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Reed Hastings is resigning as Netflix's chief executive officer, the company he co-founded 25 years ago, as part of a restructuring at the top of one of Hollywood's most powerful studios.&nbsp;In a blog post, Hastings, who launched Netflix in 1997 as a DVD-by-mail service, said that he has been delegating&nbsp;managerial responsibilities increasingly. He stated that this is "the right time to complete&nbsp;my succession." 
 
“Our board has been discussing succession planning for many years (even founders need to evolve!)”, Hastings, 62, wrote. “I’m so proud of our first 25 years, and so excited about our next quarter of a century.”&nbsp;

Ted Sarandos, who handled programming throughout Netflix's significant investment phase and was promoted to co-chief executive status with Hastings in 2020, and chief operations officer Greg Peters have been appointed as co-chief executives.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/singer-songwriter-david-crosby-dead-at-age-81-554283">Singer-songwriter David Crosby dies at 81</a>

Netflix shares increased by over eight per cent&nbsp;In after-hours trading.&nbsp;

The change occurs at a time when Netflix has lost more than a third of its market value since admitting its decade-long growth boom had ended. The task of restoring Netflix and guiding it through a more challenging period for the entertainment business will fall to Sarandos and Peters.

Following in the footsteps of Microsoft's Bill Gates and Amazon's Jeff Bezos, Hastings will continue in his position as executive chair.&nbsp;The billionaire founder said he plans to “spend more time on philanthropy” but “remain very focused on Netflix stock doing well”.

(With inputs from agencies)

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Reed Hastings is resigning as Netflix's chief executive officer, the company he co-founded 25 years ago, as part of a restructuring at the top of one of Hollywood's most powerful studios.

Reed Hastings is resigning as Netflix's chief executive officer, the company he co-founded 25 years ago, as part of a restructuring at the top of one of Hollywood's most powerful studios. In a blog post, Hastings, who launched Netflix in 1997 as a DVD-by-mail service, said that he has been delegating managerial responsibilities increasingly. He stated that this is "the right time to complete my succession." “Our board has been discussing succession planning for many years (even founders need to evolve!)”, Hastings, 62, wrote. “I’m so proud of our first 25 years, and so excited about our next quarter of a century.” Ted Sarandos, who handled programming throughout Netflix's significant investment phase and was promoted to co-chief executive status with Hastings in 2020, and chief operations officer Greg Peters have been appointed as co-chief executives. Also read | Singer-songwriter David Crosby dies at 81 Netflix shares increased by over eight per cent In after-hours trading. The change occurs at a time when Netflix has lost more than a third of its market value since admitting its decade-long growth boom had ended. The task of restoring Netflix and guiding it through a more challenging period for the entertainment business will fall to Sarandos and Peters. Following in the footsteps of Microsoft's Bill Gates and Amazon's Jeff Bezos, Hastings will continue in his position as executive chair. The billionaire founder said he plans to “spend more time on philanthropy” but “remain very focused on Netflix stock doing well”. (With inputs from agencies) WATCH WION LIVE HERE:

Netflix co-founder Reed Hastings to resign as chief executive

Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market.

Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific, filed voluntary petitions under the bankruptcy code for with the Southern District of New York court.

It, however, added that Genesis' derivatives and spot trading, broker-dealer, and custody businesses were not part of the bankruptcy process, and would continue their client trading operations.

Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion, and more than 100,000 creditors in its filing.

In a statement, Genesis Global Holdco said that it is mulling to push for a potential sale or equitisation transaction to pay creditors, claiming that it had $150 million in cash to support the restructuring.

<h2>FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent</h2>

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On January 12, the US Securities and Exchange Commission (SEC) charged Genesis with illegally selling securities to investors through the Earn program.

Genesis brokered digital assets for financial institutions such as hedge funds and asset managers and had almost&nbsp;$3 billion in total active loans&nbsp;at the end of the third quarter, down from $11.1 billion a year earlier, according to its website.

<h2>Threat to Sam Bankman-Fried's life?</h2>

Meanwhile, FTX founder Sam Bankman-Fried's lawyers have claimed a security threat against the 30-year-old billionaire, after a car drove into a metal barricade outside the crypto trader’s home in California.

The billionaire’s lawyers in its filing in Manhattan federal court said that three men got out of the car and told a security officer guarding his home, "You won't be able to keep us out."

The men, who have not been identified, then got back in the car and drove away.

The lawyers, however, did not specify when the incident took place, describing it only as recent.

Their brought up the incident in the court in response to a major push from the media organisations to make public the names of two people who helped guarantee Bankman-Fried's bond alongside his parents.

<h2>FTX founder wants to start a new business</h2>

Bankman-Fried told BBC from the Bahamas that he would “give anything” to start a new business to help his customers who lost their investments.

“I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” Bankman-Fried told the BBC.

“And I think at the very least I have a duty to&nbsp;FTX&nbsp;users to do right by them as best as I can.”

(With inputs from agencies)

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Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market.

Following the footsteps of embattled FTX and BlockFi, another cryptocurrency lender Genesis Global Holdco LLC, and two of its subsidiaries have filed for bankruptcy in New York court, indicating how the crypto fall has created a ripple effect in the market. Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific, filed voluntary petitions under the bankruptcy code for with the Southern District of New York court. It, however, added that Genesis' derivatives and spot trading, broker-dealer, and custody businesses were not part of the bankruptcy process, and would continue their client trading operations. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion, and more than 100,000 creditors in its filing. In a statement, Genesis Global Holdco said that it is mulling to push for a potential sale or equitisation transaction to pay creditors, claiming that it had $150 million in cash to support the restructuring. FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent On January 12, the US Securities and Exchange Commission (SEC) charged Genesis with illegally selling securities to investors through the Earn program. Genesis brokered digital assets for financial institutions such as hedge funds and asset managers and had almost $3 billion in total active loans at the end of the third quarter, down from $11.1 billion a year earlier, according to its website. Threat to Sam Bankman-Fried's life? Meanwhile, FTX founder Sam Bankman-Fried's lawyers have claimed a security threat against the 30-year-old billionaire, after a car drove into a metal barricade outside the crypto trader’s home in California. The billionaire’s lawyers in its filing in Manhattan federal court said that three men got out of the car and told a security officer guarding his home, "You won't be able to keep us out." The men, who have not been identified, then got back in the car and drove away. The lawyers, however, did not specify when the incident took place, describing it only as recent. Their brought up the incident in the court in response to a major push from the media organisations to make public the names of two people who helped guarantee Bankman-Fried's bond alongside his parents. FTX founder wants to start a new business Bankman-Fried told BBC from the Bahamas that he would “give anything” to start a new business to help his customers who lost their investments. “I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” Bankman-Fried told the BBC. “And I think at the very least I have a duty to FTX users to do right by them as best as I can.” (With inputs from agencies) WATCH WION LIVE HERE:

Another crypto firm Genesis files for bankruptcy

&nbsp;Amazon replaced Apple as the world's top firm based on market valuation. That's despite a 15 per cent drop in its stock, with the e-commerce giant valued at $299.3 billion, according to the Brand Finance Global 500 report.&nbsp;

Apple slipped to the second spot and is now worth $297.9 billion after a 16 per cent fall in its market value. Google occupies the third spot, with its market capitalisation at $281.4 billion. &nbsp;

While the gap between these firms is only a few billion, 2023 is expected to be a tough year for the tech giants, with costs cuts including massive layoffs amidst the threat of a global recession.&nbsp;

Amazon's net worth has dipped a little over $50 billion, with the lines blurring on a rebound amidst gloomy global economic expectations and people returning to shop in person.&nbsp;Amazon's brand value has risen 36 per cent since the pandemic, with the firm expanding into new business sectors.&nbsp;

But the consultancy report showed a fall in amazon's brand strength rating as easing covid-restrictions the world over has led to shoppers returning to physical stores, weighing on online retailers.&nbsp;

The study also showed customers are now less inclined to suggest amazon to others. their view of the company's customer service has taken a hit from longer wait for deliveries.&nbsp;

On the other hand, apple's drop to the second place was primarily because of the company's projection of lower revenue from disrupted global supply chains which have resulted in a shortage of raw materials and labour.&nbsp;

While Alphabet-owned Google's net worth made it the third most valued firm, it earned the crown of being the world's strongest brand, according to the report.&nbsp;

Chinese electric vehicle maker BYD Auto emerged as the fastest-growing brand.&nbsp; 
&nbsp;

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Amazon replaced Apple as the world's top firm based on market valuation. That's despite a 15 per cent drop in its stock, with the e-commerce giant valued at $299.

Amazon replaced Apple as the world's top firm based on market valuation. That's despite a 15 per cent drop in its stock, with the e-commerce giant valued at $299.3 billion, according to the Brand Finance Global 500 report. Apple slipped to the second spot and is now worth $297.9 billion after a 16 per cent fall in its market value. Google occupies the third spot, with its market capitalisation at $281.4 billion. While the gap between these firms is only a few billion, 2023 is expected to be a tough year for the tech giants, with costs cuts including massive layoffs amidst the threat of a global recession. Amazon's net worth has dipped a little over $50 billion, with the lines blurring on a rebound amidst gloomy global economic expectations and people returning to shop in person. Amazon's brand value has risen 36 per cent since the pandemic, with the firm expanding into new business sectors. But the consultancy report showed a fall in amazon's brand strength rating as easing covid-restrictions the world over has led to shoppers returning to physical stores, weighing on online retailers. The study also showed customers are now less inclined to suggest amazon to others. their view of the company's customer service has taken a hit from longer wait for deliveries. On the other hand, apple's drop to the second place was primarily because of the company's projection of lower revenue from disrupted global supply chains which have resulted in a shortage of raw materials and labour. While Alphabet-owned Google's net worth made it the third most valued firm, it earned the crown of being the world's strongest brand, according to the report. Chinese electric vehicle maker BYD Auto emerged as the fastest-growing brand. WATCH WION LIVE HERE:

Amazon replaces Apple as the top-valued firm 

Follow for updates from the world of economy from across the world

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The Brexit immigration curbs have caused the United Kingdoms a shortfall of nearly about 330,000. The shortage is tying itself to the already existing labour fuelling inflation.

World Business Watch: Brexit fallout costs Britain 330,000 workers

According to a report on the news site Insider, Twitter is planning to lay off 50 workers from its product division in the coming weeks. The report cited two people at the firm familiar with the development.

Around six weeks back, the company's new boss, Elon Musk, had told staff that there won't be any more reduction in staff. If the social media platform goes ahead with firing more people, its headcount will reduce to under 2,000, according to the report.

Twitter hasn't commented on the report yet.

Ever since Musk took over Twitter in October for $44 billion, the company seems to be under financial distress. Musk has already said that the firm was facing "a massive drop in revenue" as advertisers dropped out.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/twitter-is-auctioning-off-an-espresso-machine-a-blue-bird-and-more-553779">Twitter is auctioning off an espresso machine, a blue bird, other corporate office assets</a>

Soon after taking over, Musk fired about 50 per cent of the staff as a cost-cutting measure. He also implemented a number of product and organisational changes. The Twitter-verified Blue check-mark was rolled out as a paid service, one of the biggest and most controversial change at the company.&nbsp;

According to a New York Times report, Twitter has stopped paying millions of dollars in rent and services.

The social media giant was evicted from&nbsp;its Seattle office as it failed to pay rent.&nbsp;Janitorial and security services were cut, and in some cases, employees were bringing their own toilet paper to the office.&nbsp;

Musk was recently also sued for failing to pay the rent of a San Francisco property as well. Workers at Twitter's Asia-Pacific headquarters in Singapore were also asked to empty their desks and work remotely due to the same reason.

A few days back, Elon Musk said he spent the "last five weeks cutting costs like crazy." Musk said he laid off staff and slashed costs to save Twitter from a $3 billion hole in its budget. Staff cuts had also happened in the content moderation division, leading to fears that hate speech might surge on the platform.

Twitter's revenue for the fourth quarter fell about 35 per cent to $1.025 billion, a top ad executive revealed at a staff meeting, online publication the Information reported on Wednesday.

(With inputs from agencies)

&nbsp;

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According to a report on the news site Insider, Twitter is planning to lay off 50 workers from its product division in the coming weeks. The report cited two people at the firm familiar with the development.

According to a report on the news site Insider, Twitter is planning to lay off 50 workers from its product division in the coming weeks. The report cited two people at the firm familiar with the development. Around six weeks back, the company's new boss, Elon Musk, had told staff that there won't be any more reduction in staff. If the social media platform goes ahead with firing more people, its headcount will reduce to under 2,000, according to the report. Twitter hasn't commented on the report yet. Ever since Musk took over Twitter in October for $44 billion, the company seems to be under financial distress. Musk has already said that the firm was facing "a massive drop in revenue" as advertisers dropped out. Also Read | Twitter is auctioning off an espresso machine, a blue bird, other corporate office assets Soon after taking over, Musk fired about 50 per cent of the staff as a cost-cutting measure. He also implemented a number of product and organisational changes. The Twitter-verified Blue check-mark was rolled out as a paid service, one of the biggest and most controversial change at the company. According to a New York Times report, Twitter has stopped paying millions of dollars in rent and services. The social media giant was evicted from its Seattle office as it failed to pay rent. Janitorial and security services were cut, and in some cases, employees were bringing their own toilet paper to the office. Musk was recently also sued for failing to pay the rent of a San Francisco property as well. Workers at Twitter's Asia-Pacific headquarters in Singapore were also asked to empty their desks and work remotely due to the same reason. A few days back, Elon Musk said he spent the "last five weeks cutting costs like crazy." Musk said he laid off staff and slashed costs to save Twitter from a $3 billion hole in its budget. Staff cuts had also happened in the content moderation division, leading to fears that hate speech might surge on the platform. Twitter's revenue for the fourth quarter fell about 35 per cent to $1.025 billion, a top ad executive revealed at a staff meeting, online publication the Information reported on Wednesday. (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.

Twitter might fire more employees in the coming weeks: Report

Chinese billionaire Hui Ka Yan's wealth has diminished to $3 billion from $42 billion in 2017-2018, Bloomberg Billionaire Index showed. The chairman of the China Evergrande Group, once the second richest person in Asia, was known to be the bridge between the Chinese elite's world of business and the country’s political power centres.

The Bloomberg Billionaire Index further showed that China’s five richest property tycoons lost about $65 billion combined in the past two years.&nbsp;

Hui Ka Yan’s lost fortune has been attributed to China’s credit crunch that made the country's real estate business the biggest casualty amid the crisis stoked by COVID-19 pandemic and Beijing’s authoritarian restrictions that choked growth of businesses in the country.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/china-evergrande-chairman-yans-hong-kong-mansion-seized-by-ccb-over-dues-530971">China: Evergrande chairman Hui Ka Yan's Hong Kong mansion seized by CCB over dues</a>

In Evergrande group, Hui Ka Yan currently helms over one of China’s biggest and most indebted real estate developers. The company has over 800 projects in more than 280 cities in China and beyond but is struggling to repay $300 billion in liabilities.

Hui Ka Yan’s lost fortune: Ditched by the Communist Party elite?

Since 2008, Hui had been part of the Chinese People’s Political Consultative Conference (CPPCC) – the upper house of Chinese Communist Party’s Politburo – consisting of a 300-member elite group with government officials and business tycoons as its members.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-chinas-evergrande-loses-770-million-in-hong-kong-deal-531789">WION Business News | China's Evergrande loses $770 million in Hong Kong deal</a>

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CPPCC acts as an advisory body to the National People’s Congress (the legislature) in Beijing. But unlike the upper houses of traditional democracies (such as India's Rajya Sabha) they are known to function as nominal bodies, rarely turning down government bills. CPPCC’s annual convention, however, provides a small but confined space for debate within Beijing’s power centres. The group dwells upon everything from political and social issues to new laws and the nation’s growth.

Hui Ka Yan excluded from CPPCC&nbsp;

Hui was told to not attend CPPCC annual convention in March 2022.&nbsp;He has now been excluded from the latest list of the individuals who will form the CPPCC for the next five years. At least five other prominent real estate industrialists were excluded from the CPPCC listing, Bloomberg reported.&nbsp;

The new CPPCC members will meet in Beijing in March for the group’s 14th National Committee.&nbsp;

President Xi Jinping’s “common prosperity” drive to redistribute wealth has led to cracks in several industries. For the real estate sector, the imposition of a strict “three red lines” policy to reduce debt has furthered a crisis that’s affecting banks, trust firms and millions of homeowners.

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Chinese billionaire Hui Ka Yan's wealth has diminished to $3 billion from $42 billion in 2017-2018, Bloomberg Billionaire Index showed. The chairman of the China Evergrande Group, once the second richest person in Asia, was known to be the bridge between the Chinese elite's world of business and the country’s political power centres.

Chinese billionaire Hui Ka Yan's wealth has diminished to $3 billion from $42 billion in 2017-2018, Bloomberg Billionaire Index showed. The chairman of the China Evergrande Group, once the second richest person in Asia, was known to be the bridge between the Chinese elite's world of business and the country’s political power centres. The Bloomberg Billionaire Index further showed that China’s five richest property tycoons lost about $65 billion combined in the past two years. Hui Ka Yan’s lost fortune has been attributed to China’s credit crunch that made the country's real estate business the biggest casualty amid the crisis stoked by COVID-19 pandemic and Beijing’s authoritarian restrictions that choked growth of businesses in the country. ALSO READ | China: Evergrande chairman Hui Ka Yan's Hong Kong mansion seized by CCB over dues In Evergrande group, Hui Ka Yan currently helms over one of China’s biggest and most indebted real estate developers. The company has over 800 projects in more than 280 cities in China and beyond but is struggling to repay $300 billion in liabilities. Hui Ka Yan’s lost fortune: Ditched by the Communist Party elite? Since 2008, Hui had been part of the Chinese People’s Political Consultative Conference (CPPCC) – the upper house of Chinese Communist Party’s Politburo – consisting of a 300-member elite group with government officials and business tycoons as its members. ALSO WATCH | WION Business News | China's Evergrande loses $770 million in Hong Kong deal × CPPCC acts as an advisory body to the National People’s Congress (the legislature) in Beijing. But unlike the upper houses of traditional democracies (such as India's Rajya Sabha) they are known to function as nominal bodies, rarely turning down government bills. CPPCC’s annual convention, however, provides a small but confined space for debate within Beijing’s power centres. The group dwells upon everything from political and social issues to new laws and the nation’s growth. Hui Ka Yan excluded from CPPCC Hui was told to not attend CPPCC annual convention in March 2022. He has now been excluded from the latest list of the individuals who will form the CPPCC for the next five years. At least five other prominent real estate industrialists were excluded from the CPPCC listing, Bloomberg reported. The new CPPCC members will meet in Beijing in March for the group’s 14th National Committee. President Xi Jinping’s “common prosperity” drive to redistribute wealth has led to cracks in several industries. For the real estate sector, the imposition of a strict “three red lines” policy to reduce debt has furthered a crisis that’s affecting banks, trust firms and millions of homeowners. 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.

Ditched by Communist Party, Chinese billionaire loses 93 per cent of his fortune

US&nbsp;authorities said on Wednesday that they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange&nbsp;Bitzlato&nbsp;Ltd for allegedly processing $700 million in illicit funds.&nbsp;Anatoly Legkodymov, a Russian national living in China, was arrested in Miami on Tuesday on charges that he operated the exchange as an unlicensed money exchange business that "in his own words, catered to 'known crooks'," a top Justice Department official said.

Prosecutors said&nbsp;Bitzlato&nbsp;exchanged more than $700 million in cryptocurrency with Hydra Market, which they described as an illicit online marketplace for narcotics, stolen financial information, fraudulent identification documents and money laundering services that US&nbsp;and German law enforcement shut down in April 2022.

"Whether you break our laws from China or Europe or abuse our financial system from a tropical island — you can expect to answer for your crimes inside a United States courtroom," Deputy Attorney General Lisa Monaco told reporters at a news conference at the Justice Department.

Bitzlato&nbsp;also received more than $15 million in ransomware proceeds, prosecutors said. It was not immediately possible to contact Hydra Market for comment.

“Despite it being a small name, it carries a lot of weight," said Chen Arad, the chief operating officer at Solidus Labs, a crypto market surveillance company.

"Small actors are not safe and they carry just as much risk as any big-name exchange (or) platform," he said.

Authorities described Legkodymov as the cryptocurrency exchange's cofounder, saying the 40-year-old Russian helped run the company from the Chinese city of Shenzhen. Legkodymov did not immediately respond to an email with questions, and messages left on&nbsp;Bitzlato's automated Telegram support chat service were answered with the phrase, "Oops, sorry."

Bitzlato&nbsp;has processed $4.58 billion worth of cryptocurrency transactions since May 3, 2018, prosecutors said, adding a substantial portion constitutes "the proceeds of crime".

It also broke rules requiring significant vetting of customers and failed to meet requirements aimed at preventing money laundering, authorities said. Archived versions of&nbsp;Bitzlato's website noted that the site's clients could register using "only your email".

Prosecutors said&nbsp;Bitzlato&nbsp;knowingly serviced US&nbsp;customers and conducted transactions with U.S.-based exchanges using US&nbsp;online infrastructure. For at least some period of time, it was being managed by the defendant while he was in the United States, they said.

The charges were filed in conjunction with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), which said it has prohibited certain transmittals of funds involving&nbsp;Bitzlato&nbsp;by any covered financial institution after labelling&nbsp;Bitzlato&nbsp;Ltd a "primary money laundering concern" related to Russian illicit finance.

"Identifying&nbsp;Bitzlato&nbsp;as a primary money laundering concern effectively renders the exchange an international pariah," Deputy Treasury Secretary Wally Adeyemo said at the news conference.

Adeyemo said&nbsp;Bitzlato&nbsp;has repeatedly facilitated transactions for Russian-affiliated ransomware groups, including the gang behind Conti, which he said has links to the Russian government and Russia-connected Dark Net markets.

Cari Stinebower, a former Treasury Department official now a partner at law firm Winston &amp; Strawn, said the penalties imposed are akin to those under Section 311 of the US&nbsp;Patriot Act and will make&nbsp;Bitzlato&nbsp;untouchable by US&nbsp;and foreign banks.

"None of the mainstream financial institutions will deal with an entity identified as a primary money laundering concern," she said.

"While US&nbsp;financial institutions will refuse to engage in business with&nbsp;Bitzlato, (one would expect that) other financial institutions will follow suit," she added. "The impact will be to freeze&nbsp;Bitzlato&nbsp;out of the global financial sector almost immediately."

By midday Wednesday,&nbsp;Bitzlato's website was replaced by a notice saying that the service had been seized by French authorities "as part of a coordinated international law enforcement action."

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US authorities said on Wednesday that they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds.

US authorities said on Wednesday that they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds. Anatoly Legkodymov, a Russian national living in China, was arrested in Miami on Tuesday on charges that he operated the exchange as an unlicensed money exchange business that "in his own words, catered to 'known crooks'," a top Justice Department official said. Prosecutors said Bitzlato exchanged more than $700 million in cryptocurrency with Hydra Market, which they described as an illicit online marketplace for narcotics, stolen financial information, fraudulent identification documents and money laundering services that US and German law enforcement shut down in April 2022. "Whether you break our laws from China or Europe or abuse our financial system from a tropical island — you can expect to answer for your crimes inside a United States courtroom," Deputy Attorney General Lisa Monaco told reporters at a news conference at the Justice Department. Bitzlato also received more than $15 million in ransomware proceeds, prosecutors said. It was not immediately possible to contact Hydra Market for comment. “Despite it being a small name, it carries a lot of weight," said Chen Arad, the chief operating officer at Solidus Labs, a crypto market surveillance company. "Small actors are not safe and they carry just as much risk as any big-name exchange (or) platform," he said. Authorities described Legkodymov as the cryptocurrency exchange's cofounder, saying the 40-year-old Russian helped run the company from the Chinese city of Shenzhen. Legkodymov did not immediately respond to an email with questions, and messages left on Bitzlato's automated Telegram support chat service were answered with the phrase, "Oops, sorry." Bitzlato has processed $4.58 billion worth of cryptocurrency transactions since May 3, 2018, prosecutors said, adding a substantial portion constitutes "the proceeds of crime". It also broke rules requiring significant vetting of customers and failed to meet requirements aimed at preventing money laundering, authorities said. Archived versions of Bitzlato's website noted that the site's clients could register using "only your email". Prosecutors said Bitzlato knowingly serviced US customers and conducted transactions with U.S.-based exchanges using US online infrastructure. For at least some period of time, it was being managed by the defendant while he was in the United States, they said. The charges were filed in conjunction with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), which said it has prohibited certain transmittals of funds involving Bitzlato by any covered financial institution after labelling Bitzlato Ltd a "primary money laundering concern" related to Russian illicit finance. "Identifying Bitzlato as a primary money laundering concern effectively renders the exchange an international pariah," Deputy Treasury Secretary Wally Adeyemo said at the news conference. Adeyemo said Bitzlato has repeatedly facilitated transactions for Russian-affiliated ransomware groups, including the gang behind Conti, which he said has links to the Russian government and Russia-connected Dark Net markets. Cari Stinebower, a former Treasury Department official now a partner at law firm Winston & Strawn, said the penalties imposed are akin to those under Section 311 of the US Patriot Act and will make Bitzlato untouchable by US and foreign banks. "None of the mainstream financial institutions will deal with an entity identified as a primary money laundering concern," she said. "While US financial institutions will refuse to engage in business with Bitzlato, (one would expect that) other financial institutions will follow suit," she added. "The impact will be to freeze Bitzlato out of the global financial sector almost immediately." By midday Wednesday, Bitzlato's website was replaced by a notice saying that the service had been seized by French authorities "as part of a coordinated international law enforcement action." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US arrests crypto exchange Bitzlato cofounder on charges of laundering $700 million illicit funds

Champagne sales in 2022 reached a record high of more than 6.5 billion USD,&nbsp;primarily due to the fading Covid pandemic, as per industry experts.&nbsp;As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes.

In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP.&nbsp;

At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles.

Also read |&nbsp;<a href="https://www.wionews.com/trending/two-drinks-per-week-dry-january-canadas-new-recommendation-for-alcohol-consumption-553862/amp">Two drinks per week, dry January: Canada's new recommendation for alcohol consumption</a>

While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles.

Exports now make up 57 per cent&nbsp;of sales, compared to 45 per cent&nbsp;a decade earlier, as reported by AFP.&nbsp;

Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect.

(With inputs from agencies)

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Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.

Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes. In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP. At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles. Also read | Two drinks per week, dry January: Canada's new recommendation for alcohol consumption While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles. Exports now make up 57 per cent of sales, compared to 45 per cent a decade earlier, as reported by AFP. Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect. (With inputs from agencies) WATCH WION LIVE HERE:

Champagne sales hit record high in 2022; growth attributed to waning Covid

Follow for all the updates from the World Economic Forum meeting in Davos 2023

World economy LIVE Updates | UK inflation slows in December but is still at high levels

With the number one cryptocurrency, Bitcoin, clocking at 26% increase in Ether, rising by about 29%. The value of the overall global cryptocurrency market is now again over one Trillion dollars after the big crypto crash last year.

Cryptoverse looks at good start to the year, Bitcoin jumps 26% in January

Activist investor Ryan Cohen likely to be in conflict with Beijing after taking on Alibaba group, the billionaire is popular among the meme crowd after he forced his way onto the GameStop board.

Activist investor Ryan Cohen likely to be in conflict with Beijing after taking on Alibaba group

India's automobile giant Maruti Suzuki on Wednesday said that it is recalling over 17,000&nbsp;vehicles manufactured between 08 December 2022 and January 12, 2023, over a possible defect in its airbag controller.&nbsp;&nbsp;

The company in its statement said, "the Company has announced to recall a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January, 2023. The affected models are Alto K10, S-Presso, Eeco,Brezza, Baleno and Grand Vitara."&nbsp;

<a href="https://www.wionews.com//business-economy/japanese-automaker-subaru-recalls-271000-vehicles-over-high-risk-of-combustion-542979">Also read |&nbsp;Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners</a>

The statement further added that the recall is being undertaken to inspect and replace the Airbag Controller (affected part) free of cost in case of defects, Mint reported.

The company said that if there is any defect, it might result in the non-deployment of the airbags and seat belt pretensioners at the time of a car crash.&nbsp;

The affected customers will be contacted by the automobile giant for authorised workshops and action. As of now, they are advised to not drive or use their respective vehicles till the affected part is replaced.&nbsp;

The recall comes after Maruti Suzuki India on Monday announced that it has increased the prices of its vehicles by almost 1.1 per cent. This is the second price hike undertaken by the carmaker in the ongoing fiscal year.&nbsp;

<a href="https://www.wionews.com/business-economy/after-japans-subaru-now-us-general-motors-recalls-825000-trucks-and-suvs-543231">Also read |&nbsp;After Japan's Subaru, now US' General Motors recalls 825,000 trucks and SUVs</a>

Similarly, Japanese automaker Subaru and US General Motors also recalled thousands of vehicles with suspected defects in the cars.&nbsp;

Subaru recalled some 271,000 vehicles over the high risk of fire.&nbsp;

The US's&nbsp;largest automobile manufacturer, General Motors recalled almost 825,000 vehicles, 740,000 from US and 85,000 from Canada over headlight issues.

(With inputs from agencies)&nbsp;

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India's automobile giant Maruti Suzuki on Wednesday said that it is recalling over 17,000 vehicles manufactured between 08 December 2022 and January 12, 2023, over a possible defect in its airbag controller.

India's automobile giant Maruti Suzuki on Wednesday said that it is recalling over 17,000 vehicles manufactured between 08 December 2022 and January 12, 2023, over a possible defect in its airbag controller. The company in its statement said, "the Company has announced to recall a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January, 2023. The affected models are Alto K10, S-Presso, Eeco,Brezza, Baleno and Grand Vitara." Also read | Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners The statement further added that the recall is being undertaken to inspect and replace the Airbag Controller (affected part) free of cost in case of defects, Mint reported. The company said that if there is any defect, it might result in the non-deployment of the airbags and seat belt pretensioners at the time of a car crash. The affected customers will be contacted by the automobile giant for authorised workshops and action. As of now, they are advised to not drive or use their respective vehicles till the affected part is replaced. The recall comes after Maruti Suzuki India on Monday announced that it has increased the prices of its vehicles by almost 1.1 per cent. This is the second price hike undertaken by the carmaker in the ongoing fiscal year. Also read | After Japan's Subaru, now US' General Motors recalls 825,000 trucks and SUVs Similarly, Japanese automaker Subaru and US General Motors also recalled thousands of vehicles with suspected defects in the cars. Subaru recalled some 271,000 vehicles over the high risk of fire. The US's largest automobile manufacturer, General Motors recalled almost 825,000 vehicles, 740,000 from US and 85,000 from Canada over headlight issues. (With inputs from agencies) WATCH WION LIVE HERE

India's Maruti Suzuki recalls more than 17,000 vehicles over possible airbag controller defect

Tesla is in trouble for a 2016 video by Tesla showcasing its self-driving technology has come into question after senior engineer's testimony claiming that the video was staged. The video is still available on Tesla's website shows the car navigating itself while the driver is seen not doing anything.

World Business Watch | Tesla under investigation: Video on self-driving staged, testifies engineer

Streaming platform Netflix is all set to record its lowest quarterly revenue growth this Thursday as its ad supported plan struggles to attract customers in the saturating US market. The situation is adding pressure on the company to pull back on content.

Netflix set for its slowest revenue growth, company records 4.5 million subscribers in Q4

As the company traded ex-dividend on Monday, January 16, TCS's share price fell 2% in early morning dealings. The largest IT business in India saw its shares trade at Rs 3304 a share at 9:25 AM, down Rs 70 or 2.06%. A stock trades without the benefit of a dividend or any other company action on the ex-date.&nbsp;Check TCS share price NSE, record date, payment date, dividend history and everything you need to know. Also know about the Q3 results, target 2023 and share price history.&nbsp;

<h2>TCS Dividend Per Share&nbsp;&nbsp;</h2>

TCS announced a special dividend of Rs 67 per equity share of Re 1 and a third interim dividend of Rs 8 along with its Q3FY23 results. It indicates that TCS would give its stockholders a dividend of Rs. 75. The company in an exchange filing earlier said that they would like to inform everyone that at the Board Meeting the directors have declared a third interim dividend of Rs 8 and a special dividend of Rs 67 per Equity Share of Re 1 each of the company.&nbsp;

<h2>TCS Dividend Record Date 2023</h2>

For the payment of the interim dividend and special dividend, TCS has established a fixed record date. The record date for assessing a shareholder's eligibility for the payment of Rs 75 in dividends is January 17, 2023, according to data on the BSE website. The company in its exchange filing said that the third interim dividend and the special dividend shall be paid on Friday, February 3, 2023, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Tuesday, January 17, 2023, which is the Record Date fixed for the purpose.&nbsp;

<h2>TCS Dividend Payment Date</h2>

On the day of payment, the dividend sum will be instantly credited to the shareholders' bank accounts that are connected to their Demat accounts. It will be paid on February 3, 2023. The company said that the third interim dividend and the special dividend shall be paid on Friday, February 3, 2023, to the equity shareholders of the Company, "the company said.

<h2>TCS Q3 Results</h2>

TCS reported an 11% increase in net profit for the December quarter to Rs 10,846 crore, driven by overall growth and favourable foreign exchange rates. In the prior fiscal year, the Tata Group firm generated a post-tax net profit of Rs 9,769 crore.

<h2>TCS Target 2023</h2>

<img alt="TCS target " data-entity-type="file" data-entity-uuid="0daa17c4-10d1-4e99-907b-a2edf593dadb" src="//cdn.wionews.com/sites/default/files/inline-images/TCSSS_0.png" />

<h2>TCS Share Price History NSE</h2>

TCS shares have given investors a return of almost 8% during the last six months. The 52-week range for the stock is between Rs. 4,043.00 and Rs. 2,926.10. At the current market price, the business has a market capitalization of Rs. 12.14 lakh crore.

As the company traded ex-dividend on Monday, January 16, TCS's share price fell 2% in early morning dealings. The largest IT business in India saw its shares trade at Rs 3304 a share at 9:25 AM, down Rs 70 or 2.

As the company traded ex-dividend on Monday, January 16, TCS's share price fell 2% in early morning dealings. The largest IT business in India saw its shares trade at Rs 3304 a share at 9:25 AM, down Rs 70 or 2.06%. A stock trades without the benefit of a dividend or any other company action on the ex-date. Check TCS share price NSE, record date, payment date, dividend history and everything you need to know. Also know about the Q3 results, target 2023 and share price history. TCS Dividend Per Share TCS announced a special dividend of Rs 67 per equity share of Re 1 and a third interim dividend of Rs 8 along with its Q3FY23 results. It indicates that TCS would give its stockholders a dividend of Rs. 75. The company in an exchange filing earlier said that they would like to inform everyone that at the Board Meeting the directors have declared a third interim dividend of Rs 8 and a special dividend of Rs 67 per Equity Share of Re 1 each of the company. TCS Dividend Record Date 2023 For the payment of the interim dividend and special dividend, TCS has established a fixed record date. The record date for assessing a shareholder's eligibility for the payment of Rs 75 in dividends is January 17, 2023, according to data on the BSE website. The company in its exchange filing said that the third interim dividend and the special dividend shall be paid on Friday, February 3, 2023, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Tuesday, January 17, 2023, which is the Record Date fixed for the purpose. TCS Dividend Payment Date On the day of payment, the dividend sum will be instantly credited to the shareholders' bank accounts that are connected to their Demat accounts. It will be paid on February 3, 2023. The company said that the third interim dividend and the special dividend shall be paid on Friday, February 3, 2023, to the equity shareholders of the Company, "the company said. TCS Q3 Results TCS reported an 11% increase in net profit for the December quarter to Rs 10,846 crore, driven by overall growth and favourable foreign exchange rates. In the prior fiscal year, the Tata Group firm generated a post-tax net profit of Rs 9,769 crore. TCS Target 2023 TCS Share Price History NSE TCS shares have given investors a return of almost 8% during the last six months. The 52-week range for the stock is between Rs. 4,043.00 and Rs. 2,926.10. At the current market price, the business has a market capitalization of Rs. 12.14 lakh crore.

TCS dividend 2023 date: TCS share price NSE, record date, payment date, dividend history all you need to know

Crypto exchange FTX, that has declared itself bankrupt, has told creditors in a report that about $415 million in cryptocurrency had been stolen in hacks. It said Tuesday that while it recovered over $5 billion in crypto, cash and liquid securities, significant shortfalls at both its international and US crypto exchanges still remain.

Blaming the shortfall to hacks, FTX said that $323 million in crypto had been hacked from FTX's international exchange and $90 million from its US exchange since it filed for bankruptcy on November 11.

However, indicted founder Sam Bankman-Fried challenged certain portions of the company's report in a blog post.

He wrote that the company's lawyers at Sullivan &amp; Cromwell had presented an "extremely misleading" picture of the company's finances and that the company has more than enough money to repay US customers.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

According to him, the customers are owed anywhere between $181 million and $497 million. Bankman-Fried doesn't have access to FTX records since stepping down as CEO in November.

Notably, he is accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty to fraud charges, and he is scheduled to face trial in October.

Sullivan and Cromwell have declined to comment on the matter. A court filing by the attorneys says that Bankman-Fried's efforts to stay involved in the company's bankruptcy proceedings were turned down by the firm.

FTX further informed that it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency and $300 million in liquid securities.

"We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information," attorney and CEO of the firm John Ray said in a statement.

The crypto assets recovered to date include $685 million in Solana, $529 million in FTX's proprietary FTT token and $268 million in bitcoin, based on crypto prices on Nov. 11, 2022.&nbsp;

(With inputs from agencies)

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Crypto exchange FTX, that has declared itself bankrupt, has told creditors in a report that about $415 million in cryptocurrency had been stolen in hacks. It said Tuesday that while it recovered over $5 billion in crypto, cash and liquid securities, significant shortfalls at both its international and US crypto exchanges still remain.

Crypto exchange FTX, that has declared itself bankrupt, has told creditors in a report that about $415 million in cryptocurrency had been stolen in hacks. It said Tuesday that while it recovered over $5 billion in crypto, cash and liquid securities, significant shortfalls at both its international and US crypto exchanges still remain. Blaming the shortfall to hacks, FTX said that $323 million in crypto had been hacked from FTX's international exchange and $90 million from its US exchange since it filed for bankruptcy on November 11. However, indicted founder Sam Bankman-Fried challenged certain portions of the company's report in a blog post. He wrote that the company's lawyers at Sullivan & Cromwell had presented an "extremely misleading" picture of the company's finances and that the company has more than enough money to repay US customers. Also Read | How a secret software code change allowed FTX to (mis)use client money According to him, the customers are owed anywhere between $181 million and $497 million. Bankman-Fried doesn't have access to FTX records since stepping down as CEO in November. Notably, he is accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty to fraud charges, and he is scheduled to face trial in October. Sullivan and Cromwell have declined to comment on the matter. A court filing by the attorneys says that Bankman-Fried's efforts to stay involved in the company's bankruptcy proceedings were turned down by the firm. FTX further informed that it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency and $300 million in liquid securities. "We are making progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information," attorney and CEO of the firm John Ray said in a statement. The crypto assets recovered to date include $685 million in Solana, $529 million in FTX's proprietary FTT token and $268 million in bitcoin, based on crypto prices on Nov. 11, 2022. (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.

FTX says crypto worth $415 million hacked, Bankman-Fried refutes claims

Test test test story

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply.&nbsp;

The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.”&nbsp;This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/russian-oil-continues-to-flow-in-britain-western-hypocrisy-536228">Russian oil continues to flow in Britain | Western Hypocrisy</a>

However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd.

“Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-decision-of-output-cut-not-aimed-against-us-says-saudi-arabia-525212">OPEC decision of output cut not aimed against US, says Saudi Arabia</a>

However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil.&nbsp;

“The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters.&nbsp;The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd.&nbsp;

(With inputs from agencies)&nbsp; 
 
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According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy.

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply. The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.” This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent. ALSO WATCH: Russian oil continues to flow in Britain | Western Hypocrisy However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd. “Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place. ALSO READ | OPEC decision of output cut not aimed against US, says Saudi Arabia However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil. “The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters. The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd. (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.

Global oil demand to reach an all-time high this year as China re-opens, says IEA

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said.

&nbsp;Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions.

The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software.

Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis.&nbsp;According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP.

The Washington-based company, which according to industry experts&nbsp;employs over 220,000 people, reduced its workforce twice last year.

"Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-tesla-trial-for-alleged-fraud-over-funding-secured-tweet-begins-553631">Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins</a>

Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors.

"Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote.

Also watch |&nbsp;World Business Watch: Tesla under fire in Germany over union concerns on working hours

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Early in January, the online retail giant&nbsp;Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic.

The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta.

(With inputs from agencies)

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Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said. Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions. The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software. Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis. According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP. The Washington-based company, which according to industry experts employs over 220,000 people, reduced its workforce twice last year. "Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors. Also read | Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors. "Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote. Also watch | World Business Watch: Tesla under fire in Germany over union concerns on working hours Early in January, the online retail giant Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic. The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft to fire 10,000 people as tech layoffs intensify

As many as 113 companies across the world have laid off employees since the beginning of this year with <a href="https://www.wionews.com/business-economy/microsoft-to-start-laying-off-employees-from-today-report-553642">Microsoft Corporation becoming the latest to do so</a>. Microsoft said it would&nbsp;cut 10,000 jobs by the end of third quarter of fiscal 2023.&nbsp;The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, the software giant added.&nbsp;

Not just in technology, companies (some of them from India and the United States as well) in other sectors have also laid off their employees since this year started, according to data published by Layoffs.fyi

Here's a list of some of the companies:&nbsp;

&gt; Go Mechanic: A car repair startup in India- Go Mechanic will layoff 70 per cent of its workforce. In a LinkedIn post, Go Mechanic's cofounder Amit Bhasin said, "We made errors in judgement as we followed growth at all costs, including in regard to financial reporting, which we deeply regret." Bhasin said the restructuring is going to be painful, adding a third-party firm will be carrying out an audit of the business.&nbsp;

&gt; Unity Software: Unity Software — a video game software development company based in San Francisco, United States, said that it would lay off 284 employees. The company said that some of the employees losing their jobs might be hired for other positions if they apply for openings, the Wall Street Journal reported. Unity Software's chief executive officer (CEO) John Riccitiello told the business newspaper that the company was dealing very specifically with overlap and a handful of projects are going in the closet. In June last year, the company had cut around 225 jobs.&nbsp;

&gt; ShareChat: Indian social media platform ShareChat — which is backed by Twitter, and Google, has laid off 20 per cent of its workforce because of uncertain market conditions. ShareChat has around 2,300 employees and the layoff would affect 500 people, news agency IANS reported citing other media reports. The company has announced a financial package for those affected by the layoff. "We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," Ankush Sachdeva, the co-founder and CEO of the company, said in a note to the employees.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/software-developer-wins-top-jobs-of-2023-despite-massive-layoffs-report-551055">'Software developer' wins top jobs of 2023, despite massive layoffs: Report</a>

&gt; LendingClub: San Francisco-based financial services company LendingClub announced on January 12 that it laid off 14% of its workforce, or 225 employees, expecting the job cuts to result in savings of nearly $25 million to $30 million this year. On January 25, LendingClub will report fourth quarter and full-year 2022 earnings. A report by the news agency Reuters last week said the company expects revenue to be between $260 million and $263 million and a net income in the range of $21 million and $24 million for the fourth quarter.

&gt; Ola: As many as 200 employees from Indian multinational ridesharing company Ola were fired as part of a restructuring exercise. The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals across streams.&nbsp;

&gt; Flexport: American supply chain software startup Flexport is laying off 20% of its workforce or 640 employees. A memo by co-chief executive officers (CEOs) Dave Clark and Ryan Peterson said, "We are overall in a good position but are not immune to the macroeconomic downturn that has impacted businesses around the world. Our customers have been impacted by these challenging conditions, resulting in a reduction to our volume forecasts through 2023." CNBC reported on January 11 that the memo added that lower volumes, combined with improved efficiencies as a result of new organizational and operational structures, meant it was overstaffed in a variety of roles.&nbsp;

&gt; Dunzo: Quick-grocery delivery provider in India — Dunzo announced on Monday (January 16) that it has laid off three per cent of its workforce amidst cost-cutting measures. The company's co-founder and CEO Kabeer Biswas told IANS they were looking at team structures and network design to build efficiency into our teams. "We had to part ways with 3 per cent of our team strength. Whatever the numbers, these are people who chose to build their careers with Dunzo, and it is sad to have talented colleagues leave us," Biswas said.&nbsp; 
&nbsp;

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As many as 113 companies across the world have laid off employees since the beginning of this year with Microsoft Corporation becoming the latest to do so. Microsoft said it would cut 10,000 jobs by the end of third quarter of fiscal 2023.

As many as 113 companies across the world have laid off employees since the beginning of this year with Microsoft Corporation becoming the latest to do so. Microsoft said it would cut 10,000 jobs by the end of third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, the software giant added. Not just in technology, companies (some of them from India and the United States as well) in other sectors have also laid off their employees since this year started, according to data published by Layoffs.fyi Here's a list of some of the companies: > Go Mechanic: A car repair startup in India- Go Mechanic will layoff 70 per cent of its workforce. In a LinkedIn post, Go Mechanic's cofounder Amit Bhasin said, "We made errors in judgement as we followed growth at all costs, including in regard to financial reporting, which we deeply regret." Bhasin said the restructuring is going to be painful, adding a third-party firm will be carrying out an audit of the business. > Unity Software: Unity Software — a video game software development company based in San Francisco, United States, said that it would lay off 284 employees. The company said that some of the employees losing their jobs might be hired for other positions if they apply for openings, the Wall Street Journal reported. Unity Software's chief executive officer (CEO) John Riccitiello told the business newspaper that the company was dealing very specifically with overlap and a handful of projects are going in the closet. In June last year, the company had cut around 225 jobs. > ShareChat: Indian social media platform ShareChat — which is backed by Twitter, and Google, has laid off 20 per cent of its workforce because of uncertain market conditions. ShareChat has around 2,300 employees and the layoff would affect 500 people, news agency IANS reported citing other media reports. The company has announced a financial package for those affected by the layoff. "We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," Ankush Sachdeva, the co-founder and CEO of the company, said in a note to the employees. ALSO READ | 'Software developer' wins top jobs of 2023, despite massive layoffs: Report > LendingClub: San Francisco-based financial services company LendingClub announced on January 12 that it laid off 14% of its workforce, or 225 employees, expecting the job cuts to result in savings of nearly $25 million to $30 million this year. On January 25, LendingClub will report fourth quarter and full-year 2022 earnings. A report by the news agency Reuters last week said the company expects revenue to be between $260 million and $263 million and a net income in the range of $21 million and $24 million for the fourth quarter. > Ola: As many as 200 employees from Indian multinational ridesharing company Ola were fired as part of a restructuring exercise. The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals across streams. > Flexport: American supply chain software startup Flexport is laying off 20% of its workforce or 640 employees. A memo by co-chief executive officers (CEOs) Dave Clark and Ryan Peterson said, "We are overall in a good position but are not immune to the macroeconomic downturn that has impacted businesses around the world. Our customers have been impacted by these challenging conditions, resulting in a reduction to our volume forecasts through 2023." CNBC reported on January 11 that the memo added that lower volumes, combined with improved efficiencies as a result of new organizational and operational structures, meant it was overstaffed in a variety of roles. > Dunzo: Quick-grocery delivery provider in India — Dunzo announced on Monday (January 16) that it has laid off three per cent of its workforce amidst cost-cutting measures. The company's co-founder and CEO Kabeer Biswas told IANS they were looking at team structures and network design to build efficiency into our teams. "We had to part ways with 3 per cent of our team strength. Whatever the numbers, these are people who chose to build their careers with Dunzo, and it is sad to have talented colleagues leave us," Biswas said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: With Microsoft latest to lay off staff, here's why mass firings are becoming the norm  

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.&nbsp;As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November.

Watch |&nbsp;Nurses and ambulance workers strike in UK over pay hike

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Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector.

Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/economy/uk-inflation-dips-from-41-year-high-but-food-prices-continue-to-rise-542994">UK inflation declines from 41-year high but food prices continue the upswing</a>

Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.

However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-23000-schools-across-uk-to-be-affected-as-teacher-announce-a-strike-heres-all-you-need-to-know-553439">Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know</a>

However, there was a drop in the number of people out of a job for more than a year.

As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised”

“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added.

(With inputs from agencies)

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The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind. As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November. Watch | Nurses and ambulance workers strike in UK over pay hike Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector. Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall. Also read | UK inflation declines from 41-year high but food prices continue the upswing Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce. However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years. Also read | Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know However, there was a drop in the number of people out of a job for more than a year. As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised” “The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009

&nbsp;Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday.&nbsp;

GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.&nbsp; As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees.&nbsp;

Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures.&nbsp;The company's investors were informed of the major errors in its financial reporting recently.&nbsp;

A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.”&nbsp;

The remaining staff will work without pay for the next three months, said the automobile after-sales service startup.&nbsp;

Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop.&nbsp; A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting.&nbsp;

GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories.&nbsp;It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa.&nbsp;

Now to survive, the startup needs to raise money, with about a third of its debts due soon.&nbsp;

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Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.

Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports. As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees. Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures. The company's investors were informed of the major errors in its financial reporting recently. A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.” The remaining staff will work without pay for the next three months, said the automobile after-sales service startup. Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop. A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting. GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories. It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa. Now to survive, the startup needs to raise money, with about a third of its debts due soon. WATCH WION LIVE HERE:

GoMechanic founder admits to cooking books, lays off 70% of its staff 

Twitter is auctioning off &nbsp;“surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm. The 27-hour online auction has been organised by Heritage Global Partners Inc.&nbsp;A total of 631 lots are up for auction and include both regular stuff and some pretty expensive items. There is kitchenware typically used at the industrial level and basic office furniture like whiteboards and desks. You can also get your hands on signage, such as a neon logo, and more than 100 boxes of KN95 masks.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-makes-use-of-elon-musks-twitter-paid-verification-553369">Elon Musk's Twitter removes paid verification feature of Taliban after outrage</a>

There are also designer chairs, coffee machines, iMacs and even stationary bike stations where you can charge appliances.

Starting bid&nbsp;of most items has been set at US$25. This includes a big blue bird statue and a planter in the shape of "@" symbol. There are 20 hours left in the auction, with the neon logo having received 64 bids valuing it at US$17,500, the highest current bid of the lot.&nbsp;

The bird statue had 55 bids and it is currently valued at US$16,000. The “@” sculpture had 52 bids at a value of US$4,100.

Elon Musk, who spent $44 billion to acquire the company, has been trying to reduce running costs of the firm and has implemented jobcuts. He has also been sued for failing to pay the rent of a San Francisco address. The staff at Twitter's Asia-Pacific base in Singapore have also been asked to shift to working from home.

However, organisers of the auction say that the sale is not intended to raise money. A representative of Heritage Global Partners had told Fortune magazine last month that “this auction has nothing to do with their financial position”.&nbsp;

(With inputs from agencies)

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Twitter is auctioning off “surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm.

Twitter is auctioning off “surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm. The 27-hour online auction has been organised by Heritage Global Partners Inc. A total of 631 lots are up for auction and include both regular stuff and some pretty expensive items. There is kitchenware typically used at the industrial level and basic office furniture like whiteboards and desks. You can also get your hands on signage, such as a neon logo, and more than 100 boxes of KN95 masks. Also Read | Elon Musk's Twitter removes paid verification feature of Taliban after outrage There are also designer chairs, coffee machines, iMacs and even stationary bike stations where you can charge appliances. Starting bid of most items has been set at US$25. This includes a big blue bird statue and a planter in the shape of "@" symbol. There are 20 hours left in the auction, with the neon logo having received 64 bids valuing it at US$17,500, the highest current bid of the lot. The bird statue had 55 bids and it is currently valued at US$16,000. The “@” sculpture had 52 bids at a value of US$4,100. Elon Musk, who spent $44 billion to acquire the company, has been trying to reduce running costs of the firm and has implemented jobcuts. He has also been sued for failing to pay the rent of a San Francisco address. The staff at Twitter's Asia-Pacific base in Singapore have also been asked to shift to working from home. However, organisers of the auction say that the sale is not intended to raise money. A representative of Heritage Global Partners had told Fortune magazine last month that “this auction has nothing to do with their financial position”. (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.

Twitter is auctioning off an espresso machine, a blue bird, other corporate office assets