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Pakistan's economy is getting worse now, the nation is stricken with multiple crises, already takes another blown out. Pakistan rupee has fallen to weakest level on record breaching its previous all-time low of 239 per dollar hit in July last year.

World Business Watch: Pakistan rupee hits record low, interest rates hit 24-year record high

Even holiday season has failed to give a boost to smartphone sales globally. Global smartphones shipments suffered their worst quarterly drop on record in October-December period. The smartphone makers have launched new handsets to attract buyers.

World Business Watch: Phone sales see biggest-ever drop in Q4, 2022

Car manufacturing in UK has hit historic low now, the number of new cars made in 2022 has fallen to lowest level since 1956. The drop marks 10% fall from last year which itself was a historic low.

UK car production drops to new low; car makers express concerns say UK has no strategy

IBM is laying off&nbsp;3,900 employees, the company announced on Wednesday. It said that the firings were part of some asset divestments and because it missed its annual cash target. The layoffs will cause a $300 million charge in the January-March period, IBM said.

Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for client-facing research and development".

The latest decision is related to the spinoff of its Kyndryl business and a part of AI unit Watson Health.&nbsp;

News of the job cuts and free cash flow miss are being seeing as reason behind a two per cent drop in company shares in extended trading.&nbsp;

"It seems as if the market is disappointed by the size of its announced job cuts, which only amounted to 1.5 per cent of its workforce," said Jesse Cohen, senior analyst at Investing.com.

"Investors were hoping for deeper cost-cutting measures."

Also Read |&nbsp;<a href="https://www.wionews.com/technology/amazon-begins-laying-off-18000-employees-from-its-cart-of-employees-553950">Amazon begins laying off 18,000 people from its cart of employees</a>

It has forecast its annual revenue growth in the mid-single digits on constant currency terms, weaker than the 12 per cent it reported last year. &nbsp;This comes as pandemic-led demand for digitising businesses has given way to cautious spending by clients amid rising recession fears.

IBM's software and consulting business growth slowed down sequentially in the fourth quarter. However, deal signings doubled in 2022 in cloud spending.

Its hybrid cloud revenue rose two per cent in the quarter ending&nbsp;December 31.

Economic woes across sectors, from Big Tech to Wall Street banking majors, have forced several US companies to downsize as a cost-cutting measure.&nbsp;

Spotify is cutting six per cent of its workforce, or roughly 600 roles.

Alphabet Inc is eliminating 12,000 jobs, a memo by its chief executive said.

Microsoft announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023.

Amazon's company-wide layoffs would impact over 18,000 employees.

Meta, the Facebook-parent, is also cutting 13 per cent of its workforce, or more than 11,000 employees.&nbsp;

IBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs.

Intel, Lyft, Salesforce, Cisco, HP, Goldman Sachs are some other companies that have laid off several employees recently.

(With inputs from agencies)

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IBM is laying off 3,900 employees, the company announced on Wednesday. It said that the firings were part of some asset divestments and because it missed its annual cash target.

IBM is laying off 3,900 employees, the company announced on Wednesday. It said that the firings were part of some asset divestments and because it missed its annual cash target. The layoffs will cause a $300 million charge in the January-March period, IBM said. Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for client-facing research and development". The latest decision is related to the spinoff of its Kyndryl business and a part of AI unit Watson Health. News of the job cuts and free cash flow miss are being seeing as reason behind a two per cent drop in company shares in extended trading. "It seems as if the market is disappointed by the size of its announced job cuts, which only amounted to 1.5 per cent of its workforce," said Jesse Cohen, senior analyst at Investing.com. "Investors were hoping for deeper cost-cutting measures." Also Read | Amazon begins laying off 18,000 people from its cart of employees It has forecast its annual revenue growth in the mid-single digits on constant currency terms, weaker than the 12 per cent it reported last year. This comes as pandemic-led demand for digitising businesses has given way to cautious spending by clients amid rising recession fears. IBM's software and consulting business growth slowed down sequentially in the fourth quarter. However, deal signings doubled in 2022 in cloud spending. Its hybrid cloud revenue rose two per cent in the quarter ending December 31. Economic woes across sectors, from Big Tech to Wall Street banking majors, have forced several US companies to downsize as a cost-cutting measure. Spotify is cutting six per cent of its workforce, or roughly 600 roles. Alphabet Inc is eliminating 12,000 jobs, a memo by its chief executive said. Microsoft announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Amazon's company-wide layoffs would impact over 18,000 employees. Meta, the Facebook-parent, is also cutting 13 per cent of its workforce, or more than 11,000 employees. IBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs. Intel, Lyft, Salesforce, Cisco, HP, Goldman Sachs are some other companies that have laid off several employees recently. (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.

IBM joins other tech giants in mass firings, will lay off 3,900 employees

Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. The allegations sent bonds and shares in the conglomerate's companies down.&nbsp;Hindenburg has a track record of finding corporate wrongdoings and placing bets against the companies.

WHAT IS HINDENBURG RESEARCH ?

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. The company invests its own capital.

It was named after the high-profile disaster of the Hindenburg airship in 1937 which ignited as it flew into New Jersey. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit.

WHO IS HINDENBURG'S FOUNDER?

Nathan Anderson, who graduated from the University of Connecticut with a degree in international business, started his career in finance at data company FactSet Research Systems Inc, where he worked with investment management companies.

"I realized they were doing a lot of run-of-the-mill analysis, there was a lot of conformity," he told the Wall Street Journal (WSJ) in 2020. He also did a brief earlier stint as an ambulance driver in Israel. The short-seller says on his LinkedIn page that it gave him "experience thinking and acting under extreme pressure". Anderson has said in interviews that Harry Markpolos, an analyst who first flagged Bernie Madoff's fraud scheme, is his role model.

WHAT IS HINDENBURG'S MOST HIGH-PROFILE BET?

Hindenburg is best known for its bet against electric truck maker Nikola Corp in September 2020, which generated "a big win," he told the WSJ, declining to specify the amount.

The short-seller said Nikola deceived investors about its technological developments. Anderson challenged a video Nikola produced showing its electric truck cruising at high speed — in fact the vehicle was rolled down a hill.

A U.S. jury convicted Nikola's founder Trevor Milton, Nikola's founder last year of fraud over allegations he lied to investors. The company agreed in 2021 to pay $125 million to settle with the U.S. Securities and Exchange Commission over its representations to investors. Nikola debuted as a listed company in June 2020 and its valuation reached $34 billion some days after, surpassing Ford Motor. Now, it is worth $1.34 billion. Hindenburg says whistleblowers and former employees helped it with findings.

HOW MANY COMPANIES HAS HINDENBURG TARGETED?

Hindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website. Last year, it took a short and then a long position in Twitter Inc. In May, Hindenburg said it was short because it believed that Elon Musk's $44-billion offer to take the company private could get repriced lower if the world's richest person walked away from the deal. In July, Anderson disclosed a "significant long position",&nbsp;betting against Musk. The deal for Twitter closed in October at the original price. 
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Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report.

Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. The allegations sent bonds and shares in the conglomerate's companies down. Hindenburg has a track record of finding corporate wrongdoings and placing bets against the companies. WHAT IS HINDENBURG RESEARCH ? Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. The company invests its own capital. It was named after the high-profile disaster of the Hindenburg airship in 1937 which ignited as it flew into New Jersey. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. WHO IS HINDENBURG'S FOUNDER? Nathan Anderson, who graduated from the University of Connecticut with a degree in international business, started his career in finance at data company FactSet Research Systems Inc, where he worked with investment management companies. "I realized they were doing a lot of run-of-the-mill analysis, there was a lot of conformity," he told the Wall Street Journal (WSJ) in 2020. He also did a brief earlier stint as an ambulance driver in Israel. The short-seller says on his LinkedIn page that it gave him "experience thinking and acting under extreme pressure". Anderson has said in interviews that Harry Markpolos, an analyst who first flagged Bernie Madoff's fraud scheme, is his role model. WHAT IS HINDENBURG'S MOST HIGH-PROFILE BET? Hindenburg is best known for its bet against electric truck maker Nikola Corp in September 2020, which generated "a big win," he told the WSJ, declining to specify the amount. The short-seller said Nikola deceived investors about its technological developments. Anderson challenged a video Nikola produced showing its electric truck cruising at high speed — in fact the vehicle was rolled down a hill. A U.S. jury convicted Nikola's founder Trevor Milton, Nikola's founder last year of fraud over allegations he lied to investors. The company agreed in 2021 to pay $125 million to settle with the U.S. Securities and Exchange Commission over its representations to investors. Nikola debuted as a listed company in June 2020 and its valuation reached $34 billion some days after, surpassing Ford Motor. Now, it is worth $1.34 billion. Hindenburg says whistleblowers and former employees helped it with findings. HOW MANY COMPANIES HAS HINDENBURG TARGETED? Hindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website. Last year, it took a short and then a long position in Twitter Inc. In May, Hindenburg said it was short because it believed that Elon Musk's $44-billion offer to take the company private could get repriced lower if the world's richest person walked away from the deal. In July, Anderson disclosed a "significant long position", betting against Musk. The deal for Twitter closed in October at the original price. 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.

Explainer: Who is behind Hindenburg, the company that is shorting Adani?

Tesla CEO Elon Musk believes that the toughest competition for Tesla will come from China, and it is "most likely to be second" in electric vehicles. China, Tesla's second-largest market, accounted for about two-thirds of all electric vehicles sales globally in 2022. Tesla's biggest plant is also located in China.

China has embraced EVs, with several rival companies competing with each other on style and pricing. These include Xpeng, Nio and BYD Co Ltd.

Musk was speaking while releasing financial results on Wednesday. Tesla said recent deep price cuts have led to an increase in demand. He informed that cost cuts are being done with a view to growing through what Musk expects will be a recession this year.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/teslas-2016-video-on-self-driving-tech-was-staged-says-engineer-553726">Tesla's 2016 video on self-driving tech was staged, says engineer</a>

When asked about Tesla's competition, Musk pointed to the car companies in China, calling it the most competitive market in the world. However, he did not identify any Chinese automakers by name.

"They work the hardest and they work the smartest," he said. "And so we guess, there is probably some company out of China as the most likely to be second to Tesla."

"Our team is winning in China. And think we actually are able to attract the best talent in China. So hopefully that continues."

Tesla has cut prices in response to growing competition and slowing demand in China. Meanwhile, demand in the United States and other markets has also come down.

This is not the first time that Musk has praised Chinese workers.&nbsp;

In 2021, he had called Chinese automakers the "most competitive in the world". &nbsp;He also said Chinese workers had been "burning the 3 am oil" to keep Tesla's factories running during COVID lockdowns last year.

On revenues, the company slightly beat Wall Street targets for fourth-quarter revenue and profit despite a sharp decline in vehicle profits margins.&nbsp;

Tesla is now being seen as the initiator of a price war, but its forecast of a 37 per cent rise in car volume for the year, to 1.8 million vehicles, was down from 2022's pace.

Musk is expecting a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole."

Shares rose 5.3 per cent in extended trading.

(With inputs from agencies)

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Tesla CEO Elon Musk believes that the toughest competition for Tesla will come from China, and it is "most likely to be second" in electric vehicles. China, Tesla's second-largest market, accounted for about two-thirds of all electric vehicles sales globally in 2022.

Tesla CEO Elon Musk believes that the toughest competition for Tesla will come from China, and it is "most likely to be second" in electric vehicles. China, Tesla's second-largest market, accounted for about two-thirds of all electric vehicles sales globally in 2022. Tesla's biggest plant is also located in China. China has embraced EVs, with several rival companies competing with each other on style and pricing. These include Xpeng, Nio and BYD Co Ltd. Musk was speaking while releasing financial results on Wednesday. Tesla said recent deep price cuts have led to an increase in demand. He informed that cost cuts are being done with a view to growing through what Musk expects will be a recession this year. Also Read | Tesla's 2016 video on self-driving tech was staged, says engineer When asked about Tesla's competition, Musk pointed to the car companies in China, calling it the most competitive market in the world. However, he did not identify any Chinese automakers by name. "They work the hardest and they work the smartest," he said. "And so we guess, there is probably some company out of China as the most likely to be second to Tesla." "Our team is winning in China. And think we actually are able to attract the best talent in China. So hopefully that continues." Tesla has cut prices in response to growing competition and slowing demand in China. Meanwhile, demand in the United States and other markets has also come down. This is not the first time that Musk has praised Chinese workers. In 2021, he had called Chinese automakers the "most competitive in the world". He also said Chinese workers had been "burning the 3 am oil" to keep Tesla's factories running during COVID lockdowns last year. On revenues, the company slightly beat Wall Street targets for fourth-quarter revenue and profit despite a sharp decline in vehicle profits margins. Tesla is now being seen as the initiator of a price war, but its forecast of a 37 per cent rise in car volume for the year, to 1.8 million vehicles, was down from 2022's pace. Musk is expecting a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole." Shares rose 5.3 per cent in extended trading. (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.

'Hardest & smartest workers': Musk sees Tesla's biggest competition coming from China

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25).

The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far.&nbsp;

The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF.

A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met.&nbsp;

On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour&nbsp;its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report.

Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added.&nbsp; 
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Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board.

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25). The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far. The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF. A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met. On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report. Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added. 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.

Amid economic crisis, Pakistan mulls 10% cut in salaries of govt employees: Reports

A few hundred workers at an Amazon warehouse in the United Kingdom (UK) walked out on Wednesday (January 25) over a pay increase worth five per cent, less than half the current inflation rate. This is the first strike that the e-commerce giant is facing in the UK. The warehouse is located in Coventry, central England and the workers there held a banner which said, "We are not robots," while another banner said, "We are worth more." Stuart Richards from the GMB union said, "The first-ever Amazon workers in the UK to go on strike" were "taking on one of the world's biggest companies to fight for a decent standard of living," news agency AFP reported.&nbsp;

ALSO READ | <a href="https://www.wionews.com/technology/amazon-begins-laying-off-18000-employees-from-its-cart-of-employees-553950">Amazon begins laying off 18,000 people from its cart of employees</a>

Richards said that after six months of ignoring all requests to listen to the concerns of the workers, the GMB union urged the bosses of Amazon UK to do the right thing and give workers a proper pay raise. Speaking to news agency Reuters, Richards said "So the Amazon worker's pay demand is £15 an hour, again we've taken that from what's happening in America. We saw Amazon talking around trying to persuade workers that they didn't need a union because they were paying $15 an hour. They've now raised that to $18 meanwhile workers in the UK are lagging far behind. They're on £10.50 at this warehouse at the moment."

Richards said that the warehouse workers (in the UK) were working incredibly long shifts just to try and make ends meet, just to try and feed their families. He added that Amazon was a multi-million-pound company that made huge amounts of money. "They may not pay any tax but they certainly make a lot of money and it's on the back of these workers. We're saying a part of that profit needs to go to support these workers, so they can actually live decent lives," he said.&nbsp;

ALSO READ | <a href="https://www.wionews.com/business-economy/uk-amazon-to-restructure-warehouse-operations-closures-put-over-1000-jobs-at-risk-551220">UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk</a>

Another union official, Amanda Gearing, told the AFP on Wednesday that the warehouse workers were also protesting against ''other conditions'' which she described as horrendous. "They're just having to work, work, work, they're not allowed to talk to people, it's difficult to take a toilet break," she said.&nbsp;

This strike in the UK comes as tens of thousands of workers in the country including nurses, ambulance workers, teachers and railway staff have been protesting over pay and working conditions. On Monday (January 23), thousands of ambulance workers held another strike in the country with unions calling on the government to hold talks to improve pay and working conditions. Previously, the strikes (by ambulance workers) were held on January 11 and December 21, 2022. Further strikes are expected in February. &nbsp;

(With inputs from agencies)

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A few hundred workers at an Amazon warehouse in the United Kingdom (UK) walked out on Wednesday (January 25) over a pay increase worth five per cent, less than half the current inflation rate.

A few hundred workers at an Amazon warehouse in the United Kingdom (UK) walked out on Wednesday (January 25) over a pay increase worth five per cent, less than half the current inflation rate. This is the first strike that the e-commerce giant is facing in the UK. The warehouse is located in Coventry, central England and the workers there held a banner which said, "We are not robots," while another banner said, "We are worth more." Stuart Richards from the GMB union said, "The first-ever Amazon workers in the UK to go on strike" were "taking on one of the world's biggest companies to fight for a decent standard of living," news agency AFP reported. ALSO READ | Amazon begins laying off 18,000 people from its cart of employees Richards said that after six months of ignoring all requests to listen to the concerns of the workers, the GMB union urged the bosses of Amazon UK to do the right thing and give workers a proper pay raise. Speaking to news agency Reuters, Richards said "So the Amazon worker's pay demand is £15 an hour, again we've taken that from what's happening in America. We saw Amazon talking around trying to persuade workers that they didn't need a union because they were paying $15 an hour. They've now raised that to $18 meanwhile workers in the UK are lagging far behind. They're on £10.50 at this warehouse at the moment." Richards said that the warehouse workers (in the UK) were working incredibly long shifts just to try and make ends meet, just to try and feed their families. He added that Amazon was a multi-million-pound company that made huge amounts of money. "They may not pay any tax but they certainly make a lot of money and it's on the back of these workers. We're saying a part of that profit needs to go to support these workers, so they can actually live decent lives," he said. ALSO READ | UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk Another union official, Amanda Gearing, told the AFP on Wednesday that the warehouse workers were also protesting against ''other conditions'' which she described as horrendous. "They're just having to work, work, work, they're not allowed to talk to people, it's difficult to take a toilet break," she said. This strike in the UK comes as tens of thousands of workers in the country including nurses, ambulance workers, teachers and railway staff have been protesting over pay and working conditions. On Monday (January 23), thousands of ambulance workers held another strike in the country with unions calling on the government to hold talks to improve pay and working conditions. Previously, the strikes (by ambulance workers) were held on January 11 and December 21, 2022. Further strikes are expected in February. (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.

'We're not robots': UK Amazon workers unhappy with minimal raise go on strike

Launching a fresh legal battle against Google, the US justice department on Tuesday sued the search giant for its dominance of the online advertising market.

This is the second federal lawsuit filed by the DOJ against the tech giant over antitrust violations. It has been launched along with eight US states: New York, California, Rhode Island, Colorado, New Jersey, Tennessee, Connecticut and Virginia.

While the earlier case targeted Google's "world-dominating" search engine, this one targets the platform's advertising business.

Watch |&nbsp;Antitrust lawsuit slapped against Google, again! Tech giant's ad dominance under scanner

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As per AFP, prosecutors have asked for the business to be broken up so as to level the playing field for other companies.

They claim that Google "now controls" both the buy and sell side of the online ad business. This, they say, means that the website creators earn less while advertisers pay more, "all while innovation is choked by the lack of rivals."

In 2021, Alphabet Inc's Google generated more than $200 billion in sales from its ad dealings.

The US in its lawsuit alleges that the revenue was unlawfully maintained by a monopoly that "corrupted legitimate competition in the ad tech industry."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-justice-department-to-sue-google-for-the-second-time-report-555359">US justice department to sue Google for the second time over market dominance: Report</a>

"Google has used anti-competitive, exclusionary, and unlawful means to eliminate or severely diminish any threat to its dominance over digital advertising technologies," claims the suit.

The DOJ case follows state lawsuits that have alleged that Google illegally dominates online search, advertising technology market, and mobile applications on Android phones.

The company, however, denied the monopoly and said its rivals include Amazon, Facebook-owner Meta and Microsoft.

Also read |&nbsp;<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>

The AFP report cited a Google spokesperson who in an email said that the lawsuit "is doubling down on a flawed argument that would slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow."

As per the company, the lawsuit by the DOJ "attempts to pick winners and losers in the highly competitive advertising technology sector," the Google spokesperson said.

(With inputs from agencies)

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Launching a fresh legal battle against Google, the US justice department on Tuesday sued the search giant for its dominance of the online advertising market. This is the second federal lawsuit filed by the DOJ against the tech giant over antitrust violations.

Launching a fresh legal battle against Google, the US justice department on Tuesday sued the search giant for its dominance of the online advertising market. This is the second federal lawsuit filed by the DOJ against the tech giant over antitrust violations. It has been launched along with eight US states: New York, California, Rhode Island, Colorado, New Jersey, Tennessee, Connecticut and Virginia. While the earlier case targeted Google's "world-dominating" search engine, this one targets the platform's advertising business. Watch | Antitrust lawsuit slapped against Google, again! Tech giant's ad dominance under scanner As per AFP, prosecutors have asked for the business to be broken up so as to level the playing field for other companies. They claim that Google "now controls" both the buy and sell side of the online ad business. This, they say, means that the website creators earn less while advertisers pay more, "all while innovation is choked by the lack of rivals." In 2021, Alphabet Inc's Google generated more than $200 billion in sales from its ad dealings. The US in its lawsuit alleges that the revenue was unlawfully maintained by a monopoly that "corrupted legitimate competition in the ad tech industry." Also read | US justice department to sue Google for the second time over market dominance: Report "Google has used anti-competitive, exclusionary, and unlawful means to eliminate or severely diminish any threat to its dominance over digital advertising technologies," claims the suit. The DOJ case follows state lawsuits that have alleged that Google illegally dominates online search, advertising technology market, and mobile applications on Android phones. The company, however, denied the monopoly and said its rivals include Amazon, Facebook-owner Meta and Microsoft. Also read | Google to cooperate with India antitrust watchdog after Android ruling The AFP report cited a Google spokesperson who in an email said that the lawsuit "is doubling down on a flawed argument that would slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow." As per the company, the lawsuit by the DOJ "attempts to pick winners and losers in the highly competitive advertising technology sector," the Google spokesperson 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.

US DOJ sues Google over online ad market domination; seeks to level the playing field for other firms

A glitch at NYSE prevented opening auctions for its sleeve of stocks, there was a confusion for a long time over whether orders were being filled at correct prices and more than 250 securities was being busted. The glitch also impacted stocks of major companies.

World Business Watch: NYSE glitch briefly halts trading, stocks of major companies impacted

Ahead of the launch of the Rs 20,000 crore mega follow-on public offer (FPO) of Adani Enterprises, Adani Group shares lost up to 10% in Wednesday's trade.

Shares of all the 10 Adani group stocks trading lower

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.&nbsp;The group, which is led by Gautam Adani, the world's third richest person according to Forbes, dismissed the U.S. short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering.

The group's flagship firm, Adani Enterprises, will on Friday (January&nbsp;27) launch the country's biggest public secondary share offering, aiming to raise to&nbsp;$2.5 billion&nbsp;to fund capital expenditure and pay off some debt.

Hindenburg, known for having shorted electric truck maker Nikola Corp&nbsp;and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

Its research report questioned how the Adani Group has used offshore entities in tax havens like Mauritius and the Caribbean Islands.

It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing", and asserted that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations".

Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement the company was shocked by the report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations."

"The Group has always been in compliance with all laws," the company said, without addressing specific allegations made by Hindenburg.

"The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added.

The report coincided with bidding for Adani's secondary share sale by anchor investors on Wednesday. Abu Dhabi Investment Authority and Morgan Stanley were among investors who bid for shares worth Rs 90 billion&nbsp;($1.1 billion), compared with Rs 60 billion worth of stock on offer,&nbsp;a source told Reuters.

The research report, Hindenburg said, was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents.

India's capital markets regulator, the Securities and Exchange Board of India, did not immediately respond to a request for comment.

Adani has repeatedly dismissed debt concerns. Singh&nbsp;told media&nbsp;on Jan. 21, "Nobody has raised debt concerns to us. No single investor has."

Shares in Adani Ports And Special Economic Zone&nbsp;fell 6.3% while Adani Enterprises ended down 1.5%.

Hindenburg's report said five of seven key listed Adani companies have reported current ratios — a measure of liquid assets minus near-term liabilities — below 1. This, the short-seller said, suggested "a heightened short-term liquidity risk".

Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to Rs 2.2 trillion.

Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd&nbsp;exceeding equity by more than 2,000%.

CreditSights, part of the Fitch Group, described the group last September as "overleveraged". While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage.

Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

"Equity share pledges are an inherently unstable source of lending collateral," it said in the report.

Last year, the Adani Group bought cement firms ACC&nbsp;and Ambuja Cements&nbsp;from Switzerland's Holcim&nbsp;for $10.5 billion. Days later, it pledged shares in the two firms, worth about $12.5 billion at the time, to banks in a non-disposal agreement that prevents it from offloading the shares until lenders agree that debts are paid.

ACC and Ambuja both fell over 7% on Wednesday.

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Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels. The group, which is led by Gautam Adani, the world's third richest person according to Forbes, dismissed the U.S. short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering. The group's flagship firm, Adani Enterprises, will on Friday (January 27) launch the country's biggest public secondary share offering, aiming to raise to $2.5 billion to fund capital expenditure and pay off some debt. Hindenburg, known for having shorted electric truck maker Nikola Corp and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Its research report questioned how the Adani Group has used offshore entities in tax havens like Mauritius and the Caribbean Islands. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing", and asserted that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations". Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement the company was shocked by the report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations." "The Group has always been in compliance with all laws," the company said, without addressing specific allegations made by Hindenburg. "The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added. The report coincided with bidding for Adani's secondary share sale by anchor investors on Wednesday. Abu Dhabi Investment Authority and Morgan Stanley were among investors who bid for shares worth Rs 90 billion ($1.1 billion), compared with Rs 60 billion worth of stock on offer, a source told Reuters. The research report, Hindenburg said, was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents. India's capital markets regulator, the Securities and Exchange Board of India, did not immediately respond to a request for comment. Adani has repeatedly dismissed debt concerns. Singh told media on Jan. 21, "Nobody has raised debt concerns to us. No single investor has." Shares in Adani Ports And Special Economic Zone fell 6.3% while Adani Enterprises ended down 1.5%. Hindenburg's report said five of seven key listed Adani companies have reported current ratios — a measure of liquid assets minus near-term liabilities — below 1. This, the short-seller said, suggested "a heightened short-term liquidity risk". Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to Rs 2.2 trillion. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd exceeding equity by more than 2,000%. CreditSights, part of the Fitch Group, described the group last September as "overleveraged". While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans. "Equity share pledges are an inherently unstable source of lending collateral," it said in the report. Last year, the Adani Group bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. Days later, it pledged shares in the two firms, worth about $12.5 billion at the time, to banks in a non-disposal agreement that prevents it from offloading the shares until lenders agree that debts are paid. ACC and Ambuja both fell over 7% on Wednesday. WATCH WION LIVE HERE:

Hindenburg shorts India's Adani Group, cites debt and accounting concerns

Tech giant Microsoft has posted results showing some strength in face of weak economy, it has posted fiscal second quarter earnings that exceeds Wall Street's estimates, however, Microsoft has also warned expectations may be missed in the current quarter.

World Business Watch: Microsoft offers lacklusture guidance; Q2 earnings exceed Wall St's estimates

Rupert Murdoch has scrapped plans to re-unite News Corp and Fox Corp, according to a regulatory filing on Tuesday. The development suggests that he and his son Lachlan Murdoch, Fox Corp's head, probably realised that a combination of the companies was "not optimal" for the shareholders.&nbsp;

The fact that News Corp is exploring the sale of its stake in Move Inc, the company that operates the Realtor.com website, might have played a role in ending the merger talks with Fox, sources say.

The deal talks over the sale of Move Inc, would weaken the rationale for a merger with Fox, one source said.

If the merger had happened, it would have brought together the media empire Murdoch split nearly a decade ago.

Also Read |&nbsp;<a href="https://www.wionews.com/world/rupert-murdoch-pays-boris-johnson-ps276130-plus-expenses-for-a-speech-in-us-535361">Rupert Murdoch pays Boris Johnson £276,130 plus expenses for a speech in US</a>

Much of the synergies in a News Corp-Fox combination would have hinged on merging News Corp’s digital operations with Fox’s complimentary assets.

News Corp and Fox Corp had not exchanged any offer before merger deliberations were abandoned, reports suggest. A source familiar with the matter told Reuters that the pushback from News Corp shareholders played a key role in merger plans being scrapped.

Murdoch, who believed that combining the publishing and entertainment would give them greater scale in news, live sports and information, had come up with the idea last fall. Notably, the two companies were split apart in 2013.&nbsp;

People close to Murdoch believe that the merger was part of Murdoch's efforts to consolidate power behind Lachlan. The company had described the notion of Lachlan holding the reins as "absurd" in November.

Some of News Corp’s larger shareholders, including Independent Franchise Partners and T Rowe Price TROW.O, did not back the idea.

In a letter to News Corp employees on Tuesday, News Corp Chief Executive Robert Thomson said, “In my note to you in October, I said the Special Committee assessment would have no impact on our current operations; that was indeed the case, and remains so following today’s announcement.”

(With inputs from agencies)

&nbsp;

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Rupert Murdoch has scrapped plans to re-unite News Corp and Fox Corp, according to a regulatory filing on Tuesday. The development suggests that he and his son Lachlan Murdoch, Fox Corp's head, probably realised that a combination of the companies was "not optimal" for the shareholders.

Rupert Murdoch has scrapped plans to re-unite News Corp and Fox Corp, according to a regulatory filing on Tuesday. The development suggests that he and his son Lachlan Murdoch, Fox Corp's head, probably realised that a combination of the companies was "not optimal" for the shareholders. The fact that News Corp is exploring the sale of its stake in Move Inc, the company that operates the Realtor.com website, might have played a role in ending the merger talks with Fox, sources say. The deal talks over the sale of Move Inc, would weaken the rationale for a merger with Fox, one source said. If the merger had happened, it would have brought together the media empire Murdoch split nearly a decade ago. Also Read | Rupert Murdoch pays Boris Johnson £276,130 plus expenses for a speech in US Much of the synergies in a News Corp-Fox combination would have hinged on merging News Corp’s digital operations with Fox’s complimentary assets. News Corp and Fox Corp had not exchanged any offer before merger deliberations were abandoned, reports suggest. A source familiar with the matter told Reuters that the pushback from News Corp shareholders played a key role in merger plans being scrapped. Murdoch, who believed that combining the publishing and entertainment would give them greater scale in news, live sports and information, had come up with the idea last fall. Notably, the two companies were split apart in 2013. People close to Murdoch believe that the merger was part of Murdoch's efforts to consolidate power behind Lachlan. The company had described the notion of Lachlan holding the reins as "absurd" in November. Some of News Corp’s larger shareholders, including Independent Franchise Partners and T Rowe Price TROW.O, did not back the idea. In a letter to News Corp employees on Tuesday, News Corp Chief Executive Robert Thomson said, “In my note to you in October, I said the Special Committee assessment would have no impact on our current operations; that was indeed the case, and remains so following today’s announcement.” (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.

Rupert Murdoch scraps plan to re-unite News Corp and Fox a decade after split

As per a report, the United States Justice Department (DoJ) is poised to sue Alphabet Inc's Google regarding the platform's dominance over the digital advertising market.&nbsp;

Citing people familiar with the matter, Bloomberg reported that the case is expected to be filed in a federal court before the end of this week.

Watch |&nbsp;Google announces job cuts, CEO says 'I take full responsibility for decisions that led us here'

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As per AFP, the lawsuit alleging violation of antitrust laws, which relate to how a tech giant acquires or maintains its dominance, will be the second federal complaint filed against the search giant. The previous lawsuit which focuses on Google's monopoly in the search was filed in 2020 and is scheduled to go to trial in September of this year.

Also read |&nbsp;<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>

It would also be the fifth lawsuit challenging Google's business practices in the US. Apart from the two cases by the US DoJ, state attorney generals have filed three separate suits, alleging domination of the online search market, advertising technology and apps on the Android mobile platform; all in violation of antitrust laws.

Google is currently the number one player in the $278.6 billion digital-ad market in the United States and controls most of the technology used to "buy, sell and serve online advertising."

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-more-trouble-brewing-big-tech-firms-back-google-in-a-key-lawsuit-554378">Is more trouble brewing? Big tech firms back Google in a key lawsuit</a>

The latest lawsuit, as per Reuters, is expected to "take an aim at" the search platform's advertising business, which accounts for about 80 per cent of Google's revenue.

Google has previously argued that the ad tech system was a crowded and competitive one and had pointed at its competition with Facebook Inc, AT&amp;T, Comcast and others.

(With inputs from agencies)

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As per a report, the United States Justice Department (DoJ) is poised to sue Alphabet Inc's Google regarding the platform's dominance over the digital advertising market.

As per a report, the United States Justice Department (DoJ) is poised to sue Alphabet Inc's Google regarding the platform's dominance over the digital advertising market. Citing people familiar with the matter, Bloomberg reported that the case is expected to be filed in a federal court before the end of this week. Watch | Google announces job cuts, CEO says 'I take full responsibility for decisions that led us here' As per AFP, the lawsuit alleging violation of antitrust laws, which relate to how a tech giant acquires or maintains its dominance, will be the second federal complaint filed against the search giant. The previous lawsuit which focuses on Google's monopoly in the search was filed in 2020 and is scheduled to go to trial in September of this year. Also read | Google to cooperate with India antitrust watchdog after Android ruling It would also be the fifth lawsuit challenging Google's business practices in the US. Apart from the two cases by the US DoJ, state attorney generals have filed three separate suits, alleging domination of the online search market, advertising technology and apps on the Android mobile platform; all in violation of antitrust laws. Google is currently the number one player in the $278.6 billion digital-ad market in the United States and controls most of the technology used to "buy, sell and serve online advertising." Also read | Is more trouble brewing? Big tech firms back Google in a key lawsuit The latest lawsuit, as per Reuters, is expected to "take an aim at" the search platform's advertising business, which accounts for about 80 per cent of Google's revenue. Google has previously argued that the ad tech system was a crowded and competitive one and had pointed at its competition with Facebook Inc, AT&T, Comcast and others. (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.

US justice department to sue Google for the second time over market dominance: Report

The European economy’s manufacturing sector registered a strong performance for the first time in six months, raising expectations that Europe will be able to weather the possible recession this year.

Europe’s S&amp;P Global Flash Eurozone purchasing managers’ index (PMI) rose to 50.2 in January from 49.3 in December.

PMI is an economic indicator derived from the monthly survey of private sector companies. It aims in providing information regarding the current and future conditions of a business to the decision-makers, analysts and investors of the company. A figure above 50 indicates growth.

According to the data, lower inflation, improved supply chains and the recent reopening of China’s Covid-scarred economy, greatly benefitted the European economy.

Among the European economies, Germany registered a robust performance with the composite PMI rising from 49.0 in December to 49.7 in January.

France, on the other hand, fell for a third consecutive month after a sharper drop in services activity.

While the rest of the eurozone, which is made up of 20 countries after Croatia joined in January, returned to growth.

“The survey undoubtedly brings welcome good news to suggest that any downturn is likely to be far less severe than previously feared and that a recession may well be avoided altogether,” said Chris Williamson, S&amp;P’s chief business economist, reports AFP news agency.

He added that the survey suggested “a nadir was reached back in October, since when fears over the energy market in particular have been alleviated by falling prices, helped by the warmer than usual weather and generous government assistance”.

Despite positive PMI, inflation remains to be high at 9.2 per cent, however, it fell fallen for two months in a row, driven by slowdown in the rate of energy price rises.

S&amp;P’s Williamson said however the increase in inflation for goods and services would “add encouragement to the hawks to push for further monetary policy tightening”.

(With inputs from agencies)

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The European economy’s manufacturing sector registered a strong performance for the first time in six months, raising expectations that Europe will be able to weather the possible recession this year.

The European economy’s manufacturing sector registered a strong performance for the first time in six months, raising expectations that Europe will be able to weather the possible recession this year. Europe’s S&P Global Flash Eurozone purchasing managers’ index (PMI) rose to 50.2 in January from 49.3 in December. PMI is an economic indicator derived from the monthly survey of private sector companies. It aims in providing information regarding the current and future conditions of a business to the decision-makers, analysts and investors of the company. A figure above 50 indicates growth. According to the data, lower inflation, improved supply chains and the recent reopening of China’s Covid-scarred economy, greatly benefitted the European economy. Among the European economies, Germany registered a robust performance with the composite PMI rising from 49.0 in December to 49.7 in January. France, on the other hand, fell for a third consecutive month after a sharper drop in services activity. While the rest of the eurozone, which is made up of 20 countries after Croatia joined in January, returned to growth. “The survey undoubtedly brings welcome good news to suggest that any downturn is likely to be far less severe than previously feared and that a recession may well be avoided altogether,” said Chris Williamson, S&P’s chief business economist, reports AFP news agency. He added that the survey suggested “a nadir was reached back in October, since when fears over the energy market in particular have been alleviated by falling prices, helped by the warmer than usual weather and generous government assistance”. Despite positive PMI, inflation remains to be high at 9.2 per cent, however, it fell fallen for two months in a row, driven by slowdown in the rate of energy price rises. S&P’s Williamson said however the increase in inflation for goods and services would “add encouragement to the hawks to push for further monetary policy tightening”. (With inputs from agencies) WATCH WION LIVE HERE:

Europe’s manufacturing performance rises for first time in six months

Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months. According to Bloomberg Billionaire Index, Elon Musk's wealth increased by about $10.6 billion to $145.2 billion since Friday, when he officially took the stand in the court of a San Francisco judge.

Elon Musk is currently facing a securities fraud lawsuit whose origin go back to August 2018 when Musk had tweeted that he was considering taking Tesla private at $420 and that he had secured the funding for it.

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/us-elon-musk-loses-200-billion-in-a-year-entered-2022-with-340-billion-548392">Elon Musk loses $200 billion in a year, entered 2022 with $340 billion</a>

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Musk eventually did not take Tesla private. Investors who have sued Musk argue that his claims about having secured the funding and not making Tesla a privately-owned entity amount to lies that resulted in losses for them. Musk claims that there is no link as such between his tweets and the move of share prices. Instead, Musk claimed that the Saudi Arabia-based Public Investment Fund "unequivocally wanted to take Tesla private" and accused Yasir Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund of going back on his word.

Tesla stock rose as much as 13.3% on the day of the take-private tweet, Bloomberg reported.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-testifies-in-second-day-of-tesla-tweet-trial-says-buying-share-at-420-was-no-joke-555339">Elon Musk testifies in second day of Tesla tweet trial; says buying share at $420 was no joke</a>

According to a transcript disclosed in the court, Musk admitted to Saudi investors in 2018 that he did not own enough of Tesla to take it private by his own.

Musk said he owned around 19 per cent of Tesla at the time, according to the transcript. He now owns about 13 per cent, after selling almost $40 billion since late 2021 to pay taxes and help fund his Twitter acquisition.

By the end of 2023, Elon Musk became&nbsp;the first person in history to lose $200 billion from his net worth. According to Bloomberg Billionaire Index, he is now down about $195 billion from his peak.

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Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months.

Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months. According to Bloomberg Billionaire Index, Elon Musk's wealth increased by about $10.6 billion to $145.2 billion since Friday, when he officially took the stand in the court of a San Francisco judge. Elon Musk is currently facing a securities fraud lawsuit whose origin go back to August 2018 when Musk had tweeted that he was considering taking Tesla private at $420 and that he had secured the funding for it. ALSO WATCH | Elon Musk loses $200 billion in a year, entered 2022 with $340 billion × Musk eventually did not take Tesla private. Investors who have sued Musk argue that his claims about having secured the funding and not making Tesla a privately-owned entity amount to lies that resulted in losses for them. Musk claims that there is no link as such between his tweets and the move of share prices. Instead, Musk claimed that the Saudi Arabia-based Public Investment Fund "unequivocally wanted to take Tesla private" and accused Yasir Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund of going back on his word. Tesla stock rose as much as 13.3% on the day of the take-private tweet, Bloomberg reported. ALSO READ | Elon Musk testifies in second day of Tesla tweet trial; says buying share at $420 was no joke According to a transcript disclosed in the court, Musk admitted to Saudi investors in 2018 that he did not own enough of Tesla to take it private by his own. Musk said he owned around 19 per cent of Tesla at the time, according to the transcript. He now owns about 13 per cent, after selling almost $40 billion since late 2021 to pay taxes and help fund his Twitter acquisition. By the end of 2023, Elon Musk became the first person in history to lose $200 billion from his net worth. According to Bloomberg Billionaire Index, he is now down about $195 billion from his peak. 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.

Elon Musk's wealth rises by $10.6 billion amid Tesla tweet trial

Amazon announced on Tuesday that it is expanding its foray into the healthcare industry by providing a $5 monthly subscription plan for its US prime members.

That will cover a variety of generic medications and their doorstep delivery under its healthcare service, 'RxPass'.

Vin Gupta, Amazon Pharmacy's chief medical officer, told Reuters that the company's service would cover more than 50 medicines which treat over 80 chronic diseases, including high blood pressure, anxiety, diabetes, and male pattern baldness.

But the online retail firm made clear that customers cannot join Amazon Pharmacy's RxPass service if they are enrolled in Medicare, Medicaid, or any other government health programme.

John Love, the vice president of Amazon Pharmacy, said a prime member would save $100 annually with RxPass.

Love also said, " We believe a lot of Americans, particularly those that suffer from a chronic illness, are going to benefit from just Amazon's participation in pharmacy, the ability to get high-quality experience delivered to your door at low cost."

In the majority of US states, Amazon Prime members can sign up for the service starting Tuesday.

<h2>This World: Google, Microsoft, Amazon announce job cuts</h2>

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The flat $5 fee will, however, not cover insurance and is in addition to the prime membership cost, which in the US is $139 a year.

The new service offered is in line with Amazon's efforts to expand its foray into the healthcare industry, which includes telehealth, prescription delivery, fitness monitors, and cancer research.

The retail giant launched a prescription delivery and price comparison website after acquiring PillPack, an online pharmacy, in 2018.

Now, its pharmacy strategy threatens other existing medicine retailers such as CVS Health and Walgreens Boots Alliance, two pharmacy chains in the US.

According to IQVIA, a provider of health data, spending on prescription drugs in the United States is getting close to $500 billion yearly and is increasing by up to 7 per cent annually.

According to the Centers for Disease Control and Prevention, about 60 per cent of American adults have at least one chronic condition, such as diabetes, cancer, or heart disease, and 40 per cent have two or more.

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Amazon announced on Tuesday that it is expanding its foray into the healthcare industry by providing a $5 monthly subscription plan for its US prime members. That will cover a variety of generic medications and their doorstep delivery under its healthcare service, 'RxPass'.

Amazon announced on Tuesday that it is expanding its foray into the healthcare industry by providing a $5 monthly subscription plan for its US prime members. That will cover a variety of generic medications and their doorstep delivery under its healthcare service, 'RxPass'. Vin Gupta, Amazon Pharmacy's chief medical officer, told Reuters that the company's service would cover more than 50 medicines which treat over 80 chronic diseases, including high blood pressure, anxiety, diabetes, and male pattern baldness. But the online retail firm made clear that customers cannot join Amazon Pharmacy's RxPass service if they are enrolled in Medicare, Medicaid, or any other government health programme. John Love, the vice president of Amazon Pharmacy, said a prime member would save $100 annually with RxPass. Love also said, " We believe a lot of Americans, particularly those that suffer from a chronic illness, are going to benefit from just Amazon's participation in pharmacy, the ability to get high-quality experience delivered to your door at low cost." In the majority of US states, Amazon Prime members can sign up for the service starting Tuesday. This World: Google, Microsoft, Amazon announce job cuts The flat $5 fee will, however, not cover insurance and is in addition to the prime membership cost, which in the US is $139 a year. The new service offered is in line with Amazon's efforts to expand its foray into the healthcare industry, which includes telehealth, prescription delivery, fitness monitors, and cancer research. The retail giant launched a prescription delivery and price comparison website after acquiring PillPack, an online pharmacy, in 2018. Now, its pharmacy strategy threatens other existing medicine retailers such as CVS Health and Walgreens Boots Alliance, two pharmacy chains in the US. According to IQVIA, a provider of health data, spending on prescription drugs in the United States is getting close to $500 billion yearly and is increasing by up to 7 per cent annually. According to the Centers for Disease Control and Prevention, about 60 per cent of American adults have at least one chronic condition, such as diabetes, cancer, or heart disease, and 40 per cent have two or more. WATCH WION LIVE HERE:

Amazon starts medicines delivery in the US at a $5 monthly subscription

Who comes to mind when you think about intense workers with long hours without regular breaks? The most likely image would be Japanese, Chinese, Indians or Americans. But, the findings of a survey from Health Insurer Bupa Global might surprise you.&nbsp;

The survey found&nbsp;that&nbsp;executives in France binge-work the most. Nearly 40 per cent of French executives and leaders who participated in the recent poll admitted to working intense, long hours without taking regular breaks which is also above the 25 per cent global average and against the country’s workplace policies and lifestyle.

The latest poll also shows a different working culture emerges in the nation known for its wine, cheese and fine dining. It also found that long working hours make French workers the most anxious about their work performance.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/trending/french-man-sues-employer-for-boring-job-gets-45000-severance-package-444376">French man sues employer for 'boring' job, gets $45,000 severance package</a>

The French have the most anxiety about their organisations' ability to weather the current economic instability, along with a reluctance to work remotely compared to their global peers. The survey also says binge working was more common among executives who went into the office full-time than those who worked remotely.&nbsp;

This also&nbsp;stands in contrast to Paris’&nbsp;laws. Indeed, to facilitate a work-life balance, France became the first European nation to apply a law regarding the ‘Right to Disconnect’ in 2017, which requires&nbsp;organisations to prohibit emails, calls or other workplace encroachments after certain hours.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-belgian-civil-servants-get-the-right-to-disconnect-449704">Gravitas: Belgian civil servants get the right to disconnect</a>

“This combination of external economic pressures and tendency to take responsibilities upon themselves could contribute to French executives binge working the most,” Anthony Cabrelli, Managing Director of Bupa Global, told Bloomberg.

Bupa Global serves expatriates, executives and other high-net-worth individuals. The survey considered the views of 2,439 high-net-worth individuals across eight regions. Meanwhile, most blue-collar and service workers only work 35 hours per week, and August is largely for summer vacations.&nbsp; 
&nbsp;

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Who comes to mind when you think about intense workers with long hours without regular breaks? The most likely image would be Japanese, Chinese, Indians or Americans.

Who comes to mind when you think about intense workers with long hours without regular breaks? The most likely image would be Japanese, Chinese, Indians or Americans. But, the findings of a survey from Health Insurer Bupa Global might surprise you. The survey found that executives in France binge-work the most. Nearly 40 per cent of French executives and leaders who participated in the recent poll admitted to working intense, long hours without taking regular breaks which is also above the 25 per cent global average and against the country’s workplace policies and lifestyle. The latest poll also shows a different working culture emerges in the nation known for its wine, cheese and fine dining. It also found that long working hours make French workers the most anxious about their work performance. ALSO READ | French man sues employer for 'boring' job, gets $45,000 severance package The French have the most anxiety about their organisations' ability to weather the current economic instability, along with a reluctance to work remotely compared to their global peers. The survey also says binge working was more common among executives who went into the office full-time than those who worked remotely. This also stands in contrast to Paris’ laws. Indeed, to facilitate a work-life balance, France became the first European nation to apply a law regarding the ‘Right to Disconnect’ in 2017, which requires organisations to prohibit emails, calls or other workplace encroachments after certain hours. ALSO WATCH | Gravitas: Belgian civil servants get the right to disconnect “This combination of external economic pressures and tendency to take responsibilities upon themselves could contribute to French executives binge working the most,” Anthony Cabrelli, Managing Director of Bupa Global, told Bloomberg. Bupa Global serves expatriates, executives and other high-net-worth individuals. The survey considered the views of 2,439 high-net-worth individuals across eight regions. Meanwhile, most blue-collar and service workers only work 35 hours per week, and August is largely for summer vacations. 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.

Who are the world’s biggest workaholics?

Ever since the billionaire Elon Musk took over social media giant Twitter, about 80% of employees have been off with only 500 full-time engineers left.

Twitter: About 80% of employees laid off with only 500 full-time engineers left

India is having some relief at the time of a volatile macro environment. India's forex reserves are at a five-month high. Gold reserves are also up by $1.106 billion to $42.890 billion.

India's forex reserves are at five-month high; Gold reserves up by $1.106 billion to $42.890 billion

Amid the ongoing global economic uncertainties, music giant Spotify Inc. has joined big tech companies like Twitter and Meta to announce layoffs.

Music giant Spotify Inc. to cut jobs: Layoffs to start as soon as this week

The negotiations for an ambitious Free Trade Agreement between Britain and India are "well advanced", United Kingdom's Foreign Office Minister for South Asia, Lord Tariq Ahmed said in a parliamentary debate in London's House of Lords. Ahmed added that the next round of FTA talks between New Delhi and London will commence very soon, with his fellow parliamentarians raising India's ambitious economic profile and New Delhi's G20 presidency as determinant factors to ensure an FTA deal.&nbsp;

Successive governments led by various Prime Ministers in Britain have asserted in the past that India being one of the world’s biggest economies is central to Britain's foreign policy.

"It is true that, as we set up and strengthen this relationship, the United Kingdom’s relationship with India is central to U.K. foreign policy,"&nbsp;Ahmad asserted in the House of Lords, repeating Britain's stance on elevated New Delhi-London ties.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-dispatch-uk-india-hold-sixth-round-of-free-trade-agreement-talks-542415">WION Dispatch: UK, India hold sixth round of free trade agreement talks</a>

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"As one of the world’s biggest and fastest-growing economies, India is a key partner to the UK. We are also looking at lowering non-tariff barriers on medical devices to benefit British exporters, and are well advanced in our negotiations for an ambitious and balanced free trade agreement,"&nbsp;he said.

Ahmad was responding to the debate entitled 'The Importance of the Relationship Between the United Kingdom and India' in the House of Lords on Thursday, tabled by British Indian peer Baroness Sandy Verma.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/britains-sunak-tells-pm-modi-that-excited-about-what-our-two-great-democracies-can-achieve-528949">'Excited about what our two great democracies can achieve', Rishi Sunak tells PM Modi</a>

A strong trade deal with India could boost the U.K. economy by billions of pounds over the long term, helping families across the country, he said.

"Cutting red tape and high tariffs could also make it easier and cheaper for UK&nbsp;companies to sell in India, driving growth and supporting jobs,” he added.

Six rounds of FTA talks done so far

The minister said that so far India and the UK have completed six rounds of talks. In a statement of assurance, he said that as a mark of mutual agreement between New Delhi and London, the two sides are assuring that the FTA deal is not rushed but properly thought through.&nbsp;

"I assure them that we are working those through specifically, but it was very much by mutual agreement to ensure that the trade deal signed is not rushed but properly thought through, and that all chapters are discussed in an exhaustive manner so that we reach a deal that is of mutual benefit to both countries and their peoples,” the Minister said.

According to official UK&nbsp;government data, India-U.K. bilateral trade currently stands at around 29.6 billion pounds a year (36.67 billion dollars).&nbsp;

UK-India FTA talks: From Johnson to Sunak via Truss

London and New Delhi formally launched Free Trade Agreement talks in January 2022, when Prime Minister Boris Johnson was at the helm of affairs. The talks began after years of backchannel negotiations between the two sides, The Times reported.&nbsp;

Johnson set Diwali as the deadline for a Free Trade Agreement with India. The initial deadline could not be honoured for unspecified reasons amid political uncertainty with frequent changes in the 10, Downing Street officeholders.&nbsp;

The current Prime Minister Rishi Sunak committed to working "at pace" towards an FTA that does not “sacrifice quality for speed” after the Diwali deadline was missed.&nbsp;

Lord Karan Bilimoria spoke of the need for large prime ministerial delegations to India and called on Prime Minister Sunak to lead one “as soon as possible”.

"Today India has the presidency of the G20. Today India has a vision to become, in the next 25 years, the second-largest economy in the world with a GDP of $32 billion," he said.

"The Indian express has left the station. It is now the fastest train in the world—the fastest-growing major economy in the world. The UK must be its closest and most trusted friend and partner in the decades ahead," he added.

(With inputs from agencies)

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The negotiations for an ambitious Free Trade Agreement between Britain and India are "well advanced", United Kingdom's Foreign Office Minister for South Asia, Lord Tariq Ahmed said in a parliamentary debate in London's House of Lords.

The negotiations for an ambitious Free Trade Agreement between Britain and India are "well advanced", United Kingdom's Foreign Office Minister for South Asia, Lord Tariq Ahmed said in a parliamentary debate in London's House of Lords. Ahmed added that the next round of FTA talks between New Delhi and London will commence very soon, with his fellow parliamentarians raising India's ambitious economic profile and New Delhi's G20 presidency as determinant factors to ensure an FTA deal. Successive governments led by various Prime Ministers in Britain have asserted in the past that India being one of the world’s biggest economies is central to Britain's foreign policy. "It is true that, as we set up and strengthen this relationship, the United Kingdom’s relationship with India is central to U.K. foreign policy," Ahmad asserted in the House of Lords, repeating Britain's stance on elevated New Delhi-London ties. ALSO WATCH | WION Dispatch: UK, India hold sixth round of free trade agreement talks × "As one of the world’s biggest and fastest-growing economies, India is a key partner to the UK. We are also looking at lowering non-tariff barriers on medical devices to benefit British exporters, and are well advanced in our negotiations for an ambitious and balanced free trade agreement," he said. Ahmad was responding to the debate entitled 'The Importance of the Relationship Between the United Kingdom and India' in the House of Lords on Thursday, tabled by British Indian peer Baroness Sandy Verma. ALSO READ | 'Excited about what our two great democracies can achieve', Rishi Sunak tells PM Modi A strong trade deal with India could boost the U.K. economy by billions of pounds over the long term, helping families across the country, he said. "Cutting red tape and high tariffs could also make it easier and cheaper for UK companies to sell in India, driving growth and supporting jobs,” he added. Six rounds of FTA talks done so far The minister said that so far India and the UK have completed six rounds of talks. In a statement of assurance, he said that as a mark of mutual agreement between New Delhi and London, the two sides are assuring that the FTA deal is not rushed but properly thought through. "I assure them that we are working those through specifically, but it was very much by mutual agreement to ensure that the trade deal signed is not rushed but properly thought through, and that all chapters are discussed in an exhaustive manner so that we reach a deal that is of mutual benefit to both countries and their peoples,” the Minister said. According to official UK government data, India-U.K. bilateral trade currently stands at around 29.6 billion pounds a year (36.67 billion dollars). UK-India FTA talks: From Johnson to Sunak via Truss London and New Delhi formally launched Free Trade Agreement talks in January 2022, when Prime Minister Boris Johnson was at the helm of affairs. The talks began after years of backchannel negotiations between the two sides, The Times reported. Johnson set Diwali as the deadline for a Free Trade Agreement with India. The initial deadline could not be honoured for unspecified reasons amid political uncertainty with frequent changes in the 10, Downing Street officeholders. The current Prime Minister Rishi Sunak committed to working "at pace" towards an FTA that does not “sacrifice quality for speed” after the Diwali deadline was missed. Lord Karan Bilimoria spoke of the need for large prime ministerial delegations to India and called on Prime Minister Sunak to lead one “as soon as possible”. "Today India has the presidency of the G20. Today India has a vision to become, in the next 25 years, the second-largest economy in the world with a GDP of $32 billion," he said. "The Indian express has left the station. It is now the fastest train in the world—the fastest-growing major economy in the world. The UK must be its closest and most trusted friend and partner in the decades ahead," he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK says FTA talks with India ‘well advanced’, seventh round soon

The demand for oil storage tanks in Singapore is rising, a sign that a flood of fuel from Russia is being mixed and re-exported globally. Tank space in the country is being snapped up because of an increase in interest and profits from mixing supplies of cheap fuel from Russia with shipments from other sources, a tank operator official and a consultant on the matter said as per report by news agency Bloomberg.&nbsp;

Singapore has not banned the import of Russian oil or petroleum products, unlike the United States and European Union (EU) countries which have done so as retaliation for Moscow's offensive in Ukraine. However, financial institutions in Singapore are prohibited from financing or dealing with Russian goods and companies, the Bloomberg report said.

Since the beginning of the war in Ukraine in February last year, Russian crude oil and fuel flows to Asia and the Middle East increased after western buyers turned away in retaliation. These (Russian) shipments have increasingly made their way to blending and redistribution hubs like Singapore and Fujairah in the United Arab Emirates where they can be co-mingled, repackaged and re-exported globally, the report added.&nbsp; 
 
These Russia to Asia shipments would increase in the coming weeks as the EU would impose new sanctions on &nbsp;Russian petroleum products from February 5.&nbsp;

A spokesperson for Advario Asia Pacific Pte, an oil storage firm, told the news agency that the firm has observed an increase in the number of inquiries of short/spot-term storage in the period leading up to December. The spokesperson added that the firm verified the source of products to ensure compliance with Russian sanctions before accepting them.&nbsp;

A spokesperson from the Jurong Port Universal Terminal Pte did not talk about the movement of specific products but said the firm complies with all applicable sanctions.

William Tan from Singapore-based Miyabi Industries, a marine fuel consultancy firm, told Bloomberg that traders and fuel suppliers are all over oil storage and blending plays right now because of “very good” profit margins from such activities. Tan said that traders can enjoy close to 20% profit margin from mixing Russian components with other grades to make a blended fuel oil product, adding this trend has been going on since October last year.&nbsp;

(With inputs from agencies)

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The demand for oil storage tanks in Singapore is rising, a sign that a flood of fuel from Russia is being mixed and re-exported globally. Tank space in the country is being snapped up because of an increase in interest and profits from mixing supplies of cheap fuel from Russia with shipments from other sources, a tank operator official and a consultant on the matter said as per report by news agency Bloomberg.

The demand for oil storage tanks in Singapore is rising, a sign that a flood of fuel from Russia is being mixed and re-exported globally. Tank space in the country is being snapped up because of an increase in interest and profits from mixing supplies of cheap fuel from Russia with shipments from other sources, a tank operator official and a consultant on the matter said as per report by news agency Bloomberg. Singapore has not banned the import of Russian oil or petroleum products, unlike the United States and European Union (EU) countries which have done so as retaliation for Moscow's offensive in Ukraine. However, financial institutions in Singapore are prohibited from financing or dealing with Russian goods and companies, the Bloomberg report said. Since the beginning of the war in Ukraine in February last year, Russian crude oil and fuel flows to Asia and the Middle East increased after western buyers turned away in retaliation. These (Russian) shipments have increasingly made their way to blending and redistribution hubs like Singapore and Fujairah in the United Arab Emirates where they can be co-mingled, repackaged and re-exported globally, the report added. These Russia to Asia shipments would increase in the coming weeks as the EU would impose new sanctions on Russian petroleum products from February 5. A spokesperson for Advario Asia Pacific Pte, an oil storage firm, told the news agency that the firm has observed an increase in the number of inquiries of short/spot-term storage in the period leading up to December. The spokesperson added that the firm verified the source of products to ensure compliance with Russian sanctions before accepting them. A spokesperson from the Jurong Port Universal Terminal Pte did not talk about the movement of specific products but said the firm complies with all applicable sanctions. William Tan from Singapore-based Miyabi Industries, a marine fuel consultancy firm, told Bloomberg that traders and fuel suppliers are all over oil storage and blending plays right now because of “very good” profit margins from such activities. Tan said that traders can enjoy close to 20% profit margin from mixing Russian components with other grades to make a blended fuel oil product, adding this trend has been going on since October last year. (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.

Demand for oil storage tanks in Singapore is rising. Here's the reason

Federal prosecutors have seized nearly $700 million in assets from&nbsp;FTX&nbsp;founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a court filing on Friday.&nbsp;Bankman-Fried, who has been accused of stealing billions of dollars from&nbsp;FTX&nbsp; customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges. He is scheduled to face trial in October.

The Department of Justice revealed the seizure of Robinhood shares earlier this month, but it provided a more complete list of seized assets Friday, including cash held at various banks and assets deposited at crypto exchange Binance.

The ownership of the seized Robinhood shares, valued at about $525 million, has been the subject of dispute&nbsp;between Bankman-Fried,&nbsp;FTX, and bankrupt crypto lender BlockFi.

The most recent asset seizure reported by the DOJ took place on Thursday, when prosecutors seized $94.5 million in cash from an account at Silvergate Bank which was associated with&nbsp;FTX&nbsp;Digital Markets,&nbsp;FTX's subsidiary in the Bahamas. The DOJ seized more than $7 million from other Silvergate accounts associated with Bankman-Fried and&nbsp;FTX.

The DOJ previously seized nearly $50 million from an&nbsp;FTX&nbsp;Digital Markets account at Moonstone Bank, a small bank in Washington state.

DOJ also said that assets in three Binance accounts associated with Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of the value in those accounts.

(With inputs from agencies)

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Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a court filing on Friday.

Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a court filing on Friday. Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges. He is scheduled to face trial in October. The Department of Justice revealed the seizure of Robinhood shares earlier this month, but it provided a more complete list of seized assets Friday, including cash held at various banks and assets deposited at crypto exchange Binance. The ownership of the seized Robinhood shares, valued at about $525 million, has been the subject of dispute between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi. The most recent asset seizure reported by the DOJ took place on Thursday, when prosecutors seized $94.5 million in cash from an account at Silvergate Bank which was associated with FTX Digital Markets, FTX's subsidiary in the Bahamas. The DOJ seized more than $7 million from other Silvergate accounts associated with Bankman-Fried and FTX. The DOJ previously seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state. DOJ also said that assets in three Binance accounts associated with Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of the value in those accounts. (With inputs from agencies) WATCH WION LIVE HERE

Feds seized nearly $700 million from FTX founder Sam Bankman-Fried before trial

The Bolivian government has picked a consortium including&nbsp;Chinese battery giant CATL to develop its largely untapped lithium reserves. A report by the news agency Reuters on Friday (January 20) said the deal would see the consortium partner direct lithium extraction from Bolivia's Uyuni and Oruro salt flats.&nbsp;The partnership would give the CBC consortium the rights to develop two lithium plants which can produce up to 25,000 tonnes of battery-grade lithium carbonate each annually.&nbsp; 
 
China's CATL specialises in manufacturing lithium-ion batteries for electric vehicles (EV) and energy storage systems but it does not produce lithium at present though it has invested in many Chinese projects. The report said that two years back, the company lost the bid to buy the Millenial Lithium Corp.&nbsp;

Speaking on Friday's deal, Bolivian President Luis Arce said that the CBC consortium would invest more than $1 billion in the project's first stage to boost infrastructure, roads and conditions required to start the lithium plants the country hopes will one day produce lithium cathodes and batteries.

“CBC will make an investment of more than one billion dollars in the first stage. One billion dollars that will help improve electric energy at the places where it will be established, roads, basic services, conditions for the constructions of the plants that will produce the lithium cathodes and batteries,” he said.&nbsp;

"Today begins the era of industrialisation of Bolivian lithium," Arce said, adding there was no time to lose in developing the metal. The president also said that talks were ongoing for potential partnerships with other foreign firms.&nbsp;

Bolivia's energy minister Franklin Molina, meanwhile, said the deal showed there were "sovereign alternatives to the privatisation models of lithium exploitation." State firm YLB is set to supervise and play a central part in the project.&nbsp;

As per the US Geological Survey, Bolivia's salt flats are home to the world's largest lithium resources at 21 million tonnes. However, the country has almost no industrial production or commercially viable reserves. The report added that the partnership with the CBC consortium could help finally unlock Bolivia's huge potential as a supplier of lithium for batteries needed to power the global shift to electric vehicles.&nbsp;

(With inputs from agencies)

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The Bolivian government has picked a consortium including Chinese battery giant CATL to develop its largely untapped lithium reserves. A report by the news agency Reuters on Friday (January 20) said the deal would see the consortium partner direct lithium extraction from Bolivia's Uyuni and Oruro salt flats.

The Bolivian government has picked a consortium including Chinese battery giant CATL to develop its largely untapped lithium reserves. A report by the news agency Reuters on Friday (January 20) said the deal would see the consortium partner direct lithium extraction from Bolivia's Uyuni and Oruro salt flats. The partnership would give the CBC consortium the rights to develop two lithium plants which can produce up to 25,000 tonnes of battery-grade lithium carbonate each annually. China's CATL specialises in manufacturing lithium-ion batteries for electric vehicles (EV) and energy storage systems but it does not produce lithium at present though it has invested in many Chinese projects. The report said that two years back, the company lost the bid to buy the Millenial Lithium Corp. Speaking on Friday's deal, Bolivian President Luis Arce said that the CBC consortium would invest more than $1 billion in the project's first stage to boost infrastructure, roads and conditions required to start the lithium plants the country hopes will one day produce lithium cathodes and batteries. “CBC will make an investment of more than one billion dollars in the first stage. One billion dollars that will help improve electric energy at the places where it will be established, roads, basic services, conditions for the constructions of the plants that will produce the lithium cathodes and batteries,” he said. "Today begins the era of industrialisation of Bolivian lithium," Arce said, adding there was no time to lose in developing the metal. The president also said that talks were ongoing for potential partnerships with other foreign firms. Bolivia's energy minister Franklin Molina, meanwhile, said the deal showed there were "sovereign alternatives to the privatisation models of lithium exploitation." State firm YLB is set to supervise and play a central part in the project. As per the US Geological Survey, Bolivia's salt flats are home to the world's largest lithium resources at 21 million tonnes. However, the country has almost no industrial production or commercially viable reserves. The report added that the partnership with the CBC consortium could help finally unlock Bolivia's huge potential as a supplier of lithium for batteries needed to power the global shift to electric vehicles. (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.

Bolivia picks consortium including Chinese firm to develop its untapped lithium reserves: Report