Brendan Taylor overtakes Andy Flower to become Zimbabwe’s leading ODI run-scorer

What is the real meaning behind Pete Hegseth's tattoos?

Kenyan cult leader found guilty over starvation deaths of nearly 200 children

Flying car race: Alef Aeronautics welcomes Tesla Roadster '11 years' later, but are the two models the same?

France is burning. Trump blames immigrants. But who is answering Europe's real questions? | The Verdict

Shastri backs Shami comeback; lauds Bhuvi and warns Bumrah on format workload ahead of World Cup

Netanyahu rival Benny Gantz quits Israel election race, vows to push for unity government

US Midterm 2026: What do opinion polls and prediction markets say less than two weeks before voting

WATCH | Albania protesters set Supreme Court on fire as anti-Rama riots escalate

Trump Commerce Secretary Howard Lutnick’s family fortune more than doubles to $7.3 billion, outpacing his boss

Pete Hegseth meets Benjamin Netanyahu during unannounced visit to Israel ahead of election

Ghaziabad is world's fastest-growing city; Surat, Patna, Rajkot also feature on list

‘Spare India from anarchy’: Over 400 Indian-origin academics from MIT, Oxford condemn anti-CEC protests

WATCH | Japan launches historic mission to collect samples from Mars' moon Phobos

Pakistan betrays Iran, shuts border, trade as Trump moves towards new war

PCB omits Atherton, Hussain from tri-series commentary panel over Imran Khan interview row

Trump calls on New Mexico to become 'New America', claims 'home values and incomes would rise'

US Congressman Raja Krishnamoorthi describes foiled temple attack as ‘divine intervention’, criticises Vance and MAGA rhetoric

Girl 'dead' for 8 hours wakes up at her own funeral, dad insists she wasn't breathing

Pujara says 'Samson and Vaibhav cannot be in Playing XI' for India on NZ tour

One dead after shooting near mosque in Columbus, Ohio. Here's what we know so far

Watch: Trump predicts Netanyahu’s victory, says ‘You’re the man I want by my side’

New OTT releases this week (October 19-25, 2026): Gajab Raat to Chaar Yaar-8 titles to watch during Dussehra week on Netflix, Prime Video and more

Baby orangutan rescued in India returns to Indonesia

India moves to buy 10,000 more AI chips for a national compute pool open to startups

'Whatever I can do to end this war': Trump floats China Summit with Putin and Xi, questions Zelensky's role in peace talks

'Paris is going to be a Muslim city very soon': Trump blames immigration for France unrest, urges Macron to tighten border policies

WATCH | Viral video shows woman jogging past burning barricade amid Paris unrest, sparks online debate

'We feel like Mr India': Gujarat’s undercover SHE team guard garba nights at Navratri

Cattle-feed bran in biscuits, detergent in milk: FSSAI acts against 3 companies

'It's a joy to see the makers bring it on such a grand scale': SS Rajamouli on Ramayana

Priest dies after crucifix falls on his head during livestreamed Mass in Ecuador | VIDEO

Ramayana advance booking: Ranbir Kapoor, Yash's film cross $500K ahead of Diwali release

US midterm elections 2026: Early voting picks up pace ahead of November 3 polls

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce. According to a report by Bloomberg, Dell’s Co-Chief Operating Officer, Jeff Clarke claimed that the company is facing tough market conditions with an uncertain future.&nbsp;

Clarke said, "The company is experiencing market conditions that continue to erode with an uncertain future."

"We’ve navigated economic downturns before and we've emerged stronger," Clarke wrote in his note to employees. "We will be ready when the market rebounds." The company had announced a similar layoff in 2020 when the Covid-19 pandemic had hit."

The announcement by Dell adds it to the growing list of tech companies like Google, Amazon, Meta, and Twitter that have been forced to make a similarly tough decision due to the economic impact of the pandemic. The tech sector which was once considered the most reliable source of employment has now been stuck in troubled waters. Even big-tech companies are now grappling with the balancing act of cost-cutting measures with the need to remain competitive.

Industry analyst International Data Corporation (IDC) said preliminary data show personal computer shipments dropped sharply in the fourth quarter of 2022. Among major companies, Dell saw the largest decline with 37 per cent as compared with the same period in 2021, according to IDC. Dell generates about 55 per cent of its revenue from PCs.

<h2>Google, Amazon, HP, and Cisco layoffs&nbsp;</h2>

Earlier in November, Dell’s rival PC brand, HP also announced that it will be laying off around 6,000 employees over the next three years. HP also acknowledged that the fall in PC demand was the primary reason for taking this step. Cisco Systems Inc. and International Business Machines Corp. had also said that they would eliminate about 4,000 workers each.

The tech sector announced 97,171 job cuts in the year 2022, which is up from 649 per cent compared to the previous year.&nbsp;

Google also laid off 12,000 employees in January and Amazon decided to lay off 18,00 employees instead of the previous estimates of 10,000. These layoffs are hurting migrants even more as popular pathways like H1B visas in the US need an employer to stay relevant. The fired employees get a grace period of 60 days to either apply via another employer or leave the country.&nbsp;

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce.

Tech layoffs: Dell Technologies Inc became the latest tech company to announce layoffs. It has said that it is planning to eliminate about 6,650 jobs which is about 5 per cent of its total global workforce. According to a report by Bloomberg, Dell’s Co-Chief Operating Officer, Jeff Clarke claimed that the company is facing tough market conditions with an uncertain future. Clarke said, "The company is experiencing market conditions that continue to erode with an uncertain future." "We’ve navigated economic downturns before and we've emerged stronger," Clarke wrote in his note to employees. "We will be ready when the market rebounds." The company had announced a similar layoff in 2020 when the Covid-19 pandemic had hit." The announcement by Dell adds it to the growing list of tech companies like Google, Amazon, Meta, and Twitter that have been forced to make a similarly tough decision due to the economic impact of the pandemic. The tech sector which was once considered the most reliable source of employment has now been stuck in troubled waters. Even big-tech companies are now grappling with the balancing act of cost-cutting measures with the need to remain competitive. Industry analyst International Data Corporation (IDC) said preliminary data show personal computer shipments dropped sharply in the fourth quarter of 2022. Among major companies, Dell saw the largest decline with 37 per cent as compared with the same period in 2021, according to IDC. Dell generates about 55 per cent of its revenue from PCs. Google, Amazon, HP, and Cisco layoffs Earlier in November, Dell’s rival PC brand, HP also announced that it will be laying off around 6,000 employees over the next three years. HP also acknowledged that the fall in PC demand was the primary reason for taking this step. Cisco Systems Inc. and International Business Machines Corp. had also said that they would eliminate about 4,000 workers each. The tech sector announced 97,171 job cuts in the year 2022, which is up from 649 per cent compared to the previous year. Google also laid off 12,000 employees in January and Amazon decided to lay off 18,00 employees instead of the previous estimates of 10,000. These layoffs are hurting migrants even more as popular pathways like H1B visas in the US need an employer to stay relevant. The fired employees get a grace period of 60 days to either apply via another employer or leave the country.

Tech layoffs 2023: Dell to lay off 6,500 employees, cut 5% of its global workforce amid 'uncertain future'

Renault's board (RENA.PA) voted in favour to reshape the French carmaker's alliance with its Japanese partner Nissan (7201.T). Watch video to know more.

Renault board backs plans to reshape alliance with Nissan

The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other.&nbsp;According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL).

The Directorate of Revenue Intelligence has challenged CESTAT order, which had quashed the over-invoicing case alleged by the DRI against the three of Adani’s subsidiaries.

Between July and August, the Mumbai bench of the CESTAT granted relief to Adani’s subsidiaries.

According to the court filings, the DRI filed a civil appeal in the apex court against the CESTAT order on APML and APRL in November.

The Hindenburg report had mentioned the&nbsp;DRI report&nbsp;alleging over-valuation by the Adani Group of companies.&nbsp;The report has also caused Adani Group's shares to tank. The companies' market cap has been reduced to&nbsp;₹10 lakh crore. It was&nbsp;₹19.2 lakh crore on January 24.

Meanwhile, three investment funds linked to the Adani Group have agreed to buy shares as investors in Adani Enterprises follow-on stock offering, as the 100-page Hindenburg report continues to drag the Adani Group down.

According to Forbes, two Mauritius-based funds—Ayushmat Ltd and Elm Park Fund—and India-based Aviator Global Investment Fund have together committed to buy 9.24 per cent of all shares available to anchor investors.

Anchor investors are&nbsp;institutional investors who are allotted shares a day before the public offering.

That 9.24 percentage shares represent an investment of just $66 million, which shows that Adani is getting help from affiliated parties.

The Adani Group’s seven publicly listed companies have lost over $100 billion of market value in 10&nbsp;days since Hindenburg accused it of a decades-long scheme of fraudulent self enrichment.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other. According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL).

The Adani saga that rattled the Indian stock market over allegations of stock manipulation has now pitted two government agencies against each other. According to Economic Times newspaper, the Directorate of Revenue Intelligence (DRI) has challenged the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in the Supreme Court regarding over-invoicing case against Adani Group’s two companies—Adani Power Maharashtra (APML), and Adani Power Rajasthan (APRL). The Directorate of Revenue Intelligence has challenged CESTAT order, which had quashed the over-invoicing case alleged by the DRI against the three of Adani’s subsidiaries. Between July and August, the Mumbai bench of the CESTAT granted relief to Adani’s subsidiaries. According to the court filings, the DRI filed a civil appeal in the apex court against the CESTAT order on APML and APRL in November. The Hindenburg report had mentioned the DRI report alleging over-valuation by the Adani Group of companies. The report has also caused Adani Group's shares to tank. The companies' market cap has been reduced to ₹10 lakh crore. It was ₹19.2 lakh crore on January 24. Meanwhile, three investment funds linked to the Adani Group have agreed to buy shares as investors in Adani Enterprises follow-on stock offering, as the 100-page Hindenburg report continues to drag the Adani Group down. According to Forbes, two Mauritius-based funds—Ayushmat Ltd and Elm Park Fund—and India-based Aviator Global Investment Fund have together committed to buy 9.24 per cent of all shares available to anchor investors. Anchor investors are institutional investors who are allotted shares a day before the public offering. That 9.24 percentage shares represent an investment of just $66 million, which shows that Adani is getting help from affiliated parties. The Adani Group’s seven publicly listed companies have lost over $100 billion of market value in 10 days since Hindenburg accused it of a decades-long scheme of fraudulent self enrichment. (With inputs from agencies) WATCH WION LIVE HERE

Adani row pits two government agencies against each other in Supreme Court

US-based advisory firm Innisfree M&amp;A Incorporated sued&nbsp;Twitter&nbsp;on Friday in New York State Supreme Court, seeking about $1.9 million for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year.&nbsp;"As of December 23, 2022,&nbsp;Twitter&nbsp;remains in default of its obligations to Innisfree under the Agreement in an amount of not less than $1,902,788.03," the lawsuit said.&nbsp;Twitter&nbsp;and a lawyer for Innisfree did not immediately respond to request for comment.

Musk in October closed the $44 billion deal announced in April and took&nbsp;Twitter&nbsp;private.

Last month, Britain's Crown Estate, an independent commercial business that manages the property portfolio belonging to the monarchy, said that it had begun court proceedings against&nbsp;Twitter&nbsp;over alleged unpaid rent for its London headquarters.

Advertising spending on&nbsp;Twitter&nbsp;Inc dropped by 71% in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform after Musk's takeover.

The banks providing $13 billion in financing last year for the Tesla chief executive's acquisition of&nbsp;Twitter&nbsp;abandoned plans to sell the debt to investors because of uncertainty around the social media company's fortunes and losses, Reuters reported last month.

Twitter&nbsp;made its first interest payment on a loan that banks provided to help finance Musk's purchase of the social media company last year, Reuters reported last month.&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

US-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year.

US-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year. "As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the Agreement in an amount of not less than $1,902,788.03," the lawsuit said. Twitter and a lawyer for Innisfree did not immediately respond to request for comment. Musk in October closed the $44 billion deal announced in April and took Twitter private. Last month, Britain's Crown Estate, an independent commercial business that manages the property portfolio belonging to the monarchy, said that it had begun court proceedings against Twitter over alleged unpaid rent for its London headquarters. Advertising spending on Twitter Inc dropped by 71% in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform after Musk's takeover. The banks providing $13 billion in financing last year for the Tesla chief executive's acquisition of Twitter abandoned plans to sell the debt to investors because of uncertainty around the social media company's fortunes and losses, Reuters reported last month. Twitter made its first interest payment on a loan that banks provided to help finance Musk's purchase of the social media company last year, Reuters reported last month. WATCH WION LIVE HERE

Advisory firm Innisfree sues Musk's Twitter for $1.9 million in unpaid bills

Adani Enterprises Ltd's plan of the first-ever public sale of bonds for raising around Rs10 billion ($122 million) was shelved, reported Bloomberg News on Saturday.&nbsp;Indian billionaire Gautam Adani's flagship firm had decided that the public note issuance will take place in January, working with AK Capital, Edelweiss Financial Services Ltd, Trust Capital and JM Financial, however, the activity has been stopped now, stated the report citing people who have knowledge of the matter, said the report.

On Wednesday, in a dramatic reversal, the follow-on public offering&nbsp;(FPO) of Adani Enterprises worth $2.5 billion was called off&nbsp;after a report prepared by Hindenburg Research led to the massive fall in the value of the group's stocks.

ALSO READ | <a href="https://www.wionews.com/business-economy/adani-group-crisis-live-updates-market-losses-cross-usd-100-billion-mark-558222">Adani Group crisis updates: Adani shares plunge almost 23%, lowest since March 2022</a>

The matter is being investigated by the Indian markets regulator, and they are also looking at the crash in the shares of the company, the presence of any irregularities in the sale of shares which were shelved and the possibility of price manipulation.

Last week, Hindenburg Research's report alleged that the Adani Group has been making improper use of offshore tax havens and has been involved in stock manipulation.

Concerns were also raised on the valuation and high debt of Adani's seven listed companies.

<h2>India's image not impacted by Adani’s FPO pullout: FM</h2>

Speaking on the sudden pullout of $2.5 billion FPO by Adani, India's Finance Minister Nirmala Sitharaman on Saturday said that the economic image of India has not been affected by the decision.

"Our macroeconomic fundamentals or our economy's image, none of which has been affected. Yes, FPOs (follow-on public offers) come in, and FIIs (foreign institutional investors) get out," Sitharaman said.

The minister added that every market goes through “fluctuations”, however, the market's accretion in the last few days reflects the fact that the perception of the country as well as its inherent strengths are intact.

WATCH | Gravitas: Adani saga echoes in UK, Bangladesh

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-adani-saga-echoes-in-uk-bangladesh-558695/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

She added that the independent financial sector regulators of the country are looking into the allegations against the Adani Group and the markets' stability can be maintained by the capital markets watchdog Securities and Exchange Board of India.

"For keeping the markets regulated in prime condition, the Sebi is the authority. And it has the wherewithal to keep that prime condition," she added.

<h2>Adani to appoint Big 4 firm to conduct ‘general audit’</h2>

One of the biggest international partners of Adani, TotalEnergies (TOT), said that preparations are taking place for the appointment of a global accounting firm to conduct Adani group's “general audit”.

In a statement, the French firm said it “welcomes the announcement by Adani to mandate one of the ‘big four’ accounting firms to carry out a general audit”.

The energy giant claimed that the investments made by them in Adani’s entities are “in full compliance” with Indian laws and as per its own internal governance processes.

It added that the investments have been made diligently and to its “satisfaction” and were “consistent with best practices.”

<h2>‘SEBI is committed to ensuring market integrity’</h2>

In a statement issued over market stability,&nbsp;SEBI said on Saturday&nbsp;that the financial market of India has demonstrated stability and is functioning in “a transparent, fair and efficient manner”.

“During the past week, unusual price movement in the stocks of a business conglomerate has been observed. As part of its mandate, SEBI seeks to maintain orderly and efficient functioning of the market and has put in place a set of well defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks. This mechanism gets automatically triggered under certain conditions of price volatility in any stock,” the statement read.

“Further, in all specific entity related matters, if any information comes to SEBI’s notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken. SEBI has consistently followed this approach on entity level issues and would continue to do so in future as well,” it added.

(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Adani Enterprises Ltd's plan of the first-ever public sale of bonds for raising around Rs10 billion ($122 million) was shelved, reported Bloomberg News on Saturday.

Adani Enterprises Ltd's plan of the first-ever public sale of bonds for raising around Rs10 billion ($122 million) was shelved, reported Bloomberg News on Saturday. Indian billionaire Gautam Adani's flagship firm had decided that the public note issuance will take place in January, working with AK Capital, Edelweiss Financial Services Ltd, Trust Capital and JM Financial, however, the activity has been stopped now, stated the report citing people who have knowledge of the matter, said the report. On Wednesday, in a dramatic reversal, the follow-on public offering (FPO) of Adani Enterprises worth $2.5 billion was called off after a report prepared by Hindenburg Research led to the massive fall in the value of the group's stocks. ALSO READ | Adani Group crisis updates: Adani shares plunge almost 23%, lowest since March 2022 The matter is being investigated by the Indian markets regulator, and they are also looking at the crash in the shares of the company, the presence of any irregularities in the sale of shares which were shelved and the possibility of price manipulation. Last week, Hindenburg Research's report alleged that the Adani Group has been making improper use of offshore tax havens and has been involved in stock manipulation. Concerns were also raised on the valuation and high debt of Adani's seven listed companies. India's image not impacted by Adani’s FPO pullout: FM Speaking on the sudden pullout of $2.5 billion FPO by Adani, India's Finance Minister Nirmala Sitharaman on Saturday said that the economic image of India has not been affected by the decision. "Our macroeconomic fundamentals or our economy's image, none of which has been affected. Yes, FPOs (follow-on public offers) come in, and FIIs (foreign institutional investors) get out," Sitharaman said. The minister added that every market goes through “fluctuations”, however, the market's accretion in the last few days reflects the fact that the perception of the country as well as its inherent strengths are intact. WATCH | Gravitas: Adani saga echoes in UK, Bangladesh She added that the independent financial sector regulators of the country are looking into the allegations against the Adani Group and the markets' stability can be maintained by the capital markets watchdog Securities and Exchange Board of India. "For keeping the markets regulated in prime condition, the Sebi is the authority. And it has the wherewithal to keep that prime condition," she added. Adani to appoint Big 4 firm to conduct ‘general audit’ One of the biggest international partners of Adani, TotalEnergies (TOT), said that preparations are taking place for the appointment of a global accounting firm to conduct Adani group's “general audit”. In a statement, the French firm said it “welcomes the announcement by Adani to mandate one of the ‘big four’ accounting firms to carry out a general audit”. The energy giant claimed that the investments made by them in Adani’s entities are “in full compliance” with Indian laws and as per its own internal governance processes. It added that the investments have been made diligently and to its “satisfaction” and were “consistent with best practices.” ‘SEBI is committed to ensuring market integrity’ In a statement issued over market stability, SEBI said on Saturday that the financial market of India has demonstrated stability and is functioning in “a transparent, fair and efficient manner”. “During the past week, unusual price movement in the stocks of a business conglomerate has been observed. As part of its mandate, SEBI seeks to maintain orderly and efficient functioning of the market and has put in place a set of well defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks. This mechanism gets automatically triggered under certain conditions of price volatility in any stock,” the statement read. “Further, in all specific entity related matters, if any information comes to SEBI’s notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken. SEBI has consistently followed this approach on entity level issues and would continue to do so in future as well,” it added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report

Another company owned by disgraced cryptocurrency moghul Sam Bankman-Fried filed for bankruptcy on Friday, February 3. Emergent Fidelity Technologies, an offshore company that owns 55 million shares of stock and cryptocurrency trading entity Robinhood, failed to honour its financial obligations and thus filed for bankruptcy. The bankruptcy filing follows a tussle among stakeholders over who should get the stock following the collapse of FTX group.

<h2>The fate of Robinhood stake</h2>

The Robinhood stake is worth more than US$590 million at current market prices. It has been seized by the US government. However, its ultimate fate remains unclear. This is because a number of parties, including the US Justice Department, bankrupt cryptocurrency lender BlockFi, and Bankman-Fried are trying to take the shares.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/sam-bankman-fried-and-ftx-collapse-fried-yet-to-enter-plea-546267">Sam Bankman-Fried and FTX collapse; Fried yet to enter plea</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sam-bankman-fried-and-ftx-collapse-fried-yet-to-enter-plea-546267/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

According to papers filed in an Antigua court, Emergent Fidelity holds $20.7 million of cash but has no other assets. Sam Bankman-Fried owns 90 per cent of Emergent&nbsp;Fidelity but no longer controls it, as per the court papers. The rest of the 10 per cent in Emergent Fidelity is owned by FTX co-founder Gary Wang. 
 
The liquidators, individuals responsible for winding up the affairs of a bankrupt entity, for Emergent Fidelity are appointed by an Antigua court.&nbsp;

<h2>US prosecutors go hard against Sam Bankman-Fried</h2>

Meanwhile, last week, the US prosecutors asked a judge in New York to impose tougher bail conditions on Sam Bankman-Fried, expressing concern that he might tamper with witnesses or destroy evidence in his criminal case.&nbsp;They also asked that Bankman-Fried not use Signal or other encrypted call and messaging applications.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/i-didnt-steal-sam-bankman-fried-says-in-a-post-after-pleading-not-guilty-552099">'I didn’t steal...': Sam Bankman-Fried says in a post after pleading not guilty</a>

Sam Bankman-Fried remains out on bail on a US$250 million bond. He is required to live with his parents since pleading not guilty to looting billions of dollars from the now-bankrupt cryptocurrency exchange front FTX.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Another company owned by disgraced cryptocurrency moghul Sam Bankman-Fried filed for bankruptcy on Friday, February 3. Emergent Fidelity Technologies, an offshore company that owns 55 million shares of stock and cryptocurrency trading entity Robinhood, failed to honour its financial obligations and thus filed for bankruptcy.

Another company owned by disgraced cryptocurrency moghul Sam Bankman-Fried filed for bankruptcy on Friday, February 3. Emergent Fidelity Technologies, an offshore company that owns 55 million shares of stock and cryptocurrency trading entity Robinhood, failed to honour its financial obligations and thus filed for bankruptcy. The bankruptcy filing follows a tussle among stakeholders over who should get the stock following the collapse of FTX group. The fate of Robinhood stake The Robinhood stake is worth more than US$590 million at current market prices. It has been seized by the US government. However, its ultimate fate remains unclear. This is because a number of parties, including the US Justice Department, bankrupt cryptocurrency lender BlockFi, and Bankman-Fried are trying to take the shares. ALSO WATCH | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea × According to papers filed in an Antigua court, Emergent Fidelity holds $20.7 million of cash but has no other assets. Sam Bankman-Fried owns 90 per cent of Emergent Fidelity but no longer controls it, as per the court papers. The rest of the 10 per cent in Emergent Fidelity is owned by FTX co-founder Gary Wang. The liquidators, individuals responsible for winding up the affairs of a bankrupt entity, for Emergent Fidelity are appointed by an Antigua court. US prosecutors go hard against Sam Bankman-Fried Meanwhile, last week, the US prosecutors asked a judge in New York to impose tougher bail conditions on Sam Bankman-Fried, expressing concern that he might tamper with witnesses or destroy evidence in his criminal case. They also asked that Bankman-Fried not use Signal or other encrypted call and messaging applications. ALSO READ | 'I didn’t steal...': Sam Bankman-Fried says in a post after pleading not guilty Sam Bankman-Fried remains out on bail on a US$250 million bond. He is required to live with his parents since pleading not guilty to looting billions of dollars from the now-bankrupt cryptocurrency exchange front FTX. 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 founder Sam Bankman-Fried entity with ‘Robinhood’ credentials, files for bankruptcy

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.

Adani Group has&nbsp;denied&nbsp;allegations by US-based&nbsp;short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures.

Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a&nbsp;$2.5 billion&nbsp;share sale.

The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi.

The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation,&nbsp;Reuters reported this week.

The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers.

"An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters.

A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters.

A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate.

The government officials declined to be named, due to confidential nature of the process.

The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said.

Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers&nbsp;demanded an inquiry&nbsp;following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday. Adani Group has denied allegations by US-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures. Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a $2.5 billion share sale. The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi. The Indian markets regulator is already investigating the matter, including the crash in the company's shares, any irregularities in the now-shelved share sale and any possible price manipulation, Reuters reported this week. The new ministry inspection process was initiated on Thursday, one of the government sources said, saying it was under "Section 206" of India's Companies Act under which the government reviews financial documents submitted over the years, such as balance sheets, books of accounts or ledgers. "An inquiry has been initiated by (the) Director General of Corporate Affairs. The ministry has been closely monitoring the situation and will take appropriate measures in time," the first senior government official, who has direct knowledge of the proceedings, told Reuters. A spokesperson for Adani Group did not immediately respond to a request for comment. The ministry of corporate affairs, as well as the Director General's office, did not respond to requests for comment by Reuters. A second government source confirmed the process had been initiated and will include looking into corporate governance practices of the company, but declined to elaborate. The government officials declined to be named, due to confidential nature of the process. The Section 206 legal provision under companies law also empowers India's federal government to seek more documents from a company if it deems this necessary, such as minutes of meetings or board resolutions, two other sources familiar with the process said. Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers demanded an inquiry following the meltdown of shares in Adani Group companies, which some fear could spark wider financial turmoil.

Indian government reviews Adani Group financial statements: Report

About 10 days after a US research firm published a scathing report on the market credentials of energy-to-ports conglomerate helmed by billionaire Gautam Adani, the Adani Group continues to battle its worst crisis in recent history.

Adani Group crisis updates: Adani Ports shares rebound from 52-week low amid strong after-effects of Hindenburg report

Google employees staged protests this week at two crucial&nbsp;locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc., the Google parent company. One of the rallies were held on Wednesday at Google headquarters in Mountain View, California. Another demonstration took place near Google's corporate offices in the New York City.&nbsp;

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/gravitas-why-are-tech-giants-laying-off-thousands-549863">Gravitas: Why are Tech Giants laying off thousands?</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-are-tech-giants-laying-off-thousands-549863/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The protest in New York, drew about 50 employees outside a Google store on Ninth Avenue. A report in Bloomberg said that the protests began just minutes after parent company Alphabet Inc. reported fourth-quarter results, including $13.6 billion in profit.&nbsp;The company's profits were seen by the protestors&nbsp;in direct opposition to the layoff exercise, with many finding such actions as&nbsp;"woefully unnecessary".&nbsp;

ALSO READ&nbsp;|&nbsp;<a href="https://www.wionews.com/technology/google-cuts-12000-jobs-6-of-global-workforce-554451">Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay</a>

"Today, Google has debunked its own rationale for laying off 12,000 of our co-workers,” Alberta Devor, a software engineer was quoted as saying by Bloomberg. "It is clear that the menial savings the company is pocketing from laying off workers is nothing in comparison to the billions spent on stock buybacks or the billions made in profit last quarter."

Both the demonstrations were organised by the labour group Alphabet Workers Union. The Alphabet Workers Union is&nbsp;a "minority union"&nbsp;and is reported to have no&nbsp;collective bargaining rights. The members of this union include Google sub-contractors as well as employees.

<h2>Google lay offs</h2>

Google last month announced one of the largest staff shrinkages&nbsp;in its history — 12,000 positions, or 6 per cent&nbsp;of its global workforce. Other major tech firms including Microsoft Corp., Salesforce Inc. and Amazon.com Inc. have also recently announced layoffs.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Google employees staged protests this week at two crucial locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc.

Google employees staged protests this week at two crucial locations in the United States against labour conditions for subcontracted workers. The demonstrators also called for the support of thousands of their co-workers who were recently laid off by the Alphabet Inc., the Google parent company. One of the rallies were held on Wednesday at Google headquarters in Mountain View, California. Another demonstration took place near Google's corporate offices in the New York City. ALSO WATCH | Gravitas: Why are Tech Giants laying off thousands? × The protest in New York, drew about 50 employees outside a Google store on Ninth Avenue. A report in Bloomberg said that the protests began just minutes after parent company Alphabet Inc. reported fourth-quarter results, including $13.6 billion in profit. The company's profits were seen by the protestors in direct opposition to the layoff exercise, with many finding such actions as "woefully unnecessary". ALSO READ | Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay "Today, Google has debunked its own rationale for laying off 12,000 of our co-workers,” Alberta Devor, a software engineer was quoted as saying by Bloomberg. "It is clear that the menial savings the company is pocketing from laying off workers is nothing in comparison to the billions spent on stock buybacks or the billions made in profit last quarter." Both the demonstrations were organised by the labour group Alphabet Workers Union. The Alphabet Workers Union is a "minority union" and is reported to have no collective bargaining rights. The members of this union include Google sub-contractors as well as employees. Google lay offs Google last month announced one of the largest staff shrinkages in its history — 12,000 positions, or 6 per cent of its global workforce. Other major tech firms including Microsoft Corp., Salesforce Inc. and Amazon.com Inc. have also recently announced layoffs. 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.

Google workers take to streets against layoffs, less wages for subcontractors

USB's deck joins Apple, Amazon and Alphabet. They all have disappointed markets now after delivering results yesterday. Only Facebook was an exception where it's parent Meta delivered better than expected results.

Zuckerberg's net worth at $67.7 billion, fortune soars $12 BN

In line with the previous three months, Shell announced a new $4 billion share buyback programme to be carried out over the following three months. Prior to the pandemic in 2019, it repurchased $19 billion worth of shares in the year ending in February 2023, almost twice as much.

Shell: $4 BN worth shares to be repurchased, highest profit in 115 years

Over the course of 2022, businesses in the UK saw 788 cyberattacks a week on average. This is an increase of 77% from 2021. The latest statistics show that sophisticated ransomware gangs are mostly to blame for the rising concerns about cyberattacks.

Reports: Cyber attacks on UK organisations surged 77% in 2022

Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter. Nordstrom, the upscale retailer, is lagging behind its rivals.&nbsp;Cohen, who built his fortune by co-founding online pet retailer Chewy Inc and cemented it with investments in videogame retailer GameStop and Apple Inc, would like to replace at least one director on Nordstrom's 10-member board, the people said.

Apparently, Cohen is not happy with Mark Tritton, who chairs the the compensation committee and has been on the board of directors since 2020. Cohen has privately called Tritton, a former chief executive of Bed Bath &amp; Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath &amp; Beyond is preparing to file for bankruptcy, Reuters reported this week.

Over past five years, Nordstrom shares have dropped roughly 55 per cent. Ratings agency Fitch again downgraded the company last month. Fitch said that Nordstrom's "operating trajectory has been weaker than most retailers."

"While Cohen hasn't sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders," a company representative said.

The Wall Street Journal first reported Cohen's stake in Nordstrom.

Cohen is now one of the company's top five non-insider shareholders alongside investment firms BlackRock and Fidelity, the people familiar with his stake said.

(With inputs from agencies)

Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter.

Ryan Cohen, the billionaire investor, is preparing to acquire a large stake in Nordstrom in order to shake up its board, said Reuters citing people familiar with the matter. Nordstrom, the upscale retailer, is lagging behind its rivals. Cohen, who built his fortune by co-founding online pet retailer Chewy Inc and cemented it with investments in videogame retailer GameStop and Apple Inc, would like to replace at least one director on Nordstrom's 10-member board, the people said. Apparently, Cohen is not happy with Mark Tritton, who chairs the the compensation committee and has been on the board of directors since 2020. Cohen has privately called Tritton, a former chief executive of Bed Bath & Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath & Beyond is preparing to file for bankruptcy, Reuters reported this week. Over past five years, Nordstrom shares have dropped roughly 55 per cent. Ratings agency Fitch again downgraded the company last month. Fitch said that Nordstrom's "operating trajectory has been weaker than most retailers." "While Cohen hasn't sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders," a company representative said. The Wall Street Journal first reported Cohen's stake in Nordstrom. Cohen is now one of the company's top five non-insider shareholders alongside investment firms BlackRock and Fidelity, the people familiar with his stake said. (With inputs from agencies)

Billionaire Ryan Cohen preps to up stake in Nordstrom to shake up board

British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence,&nbsp;as Russia's offensive in Ukraine sent oil and gas prices soaring. According to an earnings statement on Thursday (February 2), the post-tax figure was more than double the amount achieved in 2021. A report by the news agency Reuters said the annual profit was $39.9 billion, far exceeding the previous record of $31 billion in 2008. The gains were driven by higher oil and gas prices, robust refining margins and a strong performance from the company's trading business.&nbsp;

ALSO READ | <a href="https://www.wionews.com/business-economy/uk-bank-of-england-hikes-interest-rates-for-tenth-consecutive-time-amid-recession-558265">UK: Bank of England hikes interest rates for tenth consecutive time amid recession</a>

Shell also posted a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading. "Our results in the fourth quarter and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world," the company's new chief executive Wael Sawan said in the results statement.&nbsp;

The company now said that it would return a further $4 billion to shareholders following huge buybacks already last year, and would also significantly lift its dividend after the record earnings.&nbsp;

However, on Thursday, Shell faced criticism from environmental campaigners and justice groups for reaping record profits at the expense of the planet.&nbsp;

''(It's) not just obscene but it's also shameless because they are doing..they're reaping those record profits at the expense of people and the planet. Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living," Dorothy Guerrero, the head of policy of London-based Global Justice Now, told Reuters on Thursday.&nbsp;

"Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living. Me and many of my colleagues also went on the streets to support them. While oil giants like Shell are lining the pockets of their shareholders from these profits that they made," Guerrero added.&nbsp;

The top official at&nbsp;Global Justice Now also said that there was a refusal from the government to impose a windfall tax on oil giants and also to help alleviate those suffering.&nbsp;

On the other hand, Greenpeace, an environmental campaigner, held a protest outside Shell's London headquarters and said the oil giant was "profiteering from climate destruction."

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence, as Russia's offensive in Ukraine sent oil and gas prices soaring.

British multinational oil and gas company Shell made a record $40 billion profit last year, the highest in its 115-years of existence, as Russia's offensive in Ukraine sent oil and gas prices soaring. According to an earnings statement on Thursday (February 2), the post-tax figure was more than double the amount achieved in 2021. A report by the news agency Reuters said the annual profit was $39.9 billion, far exceeding the previous record of $31 billion in 2008. The gains were driven by higher oil and gas prices, robust refining margins and a strong performance from the company's trading business. ALSO READ | UK: Bank of England hikes interest rates for tenth consecutive time amid recession Shell also posted a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading. "Our results in the fourth quarter and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world," the company's new chief executive Wael Sawan said in the results statement. The company now said that it would return a further $4 billion to shareholders following huge buybacks already last year, and would also significantly lift its dividend after the record earnings. However, on Thursday, Shell faced criticism from environmental campaigners and justice groups for reaping record profits at the expense of the planet. ''(It's) not just obscene but it's also shameless because they are doing..they're reaping those record profits at the expense of people and the planet. Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living," Dorothy Guerrero, the head of policy of London-based Global Justice Now, told Reuters on Thursday. "Yesterday, hundreds of thousands of people went out on the streets to protest and strike against their low pay and the rising cost of living. Me and many of my colleagues also went on the streets to support them. While oil giants like Shell are lining the pockets of their shareholders from these profits that they made," Guerrero added. The top official at Global Justice Now also said that there was a refusal from the government to impose a windfall tax on oil giants and also to help alleviate those suffering. On the other hand, Greenpeace, an environmental campaigner, held a protest outside Shell's London headquarters and said the oil giant was "profiteering from climate destruction." (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.

Shell makes $40 billion profit in 2022, highest in its 115 years of existence

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported.&nbsp;

Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise".

ALSO READ&nbsp;|&nbsp;<a href="https://www.wionews.com/business-economy/adani-group-crisis-live-adani-made-scheduled-us-bond-payments-to-release-credit-report-friday-558428">Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies</a>

"I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper.

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/adani-group-calls-off-flagship-fpo-after-shares-tank-558061">Adani Group calls off flagship FPO after shares tank</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/adani-group-calls-off-flagship-fpo-after-shares-tank-558061/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords.&nbsp;

<h2>Hindenburg report and Elara Capital</h2>

According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group.

The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations."

Meanwhile, the company’s website notes that&nbsp;Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond)&nbsp;and the London AIM market (London stock exchange sub-market).

It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity.

"Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London."

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'.

Former British Prime Minister Boris Johnson's brother Jo Johnson resigned from the non-executive directorship of a UK-based investment firm linked with Indian billionaire Gautam Adani's 'Adani Enterprises'. Jo Johnson was appointed as a director of London-based Elara Capital Plc in June last year. The company describes itself as a capital markets business that raises funds for Indian corporates, Financial Times reported. Johnson insisted he has been assured of the company's "good standing" and has stepped down due to his own lack of "domain expertise". ALSO READ | Adani Group crisis LIVE: Adani Enterprises shares drop by 20 per cent, Adani Ports no longer among India's 50 most valuable companies "I joined the board of Elara Capital, an India-focused investment firm based in London, as an independent non-executive director last June in the hope of making a contribution to UK-India trade and investment ties, which I have long supported and co-written a book about,” Jo Johnson said in a statement after news of his resignation was announced by the newspaper. ALSO WATCH | Adani Group calls off flagship FPO after shares tank × "I have consistently received assurances from Elara Capital that it is compliant with its legal obligations and in good standing with regulatory bodies. At the same time, I now recognise that this is a role that requires greater domain expertise in specialised areas of financial regulation than I anticipated and, accordingly, I have resigned from the board," said Johnson, also a member of the UK House of Lords. Hindenburg report and Elara Capital According to a Financial Times report, Elara's asset management business, although not under any form of scrutiny at present, is under the spotlight after the US short seller Hindenburg Research linked Mauritius-based funds managed by Elara Capital with the Adani Group. The Adani Group has categorically denied Hindenburg’s accusations, calling them a "malicious combination of selective misinformation and stale, baseless and discredited allegations." Meanwhile, the company’s website notes that Elara Capital Plc was founded in 2002 primarily as a capital markets business, raising funds for Indian corporates through "GDR’s (global depository receipt), FCCB’s (foreign currency convertible bond) and the London AIM market (London stock exchange sub-market). It adds: "Since its first GDR issue in 2003, Elara has raised funds for several Indian corporates. Since then, the group has diversified further into corporate advisory, asset management, broking, mergers and acquisitions and private equity. "Elara has not only diversified the product range, it also has diversified into other emerging markets through its fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London." 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.

Boris Johnson's brother quits as director of firm linked with Adani Group

Adani Group is still battling the aftermath of publishing of the Hindenburg report. The conglomerate is facing losses following huge plunges in the market value. The entire saga has stoked fears potential systemic impact. WION is keeping an eye on all the developments and bringing you the Live updates of the crisis.

Adani Group crisis updates: Adani shares plunge almost 23%, lowest since March 2022

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1). The government has described the budget as the first of "Amrit Kaal", which pave the way for the nation to grow and achieve Prime Minister Narendra Modi's vision to make India a developed country in the next 25 years.

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday (February 1). The government has described the budget as the first of "Amrit Kaal", which pave the way for the nation to grow and achieve Prime Minister Narendra Modi's vision to make India a developed country in the next 25 years. The budget proposed changes to income tax slabs, a steep hike in capital investment, and also a mention of the healthcare sector. In the opening remarks of her speech, Sitharaman hailed the country-wide vaccination drive against coronavirus (COVID-19) in unparallel scale and speed. The finance minister praised India's rising global profile. She noted that several accomplishments, like unique world-class digital public infrastructure for example Aadhar, Co-Win & UPI, are responsible for such significant growth. The finance minister announced that dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research. She added that under health education and skilling, 157 new nursing colleges will be established in co-location with existing medical colleges established since 2014. The finance minister added that facilities in selective ICMR labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation. She added that a new programme for research and innovation in pharmaceuticals will be taken up through Centres of Excellence. Allocation of budget: Sitharaman announced that the health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, which is a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23. The budget allocation for the AYUSH ministry has been increased from Rs 2,845.75 crore to Rs 3,647.50 crore, which is a 28 per cent increase. Out of Rs 89,155 crore, Rs 86,175 crore has been allocated to the Department of Health and Family Welfare, while Rs 2,980 crore to the Department of Health Research. A new programme for research & innovation in pharmaceuticals will be taken up through Centres of Excellence. Dedicated multi-disciplinary courses for medical devices will be supported in the existing institutions: FM @NSitharaman Ji#AmritKaalBudget pic.twitter.com/tjtJZgejpq — Dr Mansukh Mandaviya (@mansukhmandviya) February 1, 2023 × India's rising global profile is because of several accomplishments like Unique world-class digital public infrastructure, e.g., Aadhar, Co-WIN & UPI. COVID vaccination drive conducted in unparallel scale & speed: FM @NSitharaman#AmritKaalBudget #UnionBudget2023 @PMOIndia pic.twitter.com/XSXZslttFf — Ministry of Health (@MoHFW_INDIA) February 1, 2023 × Mission to eliminate Sickle Cell Disease (SCD) Special mention was given to the mission's launch to eliminate sickle cell anaemia by 2047. The finance minister said that it will entail awareness creation, universal screening of 7 crore people in the age group 0 to 40 years in affected tribal areas and counselling through collaborative efforts. What is Sickle Cell Disease (SCD)? Sickle Cell Disease (SCD) is a genetic condition and is widespread among the tribal population in India and in other vulnerable populations. The Indian Health Minister Mansukh Mandaviya said that the tribals aged below 40 will be provided cards mentioning their sickle cell anaemia status. He said they would get pre-marital counselling about the risk of their child getting the disease if they marry another affected person. After the presentation of the budget, Mandaviya said that the government will take up the eradication of sickle cell anaemia in a mission mode. He also noted that the authorities will conduct massive screening in affected tribal areas for early detection of cases. "Going forward, the government will also issue cards after screening to tribal persons below 40 years affected by the disease mentioning their sickle cell anaemia status and also provide pre-marital counselling to make the patients aware of the detrimental effects of the disease if they marry another sickle cell anaemia patient and give birth," he said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Union Budget 2023-24: Here's what healthcare sector got from the budget

Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday.

Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged".

"I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline," Ackman said in a tweet.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I would not find it surprising if the <a href="https://twitter.com/AdaniOnline?ref_src=twsrc%5Etfw">@AdaniOnline</a> offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline.
— Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1620757244190294016?ref_src=twsrc%5Etfw">February 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Meanwhile, a Forbes report said that two companies accused by Hindenburg Research of assisting the Adani Group in its alleged conspiracy of accounting fraud and stock market manipulation were underwriters in the FPO. This includes Elara Capital (India) Private Limited, a subsidiary of London-based investment firm Elara Capital, and Monarch Networth Capital, an Indian brokerage firm. They are a part of the&nbsp;10 underwriters disclosed by Adani Enterprises in its&nbsp;offer agreement&nbsp;for the sale.

Adani speaks&nbsp;

Chairman Gautam Adani said on Thursday that the decision to pull out of the sale was taken to insulate investors from potential losses. In his first public comments since his empire plunged into crisis, Adani added that&nbsp;the withdrawal of a share sale won't impact future plans.

The group will review its capital raising plan once the market stabilises, he said.

In a video address, Adani said the ports-to-airports conglomerate's cash flow has been "very strong" and that it has an "impeccable track record" of fulfilling debt obligations.

Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company. 
 
But in a statement late Wednesday, the company decided not to go ahead with its follow-on public offer.

The decision came as the company and its sister firms' shares witnessed a slump on Wednesday. Profit-booking during the end hours of trading came on the back of a Bloomberg report that said Credit Suisse had stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients.

Credit Suisse’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd, the Bloomberg report said.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-market-regulator-examining-adani-share-rout-report-558034">Indian market regulator examining Adani share rout: Report</a>

Adani Enterprises plunged 28 per cent Wednesday, bringing its losses since the Hindenburg report to more than $18 billion. Adani Ports and Special Economic Zone dropped 19 per cent. Both stocks marked their worst day ever.

This is being seen as a sign that Adani's finances are under growing scrutiny. A Reuters report said that India's market regulator, SEBI, is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company.

Adani Enterprises was offering shares at Rs 3,112 to Rs 3,276 apiece in the offering. The company’s stock closed Wednesday at Rs 2,135.35, which is 31 per cent below the bottom of the price range.&nbsp;

In a statement withdrawing the issue Wednesday night,&nbsp;the company said, "The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct."

The company further said that it is working with book-running lead managers to refund the proceeds received in escrow. The amounts blocked in bank accounts for subscription to this issue will also be released.

Hedge fund billionaire Ackman's comments are the latest in the numerous Twitter posts since a January 24 report by US-based activist short-selling firm Hindenburg Research that highlighted debt taken by companies under the Adani Group, a $218 billion Indian conglomerate.

The report alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of the seven listed Adani companies.

The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added.

"All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us."

RBI asks lenders for details on debt exposure

Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter.

This is standard operating procedure in case of unusual newsflow on a company as the normal information-gathering process for the RBI’s large exposure framework involves a time lag, the people said, asking not to be identified as the details are private. Reuters reported the development earlier.

(With inputs from agencies)

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday. Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged".

Adani Enterprises, Gautam Adani's flagship company, called off a record Rs 200 billion ($2.4 billion) share sale late Wednesday. Meanwhile, American billionaire Bill Ackman has said he wouldn't be surprised if the company's follow-on public offering "was rigged". "I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline," Ackman said in a tweet. I would not find it surprising if the @AdaniOnline offering was rigged with affiliated buyers in addition to some real institutional participants like ADIHC. This would explain the low retail participation and today’s price decline. — Bill Ackman (@BillAckman) February 1, 2023 × Meanwhile, a Forbes report said that two companies accused by Hindenburg Research of assisting the Adani Group in its alleged conspiracy of accounting fraud and stock market manipulation were underwriters in the FPO. This includes Elara Capital (India) Private Limited, a subsidiary of London-based investment firm Elara Capital, and Monarch Networth Capital, an Indian brokerage firm. They are a part of the 10 underwriters disclosed by Adani Enterprises in its offer agreement for the sale. Adani speaks Chairman Gautam Adani said on Thursday that the decision to pull out of the sale was taken to insulate investors from potential losses. In his first public comments since his empire plunged into crisis, Adani added that the withdrawal of a share sale won't impact future plans. The group will review its capital raising plan once the market stabilises, he said. In a video address, Adani said the ports-to-airports conglomerate's cash flow has been "very strong" and that it has an "impeccable track record" of fulfilling debt obligations. Before its cancellation, Adani Enterprises’ follow-on public offering, India’s largest follow-on share sale, was fully subscribed. It included $400 million investment from Abu Dhabi-based diversified conglomerate International Holding Company. But in a statement late Wednesday, the company decided not to go ahead with its follow-on public offer. The decision came as the company and its sister firms' shares witnessed a slump on Wednesday. Profit-booking during the end hours of trading came on the back of a Bloomberg report that said Credit Suisse had stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients. Credit Suisse’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd, the Bloomberg report said. Also Read | Indian market regulator examining Adani share rout: Report Adani Enterprises plunged 28 per cent Wednesday, bringing its losses since the Hindenburg report to more than $18 billion. Adani Ports and Special Economic Zone dropped 19 per cent. Both stocks marked their worst day ever. This is being seen as a sign that Adani's finances are under growing scrutiny. A Reuters report said that India's market regulator, SEBI, is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company. Adani Enterprises was offering shares at Rs 3,112 to Rs 3,276 apiece in the offering. The company’s stock closed Wednesday at Rs 2,135.35, which is 31 per cent below the bottom of the price range. In a statement withdrawing the issue Wednesday night, the company said, "The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct." The company further said that it is working with book-running lead managers to refund the proceeds received in escrow. The amounts blocked in bank accounts for subscription to this issue will also be released. Hedge fund billionaire Ackman's comments are the latest in the numerous Twitter posts since a January 24 report by US-based activist short-selling firm Hindenburg Research that highlighted debt taken by companies under the Adani Group, a $218 billion Indian conglomerate. The report alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of the seven listed Adani companies. The group has denied the allegations, saying the short-seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added. "All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us." RBI asks lenders for details on debt exposure Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter. This is standard operating procedure in case of unusual newsflow on a company as the normal information-gathering process for the RBI’s large exposure framework involves a time lag, the people said, asking not to be identified as the details are private. Reuters reported the development earlier. (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.

Adani calls off $2.5 billion share sale even as Ackman alleges FPO might be 'rigged'

Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly.&nbsp;

While 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to end at 59,708.08, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30.&nbsp;

This was the worst budget day performance by Nifty 50 in three years, since the 2.51 per cent fall in 2020.&nbsp; 
&nbsp; 
ITC, Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Kotak Mahindra Bank were the major gainers in the Sensex, while Bajaj Finserv, State Bank of India, IndusInd Bank and Mahindra &amp; Mahindra were the prominent laggards.&nbsp;

The Indian bond yields market also saw a significant drop after the government announced a gross borrowing at Rs 15 lakh crore for the next financial year. &nbsp;

The benchmark bond yield was at 7.2774 per cent, dropping 11 basis points from the day’s high, while the Indian rupee was largely unchanged against the dollar.&nbsp; 
&nbsp; 
The last full-year budget of the Narendra Modi government ahead of the 2024 general elections focused heavily on increasing capex, while also providing major tax reliefs to the middle class.&nbsp;

Finance Minister Nirmala Sitharaman announced a hike in the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, which will be at 3.3 per cent of the GDP.&nbsp;

She also tweaked the tax slabs to provide some relief to the middle class whereby they can claim tax rebates on annual income up to Rs 7 lakh in the new tax regime as against Rs 5 lakh.&nbsp; &nbsp;

<h2 paraeid="{f48fa960-eff0-41d3-ae91-39c88c34b169}{6}" paraid="2078380701" >Gold, silver prices shoot up&nbsp;</h2>

Similar fluctuations were witnessed in the prices of gold and silver. After the minister announced a hike in custom duty on articles made from gold and silver bar, price of both the metals increased.&nbsp;

Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. "I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” Sitharaman said during her speech.&nbsp;

Gold price jumped Rs 1,090 to Rs 57,942 per 10 grams in the national capital. The yellow metal had closed at Rs 56,852 per 10 grams in the previous trade.&nbsp;

Silver also zoomed Rs 1,947 to Rs 69,897 per kg from Rs 67,950 per kg.&nbsp;

<h2 paraeid="{b3142ef6-6e92-4273-8950-a1e661b54b15}{227}" paraid="1226888474" >Indian rupee falls 2 paise against US dollar&nbsp;</h2>

After initial highs, the Indian rupee settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after the budget.&nbsp;

During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the greenback.&nbsp;

Sitharaman in her Budget speech retained the country’s fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23 and cut it to 5.9 per cent for FY24.&nbsp;

(With inputs from agencies)&nbsp;

&nbsp; 
&nbsp;

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

&nbsp;

&nbsp;

Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly. While 30-share BSE benchmark Sensex climbed 158.

Indian stock indices experienced some wild swings throughout the day on Wednesday as initial cheer around the budget fizzled out quickly. While 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to end at 59,708.08, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30. This was the worst budget day performance by Nifty 50 in three years, since the 2.51 per cent fall in 2020. ITC, Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Kotak Mahindra Bank were the major gainers in the Sensex, while Bajaj Finserv, State Bank of India, IndusInd Bank and Mahindra & Mahindra were the prominent laggards. The Indian bond yields market also saw a significant drop after the government announced a gross borrowing at Rs 15 lakh crore for the next financial year. The benchmark bond yield was at 7.2774 per cent, dropping 11 basis points from the day’s high, while the Indian rupee was largely unchanged against the dollar. The last full-year budget of the Narendra Modi government ahead of the 2024 general elections focused heavily on increasing capex, while also providing major tax reliefs to the middle class. Finance Minister Nirmala Sitharaman announced a hike in the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, which will be at 3.3 per cent of the GDP. She also tweaked the tax slabs to provide some relief to the middle class whereby they can claim tax rebates on annual income up to Rs 7 lakh in the new tax regime as against Rs 5 lakh. Gold, silver prices shoot up Similar fluctuations were witnessed in the prices of gold and silver. After the minister announced a hike in custom duty on articles made from gold and silver bar, price of both the metals increased. Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. "I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” Sitharaman said during her speech. Gold price jumped Rs 1,090 to Rs 57,942 per 10 grams in the national capital. The yellow metal had closed at Rs 56,852 per 10 grams in the previous trade. Silver also zoomed Rs 1,947 to Rs 69,897 per kg from Rs 67,950 per kg. Indian rupee falls 2 paise against US dollar After initial highs, the Indian rupee settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after the budget. During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the greenback. Sitharaman in her Budget speech retained the country’s fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23 and cut it to 5.9 per cent for FY24. (With inputs from agencies) WATCH WION LIVE HERE:

India’s BSE climbs, NSE performance worst in three years on budget day; rupee slides further 

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th&nbsp;time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.&nbsp;Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses.

Additionally,&nbsp;European Central Bank (ECB) has once again&nbsp;hikes interest rates by 50 basis points.&nbsp;

The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less&nbsp;the same.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-investors-have-plowed-billions-into-chinas-ai-sector-report-shows-558217">US investors have plowed billions into China's AI sector, report shows</a>

<div class="videoWrapper trancodeVideo">GDP is projected to contract by 0.5 per cent&nbsp;in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year.</div>

The economy is projected to shrink by one per cent&nbsp;by the end of the recession, and by 2026 it may still be less than it was before the Covid&nbsp;pandemic.&nbsp;

Also watch |&nbsp;US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-fed-approves-025-rate-increase-powell-suggests-couple-more-hikes-coming-558092/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession.

<h2>Rishi Sunak marks 100 days in office</h2>

As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation.

Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights).

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation. Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses. Additionally, European Central Bank (ECB) has once again hikes interest rates by 50 basis points. The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less the same. Also read | US investors have plowed billions into China's AI sector, report shows GDP is projected to contract by 0.5 per cent in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year. The economy is projected to shrink by one per cent by the end of the recession, and by 2026 it may still be less than it was before the Covid pandemic. Also watch | US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession. Rishi Sunak marks 100 days in office As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation. Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights). (With inputs from agencies) WATCH WION LIVE HERE:

UK: Bank of England hikes interest rates for 10th consecutive time amid recession

The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said. FedEx did not specify how many positions would be affected. Most of the cuts came through attrition and other headcount management efforts, spokeswoman Rachael Simmons said.

The investors of the delivery giant applauded the move as FedEx shares rose by 3.4 per cent on Wednesday. The company reportedly plans to slash its expenses by $3.7 billion this year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/paypal-joins-silicon-valleys-layoff-wagon-announces-2000-job-cuts-557908">PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts</a>

"Unfortunately, this was a necessary action to become a more efficient, agile organisation," wrote Chief Executive Raj Subramaniam in an internal memo, who added that FedEx is consolidating some teams and functions.

Subramaniam is the company's newly minted CEO. He blamed a global business downturn for the downsizing. Many critics point to a flat-footed response by the company to slowing demand and ongoing profit pressure from the conglomerate's expensive, separately run business units.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-tech-layoffs-is-your-job-safe-557687">Gravitas: Tech layoffs: Is your job safe?</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-tech-layoffs-is-your-job-safe-557687/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In mid-September, FedEx pulled its profit forecast and shares went down by more than 20 per cent,&nbsp;the largest single-day drop in the company's 50-year history.

FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and a recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com&nbsp;and trucking company C.H. Robinson Worldwide to transportation broker Uber Freight and freight forwarding startup Flexport in announcing layoffs.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said.

The postal services and e-commerce-major FedEx announced on Wednesday that it would slash its officer and director ranks by more than 10 per cent. The move is part of a broad cost-reduction effort that has reduced staffing at FedEx by 12,000 workers since June, a spokeswoman said. FedEx did not specify how many positions would be affected. Most of the cuts came through attrition and other headcount management efforts, spokeswoman Rachael Simmons said. The investors of the delivery giant applauded the move as FedEx shares rose by 3.4 per cent on Wednesday. The company reportedly plans to slash its expenses by $3.7 billion this year. ALSO READ | PayPal joins Silicon Valley's layoff wagon, announces 2,000 job cuts "Unfortunately, this was a necessary action to become a more efficient, agile organisation," wrote Chief Executive Raj Subramaniam in an internal memo, who added that FedEx is consolidating some teams and functions. Subramaniam is the company's newly minted CEO. He blamed a global business downturn for the downsizing. Many critics point to a flat-footed response by the company to slowing demand and ongoing profit pressure from the conglomerate's expensive, separately run business units. ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × In mid-September, FedEx pulled its profit forecast and shares went down by more than 20 per cent, the largest single-day drop in the company's 50-year history. FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and a recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com and trucking company C.H. Robinson Worldwide to transportation broker Uber Freight and freight forwarding startup Flexport in announcing 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.

FedEx continues staff reduction by firing senior employees, has slashed 12,000 jobs

Edtech unicorn BYJU'S&nbsp;has begun a fresh round of layoffs, putting almost 900&nbsp;plus employees from various teams and functions in jeopardy, as reported by YourStory. Under the condition of anonymity, three people from the organisation said that the layoffs have mostly affected the marketing, design, logistics, and technology departments in India as well as the product teams in the international business.

Another person who spoke to YourStory said that several senior management employees were also asked to step down as part of the tech layoff bandwagon.&nbsp;

"Folks in the international team were given a heads-up... It's very hush-hush this time. Some of the biggest contributors also have been laid off," said one of these persons.&nbsp;

The majority of the upper management, according to a senior executive at BYJU'S, is already looking for work elsewhere since they "lost faith in the company" as per the YourStory report. Another source independently corroborated the lack of enthusiasm in the company.&nbsp;

"Across most of the company, morale in teams is ridiculously low. Most people have one foot out the door, they're trying to land something else. But as you know, the market is pretty bad," said a former employee who was recently laid off after three years at BYJU'S and who spoke to YourStory.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/byjus-founders-planning-to-increase-their-stake-in-company-to-40-report-549433">BYJU's founders planning to increase stake in the company to 40%: Report</a>

The person continued by saying that top directors and HR staff were present on the video call during which they learned of the layoff.

The reasons given for not sending emails covered the typical ground, including cost-benefit analysis and the failure to generate income from a specific unit. According to the source, email addresses have been disabled, and impacted parties have been given 24 hours to wrap up.

Also watch |&nbsp;FedEx layoffs include officers, directors; cuts 10% of management jobs

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/fedex-layoffs-include-officers-directors-cuts-10-of-management-jobs-558094/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The worst was over for the edtech business, Byju&nbsp;Raveendran said in an interview with Moneycontrol mid-last month on the sidelines of The World Economic Forum in Davos, adding that the company will become profitable by the March or June quarter.

<h2>Previous round of layoffs at BYJU'S</h2>

Previously, as part of its cost-cutting&nbsp;measures, BYJU'S terminated about 2,500 employees in October 2022. The founder-CEO&nbsp;Byju Raveendran&nbsp;had said at the time that he would see that laid-off workers were given access to newly established relevant positions and that they would be rehired.

"I have already instructed our HR leaders to make all the newly created relevant roles available to you on an ongoing basis,"&nbsp;Raveendran wrote in an email to employees on October 31.

At TechSparks 2022, YourStory's flagship startup-tech event, Raveendran expressed confidence that the business will at least partially recover its losses in the fiscal years 2021–2022.

"Wait for (FY) 2022 numbers to come out; we just finished our best six months," he'd said.

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Edtech unicorn BYJU'S has begun a fresh round of layoffs, putting almost 900 plus employees from various teams and functions in jeopardy, as reported by YourStory.

Edtech unicorn BYJU'S has begun a fresh round of layoffs, putting almost 900 plus employees from various teams and functions in jeopardy, as reported by YourStory. Under the condition of anonymity, three people from the organisation said that the layoffs have mostly affected the marketing, design, logistics, and technology departments in India as well as the product teams in the international business. Another person who spoke to YourStory said that several senior management employees were also asked to step down as part of the tech layoff bandwagon. "Folks in the international team were given a heads-up... It's very hush-hush this time. Some of the biggest contributors also have been laid off," said one of these persons. The majority of the upper management, according to a senior executive at BYJU'S, is already looking for work elsewhere since they "lost faith in the company" as per the YourStory report. Another source independently corroborated the lack of enthusiasm in the company. "Across most of the company, morale in teams is ridiculously low. Most people have one foot out the door, they're trying to land something else. But as you know, the market is pretty bad," said a former employee who was recently laid off after three years at BYJU'S and who spoke to YourStory. Also read | BYJU's founders planning to increase stake in the company to 40%: Report The person continued by saying that top directors and HR staff were present on the video call during which they learned of the layoff. The reasons given for not sending emails covered the typical ground, including cost-benefit analysis and the failure to generate income from a specific unit. According to the source, email addresses have been disabled, and impacted parties have been given 24 hours to wrap up. Also watch | FedEx layoffs include officers, directors; cuts 10% of management jobs The worst was over for the edtech business, Byju Raveendran said in an interview with Moneycontrol mid-last month on the sidelines of The World Economic Forum in Davos, adding that the company will become profitable by the March or June quarter. Previous round of layoffs at BYJU'S Previously, as part of its cost-cutting measures, BYJU'S terminated about 2,500 employees in October 2022. The founder-CEO Byju Raveendran had said at the time that he would see that laid-off workers were given access to newly established relevant positions and that they would be rehired. "I have already instructed our HR leaders to make all the newly created relevant roles available to you on an ongoing basis," Raveendran wrote in an email to employees on October 31. At TechSparks 2022, YourStory's flagship startup-tech event, Raveendran expressed confidence that the business will at least partially recover its losses in the fiscal years 2021–2022. "Wait for (FY) 2022 numbers to come out; we just finished our best six months," he'd said. WATCH WION LIVE HERE:

BYJU'S cuts more than 900 jobs across teams, senior executives asked to step down too

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence.

Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors.

The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1).

Also Read | <a href="https://www.wionews.com/world/china-urges-canada-not-to-engage-in-political-manipulation-over-uyghur-muslims-558205">China urges Canada not to engage in 'political manipulation' over Uyghur Muslims</a> 
 
“The essence of this reform is to let the market decide,” the CSRC said.

The CSRC said that there will be no administrative restrictions on pricing and scale of new shares.

“This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN.

“It is one step in the right direction,” he said.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy.

China is set to launch Initial Public Offering (IPO) reforms with an aim to make it easier for companies to raise money from investors. The reforms are long-awaited and are set to be rolled out on the heels of a chaotic exit from Zero-Covid policy. China's growth rate has slowed to record levels. The government is looking to restore investor confidence. Under the new reforms, regulators will have less say in approving IPOs and stock exchanges will have a greater role. Currently, companies have to take go-ahead from regulators who vet the IPO plan before money can be raised from investors. The new IPO system will be registration based like the model in the US. The new system will apply to all domestic stock exchanges in China, including those in Shanghai and Shenzhen. China Securities Regulatory Commission (CSRC) made an announcement in this regard on Wednesday (February 1). Also Read | China urges Canada not to engage in 'political manipulation' over Uyghur Muslims “The essence of this reform is to let the market decide,” the CSRC said. The CSRC said that there will be no administrative restrictions on pricing and scale of new shares. “This is an important step to reform the capital market. The government will allow market [forces] to play a bigger role allocating resources,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Zhang was quoted by the CNN. “It is one step in the right direction,” he said. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

China to soon launch long-awaited IPO reforms

A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded&nbsp;a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday. The completion of work is forecast to be done by February 2, 2039. The US Department of Defense said that the work on the same will be executed at Utah state's Hill Air Force Base. It is installed in launch silos spread over three American military bases, in Wyoming, North Dakota, and Montana in the north of the US.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/families-of-boeing-max-crash-victims-face-company-in-the-court-556304">Families of Boeing Max crash victims face company in the Court</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/families-of-boeing-max-crash-victims-face-company-in-the-court-556304/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"We built the Minuteman’s guidance system, so no one knows it like Boeing. Our highly specialised facilities and top-flight engineers enable us to sustain it with unmatched quality and precision."&nbsp;Boeing Strategic Deterrence Systems programme director Ted Kerzie said in an official statement.&nbsp;

<h2>What is the Minuteman III?</h2>

The Minuteman III, is in service for 50 years in the US Air Force. It is a warhead-equipped missile that can carry a nuclear bomb during wartime.&nbsp;The Minuteman III is the only ground-fired intercontinental ballistic missile (ICBM) in the US's nuclear arsenal.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/relatives-of-737-max-crash-victims-seek-monitor-to-oversee-boeings-compliance-efforts-556115">Boeing says it is not guilty of fraud charge over 737 Max crashes</a>

The Pentagon carried out a routine test of the missile on September 7.

The Pentagon had said that it was&nbsp;announcing the tests in advance with an intent to avoid any flare-up of tensions with Russia amid war in Ukraine.

The unarmed missile was launched from Vandenberg Air Force Base in California and travelled 4,200 miles (6,760 km) over the Pacific before crashing into the sea near Kwajalein Atoll in the Marshall Islands.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday.

A powerful US intercontinental ballistic missile will be supported by Boeing. The aircraft-maker has been awarded a $1.6 billion contract to provide guidance subsystem support for US Minuteman III Intercontinental ballistic missiles, the Pentagon said Wednesday. The completion of work is forecast to be done by February 2, 2039. The US Department of Defense said that the work on the same will be executed at Utah state's Hill Air Force Base. It is installed in launch silos spread over three American military bases, in Wyoming, North Dakota, and Montana in the north of the US. ALSO WATCH | Families of Boeing Max crash victims face company in the Court × "We built the Minuteman’s guidance system, so no one knows it like Boeing. Our highly specialised facilities and top-flight engineers enable us to sustain it with unmatched quality and precision." Boeing Strategic Deterrence Systems programme director Ted Kerzie said in an official statement. What is the Minuteman III? The Minuteman III, is in service for 50 years in the US Air Force. It is a warhead-equipped missile that can carry a nuclear bomb during wartime. The Minuteman III is the only ground-fired intercontinental ballistic missile (ICBM) in the US's nuclear arsenal. ALSO READ | Boeing says it is not guilty of fraud charge over 737 Max crashes The Pentagon carried out a routine test of the missile on September 7. The Pentagon had said that it was announcing the tests in advance with an intent to avoid any flare-up of tensions with Russia amid war in Ukraine. The unarmed missile was launched from Vandenberg Air Force Base in California and travelled 4,200 miles (6,760 km) over the Pacific before crashing into the sea near Kwajalein Atoll in the Marshall Islands. (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.

What is the Minuteman III? Powerful US missiles to be upkept by Boeing

Shell delivered a record $42.3 billion profit in 2022, the energy giant said, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns.

Energy giant Shell makes record $42.3 billion profit in tumultuous 2022 | Latest News

US&nbsp;investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.

The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of US&nbsp;investments in&nbsp;AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on US&nbsp;funding of Chinese tech companies.

According to the report, 167 US&nbsp;investors took part in 401 transactions, or roughly 17 per cent&nbsp;of the investments into Chinese&nbsp;AI&nbsp;companies in the period.

Those transactions represented a total $40.2 billion in investment, or 37 per cent&nbsp;of the total raised by Chinese&nbsp;AI&nbsp;companies in the 6-year period. It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms.

Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese&nbsp;AI&nbsp;companies respectively, outpaced by GGV Capital which led US&nbsp;firms with 43 total investments in the&nbsp;sector, the data showed.

The Biden administration is expected to unveil an executive order this year curbing some US&nbsp;investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities.

According to the report, US&nbsp;investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese&nbsp;AI&nbsp;company after the speech recognition firm was added to a trade blacklist. Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese&nbsp;AI&nbsp;firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist.

Both companies were added to the blacklist, which effectively bars them from receiving US&nbsp;tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims.

Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an&nbsp;AI-enabled robotics company, as well as an investment by three US-based VC firms in Geek+, an autonomous mobile robot company, the report showed.

Only one Chinese&nbsp;AI&nbsp;company that received funding from US&nbsp;investors is involved in developing&nbsp;AI&nbsp;applications for military or public safety uses, according to CSET.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

US investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.

US investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday. The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of US investments in AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on US funding of Chinese tech companies. According to the report, 167 US investors took part in 401 transactions, or roughly 17 per cent of the investments into Chinese AI companies in the period. Those transactions represented a total $40.2 billion in investment, or 37 per cent of the total raised by Chinese AI companies in the 6-year period. It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms. Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese AI companies respectively, outpaced by GGV Capital which led US firms with 43 total investments in the sector, the data showed. The Biden administration is expected to unveil an executive order this year curbing some US investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities. According to the report, US investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese AI company after the speech recognition firm was added to a trade blacklist. Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese AI firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist. Both companies were added to the blacklist, which effectively bars them from receiving US tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims. Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an AI-enabled robotics company, as well as an investment by three US-based VC firms in Geek+, an autonomous mobile robot company, the report showed. Only one Chinese AI company that received funding from US investors is involved in developing AI applications for military or public safety uses, according to CSET. 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 investors have plowed billions into China's AI sector, report shows