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Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes.

The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time.

Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month.

According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices.

<a href="https://www.wionews.com/business-economy/in-dispute-with-adani-indian-truckers-say-hindenburgs-report-a-godsent-565123">Read more:&nbsp;In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'</a>

Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes.

However, worries about future interest rate hikes to temper stubbornly high inflation continued.

"After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities.

"Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added.

What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak.

Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent&nbsp;to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures.

<a href="https://www.wionews.com/trending/how-much-money-is-enough-when-you-retire-3-mln-says-survey-564315">Read more:&nbsp;How much money is enough when you retire? $3 million, says survey</a> 
&nbsp; 
According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations.

That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected.

Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes."

"The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added.

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Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion.

Indian equity benchmark index, the Sensex, has dropped by over 2,000 points, and domestic have fallen for seven straight trading sessions as of Monday, leading to investors' wealth erosion of over $120 billion. Those losses come after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes. The Sensex index has dropped 2,031.16 points, or 3.31 per cent, since February 16, with the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE) down by over $120 billion, or 26 per cent, during this time. Foreign investors, too, have turned net sellers, pulling out over $23 billion from Indian equities so far this month. According to Shrikant Chouhan, head of retail equity research at Kotak Securities, investors are cutting their equity exposure due to weak Asian market cues and worsening global macroeconomic indicators such as increasing inflation, rising interest rates, and unpredictable commodity prices. Read more: In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent' Still, after steep losses, Indian equity benchmarks eeked out small gains in early trade on Tuesday, driven by month-end flows which lifted sentiment and investors adjusted to expectations of more interest rate hikes. However, worries about future interest rate hikes to temper stubbornly high inflation continued. "After trading in red for most part of the trading session, the bulls were seen regrouping helped by mild US dollar selling, and also as European stock markets opened higher," said Prashanth Tapse, Senior Vice President for Research at Mehta Equities. "Sentiment remained weak on the back of headwinds such as expectations of higher rates and geopolitical risks," he added. What has also added to investor concern is solid US data, which has driven the futures market to price in a higher Fed rate peak. Indeed, rates are now expected to rise by at least three more 25 basis points rate hikes from their current range of 4.50 per cent to 4.75 per cent, with a 50 basis point increase possible in March, according to Fed futures. Read more: How much money is enough when you retire? $3 million, says survey According to data released on Monday, US contracts to buy previously owned homes rose to the highest in over two-and-a-half years in January, while core capital goods orders in the world's largest economy advanced last month, exceeding expectations. That solid data follows a personal consumption expenditure report that came in much higher than expected on Friday, adding to the growing consensus that the US Federal Reserve will need to maintain its hawkish stance for longer than previously expected. Vinod Nair, head of research at Geojit Financial Services, said, "bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes." "The personal consumption expenditure in the US, which is the US Fed's key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets," he added. WATCH WION LIVE HERE:

$120 billion wiped out in seven days of Indian stocks meltdown

Microsoft has recently announced launch of two AI powered services which are aimed at helping operators manage Telecom networks more efficiently. Services draw on same capabilities which were used to manage Microsoft's Azure Cloud platform and offer operators advanced artificial intelligence that can unlock new business opportunities.

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The Iranian currency, the rial, hit a new record low against the United States dollar, on Sunday (February 26) with nearly 600,000 rials to the dollar on the unofficial market. This comes as the country is reportedly in the midst of witnessing anti-government protests and for the first time is facing the impact of the breakdown of the 2015 nuclear deal. Furthermore, reports have also attributed this drop to the country’s increasing international isolation over its human rights violations and reportedly supplying drones to Russia.&nbsp;

On the unofficial market, a US dollar was worth as much as 601,500 rials when compared to the day prior when it was able to fetch at least 575,000, as per Reuters. The dire economic conditions have forced Iranians to form long lines outside exchange offices in recent days hoping to receive increasingly scarce dollars as the local currency has deteriorated.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/iran-saudi-arabia-close-on-restoration-of-bilateral-ties-after-latest-talks-552401">Iran-Saudi Arabia close on restoration of bilateral ties after latest talks</a>

According to Tehran’s statistics centre, inflation soared to 53.4 per cent in January which is up from 41.4 per cent in 2021. Amid the rise in prices and economic hardship, Iranians have turned to the US dollar or gold to protect their savings. Additionally, in a bid to calm the market and ease demand for the US currency, on Saturday, the central bank also lifted a ban on private exchange shops selling hard currencies in Iran.&nbsp;

To put this amount into perspective, the Iranian rial was trading at 32,000 rials to the dollar when the 2015 nuclear accord was signed, reported the Associated Press, which had eased the sanctions on Tehran for limiting its nuclear activities.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/iran-says-it-has-developed-long-range-cruise-missile-565701">Iran says it has developed long-range cruise missile, triggers concerns in West</a>

However, when former US President Donald Trump had withdrawn from the agreement and the sanctions on Iran were restored it affected the country’s economy. The move has since led to an increase in Iran’s production of Uranium, as per the United Nations nuclear watchdog.&nbsp;

Iran’s economic conditions have also contributed to widespread anger among its citizens, as per reports, while the country’s officials have blamed it on “the enemies’ plot” to destabilise the Islamic Republic. The claim was made in the context of the months of nationwide protests after the death of&nbsp;Mahsa Amini after she was detained by authorities for her alleged breach of the dress code.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/iran-executes-second-protester-in-less-than-a-week-rights-group-claim-450-killed-in-protests-542169">Iran executes second protester in less than a week; rights group claims 450 killed in protests</a>

According to reports, protests have continued in parts of Iran despite the government’s harsh crackdown. Meanwhile, Tehran has also recently faced pressure from the West after accusations of supplying drones to Russia for using it amid its conflict with Ukraine, a claim that Iran has denied.&nbsp;

(With inputs from agencies)&nbsp; 
 
 
&nbsp;

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The Iranian currency, the rial, hit a new record low against the United States dollar, on Sunday (February 26) with nearly 600,000 rials to the dollar on the unofficial market.

The Iranian currency, the rial, hit a new record low against the United States dollar, on Sunday (February 26) with nearly 600,000 rials to the dollar on the unofficial market. This comes as the country is reportedly in the midst of witnessing anti-government protests and for the first time is facing the impact of the breakdown of the 2015 nuclear deal. Furthermore, reports have also attributed this drop to the country’s increasing international isolation over its human rights violations and reportedly supplying drones to Russia. On the unofficial market, a US dollar was worth as much as 601,500 rials when compared to the day prior when it was able to fetch at least 575,000, as per Reuters. The dire economic conditions have forced Iranians to form long lines outside exchange offices in recent days hoping to receive increasingly scarce dollars as the local currency has deteriorated. ALSO READ | Iran-Saudi Arabia close on restoration of bilateral ties after latest talks According to Tehran’s statistics centre, inflation soared to 53.4 per cent in January which is up from 41.4 per cent in 2021. Amid the rise in prices and economic hardship, Iranians have turned to the US dollar or gold to protect their savings. Additionally, in a bid to calm the market and ease demand for the US currency, on Saturday, the central bank also lifted a ban on private exchange shops selling hard currencies in Iran. To put this amount into perspective, the Iranian rial was trading at 32,000 rials to the dollar when the 2015 nuclear accord was signed, reported the Associated Press, which had eased the sanctions on Tehran for limiting its nuclear activities. ALSO READ | Iran says it has developed long-range cruise missile, triggers concerns in West However, when former US President Donald Trump had withdrawn from the agreement and the sanctions on Iran were restored it affected the country’s economy. The move has since led to an increase in Iran’s production of Uranium, as per the United Nations nuclear watchdog. Iran’s economic conditions have also contributed to widespread anger among its citizens, as per reports, while the country’s officials have blamed it on “the enemies’ plot” to destabilise the Islamic Republic. The claim was made in the context of the months of nationwide protests after the death of Mahsa Amini after she was detained by authorities for her alleged breach of the dress code. ALSO READ | Iran executes second protester in less than a week; rights group claims 450 killed in protests According to reports, protests have continued in parts of Iran despite the government’s harsh crackdown. Meanwhile, Tehran has also recently faced pressure from the West after accusations of supplying drones to Russia for using it amid its conflict with Ukraine, a claim that Iran has denied. (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.

Iranian rial plunges to record low amid anti-government protests, international isolation

Pharmaceutical giant Pfizer Inc is in talks to acquire Seagen Inc, a biotech company, in a deal that may be worth billions if it comes to fruition, said a report in The Wall Street Journal. The report, citing unnamed sources, said that talks are in initial stages.

Though the developments point to a potential mega deal, it will have to cross several hurdles including a possible antitrust review of the proposal. Seagen has a market&nbsp;value of USD 30 billion.

Last year, Seagen was in negotiations to be acquired by Merck. Had this deal come to fruition, it would have been worth USD 40 billion.&nbsp;

Pfizer is one of the biggest drug companies in the world. Last year, its sales were worth USD 100 billion. If it acquires Seagen, it will add a class of promising chemical agents to its lineup of cancer treartments. These chemical agents have shown promise in connection with immunitherapies against some cancers.

Pfizer is in a very comfortable financial position with its deep pockets full of cash. It has some USD 22.7 billion from sales of its Covid vaccines, drugs and other products.

Pfizer acquired sickle-cell-drug maker Global Blood Therapeutics Inc last year for more than USD 5 billion. It also acquired the rest of Biohaven Pharmaceutical Holdings Co in a deal worth more than USD 10 billion.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Pharmaceutical giant Pfizer Inc is in talks to acquire Seagen Inc, a biotech company, in a deal that may be worth billions if it comes to fruition, said a report in The Wall Street Journal.

Pharmaceutical giant Pfizer Inc is in talks to acquire Seagen Inc, a biotech company, in a deal that may be worth billions if it comes to fruition, said a report in The Wall Street Journal. The report, citing unnamed sources, said that talks are in initial stages. Though the developments point to a potential mega deal, it will have to cross several hurdles including a possible antitrust review of the proposal. Seagen has a market value of USD 30 billion. Last year, Seagen was in negotiations to be acquired by Merck. Had this deal come to fruition, it would have been worth USD 40 billion. Pfizer is one of the biggest drug companies in the world. Last year, its sales were worth USD 100 billion. If it acquires Seagen, it will add a class of promising chemical agents to its lineup of cancer treartments. These chemical agents have shown promise in connection with immunitherapies against some cancers. Pfizer is in a very comfortable financial position with its deep pockets full of cash. It has some USD 22.7 billion from sales of its Covid vaccines, drugs and other products. Pfizer acquired sickle-cell-drug maker Global Blood Therapeutics Inc last year for more than USD 5 billion. It also acquired the rest of Biohaven Pharmaceutical Holdings Co in a deal worth more than USD 10 billion. 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 ×

Pfizer in talks to acquire Seagen, mega deal may be possible: Report

In a meeting with the International Monetary Fund, India, and other creditor countries on Saturday, the World Bank's president stated that the organisation will "give as much concessionality to the debt treatment" for struggling economies as possible.

World Bank vows to aid distressed economies

The report in the U.S. technology focused publication early on Sunday, citing people with direct knowledge of the matter, said that the job cuts affected multiple engineering teams, including those supporting advertising technology, the primary Twitter app, as well as technical infrastructure to keep Twitter's systems up and running.

Twitter's relentless job cuts, engineering and advertising team to be impacted

India's bid to come to a consensus within the Group of 20 (G20) nations to ban cryptocurrency hit a roadblock as the nations stopped short of going for an outright ban. They instead agreed to continue an international debate on cryptocurrency regulation, with the final outcome document citing a consideration towards "coordinated and comprehensive policy approach to crypto assets" from &nbsp;"macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets."

The growing uproar against cryptocurrency is significant following the collapse of cryptocurrency exchange FTX in November shook crypto assets such as bitcoin worldwide.

<h2>India and cryptocurrency regulation</h2>

India's finance minister Nirmala Sitharaman has been tough against cryptocurrencies in her last two annual budgets for the world's fifth largest economy. The Prime Minister Narendra Modi-led administration has asserted its willingness to regulate the cryptocurrency sector. However, in 2020, India's Supreme Court struck down the country's central bank's ban on providing services to cryptocurrency traders.

The Reserve Bank of India has expressed that virtual economic assets pose risk to the stability of the country's overall financial system, a stance that has found support with some constituents of the G-20.

<h2>On crypto regulation, India finds support in Canada, France</h2>

India's finance minister Nirmala Sitharaman said on Saturday that Canada's central bank governor "cautioned that crypto assets should not be given the regulatory seal of approval... without a well thought out approach and framework for implementation."

Earlier, the French Minister of Economy and Finance Bruno Le Maire told reporters on Friday that "France has been advocating for a regulation of cryptocurrencies for many years, explaining that there is a need to protect consumers and to protect financial stability."

ALSO WATCH |&nbsp;Gravitas: Cryptocurrency: New tool for money laundering

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An Asia Nikkei report cited a central banking source as saying that India is trying to make use of the international debate to make a case for tougher cryptocurrency regulations at home.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-push-to-regulate-crypto-get-support-from-imf-us-at-g20-565847">India’s push to regulate cryptocurrencies gets support from IMF, US at G20</a>

The Reserve Bank of India governor Shaktikanta Das said at a news conference on Saturday that "there is now a wide recognition and acceptance of the fact that (crypto assets or products) involve several major risks to financial stability, to monetary systems, to cybersecurity issues ... and they need to be looked at."

"Going forward, the effort is to develop an international framework... to deal with this problem," he said.

The United States has not "suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," U.S. Treasury Secretary Yellen told Reuters on the sidelines of the G-20 meeting. "We are working with other governments."

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India's bid to come to a consensus within the Group of 20 (G20) nations to ban cryptocurrency hit a roadblock as the nations stopped short of going for an outright ban.

India's bid to come to a consensus within the Group of 20 (G20) nations to ban cryptocurrency hit a roadblock as the nations stopped short of going for an outright ban. They instead agreed to continue an international debate on cryptocurrency regulation, with the final outcome document citing a consideration towards "coordinated and comprehensive policy approach to crypto assets" from "macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets." The growing uproar against cryptocurrency is significant following the collapse of cryptocurrency exchange FTX in November shook crypto assets such as bitcoin worldwide. India and cryptocurrency regulation India's finance minister Nirmala Sitharaman has been tough against cryptocurrencies in her last two annual budgets for the world's fifth largest economy. The Prime Minister Narendra Modi-led administration has asserted its willingness to regulate the cryptocurrency sector. However, in 2020, India's Supreme Court struck down the country's central bank's ban on providing services to cryptocurrency traders. The Reserve Bank of India has expressed that virtual economic assets pose risk to the stability of the country's overall financial system, a stance that has found support with some constituents of the G-20. On crypto regulation, India finds support in Canada, France India's finance minister Nirmala Sitharaman said on Saturday that Canada's central bank governor "cautioned that crypto assets should not be given the regulatory seal of approval... without a well thought out approach and framework for implementation." Earlier, the French Minister of Economy and Finance Bruno Le Maire told reporters on Friday that "France has been advocating for a regulation of cryptocurrencies for many years, explaining that there is a need to protect consumers and to protect financial stability." ALSO WATCH | Gravitas: Cryptocurrency: New tool for money laundering × An Asia Nikkei report cited a central banking source as saying that India is trying to make use of the international debate to make a case for tougher cryptocurrency regulations at home. ALSO READ | India’s push to regulate cryptocurrencies gets support from IMF, US at G20 The Reserve Bank of India governor Shaktikanta Das said at a news conference on Saturday that "there is now a wide recognition and acceptance of the fact that (crypto assets or products) involve several major risks to financial stability, to monetary systems, to cybersecurity issues ... and they need to be looked at." "Going forward, the effort is to develop an international framework... to deal with this problem," he said. The United States has not "suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," U.S. Treasury Secretary Yellen told Reuters on the sidelines of the G-20 meeting. "We are working with other governments." 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.

G20 finance chiefs meet: India's bid to ban cryptocurrency stopped at consensus for regulation

Top Chinese banker Bao Fan, <a href="https://www.wionews.com/world/top-chinese-banker-bao-fan-goes-missing-sending-chills-down-nations-finance-industry-reports-562934">who was earlier reported to have disappeared</a>, is assisting Chinese investigators, his company China Renaissance Holdings Ltd said in a stock filing on Sunday (February 26). “The board has become aware that Mr Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China,” Bao's company said, the news agency Bloomberg reported.&nbsp;

China Renaissance Holdings Ltd further said that its business and operations were continuing normally and that it would “cooperate and assist with any lawful request” from the relevant Chinese authorities, if and when made.

Bao Fan's disappearance almost 10 days back, sent chills down China's finance industry. On February 17, his company's stock slid by 50% in early Hong Kong trading to hit a low of $0.64 (around HK$5), wiping off $356.7 million (HK$2.8 billion) in market value.

Before Fan, Seazen Group Ltd vice-chairman Qu Dejun was reported to have been unreachable. It was revealed that Dejun was cooperating with authorities concerning an investigation into the Dalian Wanda Group, where he previously worked.&nbsp;

For years, high-profile Chinese executives have gone missing with little explanation amid an anti-corruption campaign spearheaded by President Xi Jinping. A report by the news agency Reuters on Sunday said that in 2015 alone, &nbsp;at least five executives became unreachable without prior notice to their companies.&nbsp;

These included billionaire Guo Guangchang, the chairman of the Fosun Group. Guangchang had vanished from public view in connection with a probe by authorities, before re-emerging days later. His disappearance seemed to violate the trust between the government and top Chinese business leaders whose hard work fuelled China to become the world's second-largest economy.&nbsp;

Some of the major tycoons targeted under Xi Jinping's rule recently include Jack Ma, Xiao Jianhua and Mao Xiaofeng.&nbsp;

(With inputs from agencies)

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Top Chinese banker Bao Fan, who was earlier reported to have disappeared, is assisting Chinese investigators, his company China Renaissance Holdings Ltd said in a stock filing on Sunday (February 26).

Top Chinese banker Bao Fan, who was earlier reported to have disappeared, is assisting Chinese investigators, his company China Renaissance Holdings Ltd said in a stock filing on Sunday (February 26). “The board has become aware that Mr Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China,” Bao's company said, the news agency Bloomberg reported. China Renaissance Holdings Ltd further said that its business and operations were continuing normally and that it would “cooperate and assist with any lawful request” from the relevant Chinese authorities, if and when made. Bao Fan's disappearance almost 10 days back, sent chills down China's finance industry. On February 17, his company's stock slid by 50% in early Hong Kong trading to hit a low of $0.64 (around HK$5), wiping off $356.7 million (HK$2.8 billion) in market value. Before Fan, Seazen Group Ltd vice-chairman Qu Dejun was reported to have been unreachable. It was revealed that Dejun was cooperating with authorities concerning an investigation into the Dalian Wanda Group, where he previously worked. For years, high-profile Chinese executives have gone missing with little explanation amid an anti-corruption campaign spearheaded by President Xi Jinping. A report by the news agency Reuters on Sunday said that in 2015 alone, at least five executives became unreachable without prior notice to their companies. These included billionaire Guo Guangchang, the chairman of the Fosun Group. Guangchang had vanished from public view in connection with a probe by authorities, before re-emerging days later. His disappearance seemed to violate the trust between the government and top Chinese business leaders whose hard work fuelled China to become the world's second-largest economy. Some of the major tycoons targeted under Xi Jinping's rule recently include Jack Ma, Xiao Jianhua and Mao Xiaofeng. (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.

Chinese banker Bao Fan, who earlier disappeared, is assisting investigators

Higher salaries are going to go up unlike many parts of the world. Salaries in India are expected to increase by 10.3 percent in 2023 which is highest among major world economies.

India: Salary growth to continue despite economic volatility

Starbucks Oleato Coffee Beverage: How do you prefer your coffee? Would you drink coffee with olive oil in it? Well the thought of it leaves many upset but this is happening in the world's largest coffee chain, Starbucks which has rolled out a new line of beverages in Italy.

All about Starbucks Oleato coffee beverages

As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency.&nbsp;

"The way headcount reductions will be managed will differ depending on the local country practice," Chief Executive Borje Ekholm wrote in the memo. "In several countries, the headcount reductions have already been communicated this week," he said.

This would be Ericsson's biggest layoff in the telecom&nbsp;sector. Technology giants like Microsoft, Meta, and Google have fired thousands of workers due to their financial situations. The corporation, which has over 105,000 employees globally, revealed on Monday that it would eliminate 1,400 positions in Sweden.&nbsp;

Also Read | <a href="https://www.wionews.com/world/junior-doctors-to-go-on-72-hours-strike-in-england-565573">Junior doctors to go on 72-hour strike in England</a>

Ericsson did not specify which location would be most impacted. As demand weakens in several countries, particularly North America, the corporation declared in December that it will slash expenses by 9 billion crowns ($880 million) by the end of 2023.

"It is our obligation to take this cost out to remain competitive," Ekholm said in the memo. "Our biggest enemy right now may be complacency."

Also Read | <a href="https://www.wionews.com/world/us-announces-new-sanctions-targeting-russian-banks-defence-industry-semiconductor-access-565534">US announces new sanctions on Russian banks, defence sector, blocks semiconductor access</a>

This comes more than a month after the business released lower-than-anticipated fourth-quarter results. Even in high-margin countries like the US, global sales of its 5G equipment have slowed down.&nbsp;

Ericsson has made it clear that it wants to decrease costs, and that would include making significant cuts. The firm is embarking on cost-cutting initiatives, which would include decreasing consultants, real estate, and staff numbers, the company's Chief Financial Officer Carl Mellander previously told news agency Reuters.

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With reference to the cuts, Mellander stated, "It's different from geography to geography, some are starting now, and we'll take it unit by unit, considering the labour laws of different countries."&nbsp; 
 
(With inputs from agencies)

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As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency.

As part of its cost-cutting strategy, telecom equipment manufacturer Ericsson will layoff 8,500 workers globally, according to a memo written to staff members and seen by Reuters news agency. "The way headcount reductions will be managed will differ depending on the local country practice," Chief Executive Borje Ekholm wrote in the memo. "In several countries, the headcount reductions have already been communicated this week," he said. This would be Ericsson's biggest layoff in the telecom sector. Technology giants like Microsoft, Meta, and Google have fired thousands of workers due to their financial situations. The corporation, which has over 105,000 employees globally, revealed on Monday that it would eliminate 1,400 positions in Sweden. Also Read | Junior doctors to go on 72-hour strike in England Ericsson did not specify which location would be most impacted. As demand weakens in several countries, particularly North America, the corporation declared in December that it will slash expenses by 9 billion crowns ($880 million) by the end of 2023. "It is our obligation to take this cost out to remain competitive," Ekholm said in the memo. "Our biggest enemy right now may be complacency." Also Read | US announces new sanctions on Russian banks, defence sector, blocks semiconductor access This comes more than a month after the business released lower-than-anticipated fourth-quarter results. Even in high-margin countries like the US, global sales of its 5G equipment have slowed down. Ericsson has made it clear that it wants to decrease costs, and that would include making significant cuts. The firm is embarking on cost-cutting initiatives, which would include decreasing consultants, real estate, and staff numbers, the company's Chief Financial Officer Carl Mellander previously told news agency Reuters. Watch | WION Speed News: UN General Assembly votes on Ukraine peace resolution × With reference to the cuts, Mellander stated, "It's different from geography to geography, some are starting now, and we'll take it unit by unit, considering the labour laws of different countries." (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.

Swedish telecom giant Ericsson to go on cost-cutting with layoff of 8,500 employees

Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said. Heineken Holding owns a controlling stake in brewer Heineken NV. Bill Gates, who is also a philanthropist, purchased the shares from Mexico's FEMSA, which is selling out of the brewing company.&nbsp;

A separate filing on February 17 showed FEMSA selling all 18 million shares which it held in Heineken Holding, the report added. Gates purchased 10.8 million shares worth $939.87 million (883 million euros) at current market prices, triggering a disclosure requirement under the stock market rules of the Netherlands.&nbsp;

ALSO WATCH |&nbsp;Bill Gates buys 3.76% stake in Dutch drinks giant Heineken

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&nbsp;

The Microsoft co-founder bought the Heineken stake despite saying in 2018 that he was not a big beer drinker. During an Ask Me Anything (AMA) session on Reddit, Gates said, "When I end up at something like a baseball game I drink light beer to get with the vibe of all the other beer drinkers. Sorry to disappoint real beer drinkers."

Previously, The Bill &amp; Melinda Gates Foundation- the charitable foundation launched by Bill Gates and his former wife Melinda- invested in Dutch online grocer Picnic BV and also holds a 1.34 per cent stake in Dutch fertiliser producer OCI NV, the news agency Bloomberg reported.&nbsp;

(With inputs from agencies)

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Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said.

Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said. Heineken Holding owns a controlling stake in brewer Heineken NV. Bill Gates, who is also a philanthropist, purchased the shares from Mexico's FEMSA, which is selling out of the brewing company. A separate filing on February 17 showed FEMSA selling all 18 million shares which it held in Heineken Holding, the report added. Gates purchased 10.8 million shares worth $939.87 million (883 million euros) at current market prices, triggering a disclosure requirement under the stock market rules of the Netherlands. ALSO WATCH | Bill Gates buys 3.76% stake in Dutch drinks giant Heineken × The Microsoft co-founder bought the Heineken stake despite saying in 2018 that he was not a big beer drinker. During an Ask Me Anything (AMA) session on Reddit, Gates said, "When I end up at something like a baseball game I drink light beer to get with the vibe of all the other beer drinkers. Sorry to disappoint real beer drinkers." Previously, The Bill & Melinda Gates Foundation- the charitable foundation launched by Bill Gates and his former wife Melinda- invested in Dutch online grocer Picnic BV and also holds a 1.34 per cent stake in Dutch fertiliser producer OCI NV, the news agency Bloomberg reported. (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.

Bill Gates buys 3.76% stake in Dutch brewing giant Heineken

Job cuts are continuing and now reports are saying that Facebook's parent company, Meta, is likely to go for a fresh round of drop cuts which would affect thousands of workers. This time, the move will be a part of reorganisation and downsizing efforts of social media firm.

Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports

German car maker Mercedez-Benz decided to team up with Google as part of a broader trend in the auto industry. It is to partner with the tech companies for cutting-edge technology solutions.

Mercedez-Benz partners with Google, takes conservative approach to software revenue

Billionaire Bill Gates is not a beer fan or even a big beer drinker, he has said earlier, but he found value in buying share of such companies. Bill Gates has now bought over 3.7% stake in the Dutch drinks giant, Heineken.

U.S.: Bill Gates buys 3.76% stake in Dutch drinks giant Heineken | World Business Watch

Benchmark stock indices extended their losses from the previous session as market sentiments remain subdued over global inflation and subsequent monetary policy actions by various central banks.At 9.47 am, the Sensex and Nifty were 0.5 per cent lower each.

On Wednesday, stocks in India declined tracking weak overnight cues from the US markets, which saw a heavy selloff. The key indices in the domestic market -- BSE Sensex went down 927 points and settled at 59,744.98 level while NSE Nifty lost 280 points and closed the session at a 17,546.55 level.

"Yesterday`s sharp cut of 927 points on the Sensex was caused by a combination of factors: weak US cues, the continuing rout in Adani stocks and concerns of the Adani crisis impacting the banking system," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The shares of Adani Group companies have been consistently declining, though with varying degrees, after the January 24 report by a US-based short seller which leveled various allegations against the group."The US/global factor stems from concerns that the Fed will have to raise interest rates perhaps by 25bp thrice to weaken the economy and contain inflation. FOMC minutes reveal the fact that some have even argued for a 50 bp rate hike," said Vijayakumar.

At the latest monetary policy meet, a few participants, according to the minutes of US Federal Reserve, favored raising the target range for the federal funds rate 50 basis points, noting that a larger increase would more quickly help in achieving price stability.Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline

Benchmark stock indices extended their losses from the previous session as market sentiments remain subdued over global inflation and subsequent monetary policy actions by various central banks.

Benchmark stock indices extended their losses from the previous session as market sentiments remain subdued over global inflation and subsequent monetary policy actions by various central banks.At 9.47 am, the Sensex and Nifty were 0.5 per cent lower each. On Wednesday, stocks in India declined tracking weak overnight cues from the US markets, which saw a heavy selloff. The key indices in the domestic market -- BSE Sensex went down 927 points and settled at 59,744.98 level while NSE Nifty lost 280 points and closed the session at a 17,546.55 level. "Yesterday`s sharp cut of 927 points on the Sensex was caused by a combination of factors: weak US cues, the continuing rout in Adani stocks and concerns of the Adani crisis impacting the banking system," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The shares of Adani Group companies have been consistently declining, though with varying degrees, after the January 24 report by a US-based short seller which leveled various allegations against the group."The US/global factor stems from concerns that the Fed will have to raise interest rates perhaps by 25bp thrice to weaken the economy and contain inflation. FOMC minutes reveal the fact that some have even argued for a 50 bp rate hike," said Vijayakumar. At the latest monetary policy meet, a few participants, according to the minutes of US Federal Reserve, favored raising the target range for the federal funds rate 50 basis points, noting that a larger increase would more quickly help in achieving price stability.Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline

Indian stock indices extend losses over weak global cues

Housing rates in U.S. has posted $2.3 trillion drop, which is the biggest since 2008. According to the reports, home buyers who are already facing record high prices in the U.S. They took an additional hit from mortgage rates that doubled more than last year after peaking at $47.7 trillion in June.

U.S. Housing market drop biggest since 2008, mortgage rates soar | World Business Watch

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs.

The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise.

On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success.

ALSO READ | <a href="https://www.wionews.com/business-economy/indias-market-regulator-seeks-details-of-loans-and-securities-of-adani-companies-564769">India's market regulator seeks details of loans and securities of Adani companies</a>

That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation.

Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion.

Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day.

Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support".

For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent".

Hindenburg's report is the best for Adani

Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani.

He believes the latest accusations and the market rout might instil financial discipline within the business empire.

The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills."

Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'.

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Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods. Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs. The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise. On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success. ALSO READ | India's market regulator seeks details of loans and securities of Adani companies That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation. Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion. Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day. Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support". For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent". Hindenburg's report is the best for Adani Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani. He believes the latest accusations and the market rout might instil financial discipline within the business empire. The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills." Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'. 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.

In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015.

The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November.

That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation.

Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications.

The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline.

<a href="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999">WATCH |&nbsp;US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch</a>

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The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low.

The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September.

Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride.

The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole.

<a href="https://www.wionews.com/world/portugal-announces-to-end-golden-visa-downsizes-airbnb-rentals-to-address-local-housing-crises-562999">Read more:&nbsp;Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis</a>

A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy.

Policymakers must respond to this scenario to address the problem and stop further deterioration.

The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates.

Also, more must be done to guarantee prospective homeowners can access low-cost mortgages.

The current state of the US housing market is a cause for concern, but it is not an impossible challenge.&nbsp;

With the right policies and initiatives, the property market can stabilise and continue to drive economic growth.&nbsp;

Stakeholders must take the necessary steps to ensure the market remains stable and accessible.

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The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low. This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015. The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November. That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation. Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications. The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline. WATCH | US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch × The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low. The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September. Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride. The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole. Read more: Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy. Policymakers must respond to this scenario to address the problem and stop further deterioration. The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates. Also, more must be done to guarantee prospective homeowners can access low-cost mortgages. The current state of the US housing market is a cause for concern, but it is not an impossible challenge. With the right policies and initiatives, the property market can stabilise and continue to drive economic growth. Stakeholders must take the necessary steps to ensure the market remains stable and accessible. WATCH WION LIVE HERE:

Is trouble brewing in the US housing markets?

Budget has been released today in Hong Kong - the economy is expected to grow between 3.5% to 5.5% this year after shrinking 3.5% last year. It is leaving behind Covid-19 restrictions and it has isolated the city from the rest of the world.

Hong Kong budget: Govt to raise taxes to boost revenue | World Business Watch | WION

Electric car maker Tesla is now reworking on its manufacturing plans, in latest, Tesla has passed plans to produce entire batteries in Brandenburg plant in Germany, it will instead carry out some manufacturing in US, where tax incentives are more favourable.

Tesla scales back German battery plans, changes EU manufacturing plan | World Business News

The firms to go for layoffs is Global Management Consultant firm Mckinsey that has laid off 2,000 employees. The move will impact support staff who do not have any direct contact or clients of the company.

Employee reduction plan: Mckinsey to cut around 2,500 jobs | World Business News

China has advised&nbsp;its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of&nbsp;Chinese firms listed in the stock indices of New York. The&nbsp;four accounting firms are&nbsp;Ernst &amp; Young, KPMG, PricewaterhouseCoopers LLP, and Deloitte.&nbsp;

<h2>Why does China want to phase out international accounting firms?</h2>

First, the Chinese authorities have repeatedly asserted their concerns about data security when it comes to&nbsp;state-owned enterprises dealing with foreign firms for their professional accountancy services. Secondly, China is seeking to encourage its local accounting industry, according to individuals who are cited to be familiar with the matter by Bloomberg.

<h2>The US-China powerplay</h2>

For years, China has been suggesting its state-owned firms to either avoid or phase out the services of the 'Big Four' accounting firms. But after the China-US audit deal last year, which prevented the ouster of 200 Chinese firms off the American exchanges, analysts said that the United States and China could co-exist despite competitive business practices in the areas of technology and commerce.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/beijing-and-washington-sign-pact-allowing-regulators-to-vet-us-listed-chinese-companies-510519">Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies</a>

In December, the US Public Company Accounting Oversight Board (PCAOB)&nbsp;completed its first-ever on-site work paper inspection of some of the largest Chinese companies. The board said that it&nbsp;was able to&nbsp;review audit documents during the trip to Hong Kong, which was hosted by PwC and KPMG.

ALSO WATCH |&nbsp;China and its growing alliances: Is China uniting all of US' foes?

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The board is planning further reviews this year, whose fate remains unclear after recent Chinese advisories against using the services of 'Big Four', whose&nbsp;combined revenue from all Chinese clients in 2021 was $3 billion, according to the finance ministry data cited by Bloomberg.&nbsp;

(With inputs from agencies)

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China has advised its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of Chinese firms listed in the stock indices of New York.

China has advised its state-owned firms to gradually eliminate using the services of four international accounting firms, amid concerns about data security. The development comes after Beijing reached a significant deal that will allow US audit inspections of Chinese firms listed in the stock indices of New York. The four accounting firms are Ernst & Young, KPMG, PricewaterhouseCoopers LLP, and Deloitte. Why does China want to phase out international accounting firms? First, the Chinese authorities have repeatedly asserted their concerns about data security when it comes to state-owned enterprises dealing with foreign firms for their professional accountancy services. Secondly, China is seeking to encourage its local accounting industry, according to individuals who are cited to be familiar with the matter by Bloomberg. The US-China powerplay For years, China has been suggesting its state-owned firms to either avoid or phase out the services of the 'Big Four' accounting firms. But after the China-US audit deal last year, which prevented the ouster of 200 Chinese firms off the American exchanges, analysts said that the United States and China could co-exist despite competitive business practices in the areas of technology and commerce. ALSO READ | Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies In December, the US Public Company Accounting Oversight Board (PCAOB) completed its first-ever on-site work paper inspection of some of the largest Chinese companies. The board said that it was able to review audit documents during the trip to Hong Kong, which was hosted by PwC and KPMG. ALSO WATCH | China and its growing alliances: Is China uniting all of US' foes? × The board is planning further reviews this year, whose fate remains unclear after recent Chinese advisories against using the services of 'Big Four', whose combined revenue from all Chinese clients in 2021 was $3 billion, according to the finance ministry data cited by Bloomberg. (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 asks state-owned companies to phase out services of ‘Big Four’ accounting firms

On February 22, 2023, Hong Kong's Financial Secretary Paul Chan unveiled the city's budget plan for the fiscal year 2023-2024.

The budget emphasises innovation and technology and seeks to revitalise Hong Kong's economy and address ongoing social and economic challenges, specifically focusing on creating a "Happy Hong Kong."

Incentivising the development of the industry using cultural exchange in the form of a carnival will help increase consumption in the country.&nbsp;

<a href="https://www.wionews.com/business-economy/fired-then-move-on-seven-ex-google-employees-seek-to-build-a-firm-564328">Also read |&nbsp;Fired? Then move on: Seven ex-Google employees seek to build a firm</a>

In addition, the budget plan also includes some notable tax alterations. With tax raises in place to increase the country's revenue.

One of the key features of the budget plan is a package of measures to support innovation and technology development.&nbsp;

The government has allocated $2.6 billion to various initiatives, including research and development grants, technology transfer support, and start-up funding.

In addition, around $6.4 million has been allocated for Web3 development with a task force dedicated to creating digital assets.&nbsp;

These measures are aimed at boosting Hong Kong's competitiveness in the global economy and supporting the city's transformation into a technology hub.

The budget plan also includes measures to address ongoing social and economic challenges, such as housing and healthcare, to create a "Happy Hong Kong".

The government has pledged to increase public housing spending and set out to distribute $5,000 of vouchers to strengthen consumption.&nbsp;

<a href="https://www.wionews.com/business-economy/japans-factory-activity-shrinks-at-the-fastest-pace-in-over-two-years-564258">Also read |&nbsp;Japan's factory activity shrinks at the fastest pace in over two years</a>

The budget also includes provisions for improving healthcare services and facilities, including constructing new hospitals and hiring more healthcare professionals.

Despite the ambitious goals in the budget plan, some observers have raised concerns about the challenges Hong Kong faces in the coming year.&nbsp;

Ongoing political unrest, the global economic slowdown, and the impact of the COVID-19 pandemic all present significant challenges to Hong Kong's economy and society.

However, the government's focus on creating a "Happy Hong Kong" reflects a commitment to addressing the city's social and economic challenges while investing in the future.

The plan's success will depend on various factors, including the ongoing political and economic situation in Hong Kong and the broader global context.

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On February 22, 2023, Hong Kong's Financial Secretary Paul Chan unveiled the city's budget plan for the fiscal year 2023-2024. The budget emphasises innovation and technology and seeks to revitalise Hong Kong's economy and address ongoing social and economic challenges, specifically focusing on creating a "Happy Hong Kong.

On February 22, 2023, Hong Kong's Financial Secretary Paul Chan unveiled the city's budget plan for the fiscal year 2023-2024. The budget emphasises innovation and technology and seeks to revitalise Hong Kong's economy and address ongoing social and economic challenges, specifically focusing on creating a "Happy Hong Kong." Incentivising the development of the industry using cultural exchange in the form of a carnival will help increase consumption in the country. Also read | Fired? Then move on: Seven ex-Google employees seek to build a firm In addition, the budget plan also includes some notable tax alterations. With tax raises in place to increase the country's revenue. One of the key features of the budget plan is a package of measures to support innovation and technology development. The government has allocated $2.6 billion to various initiatives, including research and development grants, technology transfer support, and start-up funding. In addition, around $6.4 million has been allocated for Web3 development with a task force dedicated to creating digital assets. These measures are aimed at boosting Hong Kong's competitiveness in the global economy and supporting the city's transformation into a technology hub. The budget plan also includes measures to address ongoing social and economic challenges, such as housing and healthcare, to create a "Happy Hong Kong". The government has pledged to increase public housing spending and set out to distribute $5,000 of vouchers to strengthen consumption. Also read | Japan's factory activity shrinks at the fastest pace in over two years The budget also includes provisions for improving healthcare services and facilities, including constructing new hospitals and hiring more healthcare professionals. Despite the ambitious goals in the budget plan, some observers have raised concerns about the challenges Hong Kong faces in the coming year. Ongoing political unrest, the global economic slowdown, and the impact of the COVID-19 pandemic all present significant challenges to Hong Kong's economy and society. However, the government's focus on creating a "Happy Hong Kong" reflects a commitment to addressing the city's social and economic challenges while investing in the future. The plan's success will depend on various factors, including the ongoing political and economic situation in Hong Kong and the broader global context. WATCH WION LIVE HERE Live TV

Hong Kong's ambitious budget plan to focus on 'Happy Hong Kong'

The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the <a href="https://www.wionews.com/videos/adani-stocks-market-value-below-100-billion-market-valuation-hit-by-hindenburgs-allegations-564290">Hindenburg report</a>. The SEBI reportedly told the rating agencies last week to share such information on Adani Group.&nbsp;

<h2>SEBI dials regulation on Adani Group: What is the&nbsp;relevance of Adani group's loans and securities?</h2>

Sources aware of the matter told media that the Indian capital markets regulator is attempting to find out whether the ongoing fall in share prices will affect the debt repayment capabilities of Adani Group-linked companies.

"SEBI&nbsp;is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies.&nbsp;Most of this information, however, is in the public domain," a person aware of the communication from the regulator was quoted as saying by Economic Times.&nbsp;

<h2>Unchanged credit ratings amid&nbsp;Adani group's sharp fall in stock market indices</h2>

The ratings of the Adani companies have remained unchanged since January 24 when the New York short seller Hindenburg Research released its report that alleged accounting fraud as well as stock price manipulation by the group.

The stocks of Adani companies, however, have bled the stock listing indices in India since January 24.&nbsp;Between January 25 and February 21, the stocks of 10 Adani listed companies dropped between 28.1 per cent and 78.8 per cent, with Adani Total Gas falling the most (78.8 per cent), followed by Adani Green Energy (72.4 per cent) and Adani Transmission (71.7 per cent).

(With inputs from agencies)

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The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the Hindenburg report.

The Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the Hindenburg report. The SEBI reportedly told the rating agencies last week to share such information on Adani Group. SEBI dials regulation on Adani Group: What is the relevance of Adani group's loans and securities? Sources aware of the matter told media that the Indian capital markets regulator is attempting to find out whether the ongoing fall in share prices will affect the debt repayment capabilities of Adani Group-linked companies. "SEBI is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies. Most of this information, however, is in the public domain," a person aware of the communication from the regulator was quoted as saying by Economic Times. Unchanged credit ratings amid Adani group's sharp fall in stock market indices The ratings of the Adani companies have remained unchanged since January 24 when the New York short seller Hindenburg Research released its report that alleged accounting fraud as well as stock price manipulation by the group. The stocks of Adani companies, however, have bled the stock listing indices in India since January 24. Between January 25 and February 21, the stocks of 10 Adani listed companies dropped between 28.1 per cent and 78.8 per cent, with Adani Total Gas falling the most (78.8 per cent), followed by Adani Green Energy (72.4 per cent) and Adani Transmission (71.7 per cent). (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.

India's market regulator seeks details of loans and securities of Adani companies