader in aerospace technology, Boeing has been exceptionally easy to engage with, so we are excited to expand our scope of work to co-develop, productise and bring to market the world’s best AI pilot for large aircraft,” Tseng added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Boeing to collaborate with defence tech firm on AI for defence programmes

<p>The recently departed chief executive of Shell saw his remuneration increase by more than 50 per cent&nbsp;to almost (almost US$12 million)&nbsp;in&nbsp; 2022, including a bonus that critics called "jaw-dropping," as reported by the Guardian.&nbsp;</p>

<p>The total compensation for Ben van Beurden, who retired at the end of the last year, increased from around US$8 million&nbsp;in 2021 to almost US$ 12 million in 2022. In 2021, his incentive was US$4.4&nbsp;million; in 2022, it was US$4.6 million.</p>

<p>Shell announced record earnings of $40 billion (£33.6 billion) for 2022 last month, driven by a rise in wholesale gas prices associated with the conflict in Ukraine. Profits prompted demands for a tougher windfall tax on North Sea oil and gas companies.</p>

<p>Van Beurden's compensation is expected to infuriate those pushing for CEO pay restrictions in light of the cost of living crisis in the UK.</p>

<p>Alice Harrison, the fossil fuels campaign leader at Global Witness, who spoke to the Guardian&nbsp;said: “It’s shocking but not surprising that one of the world’s richest oil and gas giants can hand its CEO a jaw-dropping bonus while hardworking people – nurses, paramedics, teachers – must strike to get fair pay.</p>

<p><strong>ALSO READ |</strong><a href="https://www.wionews.com/technology/metas-gender-pay-gap-women-paid-157-less-than-men-in-2022-says-report-570323">&nbsp;Meta's gender pay gap: Women paid 15.7% less than men in 2022, says report</a></p>

<p>“It’s a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that’s forcing families to choose between heating their homes and putting food on the table,” she added.&nbsp;</p>

<p>In the company's annual report, Shell stated it spent $25bn in 2022, comprising: $12.5bn on oil projects; $4.2bn in its gas and power sector; and $4.3bn on "low carbon energy solutions". Spending on non-energy sectors, like its retail division, totaled an additional $3.9 billion.</p>

<p>Global Witness urged US regulators to look into the oil company last month and perhaps levy fines due to what it claimed was "mislabeling" of its operations.</p>

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The recently departed chief executive of Shell saw his remuneration increase by more than 50 per cent to almost (almost US$12 million) in 2022, including a bonus that critics called "jaw-dropping," as reported by the Guardian.

The recently departed chief executive of Shell saw his remuneration increase by more than 50 per cent to almost (almost US$12 million) in 2022, including a bonus that critics called "jaw-dropping," as reported by the Guardian. The total compensation for Ben van Beurden, who retired at the end of the last year, increased from around US$8 million in 2021 to almost US$ 12 million in 2022. In 2021, his incentive was US$4.4 million; in 2022, it was US$4.6 million. Shell announced record earnings of $40 billion (£33.6 billion) for 2022 last month, driven by a rise in wholesale gas prices associated with the conflict in Ukraine. Profits prompted demands for a tougher windfall tax on North Sea oil and gas companies. Van Beurden's compensation is expected to infuriate those pushing for CEO pay restrictions in light of the cost of living crisis in the UK. Alice Harrison, the fossil fuels campaign leader at Global Witness, who spoke to the Guardian said: “It’s shocking but not surprising that one of the world’s richest oil and gas giants can hand its CEO a jaw-dropping bonus while hardworking people – nurses, paramedics, teachers – must strike to get fair pay. ALSO READ | Meta's gender pay gap: Women paid 15.7% less than men in 2022, says report “It’s a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that’s forcing families to choose between heating their homes and putting food on the table,” she added. In the company's annual report, Shell stated it spent $25bn in 2022, comprising: $12.5bn on oil projects; $4.2bn in its gas and power sector; and $4.3bn on "low carbon energy solutions". Spending on non-energy sectors, like its retail division, totaled an additional $3.9 billion. Global Witness urged US regulators to look into the oil company last month and perhaps levy fines due to what it claimed was "mislabeling" of its operations. WATCH WION LIVE HERE:

Former Shell CEO's salary jumped by more than 50% in 2022: Report

<p>The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" .</p>

<p>Any information, code, number, or token (not including Indian cash or foreign currency) created through cryptography or any other method and given any name is considered a "virtual digital asset" under the Income Tax Act.</p>

<p>The regulatory body further cautioned individuals not to "participate in and provide financial services related to an issuer's offer and sale of a virtual digital asset."</p>

<p>That's the most recent move towards governing digital assets more strictly. The movement of these assets out of India can now be monitored more closely by the government.</p>

<h2><b>What does this new regulation mean?</b></h2>

<p>Cryptocurrency and virtual asset exchanges, custodians, wallet providers, and other businesses operating in India are now considered "reporting companies" under the PMLA. Crypto companies need complete information on their investors and anyone else involved in the exchange of digital assets.</p>

<p>They need to keep up with KYC/AML standards for reporting to financial institutions, payment processors, and other intermediaries. In addition, it is now legal for crypto exchanges to report any suspicious activity to the appropriate Indian authorities.</p>

<p>Good news for the development of crypto in India, as this provides much-needed direction on how the industry should be regulated.This demonstrates that the Indian government is making efforts to adopt eco-friendly regulations.</p>

<p>There have been numerous warnings from India's central bank, but the country still has not finalised its cryptocurrency laws.</p>

<p>The administration of Prime Minister Narendra Modi has been at the forefront of efforts to secure a more comprehensive international agreement on digital assets as part of India's leadership role in the G20 forum.</p>

<p>Efforts to reach a global consensus on how to deal with the dangers posed by cryptocurrencies have been spearheaded by India.</p>

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The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" .

The Indian government has declared that the country's anti-corruption regulations will apply to token and cryptocurrency transactions. According to a notice issued by India's finance ministry, the Prevention of Money Laundering Act (PMLA) will apply to transactions involving "virtual digital assets" . Any information, code, number, or token (not including Indian cash or foreign currency) created through cryptography or any other method and given any name is considered a "virtual digital asset" under the Income Tax Act. The regulatory body further cautioned individuals not to "participate in and provide financial services related to an issuer's offer and sale of a virtual digital asset." That's the most recent move towards governing digital assets more strictly. The movement of these assets out of India can now be monitored more closely by the government. What does this new regulation mean? Cryptocurrency and virtual asset exchanges, custodians, wallet providers, and other businesses operating in India are now considered "reporting companies" under the PMLA. Crypto companies need complete information on their investors and anyone else involved in the exchange of digital assets. They need to keep up with KYC/AML standards for reporting to financial institutions, payment processors, and other intermediaries. In addition, it is now legal for crypto exchanges to report any suspicious activity to the appropriate Indian authorities. Good news for the development of crypto in India, as this provides much-needed direction on how the industry should be regulated.This demonstrates that the Indian government is making efforts to adopt eco-friendly regulations. There have been numerous warnings from India's central bank, but the country still has not finalised its cryptocurrency laws. The administration of Prime Minister Narendra Modi has been at the forefront of efforts to secure a more comprehensive international agreement on digital assets as part of India's leadership role in the G20 forum. Efforts to reach a global consensus on how to deal with the dangers posed by cryptocurrencies have been spearheaded by India. 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.

Crypto transactions now under India's money laundering law

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<p>Apple is changing the way it runs its international businesses, which shows how important India is becoming in the world and how much the company is focusing on the country.</p>

<p>This will be the first time that India becomes Apple's own sales region, which has seen demand surge, giving the Asian nation increased prominence inside the tech giant.</p>

<p>The shift will result in India becoming its own sales region at Apple, according to a report.</p>

<p>Media reports also say Apple is making the change after its vice president in charge of India, the Middle East, the Mediterranean, East Europe, and Africa -&nbsp;Hugues Asseman, recently retired.</p>

<p>Since he is leaving, the company that makes the iPhone is promoting its head of India, who used to work for Asseman.</p>

<p>The executive, Ashish Chowdhary, will now report directly to Michael Fenger, Apple’s head of product sales. Fenger and Doug Beck, both reporting to Apple CEO Tim Cook, are in charge of the company's international and domestic sales departments, respectively.</p>

<p>Apple's organisational structure combines hierarchical elements with those based on functions and product lines.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/apple-reshuffling-management-to-give-more-focus-on-india-570110"><strong>WATCH |&nbsp;Apple reshuffling management to give more focus on India</strong></a></p>

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<p>CEO Tim Cook made the company less rigid than it had been under Steve Jobs. Senior VPs of divisions and product managers no longer have to ask the CEO for permission before taking action.</p>

<p>The development comes on the heels of news of record revenue registered by Apple in India last quarter, even as its total sales slipped five per cent.&nbsp;</p>

<p>Apple has created an online store to serve the region and is planning to open its retail outlets in the country later this year.&nbsp;</p>

<p>In the last earnings call, chief executive officer Tim Cook said the company is putting "a lot of emphasis on the market" and compared the current state of its work in India to its early years in China.</p>

<p><a href="https://www.wionews.com/technology/apple-to-bring-chinese-suppliers-to-boost-production-in-india-553837"><strong>Read more:&nbsp;Apple to bring Chinese suppliers to boost production in India</strong></a></p>

<p>In addition to serving as a sales engine for Apple, India is also becoming more critical to the company’s product development.&nbsp;</p>

<p>Key suppliers are moving to the region, and Apple is working with manufacturing partner Hon Hai Precision Industry, also known as Foxconn, to set up new iPhone production facilities in the country.</p>

<p>The new management at Apple will change how the company is structured internally but won't change how the company reports regional sales in its publicly available financials.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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Apple is changing the way it runs its international businesses, which shows how important India is becoming in the world and how much the company is focusing on the country.

Apple is changing the way it runs its international businesses, which shows how important India is becoming in the world and how much the company is focusing on the country. This will be the first time that India becomes Apple's own sales region, which has seen demand surge, giving the Asian nation increased prominence inside the tech giant. The shift will result in India becoming its own sales region at Apple, according to a report. Media reports also say Apple is making the change after its vice president in charge of India, the Middle East, the Mediterranean, East Europe, and Africa - Hugues Asseman, recently retired. Since he is leaving, the company that makes the iPhone is promoting its head of India, who used to work for Asseman. The executive, Ashish Chowdhary, will now report directly to Michael Fenger, Apple’s head of product sales. Fenger and Doug Beck, both reporting to Apple CEO Tim Cook, are in charge of the company's international and domestic sales departments, respectively. Apple's organisational structure combines hierarchical elements with those based on functions and product lines. WATCH | Apple reshuffling management to give more focus on India × CEO Tim Cook made the company less rigid than it had been under Steve Jobs. Senior VPs of divisions and product managers no longer have to ask the CEO for permission before taking action. The development comes on the heels of news of record revenue registered by Apple in India last quarter, even as its total sales slipped five per cent. Apple has created an online store to serve the region and is planning to open its retail outlets in the country later this year. In the last earnings call, chief executive officer Tim Cook said the company is putting "a lot of emphasis on the market" and compared the current state of its work in India to its early years in China. Read more: Apple to bring Chinese suppliers to boost production in India In addition to serving as a sales engine for Apple, India is also becoming more critical to the company’s product development. Key suppliers are moving to the region, and Apple is working with manufacturing partner Hon Hai Precision Industry, also known as Foxconn, to set up new iPhone production facilities in the country. The new management at Apple will change how the company is structured internally but won't change how the company reports regional sales in its publicly available financials. (With inputs from agencies) WATCH WION LIVE HERE:

Apple's management shake-up reflects its focus on India

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<p>Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child.&nbsp;</p>

<p>A global slowdown and an impending recession have decreased the profit margins of nearly every tech giant and Meta - the world's largest social networking company - has borne the brunt of it as well. The fresh firings come in the backdrop of Meta slashing its 13 per cent workforce, or roughly 11,000 employees in November last year.&nbsp;</p>

<p><strong><a href="https://www.wionews.com/world/laid-off-meta-employees-at-loss-of-words-ask-for-work-opportunities-on-social-media-532946">Read more:</a>&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></strong></p>

<p>The new round of firings was foreshadowed by Zuckerberg himself, who hinted that more such layoffs were in the offing, as the company attempted to make itself leaner at the base level.&nbsp;</p>

<p>“I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” said Zuckerberg before adding, “But what I can say is that for where we are right now, that’s what I foresee.”</p>

<p>Zuckerberg has dubbed 2023 as the “year of efficiency” and keeping the motto in mind, the managers have given subpar ratings to the employees in the latest round of performance reviews. Experts believe that it has been done to make sure the layoff process goes on smoothly.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/another-round-of-jobs-cuts-at-meta-thousands-of-workers-could-be-impacted-reports-565005"><strong>WATCH |&nbsp;Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports</strong></a></p>

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<p>“We’ve always had a goal-based culture of high performance, and our review process is intended to incentivise long-term thinking and high-quality work, while helping employees get actionable feedback,” a Meta spokesperson was quoted as saying by Wall Street Journal.&nbsp;</p>

<p>Meta is not the only company to have announced mass layoffs. Amazon has already slashed its workforce by 18,000 while Google and Microsoft have culled their headcount by 12,000 and 10,000 respectively.</p>

<p>Companies like Twitter, HP Goldman Sachs, Phillips, Adobe, Lyft and Coinbase Global have also cumulatively fired over 14,000 employees.&nbsp;</p>

<p><a href="https://www.wionews.com/business-economy/thousands-of-employees-at-facebook-parent-company-meta-receive-subpar-reviews-signals-more-job-cuts-reports-563268" target="_blank"><strong>Read more: Thousands of employees at Facebook parent company Meta receive subpar reviews, signals more job cuts: Reports</strong></a></p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child.

Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child. A global slowdown and an impending recession have decreased the profit margins of nearly every tech giant and Meta - the world's largest social networking company - has borne the brunt of it as well. The fresh firings come in the backdrop of Meta slashing its 13 per cent workforce, or roughly 11,000 employees in November last year. Read more: Laid off Meta employees 'at loss of words', ask for work opportunities on social media The new round of firings was foreshadowed by Zuckerberg himself, who hinted that more such layoffs were in the offing, as the company attempted to make itself leaner at the base level. “I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” said Zuckerberg before adding, “But what I can say is that for where we are right now, that’s what I foresee.” Zuckerberg has dubbed 2023 as the “year of efficiency” and keeping the motto in mind, the managers have given subpar ratings to the employees in the latest round of performance reviews. Experts believe that it has been done to make sure the layoff process goes on smoothly. WATCH | Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports × “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivise long-term thinking and high-quality work, while helping employees get actionable feedback,” a Meta spokesperson was quoted as saying by Wall Street Journal. Meta is not the only company to have announced mass layoffs. Amazon has already slashed its workforce by 18,000 while Google and Microsoft have culled their headcount by 12,000 and 10,000 respectively. Companies like Twitter, HP Goldman Sachs, Phillips, Adobe, Lyft and Coinbase Global have also cumulatively fired over 14,000 employees. Read more: Thousands of employees at Facebook parent company Meta receive subpar reviews, signals more job cuts: Reports (With inputs from agencies) WATCH WION LIVE HERE:

Meta gears up for fresh round of firings, thousands could lose jobs: Report

<p>Philanthropist and Microsoft co-founder Bill Gates took to Instagram to praise India's love for innovation. Gates drove a Mahindra Treo electric auto around town and posted the video on his Instagram with a lovely, old Hindi song playing in the background. The electric auto, Gates wrote, has three wheels, zero emissions and makes no noise, well, except for the horn of course.</p>

<p>"India’s passion for innovation never ceases to amaze. I drove an electric rickshaw, capable of traveling up to 131km (about 81 miles) and carrying up to 4 people," Gates wrote.&nbsp;</p>

<p>"It’s inspiring seeing companies like Mahindra contribute to the decarbonization of the transportation industry."</p>

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<p>Gates can be seen smiling and driving the auto as <em>Babu samjho Ishare, horn pukare...</em> from <em>Chalti Ka Naam Gaadi</em> plays in the Insta video.</p>

<p>Mahindra Group chairman, Anand Mahindra, reacted to Gates' video with a quirky one-liner -- "Chalti ka Naam Bill Gates ki Gaadi". He even invited him and former cricketer Sachin Tendulkar to a three-wheeler EV drag race.</p>

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<p dir="ltr" lang="en">“Chalti ka Naam Bill Gates ki Gaadi” So glad you found the time to check out the Treo <a href="https://twitter.com/BillGates?ref_src=twsrc%5Etfw">@BillGates</a> Now on your next trip’s agenda should be a 3-wheeler EV drag race between you, <a href="https://twitter.com/sachin_rt?ref_src=twsrc%5Etfw">@sachin_rt</a> and me… <a href="https://t.co/v0jNikYyQg">pic.twitter.com/v0jNikYyQg</a></p>
— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/1632613503294124035?ref_src=twsrc%5Etfw">March 6, 2023</a></blockquote>
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<p>&nbsp;</p>

<p>Tendulkar is yet to reply to Mahindra's invitation.&nbsp;</p>

<p>Even though Gates' video looks like a planned promotional tactic for the Mahindra electric auto, nevertheless it is still fun to watch and an innovative marketing method. Tendulkar's response might just spice things up here. Let's wait and watch!</p>

<p>Gates is currently in India and has met with&nbsp;several top figures such as Prime Minister Narendra Modi, Anand Mahindra, Ratan Tata and Tendulkar.</p>

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<p dir="ltr" lang="en">My conversation with Prime Minister <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> left me more optimistic than ever about the progress that India is making in health, development, and climate. <a href="https://t.co/igH3ete4gD">https://t.co/igH3ete4gD</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a></p>
— Bill Gates (@BillGates) <a href="https://twitter.com/BillGates/status/1631863065741520898?ref_src=twsrc%5Etfw">March 4, 2023</a></blockquote>
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<p>Gates had met Tendulkar and Mahindra last week and the master blaster posted a picture of him and his wife alongside Gates.</p>

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<p dir="ltr" lang="en">I had a great time learning more about your work in children's healthcare. I’m optimistic that, working together, we can score a century for progress! <a href="https://t.co/JAPnjBQIwk">https://t.co/JAPnjBQIwk</a></p>
— Bill Gates (@BillGates) <a href="https://twitter.com/BillGates/status/1630715311975723008?ref_src=twsrc%5Etfw">February 28, 2023</a></blockquote>
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<p>Gates gave Mahindra a book in which he addressed him as a fellow Harvard classmate.</p>

<p>In his blog, Gates praised India for standing up to the biggest problems and coming up with solutions.&nbsp;</p>

<p>"India as a whole gives me hope for the future. It's about to become the world's most populous country, which means you can't solve most problems there without solving them at scale. And yet, India has proven it can tackle big challenges. The country eradicated polio, lowered HIV transmission, reduced poverty, cut infant mortality, and increased access to sanitation and financial services."</p>

<p><em>(With inputs from agencies)</em></p>

<p>&nbsp;</p>

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Philanthropist and Microsoft co-founder Bill Gates took to Instagram to praise India's love for innovation. Gates drove a Mahindra Treo electric auto around town and posted the video on his Instagram with a lovely, old Hindi song playing in the background.

Philanthropist and Microsoft co-founder Bill Gates took to Instagram to praise India's love for innovation. Gates drove a Mahindra Treo electric auto around town and posted the video on his Instagram with a lovely, old Hindi song playing in the background. The electric auto, Gates wrote, has three wheels, zero emissions and makes no noise, well, except for the horn of course. "India’s passion for innovation never ceases to amaze. I drove an electric rickshaw, capable of traveling up to 131km (about 81 miles) and carrying up to 4 people," Gates wrote. "It’s inspiring seeing companies like Mahindra contribute to the decarbonization of the transportation industry." View this post on Instagram A post shared by Bill Gates (@thisisbillgates) × Gates can be seen smiling and driving the auto as Babu samjho Ishare, horn pukare... from Chalti Ka Naam Gaadi plays in the Insta video. Mahindra Group chairman, Anand Mahindra, reacted to Gates' video with a quirky one-liner -- "Chalti ka Naam Bill Gates ki Gaadi". He even invited him and former cricketer Sachin Tendulkar to a three-wheeler EV drag race. “Chalti ka Naam Bill Gates ki Gaadi” So glad you found the time to check out the Treo @BillGates Now on your next trip’s agenda should be a 3-wheeler EV drag race between you, @sachin_rt and me… pic.twitter.com/v0jNikYyQg — anand mahindra (@anandmahindra) March 6, 2023 × Tendulkar is yet to reply to Mahindra's invitation. Even though Gates' video looks like a planned promotional tactic for the Mahindra electric auto, nevertheless it is still fun to watch and an innovative marketing method. Tendulkar's response might just spice things up here. Let's wait and watch! Gates is currently in India and has met with several top figures such as Prime Minister Narendra Modi, Anand Mahindra, Ratan Tata and Tendulkar. My conversation with Prime Minister @narendramodi left me more optimistic than ever about the progress that India is making in health, development, and climate. https://t.co/igH3ete4gD @PMOIndia — Bill Gates (@BillGates) March 4, 2023 × Gates had met Tendulkar and Mahindra last week and the master blaster posted a picture of him and his wife alongside Gates. I had a great time learning more about your work in children's healthcare. I’m optimistic that, working together, we can score a century for progress! https://t.co/JAPnjBQIwk — Bill Gates (@BillGates) February 28, 2023 × Gates gave Mahindra a book in which he addressed him as a fellow Harvard classmate. In his blog, Gates praised India for standing up to the biggest problems and coming up with solutions. "India as a whole gives me hope for the future. It's about to become the world's most populous country, which means you can't solve most problems there without solving them at scale. And yet, India has proven it can tackle big challenges. The country eradicated polio, lowered HIV transmission, reduced poverty, cut infant mortality, and increased access to sanitation and financial services." (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.

WATCH: Bill Gates drives an electric auto as Manna Dey, Kishore Kumar croon in the background

<p>Germany's government is&nbsp;planning&nbsp;on forbidding telecoms operators&nbsp;from&nbsp;using certain components&nbsp;from&nbsp;Chinese companies&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;in their&nbsp;5G&nbsp;networks, German&nbsp;paper&nbsp;Zeit Online wrote on Monday.</p>

<p>The&nbsp;ban&nbsp;could include components already built into the&nbsp;networks, requiring operators to remove and replace them, Zeit Online wrote, citing government sources.</p>

<p>The government, which is currently in the midst of a broader re-evaluation of its relationship with top trade partner China, did not immediately reply to a request for comment.</p>

<p>Critics of&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;say that their close links to China’s security services mean that embedding it in the ubiquitous mobile&nbsp;networks&nbsp;of the future could give Chinese spies and even saboteurs access to swathes of essential infrastructure.</p>

<p>Huawei,&nbsp;ZTE&nbsp;and the Chinese government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. They did not immediately reply to a request for comment on a possible&nbsp;ban.</p>

<p>Germany&nbsp;passed an IT security law in 2021 setting high hurdles for makers of telecommunications equipment for next-generation&nbsp;networks, but stopping short of&nbsp;banning&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;as some other countries have done.</p>

<p>A new report shows that&nbsp;Germany&nbsp;has actually become even more dependent on&nbsp;Huawei&nbsp;for its&nbsp;5G&nbsp;radio access network equipment (RAN) than in its 4G network, even though operators have avoided using the firm's technology for the core&nbsp;networks.</p>

<p>Zeit Online said the government's cybersecurity agency and interior ministry had for months been checking if there were components in the growing&nbsp;5G&nbsp;networks&nbsp;that could put German security at risk.</p>

<p>The survey had not officially been ended, but the result was already clear, the&nbsp;paper&nbsp;said, citing government sources. The government would&nbsp;ban&nbsp;operators&nbsp;from&nbsp;using certain controlling elements&nbsp;from&nbsp;Huawei&nbsp;and&nbsp;ZTE&nbsp;in&nbsp;5G&nbsp;networks.</p>

<p>&nbsp;</p>

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Germany's government is planning on forbidding telecoms operators from using certain components from Chinese companies Huawei and ZTE in their 5G networks, German paper Zeit Online wrote on Monday.

Germany's government is planning on forbidding telecoms operators from using certain components from Chinese companies Huawei and ZTE in their 5G networks, German paper Zeit Online wrote on Monday. The ban could include components already built into the networks, requiring operators to remove and replace them, Zeit Online wrote, citing government sources. The government, which is currently in the midst of a broader re-evaluation of its relationship with top trade partner China, did not immediately reply to a request for comment. Critics of Huawei and ZTE say that their close links to China’s security services mean that embedding it in the ubiquitous mobile networks of the future could give Chinese spies and even saboteurs access to swathes of essential infrastructure. Huawei, ZTE and the Chinese government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. They did not immediately reply to a request for comment on a possible ban. Germany passed an IT security law in 2021 setting high hurdles for makers of telecommunications equipment for next-generation networks, but stopping short of banning Huawei and ZTE as some other countries have done. A new report shows that Germany has actually become even more dependent on Huawei for its 5G radio access network equipment (RAN) than in its 4G network, even though operators have avoided using the firm's technology for the core networks. Zeit Online said the government's cybersecurity agency and interior ministry had for months been checking if there were components in the growing 5G networks that could put German security at risk. The survey had not officially been ended, but the result was already clear, the paper said, citing government sources. The government would ban operators from using certain controlling elements from Huawei and ZTE in 5G networks. 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.

Germany planning to ban Huawei, ZTE from parts of 5G networks: Paper

India is aiming for high growth in manufacturing of electronic goods with the target of touching 300 billion mark by 2026. Mobile phones will be among top 10 export categories.

India targets Global electronics supply chain

One important conclusion has emerged following a mixed earnings season in Australia: things will only get worse. Negative profit surprises were reported by 158 S&P/ASX 200 index companies, or almost 41% of them, when they released their half-year results in February.

Cracks beginning to form in Australia's economy

Video conferencing platform Zoom has fired around 15% of its workforce or 1300 employees last month. Now, it has asked president Greg Tomb to leave the company.

Zoom's President Greg Tomb abruptly fired - What happened? | Breaking News

<p>Billionaire Elon Musk and his microblogging digital platform Twitter are always trending online for some or other reasons. This time, Musk is facing scrutiny by the Turkish competition board over the process with which the Tesla CEO took over the social media platform, Twitter.&nbsp;&nbsp;</p>

<p>In a statement on Monday, the Turkish Competition Board said that it will impose a fine on Musk as the takeover of the company was made without the board's permission in Turkiye.&nbsp;</p>

<p>It added that the fine on billionaire Elon Musk will be 0.1 per cent of Twitter's gross income in Turkey in 2022.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/business-economy/indigo-in-talks-with-boeing-for-largest-jet-purchase-airbus-to-get-a-tough-fight-569124">Indian airline Indigo in talks with Boeing for largest-ever jet order, Airbus to get a tough fight</a></p>

<p>Additionally, the board also clarified in the statement that the ruling would be open to a legal challenge.</p>

<p>The competition body ensures a competitive market structure that encourages firms to continually adapt their competitive strengths to market conditions, as per a description of the body on the official website.&nbsp;</p>

<p>Elon Musk acquired the social media company for $44 billion and became its CEO on 27 October last year.&nbsp;</p>

<p>Ever since Twitter's takeover took place, Musk has announced several changes on the platform. For instance, he launched Blue Verified subscription plans and started off view counts display for all Tweets among others.&nbsp;</p>

<p>The Tesla CEO is also adapting to cost-cutting measures such as layoffs and closing down few of its offices.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/world/worlds-first-openly-transgender-mp-georgina-beyer-dies-in-new-zealand-at-65-569186">World’s first openly transgender MP, Georgina Beyer, dies in New Zealand at 65</a></p>

<p>Barely 48 hours after being crowned as the world’s richest person, tech billionaire Elon Musk on Wednesday lost the tag once again since he lost $1.9 billion of wealth in a single day, causing him to slide into second place.</p>

<p>Watch | <a href="https://www.wionews.com/videos/elite-israeli-defence-pilots-protest-judicial-reforms-by-boycott-reserve-duty-training-569103">Elite Israeli defence pilots protest judicial reforms by boycotting reserve duty, training</a></p>

<p>Tesla’s shares —where much of Musk’s fortune is tied up—tumbled after traders were left disappointed by Tesla’s 2023 Investor Day.</p>

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Billionaire Elon Musk and his microblogging digital platform Twitter are always trending online for some or other reasons. This time, Musk is facing scrutiny by the Turkish competition board over the process with which the Tesla CEO took over the social media platform, Twitter.

Billionaire Elon Musk and his microblogging digital platform Twitter are always trending online for some or other reasons. This time, Musk is facing scrutiny by the Turkish competition board over the process with which the Tesla CEO took over the social media platform, Twitter. In a statement on Monday, the Turkish Competition Board said that it will impose a fine on Musk as the takeover of the company was made without the board's permission in Turkiye. It added that the fine on billionaire Elon Musk will be 0.1 per cent of Twitter's gross income in Turkey in 2022. Also Read | Indian airline Indigo in talks with Boeing for largest-ever jet order, Airbus to get a tough fight Additionally, the board also clarified in the statement that the ruling would be open to a legal challenge. The competition body ensures a competitive market structure that encourages firms to continually adapt their competitive strengths to market conditions, as per a description of the body on the official website. Elon Musk acquired the social media company for $44 billion and became its CEO on 27 October last year. Ever since Twitter's takeover took place, Musk has announced several changes on the platform. For instance, he launched Blue Verified subscription plans and started off view counts display for all Tweets among others. The Tesla CEO is also adapting to cost-cutting measures such as layoffs and closing down few of its offices. Also Read | World’s first openly transgender MP, Georgina Beyer, dies in New Zealand at 65 Barely 48 hours after being crowned as the world’s richest person, tech billionaire Elon Musk on Wednesday lost the tag once again since he lost $1.9 billion of wealth in a single day, causing him to slide into second place. Watch | Elite Israeli defence pilots protest judicial reforms by boycotting reserve duty, training Tesla’s shares —where much of Musk’s fortune is tied up—tumbled after traders were left disappointed by Tesla’s 2023 Investor Day. 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.

Turkish competition board to fine Elon Musk 0.1% of Twitter's gross income in Turkey, here's why

<p>Tesla&nbsp;Inc has cut prices on its two most expensive electric vehicles in the United States, according to the company's website, days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand.</p>

<p>The price cuts,&nbsp;Tesla's fifth adjustment since the start of the year, ranged from 4 per cent&nbsp;on the performance version of the Model S to 9 per cent&nbsp;on the more expensive Model X.</p>

<p><a href="https://www.wionews.com/business-economy/tesla-gets-tax-benefits-worth-over-330-million-from-nevada-568076"><strong>Also read |&nbsp;Tesla gets tax benefits worth over $330 million from Nevada</strong></a></p>

<p>Musk has said repeatedly in recent months that&nbsp;Tesla&nbsp;would focus on bringing prices down to drive demand and that it had seen success in sparking orders with global discounts introduced in January.</p>

<p>"The desire for people to own a&nbsp;Tesla&nbsp;is extremely high. The limiting factor is their ability to pay for a&nbsp;Tesla," Musk said last week at&nbsp;Tesla's investor day.</p>

<p>Tesla&nbsp;did not immediately respond to a request for comment on the most recent price cuts.</p>

<p>Tesla&nbsp;slashed prices on its cars across all of its markets in January, offering discounts of up to 20 per cent in what many analysts saw as the start of a price war by the electric vehicle market leader.</p>

<p><strong>Watch |&nbsp;Tesla to invest $3.6 BN in Nevada for two new factories</strong></p>

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<p>It has been adjusting prices since with a pace and frequency that goes beyond what established automakers have attempted in an industry where a car's base price is still referred to as a "sticker price" on a vehicle in inventory.</p>

<p>The Model S and Model X, which come in base all-wheel drive (AWD) and performance "Plaid" editions, represented about 4 per cent&nbsp;of&nbsp;Tesla's global deliveries in 2022. Its two cheaper models, the Model 3 sedan and Model Y crossover, made up the rest.</p>

<p>Tesla's website showed it had cut prices on both versions of its Model S by $5,000. The basic version of Model S was cut by 5 per cent&nbsp;to $89,990, while the price of the performance, Plaid variant was cut by 4 per cent&nbsp;to $109,990.</p>

<p>Prices of both the performance and basic variants of Model X cars were cut by $10,000, the electric vehicle maker's website showed. The price of the basic, AWD version of the Model X was cut by 9 per cent&nbsp;to $99,990 while its performance Plaid version was cut by 8 per cent&nbsp;to $109,990.</p>

<p>Tesla&nbsp;has a new version of the Model 3 codenamed "Highland" scheduled to go into production later this year and a change to the Model Y codenamed "Juniper" for next year, Reuters has reported.</p>

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Tesla Inc has cut prices on its two most expensive electric vehicles in the United States, according to the company's website, days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand.

Tesla Inc has cut prices on its two most expensive electric vehicles in the United States, according to the company's website, days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand. The price cuts, Tesla's fifth adjustment since the start of the year, ranged from 4 per cent on the performance version of the Model S to 9 per cent on the more expensive Model X. Also read | Tesla gets tax benefits worth over $330 million from Nevada Musk has said repeatedly in recent months that Tesla would focus on bringing prices down to drive demand and that it had seen success in sparking orders with global discounts introduced in January. "The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla," Musk said last week at Tesla's investor day. Tesla did not immediately respond to a request for comment on the most recent price cuts. Tesla slashed prices on its cars across all of its markets in January, offering discounts of up to 20 per cent in what many analysts saw as the start of a price war by the electric vehicle market leader. Watch | Tesla to invest $3.6 BN in Nevada for two new factories It has been adjusting prices since with a pace and frequency that goes beyond what established automakers have attempted in an industry where a car's base price is still referred to as a "sticker price" on a vehicle in inventory. The Model S and Model X, which come in base all-wheel drive (AWD) and performance "Plaid" editions, represented about 4 per cent of Tesla's global deliveries in 2022. Its two cheaper models, the Model 3 sedan and Model Y crossover, made up the rest. Tesla's website showed it had cut prices on both versions of its Model S by $5,000. The basic version of Model S was cut by 5 per cent to $89,990, while the price of the performance, Plaid variant was cut by 4 per cent to $109,990. Prices of both the performance and basic variants of Model X cars were cut by $10,000, the electric vehicle maker's website showed. The price of the basic, AWD version of the Model X was cut by 9 per cent to $99,990 while its performance Plaid version was cut by 8 per cent to $109,990. Tesla has a new version of the Model 3 codenamed "Highland" scheduled to go into production later this year and a change to the Model Y codenamed "Juniper" for next year, Reuters has reported. WATCH WION LIVE HERE

Tesla to cut US Model S and Model X prices by 4% and 9%

<p>Indian budget carrier IndiGo is all set to script history in the aviation industry by making a colossal purchase of over 500 passenger aircraft with Boeing and its current supplier Airbus as the potential suppliers, reported Reuters quoting sources. &nbsp;</p>

<p>Earlier, Tata Group airline and Indigo's rival, Air India, placed the biggest-ever order of 540 aircraft, both short and long haul, from Boeing and Airbus reportedly for a whopping $82 million.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/world/uk-boris-johnson-nominates-father-stanley-johnson-for-knighthood-report-569117">UK: Boris Johnson nominates father Stanley Johnson for Knighthood: Report</a></p>

<p>This is a significant advance from Indigo's earlier exclusive narrow-body jet purchases from Airbus as now India's largest airline plans to purchase passenger aircraft, the news agency reported.&nbsp;</p>

<p>French Finance Minister Bruno Le Maire last month said that Airbus was close to landing a big order of "several hundreds aircraft" from Indigo.&nbsp;</p>

<p>During his visit to India for a G20 meeting, the minister said the contract could be signed at the French airshow in Le Bourget in the month of June.&nbsp;</p>

<p>Indigo seems to be right on the track of a fleet renewal spree as it implements its expansion plans. Taking a step forward from its conventional fleet, India's largest airline is now eyeing to also include mid-sized wide-body jets.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/world/another-train-derails-in-ohio-but-poses-no-risk-to-public-health-says-company-569109">Another train derails in Ohio, but poses no risk to public health, says company</a></p>

<p>And as it gears up to do that, Indigo has two options at its disposal for the mid-sized wide-body jets, Boeing's 787 Dreamliner and the upgraded Airbus A330neo, Reuters said quoting sources.&nbsp;</p>

<p>As far as narrow-body jets are concerned, after proper comparison and consideration, InterGlobe Aviation Ltd owned Indigo can either go with A320neo or with Boeing 737 MAX.</p>

<p>Watch | <a href="https://www.wionews.com/videos/elite-israeli-defence-pilots-protest-judicial-reforms-by-boycott-reserve-duty-training-569103">Elite Israeli defence pilots protest judicial reforms by boycotting reserve duty, training</a></p>

<p>However, Indigo has not made any official statement as of yet. One of the company's representatives told Reuters that the company has not finalised anything till now.&nbsp;</p>

<p>Meanwhile, Airbus said it is "always in contact with existing and potential customers".&nbsp;</p>

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Indian budget carrier IndiGo is all set to script history in the aviation industry by making a colossal purchase of over 500 passenger aircraft with Boeing and its current supplier Airbus as the potential suppliers, reported Reuters quoting sources.

Indian budget carrier IndiGo is all set to script history in the aviation industry by making a colossal purchase of over 500 passenger aircraft with Boeing and its current supplier Airbus as the potential suppliers, reported Reuters quoting sources. Earlier, Tata Group airline and Indigo's rival, Air India, placed the biggest-ever order of 540 aircraft, both short and long haul, from Boeing and Airbus reportedly for a whopping $82 million. Also Read | UK: Boris Johnson nominates father Stanley Johnson for Knighthood: Report This is a significant advance from Indigo's earlier exclusive narrow-body jet purchases from Airbus as now India's largest airline plans to purchase passenger aircraft, the news agency reported. French Finance Minister Bruno Le Maire last month said that Airbus was close to landing a big order of "several hundreds aircraft" from Indigo. During his visit to India for a G20 meeting, the minister said the contract could be signed at the French airshow in Le Bourget in the month of June. Indigo seems to be right on the track of a fleet renewal spree as it implements its expansion plans. Taking a step forward from its conventional fleet, India's largest airline is now eyeing to also include mid-sized wide-body jets. Also Read | Another train derails in Ohio, but poses no risk to public health, says company And as it gears up to do that, Indigo has two options at its disposal for the mid-sized wide-body jets, Boeing's 787 Dreamliner and the upgraded Airbus A330neo, Reuters said quoting sources. As far as narrow-body jets are concerned, after proper comparison and consideration, InterGlobe Aviation Ltd owned Indigo can either go with A320neo or with Boeing 737 MAX. Watch | Elite Israeli defence pilots protest judicial reforms by boycotting reserve duty, training However, Indigo has not made any official statement as of yet. One of the company's representatives told Reuters that the company has not finalised anything till now. Meanwhile, Airbus said it is "always in contact with existing and potential customers". 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.

Indian airline Indigo in talks with Boeing for largest-ever jet order, Airbus to get a tough fight

<p>At the annual session of the National People's Congress on Sunday, China set a modest economic target of "around 5 per cent" for 2023 as it geared up for several challenges, including weakening demand for Chinese exports, and crackdown on the private sector.</p>

<p>Making the announcement, outgoing Premier Li Keqiang stressed on the need for economic stability and expanding consumption. He also said that China is looking to set a goal to create around 12 million urban jobs this year.</p>

<p>He set a budget deficit target at 3&nbsp;per cent of the gross domestic product (GDP), widening from a goal of around 2.8 per cent last year.</p>

<p>"We should give priority to the recovery and expansion of consumption," said Li, whose speech lasted for almost an hour in the opening session of the parliament, which will function till March 13, according to Reuters news agency.</p>

<h2><strong>Intelligence chiefs from 25 countries&nbsp;meet&nbsp;in India</strong></h2>

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<p>"The incomes of urban and rural residents should be boosted through multiple channels. We should stabilise spending on big-ticket items and promote recovery in consumption of consumer services," he was quoted as saying.</p>

<p>Last year, China grew by just 3 per cent, one of its worst performances in decades, as it continued to reel under three years of severe COVID-19 restrictions.</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/china-increases-its-military-budget-to-72-per-cent-for-2023-eyes-peaceful-reunification-with-taiwan-568690">China increases its military budget to 7.2 per cent for 2023</a></p>

<p>In his work report, outgoing Premier Li Keqiang emphasised the need for economic stability and expanding consumption, setting a goal to create around 12 million urban jobs this year, up from last year's target of at least 11 million.</p>

<p>The GDP growth target of 5 per cent was lower than the average forecasts of economists who predicted a goal in the range of 5.5-6 per cent.</p>

<p>"China's economy is staging a steady recovery and demonstrating vast potential and momentum for further growth," Li said.</p>

<p>He warned that “uncertainties in the external environment are on the rise”, noting high global inflation.</p>

<p><em>(With inputs from agencies)</em><br />
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At the annual session of the National People's Congress on Sunday, China set a modest economic target of "around 5 per cent" for 2023 as it geared up for several challenges, including weakening demand for Chinese exports, and crackdown on the private sector.

At the annual session of the National People's Congress on Sunday, China set a modest economic target of "around 5 per cent" for 2023 as it geared up for several challenges, including weakening demand for Chinese exports, and crackdown on the private sector. Making the announcement, outgoing Premier Li Keqiang stressed on the need for economic stability and expanding consumption. He also said that China is looking to set a goal to create around 12 million urban jobs this year. He set a budget deficit target at 3 per cent of the gross domestic product (GDP), widening from a goal of around 2.8 per cent last year. "We should give priority to the recovery and expansion of consumption," said Li, whose speech lasted for almost an hour in the opening session of the parliament, which will function till March 13, according to Reuters news agency. Intelligence chiefs from 25 countries meet in India "The incomes of urban and rural residents should be boosted through multiple channels. We should stabilise spending on big-ticket items and promote recovery in consumption of consumer services," he was quoted as saying. Last year, China grew by just 3 per cent, one of its worst performances in decades, as it continued to reel under three years of severe COVID-19 restrictions. Also read | China increases its military budget to 7.2 per cent for 2023 In his work report, outgoing Premier Li Keqiang emphasised the need for economic stability and expanding consumption, setting a goal to create around 12 million urban jobs this year, up from last year's target of at least 11 million. The GDP growth target of 5 per cent was lower than the average forecasts of economists who predicted a goal in the range of 5.5-6 per cent. "China's economy is staging a steady recovery and demonstrating vast potential and momentum for further growth," Li said. He warned that “uncertainties in the external environment are on the rise”, noting high global inflation. (With inputs from agencies) WATCH WION LIVE HERE

China sets modest economic growth target of 5% for 2023

<p>Airbnb, the home rental-major,&nbsp;laid off "some" of its recruiting staff this week, a company spokesperson said on Friday. The San Francisco-headquartered company, however, noted that it is not an indication of more widespread layoffs within the company.&nbsp;</p>

<p>The Airbnb layoff decision affects less than 0.4 per cent of the company's total workforce, said reports. Airbnb has a total workforce of about 6,800, according to company's official statement.</p>

<p>"We have become a leaner and more focused company over the last three years," Airbnb spokesperson said in a statement. The Airbnb spokesperson added&nbsp;that the company expects to grow its headcount later in 2023.</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas: Tech layoffs: Is your job safe?</strong></p>

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<p>The company had said in February that it expects headcount growth in the range of 2 per cent to 4 per cent in 2023. Last year, the headcount growth was&nbsp;11 per cent, according to an official noting of the company.</p>

<p>During the thick of Covid pandemic, the Airbnb had laid off 25 per cent of its workforce, translating into nearly 1,900 employees. The decision was taken after the rental major's business came to a near standstill as pandemic-led restrictions dominated the world.</p>

<h2><strong>Who else is executing mass layoffs?</strong></h2>

<p>Last month,&nbsp;Facebook's parent company Meta delayed finalising the team budgets at multiple levels as it reportedly began setting up&nbsp;the backdrop for yet <a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">another round of job cuts</a>.&nbsp;A report in Financial Times, citing two Meta employees, said that there has been a lack of clarity on&nbsp;matters such as team budgets as well as "future headcounts" at Meta.</p>

<p><strong>ALSO READ |&nbsp;</strong><a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024"><strong>Meta delays setting team budgets, triggers speculation of more layoffs</strong></a></p>

<p>In past few months, other tech companies such as Amazon and Microsoft too have announced thousands of layoffs citing the economic downturn and the need to cut the costs of operations. There are no speculations for lay offs at these companies in the near future.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Airbnb, the home rental-major, laid off "some" of its recruiting staff this week, a company spokesperson said on Friday. The San Francisco-headquartered company, however, noted that it is not an indication of more widespread layoffs within the company.

Airbnb, the home rental-major, laid off "some" of its recruiting staff this week, a company spokesperson said on Friday. The San Francisco-headquartered company, however, noted that it is not an indication of more widespread layoffs within the company. The Airbnb layoff decision affects less than 0.4 per cent of the company's total workforce, said reports. Airbnb has a total workforce of about 6,800, according to company's official statement. "We have become a leaner and more focused company over the last three years," Airbnb spokesperson said in a statement. The Airbnb spokesperson added that the company expects to grow its headcount later in 2023. ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × The company had said in February that it expects headcount growth in the range of 2 per cent to 4 per cent in 2023. Last year, the headcount growth was 11 per cent, according to an official noting of the company. During the thick of Covid pandemic, the Airbnb had laid off 25 per cent of its workforce, translating into nearly 1,900 employees. The decision was taken after the rental major's business came to a near standstill as pandemic-led restrictions dominated the world. Who else is executing mass layoffs? Last month, Facebook's parent company Meta delayed finalising the team budgets at multiple levels as it reportedly began setting up the backdrop for yet another round of job cuts. A report in Financial Times, citing two Meta employees, said that there has been a lack of clarity on matters such as team budgets as well as "future headcounts" at Meta. ALSO READ | Meta delays setting team budgets, triggers speculation of more layoffs In past few months, other tech companies such as Amazon and Microsoft too have announced thousands of layoffs citing the economic downturn and the need to cut the costs of operations. There are no speculations for lay offs at these companies in the near future. (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.

Airbnb lays off staff from recruiting team  to become a ‘more focused company’