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They say love doesn't come with a price tag however, Americans beg to differ. The projected Valentine's Day spending amounts to nearly 26 billion dollars. The National Retail Federation survey states that the predicted sales for the upcoming Valentine's Day will likely touch 25.9 billion dollars which would be 2 billion dollars higher than the previous year.

World Business Watch | US: Predicted sales for V-day to exceed the previous year by $2 BN

Artificial Intelligence is here to stay and the race to develop and use AI is heating up the competition as China's value decides to launch its own AI driven chat bot in March.

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Bitcoin is poised for its best month in a decade with a 40% rise in January. Does that mean that the so-called crypto winter is waning? For now, the threat looming over the crypto industry has retreated broadly.

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Germany, the largest economy in Europe continues to struggle with labor shortages. The country deals with a huge gap in the job market for software engineers which now looks to fill up by hiring top talent from the thousands of laid off in Silicon Valley.

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Samsung Electronics reported a 69% slump in its profit in the December quarter which is the firm's lowest quarterly profit in nearly a decade. The company's outlook also showed lower profits likely for the first half of the year driven by a broad global economic slowdown and a fall in demand.

World Business Watch: Samsung reports lowest quarterly profit since 2014

The Biden administration has stopped approving licenses for US&nbsp;companies to export most items to China's&nbsp;Huawei, according to three people familiar with the matter.

Huawei&nbsp;has faced US&nbsp;export restrictions around items for 5G and other technologies for several years, but officials in the US&nbsp;Department of Commerce have granted licenses for some American firms to sell certain goods and technologies to the company. Qualcomm Inc in 2020 received permission to sell 4G smartphone chips to&nbsp;Huawei.

A Commerce Department spokesperson said officials "continually assess our policies and regulations" but do not comment on talks with specific companies.&nbsp;Huawei&nbsp;and Qualcomm declined to comment. Bloomberg and the Financial Times earlier reported the move.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/huawei-registers-plateaued-revenue-growth-us-sanctions-impact-wanes-548165">Huawei registers plateaued revenue growth, US sanctions impact wanes</a>

Chinese foreign ministry spokesperson Mao Ning said that China opposes the United States abusing an overly broad notion of national security to suppress Chinese firms unreasonably.

The move "goes against the principles of the market economy and rules of international trade and finance, hurts the confidence the international community has in the US business environment and is blatant technological hegemony," Mao said during a press conference in Beijing on Tuesday.

One person familiar with the matter said US&nbsp;officials are creating a new formal policy of denial for shipping items to&nbsp;Huawei&nbsp;that would include items below the 5G level, including 4G items, Wifi 6 and 7, artificial intelligence, and high-performance computing and cloud items.

Another person said the move was expected to reflect the Biden administration's tightening of policy on&nbsp;Huawei&nbsp;over the past year. Licenses for 4G chips that could not be used for 5g, which might have been approved earlier, were being denied, the person said. Toward the end of the Trump administration and early in the Biden administration, officials had still granted licenses for items specific to 4G applications.

American officials placed&nbsp;Huawei&nbsp;on a trade blacklist in 2019 restricting most US&nbsp;suppliers from shipping goods and technology to the company unless they were granted licenses. Officials continued to tighten the controls to cut off&nbsp;Huawei's ability to buy or design the semiconductor chips that power most of its products.

But US&nbsp;officials granted licenses that allowed&nbsp;Huawei&nbsp;to receive some products. For example, suppliers to&nbsp;Huawei&nbsp;got licenses worth $61 billion to sell to the telecoms equipment giant from April through November 2021.

In December,&nbsp;Huawei&nbsp;said its overall revenue was about $91.53 billion, down only slightly from 2021 when US&nbsp;sanctions caused its sales to fall by nearly a third.

&nbsp;

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The Biden administration has stopped approving licenses for US companies to export most items to China's Huawei, according to three people familiar with the matter.

The Biden administration has stopped approving licenses for US companies to export most items to China's Huawei, according to three people familiar with the matter. Huawei has faced US export restrictions around items for 5G and other technologies for several years, but officials in the US Department of Commerce have granted licenses for some American firms to sell certain goods and technologies to the company. Qualcomm Inc in 2020 received permission to sell 4G smartphone chips to Huawei. A Commerce Department spokesperson said officials "continually assess our policies and regulations" but do not comment on talks with specific companies. Huawei and Qualcomm declined to comment. Bloomberg and the Financial Times earlier reported the move. Also Read | Huawei registers plateaued revenue growth, US sanctions impact wanes Chinese foreign ministry spokesperson Mao Ning said that China opposes the United States abusing an overly broad notion of national security to suppress Chinese firms unreasonably. The move "goes against the principles of the market economy and rules of international trade and finance, hurts the confidence the international community has in the US business environment and is blatant technological hegemony," Mao said during a press conference in Beijing on Tuesday. One person familiar with the matter said US officials are creating a new formal policy of denial for shipping items to Huawei that would include items below the 5G level, including 4G items, Wifi 6 and 7, artificial intelligence, and high-performance computing and cloud items. Another person said the move was expected to reflect the Biden administration's tightening of policy on Huawei over the past year. Licenses for 4G chips that could not be used for 5g, which might have been approved earlier, were being denied, the person said. Toward the end of the Trump administration and early in the Biden administration, officials had still granted licenses for items specific to 4G applications. American officials placed Huawei on a trade blacklist in 2019 restricting most US suppliers from shipping goods and technology to the company unless they were granted licenses. Officials continued to tighten the controls to cut off Huawei's ability to buy or design the semiconductor chips that power most of its products. But US officials granted licenses that allowed Huawei to receive some products. For example, suppliers to Huawei got licenses worth $61 billion to sell to the telecoms equipment giant from April through November 2021. In December, Huawei said its overall revenue was about $91.53 billion, down only slightly from 2021 when US sanctions caused its sales to fall by nearly a third. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US stops granting export licenses for China's Huawei: Sources

Samsung Electronics said Tuesday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales.

The South Korean tech giant said operating profits for the October to December period slumped to 4.3 trillion won ($3.4 billion), a 69 percent drop from a year earlier.

The drop is in line with the estimate Samsung released earlier this month and marks the company's worst decline in quarterly profits since the third quarter of 2014.

"The business environment deteriorated significantly in the fourth quarter due to weak demand amid a global economic slowdown," Samsung said in a statement.

Sales fell eight percent to 70.46 trillion won from the same period the previous year.

Samsung singled out weak demand for memory chips, saying the sector had been hit hard "as prices fell and customers continued to adjust inventory amid deepening uncertainties in the external environment".

The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.

The fourth-quarter drop is the second consecutive margin squeeze for Samsung, which saw a 31 percent fall in operating profits in the third quarter year-on-year.

For the full year, Samsung reported 43.38 trillion won in operating profit and a record-high annual revenue of 302.23 trillion won.

'Heavy blow'

Until the second quarter of 2022, Samsung, along with other tech companies, significantly benefited from strong demand for electronic devices -- as well as chips that power them -- during the pandemic.

But the global economy is now facing multiple challenges, including soaring inflation, rising interest rates and higher energy costs.

Global memory chip revenue dropped 10 percent last year, as electronic equipment manufacturers "started to deplete memory inventory they had been holding in anticipation of stronger demand," according to tech research firm Gartner.

"Consumers also began to reduce spending, with PC and smartphone demand suffering, and then enterprises starting to reduce spending in anticipation of a global recession, all of which impacted overall semiconductor growth," said Andrew Norwood, VP Analyst at Gartner.

The macroeconomic uncertainties are expected to persist in 2023, Samsung said, adding: "the Company anticipates demand to begin recovering in the second half."

"Samsung was dealt a heavy blow with deteriorating external factors, like weaker demand and rising costs," Samsung Electronics vice chairman Han Jong-hee said during CES 2023 in Las Vegas earlier this month, according to the Yonhap News Agency.

"I think this difficult business environment will continue this year as a prolonged economic slowdown and risks in supply chains increase uncertainties."

Samsung Electronics said Tuesday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales.

Samsung Electronics said Tuesday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales. The South Korean tech giant said operating profits for the October to December period slumped to 4.3 trillion won ($3.4 billion), a 69 percent drop from a year earlier. The drop is in line with the estimate Samsung released earlier this month and marks the company's worst decline in quarterly profits since the third quarter of 2014. "The business environment deteriorated significantly in the fourth quarter due to weak demand amid a global economic slowdown," Samsung said in a statement. Sales fell eight percent to 70.46 trillion won from the same period the previous year. Samsung singled out weak demand for memory chips, saying the sector had been hit hard "as prices fell and customers continued to adjust inventory amid deepening uncertainties in the external environment". The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy. The fourth-quarter drop is the second consecutive margin squeeze for Samsung, which saw a 31 percent fall in operating profits in the third quarter year-on-year. For the full year, Samsung reported 43.38 trillion won in operating profit and a record-high annual revenue of 302.23 trillion won. 'Heavy blow' Until the second quarter of 2022, Samsung, along with other tech companies, significantly benefited from strong demand for electronic devices -- as well as chips that power them -- during the pandemic. But the global economy is now facing multiple challenges, including soaring inflation, rising interest rates and higher energy costs. Global memory chip revenue dropped 10 percent last year, as electronic equipment manufacturers "started to deplete memory inventory they had been holding in anticipation of stronger demand," according to tech research firm Gartner. "Consumers also began to reduce spending, with PC and smartphone demand suffering, and then enterprises starting to reduce spending in anticipation of a global recession, all of which impacted overall semiconductor growth," said Andrew Norwood, VP Analyst at Gartner. The macroeconomic uncertainties are expected to persist in 2023, Samsung said, adding: "the Company anticipates demand to begin recovering in the second half." "Samsung was dealt a heavy blow with deteriorating external factors, like weaker demand and rising costs," Samsung Electronics vice chairman Han Jong-hee said during CES 2023 in Las Vegas earlier this month, according to the Yonhap News Agency. "I think this difficult business environment will continue this year as a prolonged economic slowdown and risks in supply chains increase uncertainties."

Samsung says Q4 profits plunge 69% to 8 year low on demand slump

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction.

"All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports.

ALSO READ | <a href="https://www.wionews.com/india-news/google-to-cooperate-with-india-antitrust-watchdog-after-android-ruling-554611">Google to cooperate with India antitrust watchdog after Android ruling</a>

While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself.

Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike.

At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million.

As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore.

WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs

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Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed.

In the letter addressed to the employees, Pichai&nbsp;said that Google, which is now almost 25 years old, is very likely to go through difficult economic times.

"These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated.

(With inputs from agencies)

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If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary. Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction. "All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports. ALSO READ | Google to cooperate with India antitrust watchdog after Android ruling While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself. Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike. At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million. As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore. WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed. In the letter addressed to the employees, Pichai said that Google, which is now almost 25 years old, is very likely to go through difficult economic times. "These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

After sacking 12000 employees, Google's CEO Sundar Pichai to take massive pay cut?

With the start of the new year, India also awaits what the government will bring in its annual budget. From income tax to other policies, people look forward to the finance minister's speech in Parliament.

With the start of the new year, India also awaits what the government will bring in its annual budget. From income tax to other policies, people look forward to the finance minister's speech in Parliament. On February 1, India's Finance Minister Nirmala Sitharaman will present the Union Budget, also known as the Annual Financial Statement. Among other sectors, the government's focus on the energy sector will be closely monitored, considering the set targets in green energy, which is expected to play an important role in India's economic growth. The Indian government is committed to reducing the nation's total projected carbon emission by 1 billion tonnes by the end of the decade. The government aims at reducing the carbon intensity of the nation's economy by less than 45 per cent by 2030, and also achieve net-zero carbon emissions by 2070. Indian economy is growing rapidly and with a population of 1.3 billion, which is expected to surpass China, there is a massive demand for energy to fuel the nation. Hence, to fulfil its sustainable goals, the government is expected to announce groundbreaking policies. Industry leaders of clean energy are also expecting some positive announcements in the budget. Hardip Singh Rai, the chief executive officer (CEO), of THINK Gas, said that the "net-zero target highlights the need for a robust natural gas ecosystem for India". Rai said that some of the key policy interventions required towards "fulfilling the vision of transforming India into a gas-based economy include bringing natural gas under the ambit of Goods and Services Tax (GST)". He added there is a need to review domestic gas pricing along the lines of the Kirit Parikh Committee, moderating the central excise duty rate on CNG and encouraging the surrender of LPG connections in favour of PNG. He added, "We are hopeful that this year's budget will help address the concerns as the government is taking several steps to ensure that we can achieve sustainable energy security and progress." THINK Gas aspires to deliver clean fuel to the people, for the benefit of the nation. It has licences to operate city gas distribution networks in 13 districts in India, across the states of Punjab, Madhya Pradesh, Himachal Pradesh, Uttar Pradesh and Bihar. On the other hand, Dr Prateek Kanakia, the chairman and founder of TheGreenBillions Limited, said: "The Budget 2022 was a step in the right direction with climate change and clean energy on its agenda." TheGreenBillions Limited (TGBL) is a company specialising in consulting, managing, and executing sustainable initiatives. "Government of India's latest announcement on making India a hub for producing Green Hydrogen is a sign of the seriousness with which India needs to fight climate change," Kanakia further added. He said that the nation must fight climate change with clean energy and from the upcoming budget, it is expected that actions will be taken around climate financing and mobilising more resources by increasing allocation in the Production Linked Incentive (PLI) scheme for boosting the domestic manufacturing of green and sustainable solutions. "Steps that will bring the focus on identifying, developing alternative energy sources, mainly green and clean sources that do not harm the environment, are what we need from the upcoming budget," Kanakia said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Budget 2023-24: What should India expect in the energy sector?

Every year, the government presents the Finance Bill before the Parliament as part of the government’s Union Budget.

The Finance Bill is a Money Bill which is used for implementing changes in taxation as proposed by the finance minister in the annual budget.&nbsp; &nbsp;

The Union Budget 2023-24 will be presented by Finance Minister Nirmala Sitharaman in Parliament on February 1.

ALSO READ | <a href="https://www.wionews.com/india-news/indian-parliaments-budget-session-to-begin-on-tuesday-oppn-look-to-corner-govt-on-price-rise-adani-557362">Indian Parliament’s budget session to begin on Tuesday; oppn look to corner govt on price rise, Adani</a>

What is a Finance Bill?

According to the Constitution of India’s Article 110, a Finance Bill is a Money Bill which is presented only in the Lok Sabha or the lower house of the Parliament.

The Bill can neither be referred to the Joint Committee of the two houses nor can be introduced in the Rajya Sabha.

A bill is identified as a Money Bill when it is related only to financial matters like government borrowings, public expenditures, taxation and government revenues.

Once the Lok Sabha passes the bill, it is sent to the Rajya Sabha or the Upper House which needs to send back the bill with or without recommendations in 14 days.

The recommendations made by the Rajya Sabha, if any, can be accepted or rejected by the Lok Sabha. However, if Rajya Sabha fails to return the bill within 14 days, the bill is considered to have been passed by both houses of Parliament.

It is important to understand that a Finance Bill is a Money Bill according to Article 110, however, a Money Bill doesn't need to be a Finance Bill.

WATCH | The India Story | Will the 2023 budget control the fiscal deficit, or continue spending for growth?

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Why is the Finance Bill presented?

Just after the announcement of the Union Budget, the Finance Bill is introduced in the Lok Sabha. The changes proposed by the government in taxes like alteration, remission, abolition, regulation and imposition of new taxes are brought into effect by the Finance Bill in the upcoming financial year.

The needed amendments in the laws related to various taxes are made by the bill and the need to introduce a new amendment law for every purpose is eliminated.

After both, the houses of the Parliament passes the Finance Bill and it receives the president’s assent, the bill finally becomes the Finance Act.

The president has the power to either give his assent to the passed Money Bill or withhold it. However, he does not hold the power to return the Money Bill to the House.

(With inputs from agencies)

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Every year, the government presents the Finance Bill before the Parliament as part of the government’s Union Budget. The Finance Bill is a Money Bill which is used for implementing changes in taxation as proposed by the finance minister in the annual budget.

Every year, the government presents the Finance Bill before the Parliament as part of the government’s Union Budget. The Finance Bill is a Money Bill which is used for implementing changes in taxation as proposed by the finance minister in the annual budget. The Union Budget 2023-24 will be presented by Finance Minister Nirmala Sitharaman in Parliament on February 1. ALSO READ | Indian Parliament’s budget session to begin on Tuesday; oppn look to corner govt on price rise, Adani What is a Finance Bill? According to the Constitution of India’s Article 110, a Finance Bill is a Money Bill which is presented only in the Lok Sabha or the lower house of the Parliament. The Bill can neither be referred to the Joint Committee of the two houses nor can be introduced in the Rajya Sabha. A bill is identified as a Money Bill when it is related only to financial matters like government borrowings, public expenditures, taxation and government revenues. Once the Lok Sabha passes the bill, it is sent to the Rajya Sabha or the Upper House which needs to send back the bill with or without recommendations in 14 days. The recommendations made by the Rajya Sabha, if any, can be accepted or rejected by the Lok Sabha. However, if Rajya Sabha fails to return the bill within 14 days, the bill is considered to have been passed by both houses of Parliament. It is important to understand that a Finance Bill is a Money Bill according to Article 110, however, a Money Bill doesn't need to be a Finance Bill. WATCH | The India Story | Will the 2023 budget control the fiscal deficit, or continue spending for growth? Why is the Finance Bill presented? Just after the announcement of the Union Budget, the Finance Bill is introduced in the Lok Sabha. The changes proposed by the government in taxes like alteration, remission, abolition, regulation and imposition of new taxes are brought into effect by the Finance Bill in the upcoming financial year. The needed amendments in the laws related to various taxes are made by the bill and the need to introduce a new amendment law for every purpose is eliminated. After both, the houses of the Parliament passes the Finance Bill and it receives the president’s assent, the bill finally becomes the Finance Act. The president has the power to either give his assent to the passed Money Bill or withhold it. However, he does not hold the power to return the Money Bill to the House. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Budget 2023: Know the role of Finance Bill presented in Parliament every year

Spotify, the glorious Swedish streaming giant, made it to the big leagues almost immediately after it went public in April 2018.

At its market debut, the company's shares opened to trade at $165.90, marking an initial valuation of $29.5 billion as it went public via a direct listing method.

However, Spotify's short-lived reign as a major streaming platform has become increasingly questionable as its stock trades at $80 per share, with a rough 80 per cent drop from its record close value this year.

What is likely surprising is how the streaming giant has slumped to huge losses despite signing big deals with the royals, Joe Rogan, the Obamas, and Kim Kardashian.

The company spent around $1 billion pushing the deals with the big stars, with an additional $230 million on acquiring podcast studio Gimlet in 2019, $200 million to Joe Rogan, and another $200 million for the Ringer in 2020.

With the slump in global financial markets post the Russia-Ukraine war and the increasing fears of inflation, the company is now facing an issue with increasing expenditures even as the collected revenue remains nearly the same.

Experts suggest the company needs to go beyond its plan of increasing monthly subscriptions through multi-year licenced contracts.

With its full collection coming from its $200 million paid premium users, the demand for audio content has slumped as competitors such as YouTube, Apple, Amazon, and TikTok retain their market share, especially of the Gen-Z population.

As Spotify enters a new phase, it needs to diverge from the previously well-sought strategy of podcasts back to advertising.

The company is now trying to adopt YouTube's strategy that uses ad services to monetise content. With the promise to retain more creators, Spotify vows to deliver funds based on the true cut, which currently goes into the pockets of the music businesses.

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Spotify, the glorious Swedish streaming giant, made it to the big leagues almost immediately after it went public in April 2018. At its market debut, the company's shares opened to trade at $165.

Spotify, the glorious Swedish streaming giant, made it to the big leagues almost immediately after it went public in April 2018. At its market debut, the company's shares opened to trade at $165.90, marking an initial valuation of $29.5 billion as it went public via a direct listing method. However, Spotify's short-lived reign as a major streaming platform has become increasingly questionable as its stock trades at $80 per share, with a rough 80 per cent drop from its record close value this year. What is likely surprising is how the streaming giant has slumped to huge losses despite signing big deals with the royals, Joe Rogan, the Obamas, and Kim Kardashian. The company spent around $1 billion pushing the deals with the big stars, with an additional $230 million on acquiring podcast studio Gimlet in 2019, $200 million to Joe Rogan, and another $200 million for the Ringer in 2020. With the slump in global financial markets post the Russia-Ukraine war and the increasing fears of inflation, the company is now facing an issue with increasing expenditures even as the collected revenue remains nearly the same. Experts suggest the company needs to go beyond its plan of increasing monthly subscriptions through multi-year licenced contracts. With its full collection coming from its $200 million paid premium users, the demand for audio content has slumped as competitors such as YouTube, Apple, Amazon, and TikTok retain their market share, especially of the Gen-Z population. As Spotify enters a new phase, it needs to diverge from the previously well-sought strategy of podcasts back to advertising. The company is now trying to adopt YouTube's strategy that uses ad services to monetise content. With the promise to retain more creators, Spotify vows to deliver funds based on the true cut, which currently goes into the pockets of the music businesses. WATCH WION LIVE HERE:

Spotify loses roughly 75% of its value as the company's podcast strategy backfires

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions.&nbsp;The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares.&nbsp;Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India.&nbsp;Then, Hindenburg retorted to Adani's detailed response.

Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised."

The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress.

Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks.

That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion.&nbsp;While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability.&nbsp;The shares of other Adani firms extended their steep fall for the third straight day.

On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens.&nbsp;Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations.

The Indian group called Hindenburg's research malicious and baseless.

The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms.

Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence.

The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds.

Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from.

Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner.

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The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm. The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares. Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India. Then, Hindenburg retorted to Adani's detailed response. Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised." The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress. Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks. That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion. While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability. The shares of other Adani firms extended their steep fall for the third straight day. On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens. Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations. The Indian group called Hindenburg's research malicious and baseless. The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms. Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence. The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds. Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from. Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner. WATCH WION LIVE HERE:

Adani Group's losses at $66 billion as Hindenburg digs its heels in

A Wall Street Journal report says that China’s top nuclear-weapons research institute managed to buy sophisticated US computer chips at least a dozen times in the past two and half years. The revelation means that the institute ignored decades-old American export restrictions that were supposed to curb such sales and found a way around them.

These chips&nbsp;are widely used in data centres and personal computers, and&nbsp;the report suggests that they were acquired from resellers in China.&nbsp;

The publication reviewed the procurement documents and found that the state-run China Academy of Engineering Physics was able to obtain the semiconductors made by companies such as Intel Corp and Nvidia since 2020 despite being put on a US export blacklist in 1997.

Also Read |&nbsp;<a href="https://www.wionews.com/world/how-bidens-curbs-on-chips-to-china-is-part-of-broader-effort-512430">How Biden's curbs on chips to China is part of broader effort</a>

Many of them were procured as components for computing systems. The institute’s laboratory that studies computational fluid dynamics, a broad scientific field that includes the modeling of nuclear explosions, acquired most of them.

US has in place restrictions that bar a foreign country from making such purchases that can be used for atomic-weapons research. The CAEP academy was one of the first Chinese institutions to be put on the US blacklist because of its nuclear work. This list is more commonly known as the entity list.

When WSJ reviewed the research papers published by CAEP, it found that at least 34 such papers over the last 10 years carried a reference of American semiconductors being used.&nbsp;

They were used for a whole array of things, such as for analysing data and generating algorithms. Nuclear experts say that in at least seven of them, there were applications that can be used for maintaining nuclear stockpiles.&nbsp;

America has been trying to aggressively counter the use of American technology by China’s military for years now. In October last year, the US told chip designer Nvidia Corp to restrict exports of two computing chips for artificial intelligence work to Beijing.

Following an August announcement from the Commerce Department curbing exports of materials and software used to make next-generation chips, the US notice to chipmakers aimed at crippling Chinese firms' ability to carry out advanced work like image recognition.

(With inputs from agencies)

&nbsp;

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A Wall Street Journal report says that China’s top nuclear-weapons research institute managed to buy sophisticated US computer chips at least a dozen times in the past two and half years.

A Wall Street Journal report says that China’s top nuclear-weapons research institute managed to buy sophisticated US computer chips at least a dozen times in the past two and half years. The revelation means that the institute ignored decades-old American export restrictions that were supposed to curb such sales and found a way around them. These chips are widely used in data centres and personal computers, and the report suggests that they were acquired from resellers in China. The publication reviewed the procurement documents and found that the state-run China Academy of Engineering Physics was able to obtain the semiconductors made by companies such as Intel Corp and Nvidia since 2020 despite being put on a US export blacklist in 1997. Also Read | How Biden's curbs on chips to China is part of broader effort Many of them were procured as components for computing systems. The institute’s laboratory that studies computational fluid dynamics, a broad scientific field that includes the modeling of nuclear explosions, acquired most of them. US has in place restrictions that bar a foreign country from making such purchases that can be used for atomic-weapons research. The CAEP academy was one of the first Chinese institutions to be put on the US blacklist because of its nuclear work. This list is more commonly known as the entity list. When WSJ reviewed the research papers published by CAEP, it found that at least 34 such papers over the last 10 years carried a reference of American semiconductors being used. They were used for a whole array of things, such as for analysing data and generating algorithms. Nuclear experts say that in at least seven of them, there were applications that can be used for maintaining nuclear stockpiles. America has been trying to aggressively counter the use of American technology by China’s military for years now. In October last year, the US told chip designer Nvidia Corp to restrict exports of two computing chips for artificial intelligence work to Beijing. Following an August announcement from the Commerce Department curbing exports of materials and software used to make next-generation chips, the US notice to chipmakers aimed at crippling Chinese firms' ability to carry out advanced work like image recognition. (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 nuclear-weapons lab extensively used US chips for years despite curbs: Report

According to market research firm IDC, China's smartphone sales dropped 13% year over year in 2022, the country's biggest drop in the industry in ten years as a result of customers' cautious spending. 286 million gadgets were supplied in total, a decrease from 329 million in 2022.

World Business Watch | China: Smartphone sales plunge globally, Vivo top-selling brand over the year

Supported by tensions in the West Asia following a drone attack in Iran and Beijing’s pledge over the weekend to promote a consumption recovery, all prices climbed in early.

World Business Watch: Middle East tensions back oil price increase

Following severe storms and flooding in and around the country's largest city, Auckland, major insurers Insurance Australia Group and Suncorp Group have collectively received over 9,000 claims.

World Business Watch | New Zealand's Flash Floods: Around 900 insurance claims filed

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US&nbsp;bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens.

"MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement.

Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm.

India's capital markets&nbsp;regulator&nbsp;was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday.

Billionaire US&nbsp;investor&nbsp;Bill Ackman&nbsp;on Thursday described the Hindenburg report "highly credible and extremely well researched".

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research. Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens. "MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement. Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm. India's capital markets regulator was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday. Billionaire US investor Bill Ackman on Thursday described the Hindenburg report "highly credible and extremely well researched".

MSCI seeks feedback on Adani Group over Hindenburg report

Italy and Libya on Saturday (January 28) signed a gas deal worth $8 billion- the largest single investment in Libya's energy sector in more than 20 years. The deal was signed as Italian Prime Minister Giorgia Meloni is in the North African country to talk on energy as well as the issue of migration. A report by the news agency Associated Press on Saturday said the deal was signed by Claudio Descalzi, the chief executive officer (CEO) of Italy’s state-run energy company, ENI, and Libya’s National Oil Corporation's (NOC) chairman Farhat Bengdara, to develop two Libyan offshore gas fields.

The agreement involves developing the two offshore fields in Block NC-41, north of Libya. According to a statement, ENI said it would start pumping gas in 2026 and is estimated to reach 750 million cubic feet per day. Prime Minister Meloni, who was present during the signing of the deal, called the agreement “significant and historic.” Meloni said the deal would help Europe secure energy sources, adding "Libya is clearly for us a strategic economic partner."&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/eu-unveils-safety-ceiling-on-natural-gas-to-grapple-with-high-energy-prices-536568">EU unveils 'safety ceiling' on natural gas to grapple with high energy prices</a>

The signing of this agreement has been criticised by the Libyan government. Oil minister Mohamed Aoun, who was not part of Saturday's meeting, told a local TV channel that the deal was illegal and the NOC did not consult his ministry, the report said. Speaking to reporters, NOC chairman Farhat Bengdara did not speak about the oil minister's criticism but said that those who reject the deal could challenge it in court.&nbsp;

Italy's ENI has been operating in Libya despite the ongoing security issues, &nbsp;producing gas mostly for the domestic market. In 2022, Libya delivered 2.63 billion cubic meters to Italy through the Greenstream pipeline- which was well below the annual levels of 8 billion cubic meters before the country's decline in 2011. Saturday's gas deal will likely deepen the rift between Libyan administrations in the east and west, the Associated Press report also said.&nbsp;

Libya is the second North African country that Italian PM Giorgia Meloni visited this week. She is seeking to secure new supplies of natural gas to replace Russian energy amid the ongoing war in Ukraine. Earlier, she had visted Algeria- which is Italy's main supplier of natural gas.&nbsp;

On Saturday, Meloni met with Abdel Hamid Dbeibah, who heads one of Libya’s rival administrations, and was also to hold talks with Mohamed Younis Menfi, who chairs Libya’s ceremonial presidential council.

On the issue of migrantion, Dbeibah, while addressing a joint press conference with Meloni, said that the Italian government would provide five “fully equipped” boats to Libya’s coast guard to help stem the flow of migrants to the European shores. 
&nbsp;

(With inputs from agencies)

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Italy and Libya on Saturday (January 28) signed a gas deal worth $8 billion- the largest single investment in Libya's energy sector in more than 20 years. The deal was signed as Italian Prime Minister Giorgia Meloni is in the North African country to talk on energy as well as the issue of migration.

Italy and Libya on Saturday (January 28) signed a gas deal worth $8 billion- the largest single investment in Libya's energy sector in more than 20 years. The deal was signed as Italian Prime Minister Giorgia Meloni is in the North African country to talk on energy as well as the issue of migration. A report by the news agency Associated Press on Saturday said the deal was signed by Claudio Descalzi, the chief executive officer (CEO) of Italy’s state-run energy company, ENI, and Libya’s National Oil Corporation's (NOC) chairman Farhat Bengdara, to develop two Libyan offshore gas fields. The agreement involves developing the two offshore fields in Block NC-41, north of Libya. According to a statement, ENI said it would start pumping gas in 2026 and is estimated to reach 750 million cubic feet per day. Prime Minister Meloni, who was present during the signing of the deal, called the agreement “significant and historic.” Meloni said the deal would help Europe secure energy sources, adding "Libya is clearly for us a strategic economic partner." ALSO READ | EU unveils 'safety ceiling' on natural gas to grapple with high energy prices The signing of this agreement has been criticised by the Libyan government. Oil minister Mohamed Aoun, who was not part of Saturday's meeting, told a local TV channel that the deal was illegal and the NOC did not consult his ministry, the report said. Speaking to reporters, NOC chairman Farhat Bengdara did not speak about the oil minister's criticism but said that those who reject the deal could challenge it in court. Italy's ENI has been operating in Libya despite the ongoing security issues, producing gas mostly for the domestic market. In 2022, Libya delivered 2.63 billion cubic meters to Italy through the Greenstream pipeline- which was well below the annual levels of 8 billion cubic meters before the country's decline in 2011. Saturday's gas deal will likely deepen the rift between Libyan administrations in the east and west, the Associated Press report also said. Libya is the second North African country that Italian PM Giorgia Meloni visited this week. She is seeking to secure new supplies of natural gas to replace Russian energy amid the ongoing war in Ukraine. Earlier, she had visted Algeria- which is Italy's main supplier of natural gas. On Saturday, Meloni met with Abdel Hamid Dbeibah, who heads one of Libya’s rival administrations, and was also to hold talks with Mohamed Younis Menfi, who chairs Libya’s ceremonial presidential council. On the issue of migrantion, Dbeibah, while addressing a joint press conference with Meloni, said that the Italian government would provide five “fully equipped” boats to Libya’s coast guard to help stem the flow of migrants to the European shores. (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.

Italy, Libya sign gas deal worth $8 billion; Meloni calls agreement 'significant and historic'

Tesla chief Elon Musk has come under the scanner of the US securities regulator over his involvement in the EV car’s self-driving claims, Bloomberg reported citing a person familiar with the development.

The move is part of an ongoing investigation by the Securities and Exchange Commission (SEC) over the company’s remarks about its Autopilot driver-assistance system.

Musk is already under trial for allegedly misleading investors with his 2018 tweet saying "funding secured" for taking Tesla private.

According to Bloomberg, the watchdog is looking into whether Musk may have inappropriately made forward-looking statements.

Although it is unclear which remarks or actions of Musk have garnered the agency’s attention.

Last week, a senior engineer on the Tesla team working on its Autopilot software in a testimony revealed that a video the company released in 2016 purporting to show a Tesla vehicle driving itself was in fact staged.

Elluswamy said that&nbsp;the video&nbsp;titled “Full Self-Driving Hardware on All Teslas” was intended to “portray what was possible to build the system” rather than what customers could actually expect the system to do.

The clip, which was tweeted by Musk claiming that “Tesla drives itself,” shows a Tesla driving and parking itself, avoiding obstacles, and following red and green lights.

The video starts with a title card saying that “the person in the driver’s seat is only there for legal reasons” and that “he is not doing anything. The car is driving by itself.”

Elluswamy said that the demo was “specific to some predetermined route,” rather than to the production version of the tech that was just relying on input from cameras and sensors.

“It was using additional premapped information to drive,” he said, after telling lawyers that the route the car followed had previously been 3D mapped.

(With inputs from agencies)

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Tesla chief Elon Musk has come under the scanner of the US securities regulator over his involvement in the EV car’s self-driving claims, Bloomberg reported citing a person familiar with the development.

Tesla chief Elon Musk has come under the scanner of the US securities regulator over his involvement in the EV car’s self-driving claims, Bloomberg reported citing a person familiar with the development. The move is part of an ongoing investigation by the Securities and Exchange Commission (SEC) over the company’s remarks about its Autopilot driver-assistance system. Musk is already under trial for allegedly misleading investors with his 2018 tweet saying "funding secured" for taking Tesla private. According to Bloomberg, the watchdog is looking into whether Musk may have inappropriately made forward-looking statements. Although it is unclear which remarks or actions of Musk have garnered the agency’s attention. Last week, a senior engineer on the Tesla team working on its Autopilot software in a testimony revealed that a video the company released in 2016 purporting to show a Tesla vehicle driving itself was in fact staged. Elluswamy said that the video titled “Full Self-Driving Hardware on All Teslas” was intended to “portray what was possible to build the system” rather than what customers could actually expect the system to do. The clip, which was tweeted by Musk claiming that “Tesla drives itself,” shows a Tesla driving and parking itself, avoiding obstacles, and following red and green lights. The video starts with a title card saying that “the person in the driver’s seat is only there for legal reasons” and that “he is not doing anything. The car is driving by itself.” Elluswamy said that the demo was “specific to some predetermined route,” rather than to the production version of the tech that was just relying on input from cameras and sensors. “It was using additional premapped information to drive,” he said, after telling lawyers that the route the car followed had previously been 3D mapped. (With inputs from agencies) WATCH WION LIVE HERE:

US market regulator to probe Elon Musk over Tesla car self-driving claims: Report

Japan&nbsp;and the Netherlands will soon agree to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported.&nbsp;Talks between the countries will conclude as early as Friday, with the Netherlands restricting ASML Holding NV from selling machines to China used to make certain types of advanced chips, Bloomberg reported, citing people familiar with the matter.

Japan&nbsp;would impose similar restrictions on Nikon Corp, the report said.

Deputy Chief Cabinet Secretary Seiji Kihara, a government spokesperson, said&nbsp;Japan&nbsp;would make "appropriate steps" based on the United States' and other nations' regulatory moves. He declined to comment further when asked about the report at a Friday afternoon media briefing.

The Dutch foreign ministry declined comment. Prime Minister Mark Rutte, who has said he expects to reach agreement with the United States and other allies on stricter controls but that the Netherlands will not simply adopt U.S. rules, will take questions at his weekly news briefing later on Friday.

Sources have told Reuters that a deal between Dutch and U.S. officials could be clinched by the end of the month as representatives from the two countries meet in Washington on Friday.

Getting the Netherlands and&nbsp;Japan&nbsp;to impose tighter export controls on China would be a major diplomatic win for U.S. President Joe Biden's administration, which in October announced sweeping restrictions on Beijing's access to U.S. chipmaking technology to slow its technological and military advances.

Without&nbsp;Japanese or Dutch cooperation, U.S. companies would face a competitive disadvantage.

"We have been in discussion with the United States and other countries regarding the export-control regime," Yasutoshi Nishimura,&nbsp;Japan's Minister of Economy, Trade and Industry, told reporters on Friday.

"We will implement any measures in accordance with our Foreign Exchange Law and through international cooperation," he added, declining to provide further details.

While Nikon could be affected, the&nbsp;Japanese company most likely to be affected by new restrictions will be chip manufacturing machinery maker Tokyo Electron, which relies on China for about a quarter of its sales, said Masahiko Hosokawa, a Meisei University professor and former director general of trade control at the ministry.

"A balance needs to be struck so no one among&nbsp;Japan, the United States and Europe will be disproportionately disadvantaged. It's about fairness," he said.

Dutch officials have insisted that fresh controls address national security concerns rather than favour U.S. chip-related companies, a source familiar with the discussions told Reuters.

Japan&nbsp;expects sales at affected chip-related companies to rebound quickly because the market for their equipment is expanding, a trade and industry official involved in overseeing semiconductor firms told Reuters. He asked not to be identified because he is not authorised to speak to the media.

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Japan and the Netherlands will soon agree to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported.

Japan and the Netherlands will soon agree to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported. Talks between the countries will conclude as early as Friday, with the Netherlands restricting ASML Holding NV from selling machines to China used to make certain types of advanced chips, Bloomberg reported, citing people familiar with the matter. Japan would impose similar restrictions on Nikon Corp, the report said. Deputy Chief Cabinet Secretary Seiji Kihara, a government spokesperson, said Japan would make "appropriate steps" based on the United States' and other nations' regulatory moves. He declined to comment further when asked about the report at a Friday afternoon media briefing. The Dutch foreign ministry declined comment. Prime Minister Mark Rutte, who has said he expects to reach agreement with the United States and other allies on stricter controls but that the Netherlands will not simply adopt U.S. rules, will take questions at his weekly news briefing later on Friday. Sources have told Reuters that a deal between Dutch and U.S. officials could be clinched by the end of the month as representatives from the two countries meet in Washington on Friday. Getting the Netherlands and Japan to impose tighter export controls on China would be a major diplomatic win for U.S. President Joe Biden's administration, which in October announced sweeping restrictions on Beijing's access to U.S. chipmaking technology to slow its technological and military advances. Without Japanese or Dutch cooperation, U.S. companies would face a competitive disadvantage. "We have been in discussion with the United States and other countries regarding the export-control regime," Yasutoshi Nishimura, Japan's Minister of Economy, Trade and Industry, told reporters on Friday. "We will implement any measures in accordance with our Foreign Exchange Law and through international cooperation," he added, declining to provide further details. While Nikon could be affected, the Japanese company most likely to be affected by new restrictions will be chip manufacturing machinery maker Tokyo Electron, which relies on China for about a quarter of its sales, said Masahiko Hosokawa, a Meisei University professor and former director general of trade control at the ministry. "A balance needs to be struck so no one among Japan, the United States and Europe will be disproportionately disadvantaged. It's about fairness," he said. Dutch officials have insisted that fresh controls address national security concerns rather than favour U.S. chip-related companies, a source familiar with the discussions told Reuters. Japan expects sales at affected chip-related companies to rebound quickly because the market for their equipment is expanding, a trade and industry official involved in overseeing semiconductor firms told Reuters. He asked not to be identified because he is not authorised to speak to the media. 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, Netherlands to join US in restricting chip equipment exports to China: Report

Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched".&nbsp;

Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after the US short-seller released the report, which accused the conglomerate of improper use of offshore tax havens.

Hindenburg's report also said it held short positions in Adani Group through its US-traded bonds and non-Indian-traded derivative instruments.

ALSO READ | <a href="https://www.wionews.com/india-news/indias-adani-slammed-by-45-billion-stock-rout-clouding-record-share-sale-556502">India: Adani Group shares tank, rout touches $45 billion, clouding record share sale</a>

Adani Group has said that it is &nbsp;evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched".

Shortly after, Hindenburg said it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States.

"Adani's response to Hindenburg is the same as Herbalife's response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday.

"We are not invested long or short in any of the Adani companies or Herbalife, nor have we done our own independent research," he added.

WATCH | WION Dispatch: Adani Power and Wilmar shares hit lower brands

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Ackman bet $1 billion against Herbalife starting in 2012, saying it violated Chinese direct-selling laws and was a pyramid scheme.

He exited his short in Herbalife at a loss in 2018 when his bets went awry, with the shares of the weight management and nutrition company rising more than 150%.

(With inputs from agencies)

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Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched".

Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched". Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after the US short-seller released the report, which accused the conglomerate of improper use of offshore tax havens. Hindenburg's report also said it held short positions in Adani Group through its US-traded bonds and non-Indian-traded derivative instruments. ALSO READ | India: Adani Group shares tank, rout touches $45 billion, clouding record share sale Adani Group has said that it is evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched". Shortly after, Hindenburg said it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States. "Adani's response to Hindenburg is the same as Herbalife's response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday. "We are not invested long or short in any of the Adani companies or Herbalife, nor have we done our own independent research," he added. WATCH | WION Dispatch: Adani Power and Wilmar shares hit lower brands Ackman bet $1 billion against Herbalife starting in 2012, saying it violated Chinese direct-selling laws and was a pyramid scheme. He exited his short in Herbalife at a loss in 2018 when his bets went awry, with the shares of the weight management and nutrition company rising more than 150%. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Bill Ackman says Hindenburg's Adani report 'highly credible'

The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan.

Sales soared 23 per cent to 79 billion euros ($86 billion) and net profit jumped 17 per cent to 14 billion euros for 2022. Both are new records for the group, whose brands include Bulgari, Givenchy, Louis Vuitton and TAG Heuer.

"Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China," LVMH said in a statement.&nbsp;

"With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022."&nbsp;

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French billionaire Bernard Arnault heads LVMH. The company overtook Tesla and Arnault surpassed Twitter boss Elon Musk as the world's richest man late last year.&nbsp;

LVMH makes champagne, handbags, jewellery and other luxury goods. It is Europe's most valuable company, with a market capitalisation that soared to 400 billion euros ($430 billion) last week.

It saw an increase of 25 per cent in sales in its flagship division of fashion and leather goods, while for watches and jewellery they grew 18 per cent, the group said.

High-end jeweller Tiffany, which was bought by LVMH in 2021, saw a record year.

Wines and spirits also saw strong growth last year.

"We had a very difficult month of December in China," LVMH chief financial officer Jean-Jacques Guiony told reporters.

(With inputs from agencies)

&nbsp;

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The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan.

The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan. Sales soared 23 per cent to 79 billion euros ($86 billion) and net profit jumped 17 per cent to 14 billion euros for 2022. Both are new records for the group, whose brands include Bulgari, Givenchy, Louis Vuitton and TAG Heuer. "Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China," LVMH said in a statement. "With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022." × French billionaire Bernard Arnault heads LVMH. The company overtook Tesla and Arnault surpassed Twitter boss Elon Musk as the world's richest man late last year. LVMH makes champagne, handbags, jewellery and other luxury goods. It is Europe's most valuable company, with a market capitalisation that soared to 400 billion euros ($430 billion) last week. It saw an increase of 25 per cent in sales in its flagship division of fashion and leather goods, while for watches and jewellery they grew 18 per cent, the group said. High-end jeweller Tiffany, which was bought by LVMH in 2021, saw a record year. Wines and spirits also saw strong growth last year. "We had a very difficult month of December in China," LVMH chief financial officer Jean-Jacques Guiony told reporters. (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.

World's top luxury giant LVMH reports record sales of $86 billion, profit up in 2022

Shares of Indian firm&nbsp;Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale.&nbsp;Seven listed companies of the Adani conglomerate — controlled by one of the world's richest men Gautam Adani — have lost a combined $45 billion in market capitalisation since Wednesday, with the U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens.

The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale which kicked off on Friday.

The Securities and Exchange Board of India (SEBI), the country's capital markets regulator, is studying the Hindenburg report and may use it to aid its own ongoing probe into offshore fund holdings of Adani Group, two sources told Reuters. Spokespersons for the regulator had no immediate comment.

Adani Group has dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. It did not immediately respond to a request for comment on the SEBI's investigations.

With a net worth of $97.6 billion, billionaire Gautam Adani is now the world's seventh richest man, according to Forbes, slipping from the third position he held before the Hindenburg report.

Adani met the county's power minister R.K. Singh on Friday in New Delhi, according to a source familiar with the matter. The agenda of the meeting was not immediately known.

The billionaire hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale. The anchor portion of the sale saw participation from investors, including the Abu Dhabi Investment Authority, on Wednesday.

"There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi.

"This is a classic case of panic selling," he said, noting the concerns were also spreading to Indian banks with exposure to Adani Group's debt.

The index tracking state-run banks slid 6.6%, while the main Nifty Bank index fell 3.5%.

CLSA estimates that Indian banks were exposed to about 40% of the Rs 2 trillion ($24.53 billion) of Adani Group debt in the fiscal year to March 2022.&nbsp;

As of 0818 GMT, investors, mostly retail, had bid for around 266,000 shares of Adani Enterprises, compared with the 45.5 million on offer, according to BSE exchange data. Bidding for retail investors will close on Jan. 31.

The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others.

The firm has set a floor price of Rs 3,112&nbsp;($38.22) a share and a cap of Rs 3,276. But on Friday, the stock had slumped to as low as Rs 2,721.65&nbsp;— well below the lower end of the price offering.

Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd, Adani Total Gas, Adani Green Energy and Adani Ports sinking 20% each.

"The sell-off is seriously extreme ... it has clearly dented the overall investor sentiment in the market," said Saurabh Jain, Assistant Vice-President, Research, at SMC Global Securities.

In its report, Hindenburg said key listed Adani Group companies had "substantial debt", putting the conglomerate on a "precarious financial footing", and that "sky-high valuations" had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.

Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.

Dollar bonds issued by entities of India's Adani Group tumbled on Friday.

Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled "Myths of Short Seller" on Thursday, saying deleveraging by promoters — or key shareholders — was "in a high growth phase".

Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not "see material risk arising to the Indian banking sector".

Adani Group's consolidated gross debt stood at Rs 1.9 trillion ($23.34 billion), Jefferies said.

Adani has said its debt is at a manageable level and that no investor has raised any concern.

The Adani conglomerate has been diversifying its business interests and last year it bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. ACC stock was down 15% on Friday, while Ambuja plunged up to 25%.

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Shares of Indian firm Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.

Shares of Indian firm Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale. Seven listed companies of the Adani conglomerate — controlled by one of the world's richest men Gautam Adani — have lost a combined $45 billion in market capitalisation since Wednesday, with the U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens. The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale which kicked off on Friday. The Securities and Exchange Board of India (SEBI), the country's capital markets regulator, is studying the Hindenburg report and may use it to aid its own ongoing probe into offshore fund holdings of Adani Group, two sources told Reuters. Spokespersons for the regulator had no immediate comment. Adani Group has dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. It did not immediately respond to a request for comment on the SEBI's investigations. With a net worth of $97.6 billion, billionaire Gautam Adani is now the world's seventh richest man, according to Forbes, slipping from the third position he held before the Hindenburg report. Adani met the county's power minister R.K. Singh on Friday in New Delhi, according to a source familiar with the matter. The agenda of the meeting was not immediately known. The billionaire hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale. The anchor portion of the sale saw participation from investors, including the Abu Dhabi Investment Authority, on Wednesday. "There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi. "This is a classic case of panic selling," he said, noting the concerns were also spreading to Indian banks with exposure to Adani Group's debt. The index tracking state-run banks slid 6.6%, while the main Nifty Bank index fell 3.5%. CLSA estimates that Indian banks were exposed to about 40% of the Rs 2 trillion ($24.53 billion) of Adani Group debt in the fiscal year to March 2022. As of 0818 GMT, investors, mostly retail, had bid for around 266,000 shares of Adani Enterprises, compared with the 45.5 million on offer, according to BSE exchange data. Bidding for retail investors will close on Jan. 31. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. The firm has set a floor price of Rs 3,112 ($38.22) a share and a cap of Rs 3,276. But on Friday, the stock had slumped to as low as Rs 2,721.65 — well below the lower end of the price offering. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd, Adani Total Gas, Adani Green Energy and Adani Ports sinking 20% each. "The sell-off is seriously extreme ... it has clearly dented the overall investor sentiment in the market," said Saurabh Jain, Assistant Vice-President, Research, at SMC Global Securities. In its report, Hindenburg said key listed Adani Group companies had "substantial debt", putting the conglomerate on a "precarious financial footing", and that "sky-high valuations" had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched." Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall. Dollar bonds issued by entities of India's Adani Group tumbled on Friday. Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled "Myths of Short Seller" on Thursday, saying deleveraging by promoters — or key shareholders — was "in a high growth phase". Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not "see material risk arising to the Indian banking sector". Adani Group's consolidated gross debt stood at Rs 1.9 trillion ($23.34 billion), Jefferies said. Adani has said its debt is at a manageable level and that no investor has raised any concern. The Adani conglomerate has been diversifying its business interests and last year it bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. ACC stock was down 15% on Friday, while Ambuja plunged up to 25%. 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: Adani Group shares tank, rout touches $45 billion, clouding record share sale

Japan and the Netherlands are set to join the United States-led efforts in chip export controls on China. The officials from the United States, Denmark and Japan are scheduled to conclude talks to set new limitations to what can be supplied to the Chinese companies, Bloomberg reported.&nbsp;

The talks between the three sides on the matter of chip control are reportedly private. The Bloomberg report added that there is no plan for a public announcement of restrictions that will likely be implemented.

Earlier, reports had emerged saying that the Dutch and Japanese export controls against China, on the lines of Washington, may be finalised by the end of January.&nbsp;

World Business Watch | <a href="https://www.wionews.com/videos/world-business-watch-netherlands-plans-curbs-on-china-chip-exports-541148">Netherlands plans curbs on China chip exports</a>

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The leaders of three countries, Prime Minister Fumio Kishida of Japan, Prime Minister Mark Rutte of the Netherlands and the US President Joe Biden had reportedly discussed the plans to impose export controls against China earlier in the month.

"I am fairly confident we will get there," Mark Rutte, the Netherlands Prime Minister was quoted as saying by Bloomberg from the sidelines of the World Economic Forum in Davos, Switzerland.&nbsp;

What does it mean for China?

The US has limited the exports of American-made machinery and has also restricted the US citizens from working with the Chinese chip maker companies.&nbsp;

ALSO READ |&nbsp;The semiconductor wars: US to announce fresh chip export restrictions to China

The report by Bloomberg says that while Japan and the Netherlands may not go as far as the US restrictions against China, it will still make Beijing even more cut off from the technology to build the most advanced kinds of semiconductors once all three countries act in coordination.

The US has the world's biggest group of chip-gear makers. At the same time, the Netherlands-based companies control the market for a technology necessary in producing the electronic components. Japan, too, has companies that rival the US in chip-gear technology dominance. Without the three, Chinese companies may find it nearly impossible to build production lines for advanced chip manufacturing.

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Japan and the Netherlands are set to join the United States-led efforts in chip export controls on China. The officials from the United States, Denmark and Japan are scheduled to conclude talks to set new limitations to what can be supplied to the Chinese companies, Bloomberg reported.

Japan and the Netherlands are set to join the United States-led efforts in chip export controls on China. The officials from the United States, Denmark and Japan are scheduled to conclude talks to set new limitations to what can be supplied to the Chinese companies, Bloomberg reported. The talks between the three sides on the matter of chip control are reportedly private. The Bloomberg report added that there is no plan for a public announcement of restrictions that will likely be implemented. Earlier, reports had emerged saying that the Dutch and Japanese export controls against China, on the lines of Washington, may be finalised by the end of January. World Business Watch | Netherlands plans curbs on China chip exports × The leaders of three countries, Prime Minister Fumio Kishida of Japan, Prime Minister Mark Rutte of the Netherlands and the US President Joe Biden had reportedly discussed the plans to impose export controls against China earlier in the month. "I am fairly confident we will get there," Mark Rutte, the Netherlands Prime Minister was quoted as saying by Bloomberg from the sidelines of the World Economic Forum in Davos, Switzerland. What does it mean for China? The US has limited the exports of American-made machinery and has also restricted the US citizens from working with the Chinese chip maker companies. ALSO READ | The semiconductor wars: US to announce fresh chip export restrictions to China The report by Bloomberg says that while Japan and the Netherlands may not go as far as the US restrictions against China, it will still make Beijing even more cut off from the technology to build the most advanced kinds of semiconductors once all three countries act in coordination. The US has the world's biggest group of chip-gear makers. At the same time, the Netherlands-based companies control the market for a technology necessary in producing the electronic components. Japan, too, has companies that rival the US in chip-gear technology dominance. Without the three, Chinese companies may find it nearly impossible to build production lines for advanced chip manufacturing. 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.

With US efforts, The Netherlands, Japan close to limit chip exports to China: Report

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered.

SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions.

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“We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported.&nbsp;

Strong rise in revenues, still layoffs

The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked&nbsp;by strong demand for its software.

SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion.

“(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/ford-plans-3200-job-cuts-in-europe-plans-to-move-some-work-to-the-us-555314">Ford to cut 3,200 jobs in Europe; plans to move some work to the US</a>

SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year.

SAP has also been signing more customers.

“We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said.

(With inputs from agencies)

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Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business.

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered. SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions. ALSO WATCH | Gravitas: Why are Tech Giants laying off thousands? × “We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported. Strong rise in revenues, still layoffs The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked by strong demand for its software. SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion. “(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said. ALSO READ | Ford to cut 3,200 jobs in Europe; plans to move some work to the US SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year. SAP has also been signing more customers. “We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Layoffs and firings: German software-maker SAP to cut thousands of jobs

Things are not that bad in luxury goods space as shoppers in Europe and US pledged over a crucial holiday season mainly on luxury goods. European firm LVMH, sales have risen 9.5% in fourth quarter.

World Business Watch: LVMH's sales defy downturn, shoppers splurge on luxury goods