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In a surprise move, video conferencing platform Zoom has sacked its president Greg Tomb. He served as the company's president for less than a year. He took over the reins in June 2022, and as per BBC, was actively overseeing the company's sales. As per a Zoom spokesperson, the company is not looking to replace Tomb.&nbsp;

At the time of his hiring, Zoom's chief executive officer Eric Yuan, while announcing the appointment, said: "Greg is a highly respected technology industry leader and has deep experience in helping to scale companies at critical junctures."

Watch |&nbsp;Zoom&nbsp;sheds about 1,300 jobs globally

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However, as per a regulatory filing, the former Google executive's contract has been abruptly terminated "without cause".

Zoom, the video conferencing software giant, witnessed a boom during the COVID-19 pandemic days.&nbsp;

At the height of the pandemic, the company emerged as one of the biggest technology winners. With everything from meetings to classes, to weddings and even funerals shifting online, by April 2020, the company reported a whopping 300 million daily participants.

Also read |&nbsp;<a href="https://www.wionews.com/science-technology/zoom-video-struggles-to-thrive-in-post-pandemic-world-announces-layoff-of-15-staff-559802">Zoom video struggles to thrive in post-pandemic world, announces 15 % staff layoff</a>

However, post-pandemic, Zoom, like fellow tech companies, was unable to maintain its pandemic boom and was forced to lay off staff. &nbsp;

The company which during the two years of the pandemic tripled its headcount in February of this year fired 15 per cent or 1300 people from its staff.

As per Yuan, they "didn't take as much time as we should have to thoroughly analyse our teams or assess if we were growing sustainably, toward the highest priorities."

(With inputs from agencies)

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In a surprise move, video conferencing platform Zoom has sacked its president Greg Tomb. He served as the company's president for less than a year. He took over the reins in June 2022, and as per BBC, was actively overseeing the company's sales.

In a surprise move, video conferencing platform Zoom has sacked its president Greg Tomb. He served as the company's president for less than a year. He took over the reins in June 2022, and as per BBC, was actively overseeing the company's sales. As per a Zoom spokesperson, the company is not looking to replace Tomb. At the time of his hiring, Zoom's chief executive officer Eric Yuan, while announcing the appointment, said: "Greg is a highly respected technology industry leader and has deep experience in helping to scale companies at critical junctures." Watch | Zoom sheds about 1,300 jobs globally However, as per a regulatory filing, the former Google executive's contract has been abruptly terminated "without cause". Zoom, the video conferencing software giant, witnessed a boom during the COVID-19 pandemic days. At the height of the pandemic, the company emerged as one of the biggest technology winners. With everything from meetings to classes, to weddings and even funerals shifting online, by April 2020, the company reported a whopping 300 million daily participants. Also read | Zoom video struggles to thrive in post-pandemic world, announces 15 % staff layoff However, post-pandemic, Zoom, like fellow tech companies, was unable to maintain its pandemic boom and was forced to lay off staff. The company which during the two years of the pandemic tripled its headcount in February of this year fired 15 per cent or 1300 people from its staff. As per Yuan, they "didn't take as much time as we should have to thoroughly analyse our teams or assess if we were growing sustainably, toward the highest priorities." (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.

Video conferencing giant Zoom abruptly sacks company president Greg Tomb 'without cause'

Elon Musk-owned Twitter reported a drop of 40 per cent in revenue and adjusted earnings in the month of December, year-on-year, as per a report by the Wall Street Journal.

Elon Musk-owned Twitter reported a drop of 40 per cent in revenue and adjusted earnings in the month of December, year-on-year, as per a report by the Wall Street Journal. The report may not be to Musk's liking who made Twitter's first interest payment to banks that helped finance his purchase of the social media company for $44 billion last year. Notably, it was Musk who warned Twitter employees, two weeks after purchasing the company that he could not rule out bankruptcy as a possibility. Advertising is the main source of income for the microblogging platform. However, Twitter has seen advertisers flee amid worries about Musk's approach to content moderation rules. Days after taking charge of the company, Musk informed that the company had seen a "massive" drop in revenue and blamed activist groups for pressuring advertisers. "Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America," tweeted Musk. The company can lose billions of dollars in the upcoming fiscal year, he said. He claimed that the company is losing over four million dollars daily in part due to advertisers leaving. WATCH | Slump in Twitter's advertisement revenue, major ad firm Omnicom tells its client to pause its ads × In 2021, advertising accounted for 90 per cent of Twitter's $5.1 billion in revenues. Companies such as Coca-Cola, Jeep, Unilever, Merck and Wells Fargo have refused to pay for ads on the platform. Data shows that HBO, one of the remaining top advertisers on the platform only spent $54,000 on ads in January this year, compared to a whopping $12 million, last year in September. Initially, Apple pulled the plug on its advertisements on the platform as well but returned after receiving some assurances. Consequently, Musk has focused on reducing the excess flab in the company to cut costs. He has fired more than 5,000 employees, shutting offices in unproductive spaces and still managed to keep the product working. Read more: Twitter will share ad revenue with some content creators, announces Musk To earn more money, Musk has also monetised the 'blue tick' that was earlier granted to famous personalities only. Musk has introduced new plans for the Twitter Blue subscription service, which offers the sought-after "verified" badge. (With inputs from agencies) WATCH WION LIVE HERE:

Twitter's revenue, adjusted earnings tumble by 40% amid ad squeeze: Report

To meet with the donations and borrowers, the American President Joe Biden's nominee to lead the World Bank, the former MasterCard chief executive officer Ajay Banga will soon be starting a visit to Europe, Asia, Africa and potentially even perhaps Latin America.

Ajay Banga will start a visit to EU, Asia, Africa

Universal music groups revenue from music streaming has surpassed 1.6 billion dollars for the first time in the fourth quarter, marking a significant milestone for the music industry.

Universal's streaming revenue exceeds $1.06 BN for first time

The U.S Senator Bernie Sanders has refused to back down and calls to make Starbucks's interim chief executive officer Howard Schultz who is stepping down this month testified a hearing for the company's compliance with labor laws in the United States.

Starbucks CEO Howard Schultz stepping down from position in March

Tesla is getting ready to spend more than $3.6 billion to build its Gigafactory complex in the state. Electric vehicle manufacturer Tesla is expected to get over $330 million in tax benefits from Nevada.

Two new facilities will be built as part of the expansion plans, one of which will build the new 4680 battery cell and the other will focus on the long-awaited mass production of the Tesla semi-electric truck.

Tesla claims that the production of 4680 battery cells will be a crucial step in the company's strategy to reduce manufacturing costs in half and boost battery output by approximately 100 times by 2030.

The main part of the plant, the 4680 cell, is expected to be able to make batteries for two million light-duty vehicles every year.

Tesla will be obliged to establish at least 3,000 jobs with an average hourly wage of $33.49.&nbsp;

This is a requirement of the deal with the Nevada Governor's Office of Economic Development (GOED) board. Nevada has given Tesla tax breaks in the past. In 2014, the state gave Tesla incentives and tax breaks totalling $1.3 billion.

Tesla's development in Nevada is a step ahead in the company's attempts to lead the industry, given the increasing demand for electric vehicles and the need for sustainable energy solutions.&nbsp;

With the new buildings, Tesla will be able to make more batteries, reach its ambitious goals, and create more jobs in the area.

Tesla’s master plan for Mexico

Tesla CEO Elon Musk announced plans to build a new gigafactory in Nuevo Leon, Mexico, during an Investor Day session in Austin, Texas.&nbsp;

The plant, which will cost more than $5 billion to build, will increase Tesla's global output and will be supplemental to the output of all the other factories.

Musk did not disclose how many vehicles the factory would produce annually.&nbsp;

But the aim remains to scale up production at the plant. The electric vehicle maker is also exploring constructing batteries in the country's heartland as it seeks additional investment.

Additionally, Tesla plans to cut assembly costs by half in future generations of cars and is working to debut an affordable electric vehicle.&nbsp;

The goal for Tesla remains to double its output to 20 million vehicles annually by 2030.

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Tesla is getting ready to spend more than $3.6 billion to build its Gigafactory complex in the state. Electric vehicle manufacturer Tesla is expected to get over $330 million in tax benefits from Nevada.

Tesla is getting ready to spend more than $3.6 billion to build its Gigafactory complex in the state. Electric vehicle manufacturer Tesla is expected to get over $330 million in tax benefits from Nevada. Two new facilities will be built as part of the expansion plans, one of which will build the new 4680 battery cell and the other will focus on the long-awaited mass production of the Tesla semi-electric truck. Tesla claims that the production of 4680 battery cells will be a crucial step in the company's strategy to reduce manufacturing costs in half and boost battery output by approximately 100 times by 2030. The main part of the plant, the 4680 cell, is expected to be able to make batteries for two million light-duty vehicles every year. Tesla will be obliged to establish at least 3,000 jobs with an average hourly wage of $33.49. This is a requirement of the deal with the Nevada Governor's Office of Economic Development (GOED) board. Nevada has given Tesla tax breaks in the past. In 2014, the state gave Tesla incentives and tax breaks totalling $1.3 billion. Tesla's development in Nevada is a step ahead in the company's attempts to lead the industry, given the increasing demand for electric vehicles and the need for sustainable energy solutions. With the new buildings, Tesla will be able to make more batteries, reach its ambitious goals, and create more jobs in the area. Tesla’s master plan for Mexico Tesla CEO Elon Musk announced plans to build a new gigafactory in Nuevo Leon, Mexico, during an Investor Day session in Austin, Texas. The plant, which will cost more than $5 billion to build, will increase Tesla's global output and will be supplemental to the output of all the other factories. Musk did not disclose how many vehicles the factory would produce annually. But the aim remains to scale up production at the plant. The electric vehicle maker is also exploring constructing batteries in the country's heartland as it seeks additional investment. Additionally, Tesla plans to cut assembly costs by half in future generations of cars and is working to debut an affordable electric vehicle. The goal for Tesla remains to double its output to 20 million vehicles annually by 2030. WATCH WION LIVE HERE

Tesla gets tax benefits worth over $330 million from Nevada

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies.

GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year.

“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners,&nbsp;said in a statement.

“Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.”

The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition.

“This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said.

GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile.

Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. 
 
&nbsp;

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A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24. GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies. GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year. “I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners, said in a statement. “Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.” The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition. “This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said. GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile. Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. WATCH WION LIVE HERE

Adani Group secures $1.87 billion investment from US-based GQG Partners

Japan's services sector activity grew at the fastest pace in the last eight months in February, a private sector survey showed on Friday, as the economic impact of the coronavirus pandemic receded globally.&nbsp;

The final au Jibun Bank Japan Services purchasing managers' index (PMI) rose in February to a seasonally adjusted 54.0 from January's 52.3.

The final figure was higher than the flash reading of 53.6 and well above the 50-mark that separates expansion from contraction for a sixth straight month.

"The Japanese services economy signalled that demand conditions had improved at a stronger rate during February," said Usamah Bhatti, economist at S&amp;P Global Market Intelligence.

The subindexes showed new orders and overseas demand grew for a sixth month, with new orders rising at the fastest pace since May 2022.

Outstanding business saw the sharpest rate of growth in five-and-a-half years in February due to the expansion in demand, Bhatti said.

The survey also showed that business confidence for the coming year improved to a four-month high on the back of stronger economic conditions and the receding impact of Covid, citing expectations for increasing demand in the travel industry.

Japan has seen a recovery in tourism after the government scrapped COVID-19 curbs in October, with data from the national tourism agency showing overseas visitors climbed to about&nbsp;1.5 million&nbsp;in January.

"Japanese private sector firms remained strongly optimistic that activity would continue to expand over the coming 12 months as the persistent weights of the pandemic and inflation on the economy showed sustained signals of easing," Bhatti said.

In the service-sector survey, the subindex for employment swung to marginal growth from contraction in the previous month as firms took on new recruits to meet higher demand.

The composite PMI, which combines the manufacturing and services figures, rose to 51.1 in February from the previous month's 50.7, staying above the break-even 50 mark for two consecutive months.

(With inputs from agencies)

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Japan's services sector activity grew at the fastest pace in the last eight months in February, a private sector survey showed on Friday, as the economic impact of the coronavirus pandemic receded globally.

Japan's services sector activity grew at the fastest pace in the last eight months in February, a private sector survey showed on Friday, as the economic impact of the coronavirus pandemic receded globally. The final au Jibun Bank Japan Services purchasing managers' index (PMI) rose in February to a seasonally adjusted 54.0 from January's 52.3. The final figure was higher than the flash reading of 53.6 and well above the 50-mark that separates expansion from contraction for a sixth straight month. "The Japanese services economy signalled that demand conditions had improved at a stronger rate during February," said Usamah Bhatti, economist at S&P Global Market Intelligence. The subindexes showed new orders and overseas demand grew for a sixth month, with new orders rising at the fastest pace since May 2022. Outstanding business saw the sharpest rate of growth in five-and-a-half years in February due to the expansion in demand, Bhatti said. The survey also showed that business confidence for the coming year improved to a four-month high on the back of stronger economic conditions and the receding impact of Covid, citing expectations for increasing demand in the travel industry. Japan has seen a recovery in tourism after the government scrapped COVID-19 curbs in October, with data from the national tourism agency showing overseas visitors climbed to about 1.5 million in January. "Japanese private sector firms remained strongly optimistic that activity would continue to expand over the coming 12 months as the persistent weights of the pandemic and inflation on the economy showed sustained signals of easing," Bhatti said. In the service-sector survey, the subindex for employment swung to marginal growth from contraction in the previous month as firms took on new recruits to meet higher demand. The composite PMI, which combines the manufacturing and services figures, rose to 51.1 in February from the previous month's 50.7, staying above the break-even 50 mark for two consecutive months. (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.

Japan's Feb service-sector activity grows at fastest rate in 8 months as demand picks up

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

The US boutique investment firm's stake purchases boosted billionaire Gautam&nbsp;Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four&nbsp;Adani&nbsp;companies, including the group's flagship firm&nbsp;Adani&nbsp;Enterprises, through block deals.

Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds.

According to a regulatory filing, GQG invested 3.4 per cent in&nbsp;Adani&nbsp;Enterprises for around $662 million, 4.1 per cent in&nbsp;Adani&nbsp;Ports for about $640 million, 2.5 per cent in&nbsp;Adani&nbsp;Transmission for about $230 million, and 3.5 per cent in&nbsp;Adani&nbsp;Green Energy for about $340 million.

GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial".

ALSO READ | <a href="https://www.wionews.com/india-news/adani-hindenburg-supreme-court-constitutes-expert-panel-issues-two-month-deadline-to-sebi-567516">Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI</a>

According to the CIO, before investing, GQG did a "deep dive" as part of due diligence.

The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low.

Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing&nbsp;Adani&nbsp;Group of business and tax fraud.

Since Hindenburg's allegations, the market value of seven listed&nbsp;Adani&nbsp;companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam&nbsp;Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale.

The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund.

But a separate report from Bloomberg showed the business denied that news. Gautam&nbsp;Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped&nbsp;Adani&nbsp;firms' shares.

The group's stocks extended their gains for the fourth straight day on Friday.

Shares of&nbsp;Adani&nbsp;Enterprises have jumped nearly 80 per cent from their recent lows,&nbsp;Adani&nbsp;Ports stock has surged 70 per cent, and shares of&nbsp;Adani&nbsp;Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent.

Separately, on the same day as the US boutique investment firm's stake buy in the&nbsp;Adani&nbsp;Group, India's top court asked market regulator SEBI to look into the&nbsp;Adani&nbsp;group for potential business violations and submit a report within two months.

The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the&nbsp;Adani&nbsp;Group stock losses.

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Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout. The US boutique investment firm's stake purchases boosted billionaire Gautam Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four Adani companies, including the group's flagship firm Adani Enterprises, through block deals. Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds. According to a regulatory filing, GQG invested 3.4 per cent in Adani Enterprises for around $662 million, 4.1 per cent in Adani Ports for about $640 million, 2.5 per cent in Adani Transmission for about $230 million, and 3.5 per cent in Adani Green Energy for about $340 million. GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial". ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI According to the CIO, before investing, GQG did a "deep dive" as part of due diligence. The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low. Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing Adani Group of business and tax fraud. Since Hindenburg's allegations, the market value of seven listed Adani companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale. The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund. But a separate report from Bloomberg showed the business denied that news. Gautam Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped Adani firms' shares. The group's stocks extended their gains for the fourth straight day on Friday. Shares of Adani Enterprises have jumped nearly 80 per cent from their recent lows, Adani Ports stock has surged 70 per cent, and shares of Adani Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent. Separately, on the same day as the US boutique investment firm's stake buy in the Adani Group, India's top court asked market regulator SEBI to look into the Adani group for potential business violations and submit a report within two months. The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the Adani Group stock losses. 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.

Adani stocks surge for the fourth day after a $1.8 billion stake sale

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

Banga spoke to reporters at the US Treasury Department&nbsp;about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability.

Banga's intent towards change

The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject.

ALSO READ | <a href="https://www.wionews.com/india-news/ajay-banga-whos-set-to-be-world-banks-head-used-to-earn-rs-52-million-per-day-566004">Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day?</a>

This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution.

The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject.

Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution.

Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II.

Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend.

He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating.

WATCH | Ajay Banga will start a visit to EU, Asia, Africa

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Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change.

His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face.&nbsp;

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The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution. Banga spoke to reporters at the US Treasury Department about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability. Banga's intent towards change The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject. ALSO READ | Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day? This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution. The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject. Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution. Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II. Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend. He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating. WATCH | Ajay Banga will start a visit to EU, Asia, Africa Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change. His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

World Bank Chief nominee Ajay Banga plans a world visit

Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter. The company's CEO, Lucian Grainge, praised the continued growth of streaming and technology's ability to connect artists with their fans.

During the company's fourth-quarter investor call, though, he pushed for a new business model because he thought streaming didn't give enough credit to many artists and fans for what they did.

Grainge says that Universal Music Group is working with its partners to come up with new business models that will make sure streaming keeps growing and artists get paid fairly.

In January, the company signed a new deal with the music streaming service Tidal. The label is currently in talks with other major international platforms, including short-form video, which is probably a reference to TikTok.Universal Music Group's chief digital officer, Michael Nash, didn't say anything about talks with "any specific partner."

Top sellers like releases from Drake, Seventeen, and Taylor Swift's "Midnights," which made history by taking up all ten spots on Billboard's Hot 100 list of most popular songs, boosted Universal Music Group's Q4 earnings.

Adjusted pre-tax earnings reached $668 million, compared to $614 million in the fourth quarter of 2021, beating the EBITDA of $737 million.

The power of streaming

'Streaming’ typically means streaming media without the need to download the content on digital devices. Streaming has now become a better business model for companies due to its consistent growth and ability to create a stable revenue system. Streaming allows artists to have a global outreach, which is given back to them in the form of royalties.

The fact that Universal Music Group's income has grown at an exponential rate shows how powerful streaming is. Following that, revenue rose by 16.7% to $3.1 billion, with streaming revenue up 13.3% from a year ago.

Subscription and streaming revenue, which accounts for more than half of Universal Music's revenue from recorded music, went up by 18.5 per cent from a year ago, totalling $1.58 billion.

In fact, the company's collections point to a bigger shift in the way people buy things. Streaming has been critical to the success of the music industry over the past few years, and Universal Music Group's earnings show that this trend is continuing.

However, the company's CEO's remarks suggest that there are still issues with how streaming platforms compensate artists. In the coming months, it will be interesting to see how the company tries to come up with new ways to pay artists fairly.&nbsp;

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Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter.

Universal Music Group, the largest record label in the world, unlocks a new milestone, the revenue collection from music streaming exceeded $1.06 billion in the fourth quarter. The company's CEO, Lucian Grainge, praised the continued growth of streaming and technology's ability to connect artists with their fans. During the company's fourth-quarter investor call, though, he pushed for a new business model because he thought streaming didn't give enough credit to many artists and fans for what they did. Grainge says that Universal Music Group is working with its partners to come up with new business models that will make sure streaming keeps growing and artists get paid fairly. In January, the company signed a new deal with the music streaming service Tidal. The label is currently in talks with other major international platforms, including short-form video, which is probably a reference to TikTok.Universal Music Group's chief digital officer, Michael Nash, didn't say anything about talks with "any specific partner." Top sellers like releases from Drake, Seventeen, and Taylor Swift's "Midnights," which made history by taking up all ten spots on Billboard's Hot 100 list of most popular songs, boosted Universal Music Group's Q4 earnings. Adjusted pre-tax earnings reached $668 million, compared to $614 million in the fourth quarter of 2021, beating the EBITDA of $737 million. The power of streaming 'Streaming’ typically means streaming media without the need to download the content on digital devices. Streaming has now become a better business model for companies due to its consistent growth and ability to create a stable revenue system. Streaming allows artists to have a global outreach, which is given back to them in the form of royalties. The fact that Universal Music Group's income has grown at an exponential rate shows how powerful streaming is. Following that, revenue rose by 16.7% to $3.1 billion, with streaming revenue up 13.3% from a year ago. Subscription and streaming revenue, which accounts for more than half of Universal Music's revenue from recorded music, went up by 18.5 per cent from a year ago, totalling $1.58 billion. In fact, the company's collections point to a bigger shift in the way people buy things. Streaming has been critical to the success of the music industry over the past few years, and Universal Music Group's earnings show that this trend is continuing. However, the company's CEO's remarks suggest that there are still issues with how streaming platforms compensate artists. In the coming months, it will be interesting to see how the company tries to come up with new ways to pay artists fairly. 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.

Universal Music's record-breaking collection crosses $1 billion

Retail theft in Australia has hit record levels, the government statistics show, putting pressure on grocery giants like Coles Group Ltd and Woolworths Group Ltd which are already struggling with rising supply costs and freight blockages.

Store theft in New South Wales rose by 23.7 per cent from 2021 to 2022, the official figures showed on Thursday, being the fastest year-on-year increase since records began in the year 1995, Reuters reported.&nbsp;

Watch |&nbsp;Australia: Cost of living, interest rates surge | Global Inflation

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Australia's third-largest state, Queensland this January had the highest monthly rate of shop theft on record, the police data showed.&nbsp;

Analysts and social researchers are raising concerns that surging living costs, from grocery shelf prices to rising power bills to mortgages, will not only drive up crime in the country but&nbsp; also have an impact on profits at market giants&nbsp;Woolworths and Coles. These companies together account for two-thirds of Australia's grocery sales and noticed rising store theft in trading last month.

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-shrinks-to-572-per-cent-for-december-2022-551952">Also read |&nbsp;India's retail inflation shrinks to 5.72 per cent for December 2022 as food prices dip</a>

A retail analyst Craig Woolford said, "we would see a risk that that continues to rise if and when we start to see an increase in unemployment and tougher economic conditions."

He added that supermarkets run on very thin or small profit margins and one only needs a small change in the stock loss to have an impact on the profitability.&nbsp;

Matt Swindells, Cole's Chief Operating Officer, said that since the company&nbsp;was experiencing "elevated theft," it is now investing in staff training and technology to counter it.

(with inputs from agencies)

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Retail theft in Australia has hit record levels, the government statistics show, putting pressure on grocery giants like Coles Group Ltd and Woolworths Group Ltd which are already struggling with rising supply costs and freight blockages.

Retail theft in Australia has hit record levels, the government statistics show, putting pressure on grocery giants like Coles Group Ltd and Woolworths Group Ltd which are already struggling with rising supply costs and freight blockages. Store theft in New South Wales rose by 23.7 per cent from 2021 to 2022, the official figures showed on Thursday, being the fastest year-on-year increase since records began in the year 1995, Reuters reported. Watch | Australia: Cost of living, interest rates surge | Global Inflation Australia's third-largest state, Queensland this January had the highest monthly rate of shop theft on record, the police data showed. Analysts and social researchers are raising concerns that surging living costs, from grocery shelf prices to rising power bills to mortgages, will not only drive up crime in the country but also have an impact on profits at market giants Woolworths and Coles. These companies together account for two-thirds of Australia's grocery sales and noticed rising store theft in trading last month. Also read | India's retail inflation shrinks to 5.72 per cent for December 2022 as food prices dip A retail analyst Craig Woolford said, "we would see a risk that that continues to rise if and when we start to see an increase in unemployment and tougher economic conditions." He added that supermarkets run on very thin or small profit margins and one only needs a small change in the stock loss to have an impact on the profitability. Matt Swindells, Cole's Chief Operating Officer, said that since the company was experiencing "elevated theft," it is now investing in staff training and technology to counter it. (with inputs from agencies) WATCH WION LIVE HERE

Australia: Record retail theft puts pressure on supermarket giants

Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy. The default occurred as rising interest rates hit European property values. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%.

Sponda Oy is a Finnish real estate investment company that focuses on owning, leasing, and developing commercial properties in prime locations in Helsinki and other big Finnish cities.

The company was founded in 2000 and has been listed on the Helsinki Stock Exchange since 2006.

Sponda's portfolio includes office, retail, and logistics properties. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged.

Sponda-Blackstone relationship

An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock.&nbsp;

The deal was valued at approximately $1.9 billion and was one of the largest real estate transactions in the Nordic region at the time.

Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio.&nbsp;

The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market.

The deal also showed that there is a growing need for good commercial property in the area, especially in Finland.

In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. We regret that the service provider did not move further with our proposal ".&nbsp;

We still have complete faith in the&nbsp;Sponda portfolio and its&nbsp;management team, added the company.

Blackstone's $71 billion unlisted real estate income trust (BREIT), which also defaulted, has run into trouble.&nbsp;

BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market.

&nbsp;

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Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy.

Blackstone Inc. is a leading asset management giant and a prolific real estate investor. The company has now defaulted on a $562.5 million bond backed by a portfolio of offices and stores owned by the Finnish company Sponda Oy. The default occurred as rising interest rates hit European property values. Blackstone had asked the bondholders for more time to pay back the debt, but they said no.As a response to that, private equity company shares decreased by 1.6%. Sponda Oy is a Finnish real estate investment company that focuses on owning, leasing, and developing commercial properties in prime locations in Helsinki and other big Finnish cities. The company was founded in 2000 and has been listed on the Helsinki Stock Exchange since 2006. Sponda's portfolio includes office, retail, and logistics properties. In 2018, Blackstone acquired Sponda.Despite the acquisition, Sponda operated as an independent company within the Blackstone portfolio, with its operations and management remaining largely unchanged. Sponda-Blackstone relationship An announcement was made in 2017 that Sponda would enter into an agreement to sell all of its shares to a fund managed by the world's largest asset manager, Blackrock. The deal was valued at approximately $1.9 billion and was one of the largest real estate transactions in the Nordic region at the time. Under the terms of the agreement, BlackRock acquired all of Sponda's outstanding shares and assumed control of the company's property portfolio. The purchase was part of BlackRock's plan to grow its ability to invest in real estate in Europe and to get a bigger share of the Nordic market. The deal also showed that there is a growing need for good commercial property in the area, especially in Finland. In a statement sent via email on Thursday, Blackstone stated that "a minor fraction of the Sponda portfolio is affected by this debt. We regret that the service provider did not move further with our proposal ". We still have complete faith in the Sponda portfolio and its management team, added the company. Blackstone's $71 billion unlisted real estate income trust (BREIT), which also defaulted, has run into trouble. BREIT recently disclosed that it had to restrict withdrawals for the fourth consecutive month, demonstrating that the corporation still has difficulties in the current market. 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.

Blackstone defaults on a $562.5 real estate bond payment

US Senator Bernie Sanders is continuing to push for Starbucks' interim Chief Executive Officer Howard Schultz to testify at a Senate hearing on the company's compliance with labour law.

Schultz is set to step down later this month, but Sanders has refused to back down on calls to have him testify at the hearing scheduled for March 9.

Starbucks has reiterated that it has no plans to send Schultz to the hearing, prompting Sanders to say that he was "shocked and deeply concerned".

He added that the vote on whether to issue a subpoena for Schultz to appear will go ahead on March 8.

In a letter to Starbucks, Sanders argued that Schultz is the founder, CEO, and spokesperson of the company, and has made it clear that he is the driving force of labour policy at Starbucks.

The company, however, has argued that Schultz is not the right witness to address workforce matters raised by the committee, stating that its Chief Communications and Public Affairs Officer AJ Jones is best positioned to do so.

Moreover, Starbucks has offered to send acting executive vice president and general counsel Zabrina Jenkins and vice president for partner and labour relations May Jensen.

The Senate hearing follows Democratic senators' accusations that Starbucks did not conduct fair conversations with workers who were considering joining labour unions.

Since 2021, employees in over 280 of the company's 9,000 company-operated US sites have chosen to join a union.

The union wants greater wages and benefits, better health and safety standards, and safeguards against arbitrary discipline and dismissal.

Starbucks has denied the allegations and stated that it respects the right of its employees to take part in legitimate union-related activities.

The Senate committee will also decide whether to give the panel the power to look into any labour law infractions by several other big businesses.

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US Senator Bernie Sanders is continuing to push for Starbucks' interim Chief Executive Officer Howard Schultz to testify at a Senate hearing on the company's compliance with labour law.

US Senator Bernie Sanders is continuing to push for Starbucks' interim Chief Executive Officer Howard Schultz to testify at a Senate hearing on the company's compliance with labour law. Schultz is set to step down later this month, but Sanders has refused to back down on calls to have him testify at the hearing scheduled for March 9. Starbucks has reiterated that it has no plans to send Schultz to the hearing, prompting Sanders to say that he was "shocked and deeply concerned". He added that the vote on whether to issue a subpoena for Schultz to appear will go ahead on March 8. In a letter to Starbucks, Sanders argued that Schultz is the founder, CEO, and spokesperson of the company, and has made it clear that he is the driving force of labour policy at Starbucks. The company, however, has argued that Schultz is not the right witness to address workforce matters raised by the committee, stating that its Chief Communications and Public Affairs Officer AJ Jones is best positioned to do so. Moreover, Starbucks has offered to send acting executive vice president and general counsel Zabrina Jenkins and vice president for partner and labour relations May Jensen. The Senate hearing follows Democratic senators' accusations that Starbucks did not conduct fair conversations with workers who were considering joining labour unions. Since 2021, employees in over 280 of the company's 9,000 company-operated US sites have chosen to join a union. The union wants greater wages and benefits, better health and safety standards, and safeguards against arbitrary discipline and dismissal. Starbucks has denied the allegations and stated that it respects the right of its employees to take part in legitimate union-related activities. The Senate committee will also decide whether to give the panel the power to look into any labour law infractions by several other big businesses. WATCH WION LIVE HERE

Starbucks CEO may have to testify before the US Senate

Shares of Tesla fell more than 5% and after hours trade yesterday, the company failed to unveil a much-awaited small affordable Electric Vehicle. Shares of Tesla were down more than 5%, this after the company failed and it was much anticipated that it would be happening but didn't happen.

Tesla announces plans to halve production costs on Investor Day 2023 | World Business Watch

Blackstone - one of the world's largest private equity firm - has blocked investors from withdrawing their investments at $71 billion real estate income trust. The firm has also been dealing with a high volume of redemption requests as some investors looked to withdraw their capital.

Blackstone expects to continue dealing with investor redemptions | World Business Watch | WION

Nishad Singh, a former top executive at the cryptocurrency trading platform FTX, has pleaded guilty to the charges of alleged billion-dollar fraud at the firm. The 27-year-old was the former co-lead engineer of FTX Trading Ltd and has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.

Nishad is known to have close ties with FTX founder Sam Bankman-Fried and is third executive to plead guilty and cooperate with prosecutors. Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research pleaded guilty last year.&nbsp;

Bankman-Fried was charged in December with devising a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh on Tuesday.

Besides, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Nishad. A guilty plea to commodities fraud and other charges had been entered by him in the separate, parallel action against him in the Southern District of New York.

Also Read |&nbsp;<a href="https://www.wionews.com/world/new-criminal-charges-slapped-on-ftx-founder-bankman-fried-565460">New criminal charges slapped on FTX founder Bankman-Fried</a>

SEC's complaint alleges that Singh created a software code that let FTX customer funds to be diverted to Alameda Research. The latter is a crypto hedge fund owned by Bankman-Fried and Wang. This happened even as Bankman-Fried gave false assurances to investors that FTX was a safe crypto asset trading platform with sophisticated risk mitigation measures to protect customer assets and that Alameda was just another customer with no special privileges.

As per the complaint, Singh was an active participant in the scheme to deceive FTX's investors. Even as FTX closed in on a collapse, Singh withdrew approximately $6 million from FTX for personal use and expenditures. He bought a multi-million dollar house and made donations to charitable causes.

(With inputs from agencies)

&nbsp;

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Nishad Singh, a former top executive at the cryptocurrency trading platform FTX, has pleaded guilty to the charges of alleged billion-dollar fraud at the firm. The 27-year-old was the former co-lead engineer of FTX Trading Ltd and has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.

Nishad Singh, a former top executive at the cryptocurrency trading platform FTX, has pleaded guilty to the charges of alleged billion-dollar fraud at the firm. The 27-year-old was the former co-lead engineer of FTX Trading Ltd and has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws. Nishad is known to have close ties with FTX founder Sam Bankman-Fried and is third executive to plead guilty and cooperate with prosecutors. Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research pleaded guilty last year. Bankman-Fried was charged in December with devising a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh on Tuesday. Besides, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Nishad. A guilty plea to commodities fraud and other charges had been entered by him in the separate, parallel action against him in the Southern District of New York. Also Read | New criminal charges slapped on FTX founder Bankman-Fried SEC's complaint alleges that Singh created a software code that let FTX customer funds to be diverted to Alameda Research. The latter is a crypto hedge fund owned by Bankman-Fried and Wang. This happened even as Bankman-Fried gave false assurances to investors that FTX was a safe crypto asset trading platform with sophisticated risk mitigation measures to protect customer assets and that Alameda was just another customer with no special privileges. As per the complaint, Singh was an active participant in the scheme to deceive FTX's investors. Even as FTX closed in on a collapse, Singh withdrew approximately $6 million from FTX for personal use and expenditures. He bought a multi-million dollar house and made donations to charitable causes. (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.

Nishad Singh, Indian-origin engineer at FTX, pleads guilty to fraud charges

India's growth has slowed in October-December quarter to 4.4% from last year. Economy in India is losing momentum as rising interest rates have started to hurt demand. Asia's largest economy, India, is likely harmed by falling consumption.

India's economy losing momentum on rate hikes; to grow 7% in FY 2022-23, says Indian Government

Intel has released Quantum SDK - it's a software platform for developers to build Quantum algorithms - that can run on a quantum computer. The platform currently enables algorithm to run on a stimulated Quantum Computing System.

Intel introduces Quantum SDK for quantum algorithm development | World Business Watch

In order to reduce costs, General Motors is cutting hundreds of Executive level and salary jobs in U.S. However, the reports added that the global reductions are in low hundreds and a cost-saving target of $2 billion will be achieved by reducing corporate expenses overhead and complexity in products.

US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

Chinese students studying abroad are facing a problem, roughly 700,000 Chinese students who have enrolled to study abroad are in a bind. In Australia, classes began this month so students are practically looking for housing even as property market throughout the world struggle with rising rents.

Australia's tight housing market: Chinese students face housing crisis | World Business Watch

Covid-19 vaccine maker&nbsp;Novavax&nbsp;raised doubts Tuesday about its ability to continue its business, announcing plans to cut spending after struggles in rolling out its coronavirus jab. Shares of&nbsp;Novavax&nbsp;plummeted 25 per cent in extended trading, after the company reported fourth-quarter earnings that missed analyst estimates.

While the firm should have enough money to fund operations, the situation is "subject to significant uncertainty," it said in a statement. "Given these uncertainties, substantial doubt exists" regarding its ability to carry on its business,&nbsp;Novavax&nbsp;added.

On Tuesday, the company reported a loss of $182 million in the fourth quarter, on weaker sales than expected at $357 million. For now, the company is gearing up for a fall vaccination campaign and said it plans to focus on delivering an updated Covid-19 vaccine.

Maryland-based&nbsp;Novavax&nbsp;was an early frontrunner in the global vaccine race, but fell behind after being hit by manufacturing and regulatory delays.

The company faced delays in regulatory submissions for its jab, which was authorised in July last year in the United States.

Prior to that, the United States was one of a few major markets where it had yet to receive authorisation after getting the green light from the European Union, United Kingdom, Canada and Australia.

&nbsp;

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Covid-19 vaccine maker Novavax raised doubts Tuesday about its ability to continue its business, announcing plans to cut spending after struggles in rolling out its coronavirus jab.

Covid-19 vaccine maker Novavax raised doubts Tuesday about its ability to continue its business, announcing plans to cut spending after struggles in rolling out its coronavirus jab. Shares of Novavax plummeted 25 per cent in extended trading, after the company reported fourth-quarter earnings that missed analyst estimates. While the firm should have enough money to fund operations, the situation is "subject to significant uncertainty," it said in a statement. "Given these uncertainties, substantial doubt exists" regarding its ability to carry on its business, Novavax added. On Tuesday, the company reported a loss of $182 million in the fourth quarter, on weaker sales than expected at $357 million. For now, the company is gearing up for a fall vaccination campaign and said it plans to focus on delivering an updated Covid-19 vaccine. Maryland-based Novavax was an early frontrunner in the global vaccine race, but fell behind after being hit by manufacturing and regulatory delays. The company faced delays in regulatory submissions for its jab, which was authorised in July last year in the United States. Prior to that, the United States was one of a few major markets where it had yet to receive authorisation after getting the green light from the European Union, United Kingdom, Canada and Australia. 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.

Vaccine maker Novavax says ‘substantial doubt’ on ability to stay in business

China's manufacturing activity expanded at the fastest pace in over a decade in February, smashing expectations as production zoomed after the lifting of Covid curbs. On Wednesday (March 1), the country's official manufacturing purchasing managers' index (PMI) climbed to 52.6 in February compared to &nbsp;50.1 in January, the news agency Reuters reported. The PMI far exceeded an analyst forecast of 50.5 and was the highest reading since April 2012.&nbsp;

Global markets cheered the increase in PMI with Asian stocks and the Australian dollar reversing earlier losses, the offshore yuan perking up and oil rallying.&nbsp;

Julian Evans-Pritchard, the head of China Economics at Capital Economics, said the high PMI readings partly reflected the Chinese economy's weak starting point coming into this year and were likely to drop back before long as the pace of recovery slowed. "We had already been expecting a rapid near-term rebound, but the latest data suggest that even our above-consensus forecasts for growth of 5.5% this year may prove too conservative," Pritchard said, Reuters reported.&nbsp;

Meanwhile, Zhou Hao, an economist at Guotai Junan International, said the PMI readings provided a positive note for the upcoming National People's Congress. "We expect the government to roll out further supportive policies to cement the economic recovery," Hao added.&nbsp;

In 2022, the Chinese economy recorded one of its worst years in nearly half a century due to the strict Covid restrictions and subsequent widespread infections. The PMI on Wednesday showed that new export orders rose for the first time in nearly two years.&nbsp;

On Friday, the country's central bank said that the domestic economy was expected to generally rebound this year, although the external environment remained ''severe and complex."

(With inputs from agencies) 
&nbsp;

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China's manufacturing activity expanded at the fastest pace in over a decade in February, smashing expectations as production zoomed after the lifting of Covid curbs.

China's manufacturing activity expanded at the fastest pace in over a decade in February, smashing expectations as production zoomed after the lifting of Covid curbs. On Wednesday (March 1), the country's official manufacturing purchasing managers' index (PMI) climbed to 52.6 in February compared to 50.1 in January, the news agency Reuters reported. The PMI far exceeded an analyst forecast of 50.5 and was the highest reading since April 2012. Global markets cheered the increase in PMI with Asian stocks and the Australian dollar reversing earlier losses, the offshore yuan perking up and oil rallying. Julian Evans-Pritchard, the head of China Economics at Capital Economics, said the high PMI readings partly reflected the Chinese economy's weak starting point coming into this year and were likely to drop back before long as the pace of recovery slowed. "We had already been expecting a rapid near-term rebound, but the latest data suggest that even our above-consensus forecasts for growth of 5.5% this year may prove too conservative," Pritchard said, Reuters reported. Meanwhile, Zhou Hao, an economist at Guotai Junan International, said the PMI readings provided a positive note for the upcoming National People's Congress. "We expect the government to roll out further supportive policies to cement the economic recovery," Hao added. In 2022, the Chinese economy recorded one of its worst years in nearly half a century due to the strict Covid restrictions and subsequent widespread infections. The PMI on Wednesday showed that new export orders rose for the first time in nearly two years. On Friday, the country's central bank said that the domestic economy was expected to generally rebound this year, although the external environment remained ''severe and complex." (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.

China's February manufacturing activity sees fastest growth in over a decade

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. &nbsp;The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks.&nbsp;

In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals.

Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News

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&nbsp;

The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&amp;D, also puts pressure on automakers.

GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront.

Also read| <a href="https://www.wionews.com/business-economy/general-motors-recall-140000-chevy-bolts-from-us-canada-markets-545443">General Motors recalls 140,000 Chevy Bolts from US, Canada markets</a> 
&nbsp;

Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand.

Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. &nbsp;As growth slows in the world's largest economies, additional layoffs are anticipated this year.

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There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency.

There has been a growing trend in the automotive industry towards cost-cutting measures and streamlining operations. General Motors' announcement of cutting executive-level and broader jobs is part of the automaker's efforts to reduce its structural costs and enhance efficiency. The cost-cutting drive comes after GM's announcement in January that it aims to save $2 billion in costs over the next two years. The decision by GM comes in response to similar actions taken by other significant automakers, such as Ford Motor and Stellantis, to cut expenses and streamline their operations. The company's broader attempts to streamline operations include the anticipated "low hundreds" of job cutbacks. In her letter to employees, GM Chief People Officer Arden Hoffman emphasised the need for a "culture shift" to hold the company accountable for achieving higher operating efficiency. She also stressed the importance of having the "winning team" to beat the competition and achieve the company's goals. Watch: US: General Motors on cost-cutting drive, cuts hundreds of jobs | World Business News × The decision by GM and other manufacturers to reduce expenses and streamline operations coincides with the industry's need for increased efficiency and the growth of competition. The development of electric and driverless vehicles, which need a large amount of funding and R&D, also puts pressure on automakers. GM and other manufacturers' cost-cutting initiatives aim to improve their competitiveness and financial performance in light of difficult market conditions. There has been a wave of layoffs across corporate America, with major tech companies and Wall Street titans at the forefront. Also read| General Motors recalls 140,000 Chevy Bolts from US, Canada markets Companies like Amazon, Walt Disney, Facebook owner Meta, and American banks have had to cut back on staff due to rising interest rates and sluggish consumer demand. Tracking site Layoffs.fyi predicts that in 2022, as the demand boom spurred by the pandemic quickly faded, technology companies laid off more than 150,000 workers. As growth slows in the world's largest economies, additional layoffs are anticipated this year. 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.

General Motors cuts jobs, joins big tech firms' lower costs plan

Investors who claimed that Tesla Inc. and its CEO Elon Musk overstated the efficacy and safety of its electric vehicles' Autopilot and Full Self-Driving technology filed a lawsuit against them on Monday.

Tesla accused of making false, misleading statements

Japan's declining overseas demand took a heavy toll on key industries such as auto and semiconductor equipment. Japan's factory output shrank at the fastest pace in eight months last month.

Japan: Auto, semiconductor equipment production falls