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Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.7 per cent, the highest level since 2000, data from the Bank Negara Malaysia and the Department of Statistics showed, Bloomberg reported.

In October and December period, the economy rose higher than the expected seven per cent than a year ago, with the help of domestic demand.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/yahoo-layoffs-over-20-staff-to-be-made-redundant-in-ad-tech-restructuring-560459">Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring</a>

The data also showed that the economy contracted 2.6 per cent from the September quarter of last year.&nbsp;

These points might risk Malaysia's spot among Asia's top 13 economies, especially when economists saw the pace of the economy slowing to four per cent this year.&nbsp;

As per economists, while the cash handouts and subsidies on food and fuel helped to maintain demand in 2022 despite high-interest rates, it is expected that a slowing global economy can hurt Malaysia's exports.&nbsp;

<a href="https://www.wionews.com/business-economy/canopy-growth-corp-to-cut-more-than-a-third-of-its-workforce-plans-to-transition-to-asset-light-model-560652">Also read |&nbsp;Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model</a>

The central bank governor Nor Shamsiah Yunus in a press briefing on Friday said that though the balance of risks of growth remains tilted to the downside, they aren't great enough to push the country into recession.&nbsp;

In December last year, the export was six per cent less than what was expected and substantially slower after 16 consecutive months of double-digit expansion.&nbsp;

Domestic demand is expected to continue to drive the economy in 2023.&nbsp;

(With inputs from agencies)

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Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.

Malaysia grew at the quickest pace in over two decades in 2022, making it the fastest-growing economy in Asia, as the pent-up demand helped the nation's GDP grow to 8.7 per cent, the highest level since 2000, data from the Bank Negara Malaysia and the Department of Statistics showed, Bloomberg reported. In October and December period, the economy rose higher than the expected seven per cent than a year ago, with the help of domestic demand. Also read | Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring The data also showed that the economy contracted 2.6 per cent from the September quarter of last year. These points might risk Malaysia's spot among Asia's top 13 economies, especially when economists saw the pace of the economy slowing to four per cent this year. As per economists, while the cash handouts and subsidies on food and fuel helped to maintain demand in 2022 despite high-interest rates, it is expected that a slowing global economy can hurt Malaysia's exports. Also read | Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model The central bank governor Nor Shamsiah Yunus in a press briefing on Friday said that though the balance of risks of growth remains tilted to the downside, they aren't great enough to push the country into recession. In December last year, the export was six per cent less than what was expected and substantially slower after 16 consecutive months of double-digit expansion. Domestic demand is expected to continue to drive the economy in 2023. (With inputs from agencies) WATCH WION LIVE HERE

Malaysia's economy records 8.7% GDP growth in 2022, the highest in 22 years

In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government.&nbsp;The Adani Group shares are in a complete meltdown after the US-based short-seller firm Hindenburg Research published a report.&nbsp;

The shares are mostly owned by the middle class, who are reported to have lost several lakhs of crores in the past two weeks.&nbsp;

Chief Justice DY Chandrachud said: "Now the stock market is not a place where only high-value investors invest. It is also a place where ... investment is made by a wide spectrum of the middle class."&nbsp;

Chandrachud further said that the "point of concern here is how (to) ... protect the interest of investors".&nbsp;

After the Hindenburg Research was released last month, several petitions were filed in the Indian court. The report had accused the Adani group of improper use of offshore tax havens and stock manipulation.&nbsp;

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Meanwhile, SBICAP Trustee Co said that three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises.&nbsp;

Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to the trustee firm, filings to the Bombay Stock Exchange revealed.&nbsp;

(With inputs from agencies)&nbsp;

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In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government.

In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government. The Adani Group shares are in a complete meltdown after the US-based short-seller firm Hindenburg Research published a report. The shares are mostly owned by the middle class, who are reported to have lost several lakhs of crores in the past two weeks. Chief Justice DY Chandrachud said: "Now the stock market is not a place where only high-value investors invest. It is also a place where ... investment is made by a wide spectrum of the middle class." Chandrachud further said that the "point of concern here is how (to) ... protect the interest of investors". After the Hindenburg Research was released last month, several petitions were filed in the Indian court. The report had accused the Adani group of improper use of offshore tax havens and stock manipulation. × Meanwhile, SBICAP Trustee Co said that three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises. Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to the trustee firm, filings to the Bombay Stock Exchange revealed. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Supreme Court says investor interests must be protected after Adani report

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion).

The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months.

Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023.

Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse.

ALSO WATCH |&nbsp;W<a href="https://www.wionews.com/videos/wion-business-news-credit-suisse-looks-to-mideast-for-capital-boost-526350">ION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion</a>

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Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein &amp; Company, an investment banking business.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-whats-us-debt-ceiling-why-is-it-such-a-big-deal-554338">EXPLAINED: What is US debt ceiling and why is it such a big deal?</a>

Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business."

"We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement.

(With inputs from agencies)

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Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008.

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months. Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023. Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse. ALSO WATCH | WION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion × Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein & Company, an investment banking business. ALSO READ | EXPLAINED: What is US debt ceiling and why is it such a big deal? Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement. (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.

Credit Suisse posts biggest loss since 2008 amid ongoing 21,000 job cuts

Rattled clients pull millions from the bank, Credit Suisse group has reported biggest annual loss since 2008 Global Financial Crisis. It also warned that a further substantial loss would come this year.

Credit Suisse warns of more losses, rattled clients pull billions from bank

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market.

Canopy Growth Corp., backed by Corona beermaker Constellation Brands Inc., will shut major operations and eliminate more than a third of its workforce, as per Bloomberg reports, citing the plummeting marijuana industry in Canada, and the failure to meet expectations due to the existence of a thriving black market. The downsizing of Canada’s second-largest pot producer is the second restructuring that is taking place in less than 12 months. Coupled with the layoffs announced in April 2022, Canopy has estimated a saving of almost US$230 million and even a profit margin, helping it become the right size for Canada, and enter the US markets through Canopy US, reported Bloomberg. On a conference call, Chief Executive Officer David Klein cited Canada’s thriving black market for the revenue dip. “Today, there are two very different cannabis markets in Canada. One that’s legal, highly taxed and regulated, and one that’s thriving and illicit,” he said, estimating that the black market represents about 40 per cent of Canada’s overall cannabis sales. That has meant that the $7 billion marijuana market that was supposed to materialize in Canada hasn’t come to fruition, Klein said, and forces companies like his to try to compete on price with illegal operators who don’t have to pay taxes. Also read | Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day Canopy dropped 17 per cent in New York on Thursday (February 9), with shares having dropped 74 per cent in the past 12 months. The company will transition to an “asset-light” model in Canada, sourcing many of its products from outside parties, and limiting production operations. The changes effectively signify the end of Canopy’s cannabis cultivation facility in Smiths Falls, Ontario. “Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” Canopy CEO Klein said in the statement. Canopy was once Canada’s most profitable marijuana company — now it’s second to Tilray Inc, as per Bloomberg report. WATCH WION LIVE HERE:

Canopy Growth Corp. to lay off a third of its workforce, plans transition to 'asset-light' model

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil&nbsp;prices jumped more than 2 per cent&nbsp;on Friday, heading for weekly gains.

Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US&nbsp;West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07.&nbsp;Both contracts were on course for weekly gains above 8 per cent. 
 
The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine.

<a href="https://www.wionews.com/india-news/us-no-sanctions-on-india-for-russian-energy-imports-560101">Also read |&nbsp;US: No sanctions on India for Russian energy imports</a>

Deputy PM Novak said on Friday that Russia plans to reduce its crude&nbsp;oil&nbsp;production&nbsp;in March by 500,000 barrels per day (bpd), or about 5 per cent&nbsp;of the output. 
 
“As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies.

"The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said.&nbsp;The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added.

The EU also banned purchases of Russian&nbsp;oil&nbsp;products and set price caps from Feb. 5. 
 
<a href="https://www.wionews.com/business-economy/demand-for-oil-storage-tanks-in-singapore-is-rising-heres-the-reason-554720">Also read |&nbsp;Demand for oil storage tanks in Singapore is rising. Here's the reason</a>

The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China.

Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl.

China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent&nbsp;set by the government last year.

The latest U.S.&nbsp;oil&nbsp;inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021.

This was followed by a rise in weekly US&nbsp;jobless claims.

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Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products.

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil prices jumped more than 2 per cent on Friday, heading for weekly gains. Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07. Both contracts were on course for weekly gains above 8 per cent. The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine. Also read | US: No sanctions on India for Russian energy imports Deputy PM Novak said on Friday that Russia plans to reduce its crude oil production in March by 500,000 barrels per day (bpd), or about 5 per cent of the output. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies. "The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said. The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added. The EU also banned purchases of Russian oil products and set price caps from Feb. 5. Also read | Demand for oil storage tanks in Singapore is rising. Here's the reason The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China. Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl. China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent set by the government last year. The latest U.S. oil inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021. This was followed by a rise in weekly US jobless claims. WATCH WION LIVE HERE

Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day

Citing major restructuring of its ad tech division,&nbsp;Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs. The restructuring will overall impact about 50% of the company's workforce, Yahoo said. The news of the layoffs at Yahoo was first reported by Axios, Reuters news agency said.&nbsp;

Also Read | <a href="https://www.wionews.com/world/us-uk-sanction-members-of-russia-based-trickbot-cybercrime-gang-for-malicious-activities-560455">US, UK sanction members of Russia-based Trickbot cybercrime gang for malicious activities</a>

In addition, the move would allow Yahoo, which has been controlled by private equity firm Apollo Global Management (APO.N) since a $5 billion takeover in 2021, to concentrate its efforts and investments on its core DSP, or demand-side platform, ad business. Many advertisers have reduced their marketing spendings in a response to all-time high inflation rates and ongoing recessionary uncertainties.

This year, a number of American businesses, including Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), have also made thousands of layoffs.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/sa-president-declared-state-of-disaster-amid-worst-power-crisis-what-is-it-about-560449">South African president declares 'state of disaster' amid worst power crisis. What is it about?</a>

Disney also&nbsp;announced Wednesday that about&nbsp;7,000 employees&nbsp;will be laid off.&nbsp;This&nbsp;represent 3.6% of Disney's workforce. Last&nbsp;week, Google employees held&nbsp;protests and&nbsp;urged the thousands of their coworkers who had just been let go by Alphabet Inc., the parent company of Google, to support them.

Google announced one of the biggest layoffs in company's history last month: 12,000 people, or 6% of its global workforce. Microsoft Corp., Salesforce Inc., and Amazon.com Inc., three other significant IT companies, have all lately announced layoffs.

(With inputs from agencies)

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Citing major restructuring of its ad tech division, Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs.

Citing major restructuring of its ad tech division, Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs. The restructuring will overall impact about 50% of the company's workforce, Yahoo said. The news of the layoffs at Yahoo was first reported by Axios, Reuters news agency said. Also Read | US, UK sanction members of Russia-based Trickbot cybercrime gang for malicious activities In addition, the move would allow Yahoo, which has been controlled by private equity firm Apollo Global Management (APO.N) since a $5 billion takeover in 2021, to concentrate its efforts and investments on its core DSP, or demand-side platform, ad business. Many advertisers have reduced their marketing spendings in a response to all-time high inflation rates and ongoing recessionary uncertainties. This year, a number of American businesses, including Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), have also made thousands of layoffs. Also Read | South African president declares 'state of disaster' amid worst power crisis. What is it about? Disney also announced Wednesday that about 7,000 employees will be laid off. This represent 3.6% of Disney's workforce. Last week, Google employees held protests and urged the thousands of their coworkers who had just been let go by Alphabet Inc., the parent company of Google, to support them. Google announced one of the biggest layoffs in company's history last month: 12,000 people, or 6% of its global workforce. Microsoft Corp., Salesforce Inc., and Amazon.com Inc., three other significant IT companies, have all lately announced layoffs. (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.

Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire.

ALSO READ | <a href="https://www.wionews.com/business-economy/are-adanis-stocks-a-bargain-or-a-sell-off-risk-560235">Are Adani's stocks a bargain or a sell-off risk?</a>

MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review.

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After a review of Adani, MSCI just announced: 
 
“characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” 
 
We view this as validation of our findings on offshore stock parking by Adani.
— Nate Anderson (@ClarityToast) <a href="https://twitter.com/ClarityToast/status/1623480596583383040?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1.

In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government.

Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide.

The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue.

A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone.

While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years.

Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion.

But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously.

So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report.

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The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research.

The latest vote of no confidence in Gautam Adani's empire comes from a global index provider, the MSCI. The Financial Index Provider's review of Adani group shares directs market attention to a key allegation by Hindenburg research. U.S. research firm Hindenburg had accused that many of the biggest "public," or non-insider, holders of Adani shares are offshore shell corporations and funds linked to the Indian empire. ALSO READ | Are Adani's stocks a bargain or a sell-off risk? MSCI said shares held by certain Adani investors should no longer be designated as freely tradable in the public market or "free float". Hindenburg's founder Nathan Anderson tweeted, "we view this as validation of our findings", referring to the MSCI's review. After a review of Adani, MSCI just announced: “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” We view this as validation of our findings on offshore stock parking by Adani. — Nate Anderson (@ClarityToast) February 9, 2023 × The Financial Index Provider also cut the weightings of a few Adani firms' stocks in its global investable indices. That pushed the group's stocks to continue their fall on Friday, with losses now topping $110 billion and counting. Analysts expect further selling from active investors before the MSCI's changes on Adani's stocks come into effect on March 1. In more bad news for the Indian empire, Norway's $1.35 trillion sovereign wealth fund said it had sold its entire stake in Adani group stocks.That adds to the loss of confidence in the business empire to navigate and come out of the current crisis anytime soon. That comes amid increased scrutiny of the group by banks and large financial institutions, apart from regulators and the Indian Federal government. Ratings agencies have also downgraded Adani firms' bonds to a level just above junk status. The ramifications of the selloff are spreading far and wide. The Adani crisis has disrupted parliament, and India's main opposition party is pressuring Prime Minister Narendra Modi over his silence on the issue. A Reuters commentary shows the warning signs of the Adani groups' over $110 billion losses should not surprise anyone. While Adani's links with international strategic investors offered comfort, the report shows Gautam Adani's latest troubles have only emphasised persistent doubts about the group's meteoric rise in recent years. Picture this, the value of Adani's firms had jumped seven-fold in three years to $218 billion. But the latest market rout is only a more pronounced version of a 2021 selloff in Adani stocks. Media reports back then showed shell companies in Mauritius artificially inflated the value of the group's firms. The links to offshore shell companies in tax haven countries to Adani's family members have also been reported previously. So, the Hindenburg report, or the rout in Adani stocks was hiding in plain sight, showed the Reuters report. 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.

MSCI's Adani review draws attention back to a key Hindenburg allegation

Microsoft's $69 billion purchase of "Call of Duty" maker Activision Blizzard will stifle competition and hurt the gamers, an in-depth investigation in Britain found. Britain's Competition and Markets Authority said that the deal will result in 'harming UK gamers who cannot afford expensive consoles.'

The deal also could hurt British gamers by 'weakening the important rivalry' between Microsoft's Xbox console and Sony's rival PlayStation machines, the watchdog said in a report that has provisional status. The deal is facing widespread opposition from Sony. It is also facing pushback from watchdogs in the United States and Europe. This is because once the deal paves through, it would give Microsoft control of the world's most popular games such as Call of Duty and World of Warcraft.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/antitrust-investigation-opened-by-eu-into-microsoft-buying-activision-blizzard-532326">EU opens antitrust probe into Microsoft buying Activision Blizzard</a>

Rima Alaily, Microsoft's deputy general counsel, said the company is "committed to offering effective and easily enforceable solutions that address the CMA’s concerns." 
UK watchdog to probe for a few months more

The United Kingdom antitrust probe will go on for a few more months. The final report, after the provisional report released on February 8, is due to be released on April 26. The watchdog will now seek feedback, including possible options to address its competition concerns, from interested parties.

<h2>What does it mean?</h2>

Microsoft had hoped that a favourable outcome from the UK watchdog could help its way through the lawsuit brought by the United States Federal Trade Commission.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-ftc-seeks-to-block-microsoft-activision-deal-541464">World Business Watch | FTC seeks to block Microsoft-Activision deal</a>

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The US FTC has sought to block the deal. It has argued that the merger could violate antitrust laws as it will suppress competitors to the Xbox game console and its growing game subscription business.

The Activision Blizzard deal is one of several regulatory hassles for Microsoft in Europe, amid increased scrutiny over worries that Microsoft’s dominance will further diminish the small gaming players.

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Microsoft's $69 billion purchase of "Call of Duty" maker Activision Blizzard will stifle competition and hurt the gamers, an in-depth investigation in Britain found.

Microsoft's $69 billion purchase of "Call of Duty" maker Activision Blizzard will stifle competition and hurt the gamers, an in-depth investigation in Britain found. Britain's Competition and Markets Authority said that the deal will result in 'harming UK gamers who cannot afford expensive consoles.' The deal also could hurt British gamers by 'weakening the important rivalry' between Microsoft's Xbox console and Sony's rival PlayStation machines, the watchdog said in a report that has provisional status. The deal is facing widespread opposition from Sony. It is also facing pushback from watchdogs in the United States and Europe. This is because once the deal paves through, it would give Microsoft control of the world's most popular games such as Call of Duty and World of Warcraft. ALSO READ | EU opens antitrust probe into Microsoft buying Activision Blizzard Rima Alaily, Microsoft's deputy general counsel, said the company is "committed to offering effective and easily enforceable solutions that address the CMA’s concerns." UK watchdog to probe for a few months more The United Kingdom antitrust probe will go on for a few more months. The final report, after the provisional report released on February 8, is due to be released on April 26. The watchdog will now seek feedback, including possible options to address its competition concerns, from interested parties. What does it mean? Microsoft had hoped that a favourable outcome from the UK watchdog could help its way through the lawsuit brought by the United States Federal Trade Commission. ALSO WATCH | World Business Watch | FTC seeks to block Microsoft-Activision deal × The US FTC has sought to block the deal. It has argued that the merger could violate antitrust laws as it will suppress competitors to the Xbox game console and its growing game subscription business. The Activision Blizzard deal is one of several regulatory hassles for Microsoft in Europe, amid increased scrutiny over worries that Microsoft’s dominance will further diminish the small gaming players. 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.

Microsoft’s Activision deal could harm gamers, says UK watchdog in interim report

If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement. It said that it was making efforts to achieve $5.5bn in cost savings by taking sweeping corporate restructuring. The Result? A slashing of 7,000 jobs, which is estimated to be 3.6% of Disney’s global workforce.&nbsp;

Earlier, many giants including Google, Microsoft, Amazon, Ford, Meta and others announced huge job cuts.&nbsp;

Disney shares rose 4.7% to $117.22 in after-hours trading, reported Reuters.&nbsp;

Also Read | <a href="https://www.wionews.com/world/twitter-bird-caged-in-turkey-after-anger-swamped-social-media-over-erdogans-quake-response-560125">Twitter bird 'caged' in Turkey after anger swamped social media over Erdogan's quake response</a>

Investors earlier expressed their concerns that the media company was over spending on global streaming business. In the latest announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods.

According to Disney, the restructure will streamline processes, increase business&nbsp;efficiency, and reduce costs. Disney is the most recent media corporation to announce job losses. Prior to this, Disney revealed that its Disney+ streaming media division lost more than $1 billion and had its first quarterly decline in subscriptions.

Also Read | <a href="https://www.wionews.com/world/is-god-gender-neutral-church-of-england-to-explore-terms-for-god-in-prayers-560147">Is God gender-neutral? Church of England to explore terms for God in prayers</a>

Disney last made cuts when it announced in November 2020 that it would fire 32,000 employees, mostly from its amusement parks. It was&nbsp;during the pandemic peak. The&nbsp;layoffs&nbsp;were made in the first part of the fiscal year 2021.&nbsp;

Watch | <a href="https://www.wionews.com/videos/turkiye-earthquake-survivors-recall-horror-560099">Turkiye earthquake survivors recall horror</a>

The job cuts announcement comes under recently reinstated CEO Bob Iger. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger reportely told analysts on a conference call. "We are committed to running efficiently, especially in a challenging environment," he added.

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If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement.

If you think the layoff season is over, you are in for yet another bad news. This time it is coming from Mouse House, the entertainment giant Disney. In reaction to sluggish subscriber growth and rising competition for streaming consumers, Disney on Wednesday made a major announcement. It said that it was making efforts to achieve $5.5bn in cost savings by taking sweeping corporate restructuring. The Result? A slashing of 7,000 jobs, which is estimated to be 3.6% of Disney’s global workforce. Earlier, many giants including Google, Microsoft, Amazon, Ford, Meta and others announced huge job cuts. Disney shares rose 4.7% to $117.22 in after-hours trading, reported Reuters. Also Read | Twitter bird 'caged' in Turkey after anger swamped social media over Erdogan's quake response Investors earlier expressed their concerns that the media company was over spending on global streaming business. In the latest announcement, it said that the company will reorganize itself into three main segments: an entertainment division that includes film, television, and streaming; an ESPN division that focuses on sports; as well as Disney theme parks, experiences, and goods. According to Disney, the restructure will streamline processes, increase business efficiency, and reduce costs. Disney is the most recent media corporation to announce job losses. Prior to this, Disney revealed that its Disney+ streaming media division lost more than $1 billion and had its first quarterly decline in subscriptions. Also Read | Is God gender-neutral? Church of England to explore terms for God in prayers Disney last made cuts when it announced in November 2020 that it would fire 32,000 employees, mostly from its amusement parks. It was during the pandemic peak. The layoffs were made in the first part of the fiscal year 2021. Watch | Turkiye earthquake survivors recall horror The job cuts announcement comes under recently reinstated CEO Bob Iger. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger reportely told analysts on a conference call. "We are committed to running efficiently, especially in a challenging environment," he 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.

Disney next in line for layoffs, to cut 7,000 jobs in cost-saving efforts

Alphabet Inc’s Google has decided to step in with its own chatbot named 'Bard' after its rival Microsoft-backed OpenAI and its AI chatbot, ChatGPT, garnered significant attention since its launch back in November. However, Bard is still in the testing phase now but the tech giant has since confirmed that it will start public testing soon. The announcement was made in a blog post by Alphabet and Google CEO Sundar Pichai, who also spoke about how&nbsp;AI-based features will also be integrated into Google search as well.&nbsp;

What is Bard?

Based on Google’s Language Model for Dialogue Application or LaMDA, it is soon going to be the tech giant’s AI chatbot. Pichai, in the blog post, has described Bard as an “experimental conversational AI service,” which will be opened “to trusted testers ahead of making it more widely available to the public in the coming weeks.”&nbsp;

It added, “Bard seeks to combine the breadth of the world’s knowledge with the power, intelligence and creativity of our large language models. It draws on information from the web to provide fresh, high-quality responses.” However, you might not be able to sign up for it just yet as it is not publicly available.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/google-unveils-bard-ai-baidu-comes-up-with-ernie-bot-to-take-on-rival-chatgpt-559486">Google unveils ‘Bard’ AI, Baidu comes up with ‘Ernie Bot’ to take on rival ChatGpt</a>

One of the examples given in the announcement blog post of what Bard could do, Pichai wrote, that the AI chatbot “can be an outlet for creativity, and a launchpad for curiosity, helping you to explain new discoveries from NASA’s James Webb Space Telescope to a 9-year-old, or learn more about the best strikers in football right now, and then get drills to build your skills.”

Furthermore, Google has also said that it is producing a “lightweight model version of LaMDA” which would require “significantly less computing power, enabling us to scale to more users, allowing for more feedback.”&nbsp;

Is it different from ChatGPT?

Fundamentally, no, since both allow users to ask questions, request something or give a prompt based on which the AI would generate a human-like response. Additionally, both Microsoft and Google plan on integrating this as a part of their search engines, Bing and Google search, respectively, which as per reports account for a big chunk of their revenue.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/google-bard-vs-chatgpt-which-is-better-ai-tool-know-how-to-access-google-chatbot-all-you-need-to-know-559622">Google Bard vs ChatGPT: Which is better AI tool? Know how to access Google chatbot, all you need to know</a>

While it is known that ChatGPT’s knowledge is limited to the events till 2021, Google has remained vague about the knowledge Bard would possess, however, reports suggest that since the latter will draw information from the internet it will have more access to data than the former. Notably, Bard will be built on Transformer technology which is at the core of ChatGPT but the technology was pioneered by Google and made open-source in 2017.&nbsp;

How did Bard lead a dip in Google’s shares?

On Wednesday (February 8), shares of Google’s parent company plunged by at least eight per cent and it lost more than $100 billion in market value. This comes after the Bard chatbot showed an inaccurate answer. First pointed out by Reuters, there was an error in the clip posted by Google which introduced Bard, on Monday.&nbsp;

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Bard is an experimental conversational AI service, powered by LaMDA. Built using our large language models and drawing on information from the web, it’s a launchpad for curiosity and can help simplify complex topics → <a href="https://t.co/fSp531xKy3">https://t.co/fSp531xKy3</a> <a href="https://t.co/JecHXVmt8l">pic.twitter.com/JecHXVmt8l</a>
— Google (@Google) <a href="https://twitter.com/Google/status/1622710355775393793?ref_src=twsrc%5Etfw">February 6, 2023</a></blockquote>
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The inaccuracy was also pointed out right before the tech giant’s AI event in Paris, France where more details about the chatbot were expected. In the advertisement in question, Bard was given a prompt which asked, “What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year-old about?”&nbsp;

In turn, the chatbot responded with a number of answers, one of which included that JWST was used to take the very first pictures of “exoplanets” or the planets outside Earth’s solar system. However, this is inaccurate as the first pictures of exoplanets were taken by European Southern Observatory’s Very Large Telescope (VLT) in 2004, said Reuters citing NASA confirmation.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/chatgpt-to-destroy-google-in-minimum-two-years-says-gmail-creator-557376">ChatGPT to destroy Google in minimum two years, says Gmail creator</a>

Subsequently, a Google spokesperson told the news agency, “This highlights the importance of a rigorous testing process, something that we’re kicking off this week with our Trusted Tester program. We’ll combine external feedback with our own internal testing to make sure Bard’s responses meet a high bar for quality, safety and groundedness in real-world information.”&nbsp;

Notably, the error was found hours before the tech giant’s launch of the AI chatbot in Paris where the Senior Vice President of Google, Prabhakar Raghavan, addressing the audience said that Bard would make interaction with information “entirely” different and new.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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Alphabet Inc’s Google has decided to step in with its own chatbot named 'Bard' after its rival Microsoft-backed OpenAI and its AI chatbot, ChatGPT, garnered significant attention since its launch back in November.

Alphabet Inc’s Google has decided to step in with its own chatbot named 'Bard' after its rival Microsoft-backed OpenAI and its AI chatbot, ChatGPT, garnered significant attention since its launch back in November. However, Bard is still in the testing phase now but the tech giant has since confirmed that it will start public testing soon. The announcement was made in a blog post by Alphabet and Google CEO Sundar Pichai, who also spoke about how AI-based features will also be integrated into Google search as well. What is Bard? Based on Google’s Language Model for Dialogue Application or LaMDA, it is soon going to be the tech giant’s AI chatbot. Pichai, in the blog post, has described Bard as an “experimental conversational AI service,” which will be opened “to trusted testers ahead of making it more widely available to the public in the coming weeks.” It added, “Bard seeks to combine the breadth of the world’s knowledge with the power, intelligence and creativity of our large language models. It draws on information from the web to provide fresh, high-quality responses.” However, you might not be able to sign up for it just yet as it is not publicly available. ALSO READ | Google unveils ‘Bard’ AI, Baidu comes up with ‘Ernie Bot’ to take on rival ChatGpt One of the examples given in the announcement blog post of what Bard could do, Pichai wrote, that the AI chatbot “can be an outlet for creativity, and a launchpad for curiosity, helping you to explain new discoveries from NASA’s James Webb Space Telescope to a 9-year-old, or learn more about the best strikers in football right now, and then get drills to build your skills.” Furthermore, Google has also said that it is producing a “lightweight model version of LaMDA” which would require “significantly less computing power, enabling us to scale to more users, allowing for more feedback.” Is it different from ChatGPT? Fundamentally, no, since both allow users to ask questions, request something or give a prompt based on which the AI would generate a human-like response. Additionally, both Microsoft and Google plan on integrating this as a part of their search engines, Bing and Google search, respectively, which as per reports account for a big chunk of their revenue. ALSO READ | Google Bard vs ChatGPT: Which is better AI tool? Know how to access Google chatbot, all you need to know While it is known that ChatGPT’s knowledge is limited to the events till 2021, Google has remained vague about the knowledge Bard would possess, however, reports suggest that since the latter will draw information from the internet it will have more access to data than the former. Notably, Bard will be built on Transformer technology which is at the core of ChatGPT but the technology was pioneered by Google and made open-source in 2017. How did Bard lead a dip in Google’s shares? On Wednesday (February 8), shares of Google’s parent company plunged by at least eight per cent and it lost more than $100 billion in market value. This comes after the Bard chatbot showed an inaccurate answer. First pointed out by Reuters, there was an error in the clip posted by Google which introduced Bard, on Monday. Bard is an experimental conversational AI service, powered by LaMDA. Built using our large language models and drawing on information from the web, it’s a launchpad for curiosity and can help simplify complex topics → https://t.co/fSp531xKy3 pic.twitter.com/JecHXVmt8l — Google (@Google) February 6, 2023 × The inaccuracy was also pointed out right before the tech giant’s AI event in Paris, France where more details about the chatbot were expected. In the advertisement in question, Bard was given a prompt which asked, “What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year-old about?” In turn, the chatbot responded with a number of answers, one of which included that JWST was used to take the very first pictures of “exoplanets” or the planets outside Earth’s solar system. However, this is inaccurate as the first pictures of exoplanets were taken by European Southern Observatory’s Very Large Telescope (VLT) in 2004, said Reuters citing NASA confirmation. ALSO READ | ChatGPT to destroy Google in minimum two years, says Gmail creator Subsequently, a Google spokesperson told the news agency, “This highlights the importance of a rigorous testing process, something that we’re kicking off this week with our Trusted Tester program. We’ll combine external feedback with our own internal testing to make sure Bard’s responses meet a high bar for quality, safety and groundedness in real-world information.” Notably, the error was found hours before the tech giant’s launch of the AI chatbot in Paris where the Senior Vice President of Google, Prabhakar Raghavan, addressing the audience said that Bard would make interaction with information “entirely” different and new. (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.

$100 bn wiped off Alphabet's shares after Google AI chatbot 'Bard' flubs answer

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors.

ALSO READ | <a href="https://www.wionews.com/business-economy/after-hindenburg-shock-adani-group-to-curb-capital-spending-plans-559168">After Hindenburg shock, Adani Group to curb capital spending plans: Report</a>

Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings".

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After a review of Adani, MSCI just announced: 
 
“characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” 
 
We view this as validation of our findings on offshore stock parking by Adani.
— Nate Anderson (@ClarityToast) <a href="https://twitter.com/ClarityToast/status/1623480596583383040?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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The Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless.

But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering.

The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares.

In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook".

That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities.

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Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.

Adani firms' stocks fell on Thursday, ending a two-day reprieve after global index provider MSCI said it was reviewing the eligibility of the group's shares in its global investable market indices.The MSCI said it has determined that some of Adani's securities can no longer be designated as "free float", a technical requirement. MSCI defines the "free float" requirement as the number of shares linked to the group freely available in public equity markets for global investors. ALSO READ | After Hindenburg shock, Adani Group to curb capital spending plans: Report Now, markets await MSCI's regular review report on Thursday on some Adani Securities' eligibility in its global indices. In response to the MSCI statement, Hindenburg founder Nathan Anderson tweeted: "we view this as validation of our findings". After a review of Adani, MSCI just announced: “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.” We view this as validation of our findings on offshore stock parking by Adani. — Nate Anderson (@ClarityToast) February 9, 2023 × The Gautam Adani-led group is caught in a crisis since US Research firm Hindenburg published a scathing report on January 24 accusing the business empire of improper use of offshore tax havens and stock manipulation. The Adani Group has denied those allegations as baseless. But the report and its aftermath wiped out $110 billion off Adani's seven main listed stocks. The group's flagship firm, Adani Enterprises, was forced to abandon a $2.5 billion share sale offering. The group prepaid over $1.1 billion in loans against pledged shares to regain investor confidence and plans to prepay another $500 million. But media reports show that banks had baulked at refinancing those loans and called on the group to cover for the losses in the market value of those pledged shares. In addition to increased scrutiny after the recent stock rout, a sustainability ratings company has downgraded three Adani firms on ethics concerns after the Hindenburg report. The rating company said, "the increasing financial and reputational risks stemming from the report by Hindenburg research, as well as previous investigations and inquiries into the company's activities, contribute to the negative outlook". That downgrade is tied to Environmental, Social and Governance (ESG) matters, which can influence whether green fund managers buy or hold the securities. 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.

Are Adani's stocks a bargain or a sell-off risk?

Delta's raise includes a 5% base pay increase for ground and flight attendant employees worldwide at all steps of the pay scale and a 5% pool for eligible merit employees worldwide. Watch video to know more.

Delta Airlines employees to get 5% pay hike

E-commerce firm eBay Inc said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade.

eBay to fire 500 employees, cut workforce by 4%

India's foreign inward remittance jumped to $80.127 billion in 2020-21, the highest ever in a single year, according to Union Minister of State for Finance Pankaj Chaudhary.&nbsp;Remittances are transfers sent from one individual to another or another household.

In a written reply to a question in parliament, the minister, quoting RBI data, noted that money from abroad into India stood at $69.128 billion in 2017-18.

While the minister said a country-wise breakdown of remittances data is not compiled, he noted that the US, UAE, the UK, Singapore, and Saudi Arabia were the top five major countries from where India receives such payments.

On the rupee's recent weakness, the minister said markets determine the value of the Indian currency.&nbsp;He said the Reserve Bank of India monitors the rupee's moves and intervenes if necessary.&nbsp;But the minister added the RBI only intervenes to limit extreme moves in the rupee rather than to protect the currency against any preset levels.

The rupee fell sharply last year from around 74 per dollar before the Russia-Ukraine war to a record low of 83. The Ukraine crisis pushed investors to shelter in dollar-denominated assets, widely called flight-to-safety bets.

Emerging market assets took a hit, with foreign exchange reserves in several countries falling to distressed levels. Sri Lanka was the biggest hit, with the island nation experiencing its worst economic crisis on shrinking foreign currency serves and hurting its ability to import.

Pakistan is on the brink of a collapse as the country's import cover has fallen to its lowest in a decade to just about $3 billion.

The country can finance imports for about two weeks and is amid discussions with the International Monetary Fund (IMF) for a bailout.

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India's foreign inward remittance jumped to $80.127 billion in 2020-21, the highest ever in a single year, according to Union Minister of State for Finance Pankaj Chaudhary.

India's foreign inward remittance jumped to $80.127 billion in 2020-21, the highest ever in a single year, according to Union Minister of State for Finance Pankaj Chaudhary. Remittances are transfers sent from one individual to another or another household. In a written reply to a question in parliament, the minister, quoting RBI data, noted that money from abroad into India stood at $69.128 billion in 2017-18. While the minister said a country-wise breakdown of remittances data is not compiled, he noted that the US, UAE, the UK, Singapore, and Saudi Arabia were the top five major countries from where India receives such payments. On the rupee's recent weakness, the minister said markets determine the value of the Indian currency. He said the Reserve Bank of India monitors the rupee's moves and intervenes if necessary. But the minister added the RBI only intervenes to limit extreme moves in the rupee rather than to protect the currency against any preset levels. The rupee fell sharply last year from around 74 per dollar before the Russia-Ukraine war to a record low of 83. The Ukraine crisis pushed investors to shelter in dollar-denominated assets, widely called flight-to-safety bets. Emerging market assets took a hit, with foreign exchange reserves in several countries falling to distressed levels. Sri Lanka was the biggest hit, with the island nation experiencing its worst economic crisis on shrinking foreign currency serves and hurting its ability to import. Pakistan is on the brink of a collapse as the country's import cover has fallen to its lowest in a decade to just about $3 billion. The country can finance imports for about two weeks and is amid discussions with the International Monetary Fund (IMF) for a bailout. WATCH WION LIVE HERE

India's remittances hit a record high of nearly $90 billion in FY21

The RBI has hiked the repo rate (the rate at which it lends money to banks for a short period) by 25 basis points in its policy review. Watch video to know more.

India's Central bank to hike rates by 0.25%

A parliamentary inquiry in the United Kingdom found London-headquartered HSBC Bank complicit in human rights abuses against the residents of Hong Kong. The multinational financial services company was accused of aligning with the Chinese authorities. The company reportedly denied pension payouts to the citizens who fled the crackdown in Hong Kong. The HSBC reportedly refused to recognise the documentation of tens of thousands of residents who tried to withdraw their pensions after fleeing to the United Kingdom.

After China's massive crackdown on the individuals, who Beijing claimed participated in the widespread pro-democracy protests of 2020, about 88,000 people are reported to have left Hong Kong for the United Kingdom. They have been granted residency under the British National Overseas (BNO) visa scheme.

<h2>How were&nbsp;Hong Kongers denied their pensions?</h2>

The Hong Kong government refused to recognise British National Overseas (BNO) visas as valid identification. This refusal affects the&nbsp;pension scheme for the withdrawal of funds. The UK parliamentary inquiry found that the refusal of Hong Kong authorities to recognise BNO visa as valid documentation violates the&nbsp;guiding principles of the United Nations which states that "everyone has the right to leave any country including his own".

<h2>HSBC's defence</h2>

HSBC, in an official statement,&nbsp;said that it followed Hong Kong's pension scheme regulator’s rules when members attempted to withdraw their pensions early. "Scheme members are required to provide evidence of the right of abode outside of Hong Kong," it said. "The MPFA (Mandatory Provident Fund Authority) has publicly confirmed that a BNO passport cannot be used as such evidence."

However, the chairperson of the UK parliamentary grouping that probed the matter, said banks including HSBC had "been complicit in the repression of the human rights of innocent Hong Kongers, including those who have fled the increasingly authoritarian pro-Beijing government of Hong Kong".

"These banks cannot continue to act with impunity, and the UK government must act to assist those who are suffering from the impact of these anti-democratic laws," Alistair Carmichael MP was quoted as saying by The Guardian.&nbsp;

HSBC said in a statement: "As we told the APPG (All Party Parliamentary Group) in November 2021, HSBC has an enduring commitment to Hong Kong, its people, and its communities. It is where we were founded nearly 160 years ago."

"Like all banks, we have to obey the law, and the instructions of the regulators, in every territory – including Hong Kong – in which we operate."

<h2>What next?</h2>

The parliamentary grouping has urged&nbsp;the UK government that banks including HSBC unfreeze the accounts of political dissidents while pursuing&nbsp;a solution that would allow BNO residents to withdraw their pension funds.

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A parliamentary inquiry in the United Kingdom found London-headquartered HSBC Bank complicit in human rights abuses against the residents of Hong Kong. The multinational financial services company was accused of aligning with the Chinese authorities.

A parliamentary inquiry in the United Kingdom found London-headquartered HSBC Bank complicit in human rights abuses against the residents of Hong Kong. The multinational financial services company was accused of aligning with the Chinese authorities. The company reportedly denied pension payouts to the citizens who fled the crackdown in Hong Kong. The HSBC reportedly refused to recognise the documentation of tens of thousands of residents who tried to withdraw their pensions after fleeing to the United Kingdom. After China's massive crackdown on the individuals, who Beijing claimed participated in the widespread pro-democracy protests of 2020, about 88,000 people are reported to have left Hong Kong for the United Kingdom. They have been granted residency under the British National Overseas (BNO) visa scheme. How were Hong Kongers denied their pensions? The Hong Kong government refused to recognise British National Overseas (BNO) visas as valid identification. This refusal affects the pension scheme for the withdrawal of funds. The UK parliamentary inquiry found that the refusal of Hong Kong authorities to recognise BNO visa as valid documentation violates the guiding principles of the United Nations which states that "everyone has the right to leave any country including his own". HSBC's defence HSBC, in an official statement, said that it followed Hong Kong's pension scheme regulator’s rules when members attempted to withdraw their pensions early. "Scheme members are required to provide evidence of the right of abode outside of Hong Kong," it said. "The MPFA (Mandatory Provident Fund Authority) has publicly confirmed that a BNO passport cannot be used as such evidence." However, the chairperson of the UK parliamentary grouping that probed the matter, said banks including HSBC had "been complicit in the repression of the human rights of innocent Hong Kongers, including those who have fled the increasingly authoritarian pro-Beijing government of Hong Kong". "These banks cannot continue to act with impunity, and the UK government must act to assist those who are suffering from the impact of these anti-democratic laws," Alistair Carmichael MP was quoted as saying by The Guardian. HSBC said in a statement: "As we told the APPG (All Party Parliamentary Group) in November 2021, HSBC has an enduring commitment to Hong Kong, its people, and its communities. It is where we were founded nearly 160 years ago." "Like all banks, we have to obey the law, and the instructions of the regulators, in every territory – including Hong Kong – in which we operate." What next? The parliamentary grouping has urged the UK government that banks including HSBC unfreeze the accounts of political dissidents while pursuing a solution that would allow BNO residents to withdraw their pension funds. 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.

HSBC denied pension to Hong Kong citizens who fled crackdown, finds UK parliamentary probe

The Reserve Bank of India (RBI), on Wednesday (February 8) raised its key repo rate by 25 basis points (bps) and said that the country’s core inflation remains high. This comes after the central bank raised its key benchmark interest rate by 35 basis points (bps) in December, following a monetary policy review. The recent decision by RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) might make external benchmark-linked loans costlier.&nbsp;

What is the repo rate and what does it affect?

The repo rate is the interest rate at which the central bank of a country, in this case, the RBI, lends money to commercial banks if they fall short of funds. This indirectly affects the interest rates of home loans, car loans and so on. It is also used by monetary authorities to control inflation. The hike will also directly have an impact on both bank depositors and loan takers as the banks raise their interest rates on consumer loans.&nbsp;

What is the&nbsp;current repo rate?

The announcement, on Wednesday, marks the sixth consecutive rate hike since May 2022. Additionally, the RBI has also increased the repo rate by a cumulative 250 basis points, which took the key interest rate to 6.50 per cent. &nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-will-union-budget-2022-2023-impact-non-resident-indians-nris-449602">How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?</a>

The decision to raise the repo rate

In its first decision since the announcement of the Union Budget 2023, the RBI’s policy panel with a 4:2 majority announced the recent hike. As per media reports, MPC members Ashima Goyal and Jayanth Varma voted against the increase and Shashanka Bhide, Rajiv Ranjan, Michael Debabrata Patra and Shaktikanta Das voted in favour of the hike.&nbsp;

Additionally, the MPC also retained its stance on the withdrawal of accommodation to ensure that inflation remains within the target while supporting growth by the same majority. Notably, the increase was in line with what most analysts expected.&nbsp;

How will this affect consumers?

In the upcoming months, since the repo rate is hiked banks will now have to pay higher interest to the RBI which in turn would burden the retail and corporate borrowers of banks as the interest rate on loans taken from the banks would also increase. Therefore, loans including home, auto, personal and so on, are expected to become costlier.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/rbi-hikes-repo-rate-in-monetary-policy-2023-what-is-repo-rate-reverse-repo-rate-monetary-policy-559868">RBI hikes repo rate by 25 bps in Monetary Policy 2023: What is repo rate, reverse repo rate &amp; monetary policy?</a>

Additionally, as loan borrowers may have to pay more interest, it can also lead to higher equated monthly instalments (EMIs) or monthly repayments. An SBI official told the Indian Express that deposit rates are also expected to witness some changes after the announcement.&nbsp;

What can borrowers do?

According to experts, what matters is the time frame that one intends to repay the loan as the RBI is expected to take a break from its rate hike cycle in the upcoming months. Today's increase might be the last hit to the loans. “The silver lining is that the inflation is likely to moderate in 2024-25 and the RBI seeks to bring down the inflation to its target levels – within four per cent”, said Adil Shetty, CEO and Co-founder of BankBazaar, as per Financial Express.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-indias-rbi-hikes-key-interest-rates-504138">Gravitas: India's RBI hikes key interest rates</a>

He added, “It will make retail loans such as home, auto, and personal loans, among others, costlier, and borrowers will have to be ready for higher monthly EMIs or tenor extensions, or both,” in the context of the recent hike in repo rate. Therefore, one of the things he recommended was increasing EMI once a year by five per cent, which he says would pull your tenor back by a few months and repeat if required next year and make this an annual exercise.&nbsp;

According to Shetty, a 20-year loan can be repaid in 12 years if you pre-pay five per cent of the loan balance once a year and depending on your situation you could choose to go fast or slow. However, since home loans are low-cost for most, it makes sense to repay slowly while balancing it with investing needs. The markets have returned 12 per cent over the long term and the cost of a home loan with tax deductions may be five to seven per cent a year, he added.&nbsp;

Speaking about the timeframe in which you intend to repay the loan, the BankBazaar CEO gave an example and said, "If your intention was to repay a 20-year loan in 10 years but the rate hikes have taken your tenor to 25 years. In this case, ensure that for the next 10 years, you pay back at least 10 per cent of the loan through a combination of EMIs and pre-payments."&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/indias-remittances-hit-a-record-high-in-fy21-560001">India's remittances hit a record high in FY21</a>

It is also noted that while the change in repo rate may not have an immediate effect on existing home loan borrowers as their interest rates may be fixed for some time, however, the same cannot be said for new home loan borrowers or those who have taken a floating rate loan. Therefore, one can also consider switching from a floating rate loan to a fixed rate loan which could protect them against further hikes, as per Financial Express.&nbsp;

RBI’s growth projection&nbsp;

The real GDP growth for 2023-24 is projected at 6.4 per cent with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at six per cent and Q4 at 5.8 per cent. The MPC had also previously slashed the GDP forecast for the fiscal year 2023 to 6.8 per cent in December after the policy review from the previous estimate of seven per cent. The RBI governor also said that the real GDP growth is estimated at seven per cent in 2023 and that the Indian economy remains resilient.&nbsp;

However, the outlook is clouded by “continuing uncertainties from geopolitical tensions, global financial market volatility, rising non-oil commodity prices and volatile crude oil prices,”&nbsp;said Das.

What did the RBI say about inflation?

During his address, Das said that the core inflation remains “sticky” or stubbornly high. He added, “Looking ahead, while inflation is expected to moderate in 2023-24, it is likely to rule above the 4.0 per cent target.” Last year, inflation had soared as high as 7.79 per cent in April, which prompted a series of hikes by the RBI in a bid to control it.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-central-bank-hikes-rate-by-25-basis-points-for-the-sixth-time-in-a-row-559871">Loans, EMIs to get costlier after RBI hikes rates for the sixth time in a row</a>

“The global economic outlook doesn’t look as grim now as it did a few months ago, growth prospects in major economies have improved while inflation is on a descent though inflation still remains well above the target in major economies,” said the RBI governor. He added that unprecedented events in the past three years have put monetary policy across the world to the test.&nbsp;

“Emerging market economies are facing sharp tradeoffs between supporting economic activity and controlling inflation while preserving policy credibility,” said Das. This time around, the central bank has lowered its inflation target for FY23 from 6.7 per cent to 6.5 per cent which is still above its 4.0 per cent goal. While the inflation for FY24 is expected to be 5.3 per cent, said the RBI. &nbsp;

How did the market respond to the announcement?

Indian shares held on Wednesday after the widely expected smaller interest rate hike delivered by the central bank. As the market neared closing time, the indices overall soared as Nifty gained 0.85 per cent and Sensex 0.63 per cent. Meanwhile, the Nifty 50 index jumped 150 to close at 17,871 while the S&amp;P BSE Sensex rose 377 points to end above 60,600, at 60,633, as per the Mint.&nbsp;

When is the next MPC meeting?

The next meeting of the MPC is scheduled for April 3, 5 and 6, 2023

(With inputs from agencies)&nbsp; 
 
&nbsp;

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The Reserve Bank of India (RBI), on Wednesday (February 8) raised its key repo rate by 25 basis points (bps) and said that the country’s core inflation remains high.

The Reserve Bank of India (RBI), on Wednesday (February 8) raised its key repo rate by 25 basis points (bps) and said that the country’s core inflation remains high. This comes after the central bank raised its key benchmark interest rate by 35 basis points (bps) in December, following a monetary policy review. The recent decision by RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) might make external benchmark-linked loans costlier. What is the repo rate and what does it affect? The repo rate is the interest rate at which the central bank of a country, in this case, the RBI, lends money to commercial banks if they fall short of funds. This indirectly affects the interest rates of home loans, car loans and so on. It is also used by monetary authorities to control inflation. The hike will also directly have an impact on both bank depositors and loan takers as the banks raise their interest rates on consumer loans. What is the current repo rate? The announcement, on Wednesday, marks the sixth consecutive rate hike since May 2022. Additionally, the RBI has also increased the repo rate by a cumulative 250 basis points, which took the key interest rate to 6.50 per cent. ALSO READ | How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)? The decision to raise the repo rate In its first decision since the announcement of the Union Budget 2023, the RBI’s policy panel with a 4:2 majority announced the recent hike. As per media reports, MPC members Ashima Goyal and Jayanth Varma voted against the increase and Shashanka Bhide, Rajiv Ranjan, Michael Debabrata Patra and Shaktikanta Das voted in favour of the hike. Additionally, the MPC also retained its stance on the withdrawal of accommodation to ensure that inflation remains within the target while supporting growth by the same majority. Notably, the increase was in line with what most analysts expected. How will this affect consumers? In the upcoming months, since the repo rate is hiked banks will now have to pay higher interest to the RBI which in turn would burden the retail and corporate borrowers of banks as the interest rate on loans taken from the banks would also increase. Therefore, loans including home, auto, personal and so on, are expected to become costlier. ALSO READ | RBI hikes repo rate by 25 bps in Monetary Policy 2023: What is repo rate, reverse repo rate & monetary policy? Additionally, as loan borrowers may have to pay more interest, it can also lead to higher equated monthly instalments (EMIs) or monthly repayments. An SBI official told the Indian Express that deposit rates are also expected to witness some changes after the announcement. What can borrowers do? According to experts, what matters is the time frame that one intends to repay the loan as the RBI is expected to take a break from its rate hike cycle in the upcoming months. Today's increase might be the last hit to the loans. “The silver lining is that the inflation is likely to moderate in 2024-25 and the RBI seeks to bring down the inflation to its target levels – within four per cent”, said Adil Shetty, CEO and Co-founder of BankBazaar, as per Financial Express. ALSO WATCH | Gravitas: India's RBI hikes key interest rates He added, “It will make retail loans such as home, auto, and personal loans, among others, costlier, and borrowers will have to be ready for higher monthly EMIs or tenor extensions, or both,” in the context of the recent hike in repo rate. Therefore, one of the things he recommended was increasing EMI once a year by five per cent, which he says would pull your tenor back by a few months and repeat if required next year and make this an annual exercise. According to Shetty, a 20-year loan can be repaid in 12 years if you pre-pay five per cent of the loan balance once a year and depending on your situation you could choose to go fast or slow. However, since home loans are low-cost for most, it makes sense to repay slowly while balancing it with investing needs. The markets have returned 12 per cent over the long term and the cost of a home loan with tax deductions may be five to seven per cent a year, he added. Speaking about the timeframe in which you intend to repay the loan, the BankBazaar CEO gave an example and said, "If your intention was to repay a 20-year loan in 10 years but the rate hikes have taken your tenor to 25 years. In this case, ensure that for the next 10 years, you pay back at least 10 per cent of the loan through a combination of EMIs and pre-payments." ALSO WATCH | India's remittances hit a record high in FY21 It is also noted that while the change in repo rate may not have an immediate effect on existing home loan borrowers as their interest rates may be fixed for some time, however, the same cannot be said for new home loan borrowers or those who have taken a floating rate loan. Therefore, one can also consider switching from a floating rate loan to a fixed rate loan which could protect them against further hikes, as per Financial Express. RBI’s growth projection The real GDP growth for 2023-24 is projected at 6.4 per cent with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at six per cent and Q4 at 5.8 per cent. The MPC had also previously slashed the GDP forecast for the fiscal year 2023 to 6.8 per cent in December after the policy review from the previous estimate of seven per cent. The RBI governor also said that the real GDP growth is estimated at seven per cent in 2023 and that the Indian economy remains resilient. However, the outlook is clouded by “continuing uncertainties from geopolitical tensions, global financial market volatility, rising non-oil commodity prices and volatile crude oil prices,” said Das. What did the RBI say about inflation? During his address, Das said that the core inflation remains “sticky” or stubbornly high. He added, “Looking ahead, while inflation is expected to moderate in 2023-24, it is likely to rule above the 4.0 per cent target.” Last year, inflation had soared as high as 7.79 per cent in April, which prompted a series of hikes by the RBI in a bid to control it. ALSO READ | Loans, EMIs to get costlier after RBI hikes rates for the sixth time in a row “The global economic outlook doesn’t look as grim now as it did a few months ago, growth prospects in major economies have improved while inflation is on a descent though inflation still remains well above the target in major economies,” said the RBI governor. He added that unprecedented events in the past three years have put monetary policy across the world to the test. “Emerging market economies are facing sharp tradeoffs between supporting economic activity and controlling inflation while preserving policy credibility,” said Das. This time around, the central bank has lowered its inflation target for FY23 from 6.7 per cent to 6.5 per cent which is still above its 4.0 per cent goal. While the inflation for FY24 is expected to be 5.3 per cent, said the RBI. How did the market respond to the announcement? Indian shares held on Wednesday after the widely expected smaller interest rate hike delivered by the central bank. As the market neared closing time, the indices overall soared as Nifty gained 0.85 per cent and Sensex 0.63 per cent. Meanwhile, the Nifty 50 index jumped 150 to close at 17,871 while the S&P BSE Sensex rose 377 points to end above 60,600, at 60,633, as per the Mint. When is the next MPC meeting? The next meeting of the MPC is scheduled for April 3, 5 and 6, 2023 (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.

Explained: RBI hikes the repo rate by 25 bps to 6.5 per cent. What does this mean?

As the COVID-19 pandemic continues to ravage the global economy, Zoom Video Communications, Inc., a widely used communication technology platform, has announced they will lay off 1,300 employees, or roughly 15 per cent of the company's workforce.

Zoom to shed about 1,300 jobs globally

The recent layoffs at big tech firms show a clear target: the middle manager, according to a Bloomberg report.

As big tech firms like Meta, Google, Microsoft and other Silicon Valley giants took to layoffs to lower costs, a report revealed a startling stat - the 'Middle Managers' are the target.

On Wednesday, Meta's Chief Executive Officer Mark Zuckerberg said the company would be firing some layers of management during a tough year, which he named a "year of efficiency".

<a href="https://www.wionews.com/business-economy/tech-layoffs-2023-dell-to-lay-off-6500-employees-cut-5-of-its-global-workforce-amid-uncertain-future-559204">Also read |&nbsp;Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future'</a>

That comes after the tech giant cut 11,000 jobs last year, or about 13 per cent&nbsp;of its workforce and called those layoffs "just the beginning".

In addition to layoffs, Intel cut its managers' and executives' pay in anticipation of a sharp fall in computer demand.

Beyond tech firms, similar trends were seen in other large companies on job cuts.

A Slack Technologies survey showed employees in the 'middle management' are the most worked. The survey also showed that over 40 per cent of middle managers are already 'burned out'.

<a href="https://www.wionews.com/world/watch-washington-post-ceo-announces-impending-layoffs-leaves-meeting-midway-infuriating-employees-543717">Watch:&nbsp;Washington Post CEO announces impending layoffs, leaves meeting midway infuriating employees</a>

Middle managers everywhere are under extreme pressure from the above and the below levels of the organisation.

In addition to handling dictates from their bosses "to do more with fewer resources", they have had to deal with their reports.

They have had to implement changing and challenging "return to the office" policies and balance between "work from home and the office" or the hybrid work of their junior.

The changing dynamics in the tech world on management and the importance of those roles beyond core engineering teams are more evident with Twitter after Elon Musk took over.

Musk fired over 7,000 staff and said, "there seem to be ten people 'managing' for every one-person coding". That was in response to a question on "what was the most messed up in Twitter" back then.

Words like restructuring, reorganising, more efficient, agile, lean, and mean are what companies are using to lower costs and cut jobs.

<a href="https://www.wionews.com/business-economy/layoffs-and-firings-german-software-maker-sap-to-cut-thousands-of-jobs-556249">Also read |&nbsp;Layoffs and firings: German software-maker SAP to cut thousands of jobs</a>

The recent layoffs clearly show that narrative, with core engineering teams back in focus.

Google's parent Alphabet revealed that the firm has over 30,000 managers. Previously, Alphabet had laid off 12,000 employees or about 6 per cent&nbsp;of its workforce.

At Google, "management" was a bad word not too long ago, and that seems to be the clear directive now.

(with inputs from agencies)

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The recent layoffs at big tech firms show a clear target: the middle manager, according to a Bloomberg report. As big tech firms like Meta, Google, Microsoft and other Silicon Valley giants took to layoffs to lower costs, a report revealed a startling stat - the 'Middle Managers' are the target.

The recent layoffs at big tech firms show a clear target: the middle manager, according to a Bloomberg report. As big tech firms like Meta, Google, Microsoft and other Silicon Valley giants took to layoffs to lower costs, a report revealed a startling stat - the 'Middle Managers' are the target. On Wednesday, Meta's Chief Executive Officer Mark Zuckerberg said the company would be firing some layers of management during a tough year, which he named a "year of efficiency". Also read | Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future' That comes after the tech giant cut 11,000 jobs last year, or about 13 per cent of its workforce and called those layoffs "just the beginning". In addition to layoffs, Intel cut its managers' and executives' pay in anticipation of a sharp fall in computer demand. Beyond tech firms, similar trends were seen in other large companies on job cuts. A Slack Technologies survey showed employees in the 'middle management' are the most worked. The survey also showed that over 40 per cent of middle managers are already 'burned out'. Watch: Washington Post CEO announces impending layoffs, leaves meeting midway infuriating employees Middle managers everywhere are under extreme pressure from the above and the below levels of the organisation. In addition to handling dictates from their bosses "to do more with fewer resources", they have had to deal with their reports. They have had to implement changing and challenging "return to the office" policies and balance between "work from home and the office" or the hybrid work of their junior. The changing dynamics in the tech world on management and the importance of those roles beyond core engineering teams are more evident with Twitter after Elon Musk took over. Musk fired over 7,000 staff and said, "there seem to be ten people 'managing' for every one-person coding". That was in response to a question on "what was the most messed up in Twitter" back then. Words like restructuring, reorganising, more efficient, agile, lean, and mean are what companies are using to lower costs and cut jobs. Also read | Layoffs and firings: German software-maker SAP to cut thousands of jobs The recent layoffs clearly show that narrative, with core engineering teams back in focus. Google's parent Alphabet revealed that the firm has over 30,000 managers. Previously, Alphabet had laid off 12,000 employees or about 6 per cent of its workforce. At Google, "management" was a bad word not too long ago, and that seems to be the clear directive now. (with inputs from agencies) WATCH WION LIVE HERE

Layoffs: Which jobs, in particular, are at risk?

The global modular kitchen market size grew from $22.17 billion in 2022 to $23.04 billion in 2023 at a compound annual growth rate (CAGR) of 3.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. CEO, Frankie home solutions Barbara Borra talks more on the global trends in residential kitchen market.

CEO, Frankie home solutions Barbara Borra talks on global trends in residential kitchen market

The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports. This comes after a report in the Seattle Times which first reported about the possible “reductions this year” primarily in the two departments.&nbsp;

The Arlington, Virginia-based company said that it will continue to “simplify our corporate structure”, in the context of these job cuts. This comes a month after the planemaker announced that it will hire some 10,000 workers this year after hiring 15,000 people last year. However, at the time Boeing had said that it would cut some support positions.&nbsp;

Boeing has also confirmed that it will be outsourcing at least one-third of those jobs to Tata Consulting Services (TCS) in Bengaluru, India, as per media reports. Last month, the company also indicated that it would lower “staffing within some support functions” which was meant to enable it to better align resources to support current products and technology development.&nbsp;

“Over time, some of our corporate functions have grown quite large. And with that growth tends to come bureaucracy or disparate systems that are inefficient…So we’re streamlining,” said a senior director of communications at Boeing, Mike Friedman, to the Seattle Times. According to the report, there are some 5,800 employees in the company, out of which at least a quarter will be affected, with at least 1,500 jobs cut from finance and up to 400 more in human resources.&nbsp;

Additionally, Friedman also spoke about how the planemaker will make sure to hire more production workers and engineers which would ensure the overall growth of Boeing. In 2021, the planemaker had planned to cut more than 150 finance jobs in the US in a bid to simplify its corporate structure and focus on manufacturing and product development.&nbsp;

(With inputs from agencies)&nbsp; 
 
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The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports.

The United States-based planemaker, Boeing, on Monday (February 6) confirmed that they are going to cut about 2,000 white-collar jobs in the company’s finance and human resources departments through a combination of attrition and layoffs, as per media reports. This comes after a report in the Seattle Times which first reported about the possible “reductions this year” primarily in the two departments. The Arlington, Virginia-based company said that it will continue to “simplify our corporate structure”, in the context of these job cuts. This comes a month after the planemaker announced that it will hire some 10,000 workers this year after hiring 15,000 people last year. However, at the time Boeing had said that it would cut some support positions. Boeing has also confirmed that it will be outsourcing at least one-third of those jobs to Tata Consulting Services (TCS) in Bengaluru, India, as per media reports. Last month, the company also indicated that it would lower “staffing within some support functions” which was meant to enable it to better align resources to support current products and technology development. “Over time, some of our corporate functions have grown quite large. And with that growth tends to come bureaucracy or disparate systems that are inefficient…So we’re streamlining,” said a senior director of communications at Boeing, Mike Friedman, to the Seattle Times. According to the report, there are some 5,800 employees in the company, out of which at least a quarter will be affected, with at least 1,500 jobs cut from finance and up to 400 more in human resources. Additionally, Friedman also spoke about how the planemaker will make sure to hire more production workers and engineers which would ensure the overall growth of Boeing. In 2021, the planemaker had planned to cut more than 150 finance jobs in the US in a bid to simplify its corporate structure and focus on manufacturing and product development. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Boeing to cut at least 2,000 white-collar jobs in finance and HR; will outsource their work to TCS

BP reported on Tuesday (February 7) a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength.

BP's fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts.

That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022.

The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices.

"We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the eleventh quarter in a row," Chief Executive Bernard Looney said in a statement.

BP boosted its dividend by 10% to 6.006 cents per share. It halved its dividend to 5.25 cents in July 2020 for the first time in a decade in the wake of the pandemic.

The company also announced plans to repurchase $2.75 billion of shares over the next three months after buying $11.7 billion in 2022.

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BP reported on Tuesday (February 7) a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength.

BP reported on Tuesday (February 7) a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength. BP's fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts. That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022. The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices. "We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the eleventh quarter in a row," Chief Executive Bernard Looney said in a statement. BP boosted its dividend by 10% to 6.006 cents per share. It halved its dividend to 5.25 cents in July 2020 for the first time in a decade in the wake of the pandemic. The company also announced plans to repurchase $2.75 billion of shares over the next three months after buying $11.7 billion in 2022. 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.

BP profit soars to record $28 billion, dividend increased

In the aftermath of the release of the&nbsp;Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months.&nbsp;&nbsp;

The Indian company led by mogul Gautam Adani will widen its time horizon for growth in certain businesses&nbsp;and use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects.

“At Adani, there is a rethink on the capex. The group may moderate its capex plans in some of the businesses. So, instead of targeted growth over 12 months, they may look at a time frame of 16-18 months for that quantum of growth in certain businesses," one of the sources was quoted as saying by the publication.&nbsp;

<a href="https://www.wionews.com/business-economy/adani-groups-122-million-bond-plan-shelved-amid-hindenburg-row-558791">Read more: Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report</a>

The decision to curb spending plans comes data after Adani Group called off its $2.5 billion share sale. Gautam Adani, in a video released, said the decision was taken with the interest of investors in mind.&nbsp;

"In my humble journey of over 4 decades as an entrepreneur, I have been blessed to receive overwhelming support from all stakeholders particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them."

"For me, the interest of my investors is paramount and everything else is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO."

Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included a $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company.

However, after the Hindenburg report came out, Adani and its affiliate companies have lost more than $100 billion in market value. Furthermore, the company, last week shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds.&nbsp;

<a href="https://www.wionews.com/videos/india-earnings-of-adani-group-firms-under-scanner-firms-to-report-earnings-this-week-wion-558971">WATCH |&nbsp;India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION</a>

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The Hindenburg report, in nutshell, accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt.&nbsp;

On Budget day, February 1, shares of Adani Enterprises crashed 34.72 per cent to hit a day low of Rs 1,942. The share has tanked further since then and is currently trading under Rs 1600.&nbsp;

<h2>Congress party holds nationwide protest</h2>

India's main opposition parties on Monday kicked off planned protests at state-run companies such as LIC and SBI which had invested a considerable amount in the Adani Group.&nbsp;

The Congress party in India held nationwide protests over the Adani-Hindenburg row. Dozens of members of the main opposition party in India were detained by police during protests. Besides that, the parliament was also suspended again due to disruptions.&nbsp;&nbsp;

(With inputs from agencies)

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In the aftermath of the release of the Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months.

In the aftermath of the release of the Hindenburg report, Adani Group is looking to trim its capital spending plans, according to a Mint report. Additionally, the company will use the cash in hand for capex and to meet payment deadlines, amounting to $300 million over the next six months. The Indian company led by mogul Gautam Adani will widen its time horizon for growth in certain businesses and use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects. “At Adani, there is a rethink on the capex. The group may moderate its capex plans in some of the businesses. So, instead of targeted growth over 12 months, they may look at a time frame of 16-18 months for that quantum of growth in certain businesses," one of the sources was quoted as saying by the publication. Read more: Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report The decision to curb spending plans comes data after Adani Group called off its $2.5 billion share sale. Gautam Adani, in a video released, said the decision was taken with the interest of investors in mind. "In my humble journey of over 4 decades as an entrepreneur, I have been blessed to receive overwhelming support from all stakeholders particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them." "For me, the interest of my investors is paramount and everything else is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO." Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included a $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company. However, after the Hindenburg report came out, Adani and its affiliate companies have lost more than $100 billion in market value. Furthermore, the company, last week shelved its plans of releasing over $122 million in funds through the first-ever public sale of bonds. WATCH | India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION × The Hindenburg report, in nutshell, accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt. On Budget day, February 1, shares of Adani Enterprises crashed 34.72 per cent to hit a day low of Rs 1,942. The share has tanked further since then and is currently trading under Rs 1600. Congress party holds nationwide protest India's main opposition parties on Monday kicked off planned protests at state-run companies such as LIC and SBI which had invested a considerable amount in the Adani Group. The Congress party in India held nationwide protests over the Adani-Hindenburg row. Dozens of members of the main opposition party in India were detained by police during protests. Besides that, the parliament was also suspended again due to disruptions. (With inputs from agencies) WATCH WION LIVE HERE:

After Hindenburg shock, Adani Group to curb capital spending plans: Report

Britcoin, a "digital pound" backed by the British state could be launched by the end of 2020s. The development comes after the Bank of England and exchequer ministry&nbsp;set out a roadmap to introduce a new digital currency in the United Kingdom.&nbsp;The individuals of financial expertise quoted in the British media say that a&nbsp;digital pound, which would be issued by the Bank of England, is "likely to be needed in the future"&nbsp;amid the evolving use of cash and cards in Europe and around the world.&nbsp;

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/india-to-introduce-its-digital-currency-e-rupee-soon-523593">India to introduce its digital currency 'E-Rupee' soon</a>

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"While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use," Jeremy Hunt, Chancellor of Exchequer said in an official statement.&nbsp;

"That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability," Hunt added.&nbsp;

The Bank of England will undertake further research and development work while the members of British public are being invited to take part in the consultation process.

<h2>New digital currency will not dramatically alter nature of currency exchange</h2>

A report in The Independent quoted The Bank of England and the Treasury as saying, that&nbsp;the currency will not dramatically alter how British people use money but that they believe it could help "ensure the public have access to safe money that is convenient to use as our everyday lives become more digital."

<h2>Britcoin: The timeline for potential rollout</h2>

The consultation between the exchequer department and the Bank of England is due to take around four months. The design phase of Britcoin is then likely to continue until at least 2025, from which time a final decision could be made. The launch of digital currency may reportedly take place during the latter half of the current decade.

"This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money," Andrew Bailey, Governor of the Bank of England, was quoted as saying by The Independent.&nbsp;

"A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability," he added.&nbsp;

ALSO READ&nbsp;|&nbsp;<a href="https://www.wionews.com/what-is-rbis-digital-currency-difference-between-cryptocurrency-and-cbdc-530527">What is e-rupee and what is the difference between cryptocurrency and CBDC?</a>

Countries around the world are also considering similar proposals, such as the US, India, China and the Eurozone.

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Britcoin, a "digital pound" backed by the British state could be launched by the end of 2020s. The development comes after the Bank of England and exchequer ministry set out a roadmap to introduce a new digital currency in the United Kingdom.

Britcoin, a "digital pound" backed by the British state could be launched by the end of 2020s. The development comes after the Bank of England and exchequer ministry set out a roadmap to introduce a new digital currency in the United Kingdom. The individuals of financial expertise quoted in the British media say that a digital pound, which would be issued by the Bank of England, is "likely to be needed in the future" amid the evolving use of cash and cards in Europe and around the world. ALSO WATCH | India to introduce its digital currency 'E-Rupee' soon × "While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use," Jeremy Hunt, Chancellor of Exchequer said in an official statement. "That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability," Hunt added. The Bank of England will undertake further research and development work while the members of British public are being invited to take part in the consultation process. New digital currency will not dramatically alter nature of currency exchange A report in The Independent quoted The Bank of England and the Treasury as saying, that the currency will not dramatically alter how British people use money but that they believe it could help "ensure the public have access to safe money that is convenient to use as our everyday lives become more digital." Britcoin: The timeline for potential rollout The consultation between the exchequer department and the Bank of England is due to take around four months. The design phase of Britcoin is then likely to continue until at least 2025, from which time a final decision could be made. The launch of digital currency may reportedly take place during the latter half of the current decade. "This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money," Andrew Bailey, Governor of the Bank of England, was quoted as saying by The Independent. "A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability," he added. ALSO READ | What is e-rupee and what is the difference between cryptocurrency and CBDC? Countries around the world are also considering similar proposals, such as the US, India, China and the Eurozone. 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.

Britain braces for potential launch of 'Britcoin', country's first digital pound

Japanese carmaker Nissan will buy a stake of up to 15 per cent&nbsp;in Renault's electric vehicle (EV) unit Ampere, the pair said on Monday, in a reboot of a long and sometimes contentious alliance that will also create more common car platforms.

The agreement, which came after months of tense talks, includes the previously announced reduction of Renault's stake in Nissan to put the two on a more equal footing, extending for an initial period of 15 years a partnership that has been in place since 1999 and also includes Mitsubishi Motors.

"Previously the alliance was more about synergies... and global volumes," Nissan chief operating officer Ashwani Gupta told Reuters. "The next 15 years is about how we become the number one value creator for each other and our shareholders."

The lopsided relationship between the two car makers, which was deeply strained by the 2018 arrest of its architect and former chairman, Carlos Ghosn, amid a financial scandal, had long been a source of friction among Nissan executives.

While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales.

"I consider that what we have agreed is a much better set-up than what we have had in the last past few years," Renault CEO Luca de Meo told a presentation of the new-look alliance in London.

"We have now a new governance scheme that is much more straightforward, we can now operate like a normal company. Seen from Renault, (it) is about regaining some strategic agility without breaking necessarily the ties and the synergies that were existing."

The size of Nissan's investment or even a firm commitment to put money into the EV unit, Renault's flagship business which is due to be listed on the market, has so far been unclear.

"We regard Ampere as an enabler for Nissan to participate in new business opportunities in Europe," Nissan chief executive Makoto Uchida told reporters and analysts.

No financial details were disclosed regarding the valuation of the business, with de Meo saying the market would decide. Some sources have indicated it could be worth up to 10 billion euros.

Mitsubishi CEO Takao Kato said Ampere will also form part of its European EV strategy and the company would "further study" its share participation.

Renault will reduce its stake in Nissan to 15% from around 43% by transferring a 28per cent&nbsp;stake into a French trust.

The French carmaker will have the flexibility to sell the Nissan shares held in the trust but "it has no obligation to sell the shares within a specific pre-determined period of time," the statement on Monday said.

De Meo said Renault will act in "good faith" and sell off its Nissan shares in "an orderly manner". When it does sell, Nissan will have a right of first offer.

The companies detailed planned joint projects in Europe, India and Latin America, and will work together in the EV business, electronics and solid-state batteries.

Renault's shares were down around 0.7% by 1225 GMT.

Nissan and Renault have lagged during alliance https://fingfx.thomsonreuters.com/gfx/mkt/gdpzqdkakvw/nissan.PNG

The sweeping remake of the 24-year-old alliance gets underway after talks were dragged out by concerns over the sharing of intellectual property as Renault sought tie-ups with companies outside the partnership, including China's Geely.

Renault's board approved the deal on Sunday night, according to a source. Nissan's board also approved it early on Monday, the source said.

CLSA analyst Christopher Richter said the revamped alliance could enable Nissan and Renault to work together a little more harmoniously, but he noted that Honda and General Motors have built a partnership that includes jointly developing lower-cost EVs together without any need for a capital relationship.

He added that as Renault's brand is not seen a strong one, it could be tough for it to raise a lot of money for Ampere from the market.

"That's why I think they're going to push Nissan to pay too much."

Japanese carmaker Nissan will buy a stake of up to 15 per cent in Renault's electric vehicle (EV) unit Ampere, the pair said on Monday, in a reboot of a long and sometimes contentious alliance that will also create more common car platforms.

Japanese carmaker Nissan will buy a stake of up to 15 per cent in Renault's electric vehicle (EV) unit Ampere, the pair said on Monday, in a reboot of a long and sometimes contentious alliance that will also create more common car platforms. The agreement, which came after months of tense talks, includes the previously announced reduction of Renault's stake in Nissan to put the two on a more equal footing, extending for an initial period of 15 years a partnership that has been in place since 1999 and also includes Mitsubishi Motors. "Previously the alliance was more about synergies... and global volumes," Nissan chief operating officer Ashwani Gupta told Reuters. "The next 15 years is about how we become the number one value creator for each other and our shareholders." The lopsided relationship between the two car makers, which was deeply strained by the 2018 arrest of its architect and former chairman, Carlos Ghosn, amid a financial scandal, had long been a source of friction among Nissan executives. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "I consider that what we have agreed is a much better set-up than what we have had in the last past few years," Renault CEO Luca de Meo told a presentation of the new-look alliance in London. "We have now a new governance scheme that is much more straightforward, we can now operate like a normal company. Seen from Renault, (it) is about regaining some strategic agility without breaking necessarily the ties and the synergies that were existing." The size of Nissan's investment or even a firm commitment to put money into the EV unit, Renault's flagship business which is due to be listed on the market, has so far been unclear. "We regard Ampere as an enabler for Nissan to participate in new business opportunities in Europe," Nissan chief executive Makoto Uchida told reporters and analysts. No financial details were disclosed regarding the valuation of the business, with de Meo saying the market would decide. Some sources have indicated it could be worth up to 10 billion euros. Mitsubishi CEO Takao Kato said Ampere will also form part of its European EV strategy and the company would "further study" its share participation. Renault will reduce its stake in Nissan to 15% from around 43% by transferring a 28per cent stake into a French trust. The French carmaker will have the flexibility to sell the Nissan shares held in the trust but "it has no obligation to sell the shares within a specific pre-determined period of time," the statement on Monday said. De Meo said Renault will act in "good faith" and sell off its Nissan shares in "an orderly manner". When it does sell, Nissan will have a right of first offer. The companies detailed planned joint projects in Europe, India and Latin America, and will work together in the EV business, electronics and solid-state batteries. Renault's shares were down around 0.7% by 1225 GMT. Nissan and Renault have lagged during alliance https://fingfx.thomsonreuters.com/gfx/mkt/gdpzqdkakvw/nissan.PNG The sweeping remake of the 24-year-old alliance gets underway after talks were dragged out by concerns over the sharing of intellectual property as Renault sought tie-ups with companies outside the partnership, including China's Geely. Renault's board approved the deal on Sunday night, according to a source. Nissan's board also approved it early on Monday, the source said. CLSA analyst Christopher Richter said the revamped alliance could enable Nissan and Renault to work together a little more harmoniously, but he noted that Honda and General Motors have built a partnership that includes jointly developing lower-cost EVs together without any need for a capital relationship. He added that as Renault's brand is not seen a strong one, it could be tough for it to raise a lot of money for Ampere from the market. "That's why I think they're going to push Nissan to pay too much."

In alliance reboot, Nissan to buy up to 15% stake in Renault EV unit