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Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market.

The situation pressures the company to pull back on content spending this year.

Due to the rising costs and difficulty in financing production, Netflix has already been reeling under the strained customer base.

Increased competition from platforms such as Disney+ and Amazon Prime has also added to the stress on the streaming conglomerate.

Watch |&nbsp;Netflix set for its slowest revenue growth, company records 4.5 million subscribers in Q4

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Netflix had pinned its hopes on the launch of an ad-supported plan but has severely missed the mark, as there has not been any significant increase in subscribers.

The $6.99 per month ad-supported plan only has access to some titles, driving the budget higher for several users and resulting in lower subscription numbers.

Netflix has already suffered hefty losses as subscribers gave up their membership in the first six months of 2022 due to the weakening state of the global economy.

Netflix attracted 4.5 million customers in the fourth quarter, which would be the smallest number for the Christmas season since 2014, compared to 8.3 million subscribers it gained the year before.

The company's stock has dropped nearly 50 per cent, with revenues expected to fall short of the previous quarter's collection, only a 1.7 per cent increase to $7.84 billion, the lowest since it went public in 2022.

<a href="https://www.wionews.com/business-economy/as-inflation-soars-in-uk-britons-see-real-time-value-of-their-wages-plummet-biggest-fall-since-2009-553746">Also read |&nbsp;As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009</a>

Last year, the streaming giant cut several hundred jobs as it has been struggling due to dwindling customer spending, rising production costs, and heightened competition.

But a separate report showed for one of its private jets, Netflix is employing a flight attendant, with the chosen candidate earning up to $385,000 annually.

An advert said, "the Netflix Aviation department provides exceptional, safe, and confidential air transportation".

In order for Netflix to keep spreading joy around the globe, the crew "helps Netflix reach the world more efficiently and effectively," the advertisement added.

(With inputs from agencies)

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Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market.

Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market. The situation pressures the company to pull back on content spending this year. Due to the rising costs and difficulty in financing production, Netflix has already been reeling under the strained customer base. Increased competition from platforms such as Disney+ and Amazon Prime has also added to the stress on the streaming conglomerate. Watch | Netflix set for its slowest revenue growth, company records 4.5 million subscribers in Q4 Netflix had pinned its hopes on the launch of an ad-supported plan but has severely missed the mark, as there has not been any significant increase in subscribers. The $6.99 per month ad-supported plan only has access to some titles, driving the budget higher for several users and resulting in lower subscription numbers. Netflix has already suffered hefty losses as subscribers gave up their membership in the first six months of 2022 due to the weakening state of the global economy. Netflix attracted 4.5 million customers in the fourth quarter, which would be the smallest number for the Christmas season since 2014, compared to 8.3 million subscribers it gained the year before. The company's stock has dropped nearly 50 per cent, with revenues expected to fall short of the previous quarter's collection, only a 1.7 per cent increase to $7.84 billion, the lowest since it went public in 2022. Also read | As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009 Last year, the streaming giant cut several hundred jobs as it has been struggling due to dwindling customer spending, rising production costs, and heightened competition. But a separate report showed for one of its private jets, Netflix is employing a flight attendant, with the chosen candidate earning up to $385,000 annually. An advert said, "the Netflix Aviation department provides exceptional, safe, and confidential air transportation". In order for Netflix to keep spreading joy around the globe, the crew "helps Netflix reach the world more efficiently and effectively," the advertisement added. (With inputs from agencies) WATCH WION LIVE HERE

Netflix is set for its slowest revenue growth

In Pics | Indian startups fire more than 1,000 since the beginning of this year

The Crypto exchange FTX has reported that digital assets worth $415 million were stolen by hackers. FTX has claimed that it has recovered about $5 billion in terms of crypto assets and is still significantly short of the amount it owes to the international and the US customers.

FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent

As Sri Lanka battles its worst economic crisis in 70 years, the joblessness rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 percent by the end of September last year, during which the economy contracted by 12 percent.

World Business Watch: Sri Lanka's unemployment rate climbs, raises concern for policymakers

Microsoft will widen access to the immensely popular software OpenAI, a startup whose futuristic and popular ChatGPT has captivated the world. Microsoft's customers have already previewed the tech of OpenAI and the company said that it is available for everyone now.

World Business Watch: Microsoft to expand access to OpenAI, brings in more users

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels.&nbsp;

The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. &nbsp; 
 
"These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent&nbsp;of the new oil and gas the industry intends to bring on-line by 2030," stated the report.&nbsp;

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🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero <a href="https://twitter.com/hashtag/GFANZ?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZ</a>, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 
 
It's the finding of a report published today by 13 NGOs including Reclaim Finance.<a href="https://twitter.com/hashtag/GFANZFuelsFire?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZFuelsFire</a> <a href="https://twitter.com/hashtag/wef23?src=hash&amp;ref_src=twsrc%5Etfw">#wef23</a> <a href="https://t.co/iYWzgEPEeI">pic.twitter.com/iYWzgEPEeI</a>
— Reclaim Finance (@ReclaimFinance) <a href="https://twitter.com/ReclaimFinance/status/1615264364654649345?ref_src=twsrc%5Etfw">January 17, 2023</a></blockquote>
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“GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/three-big-central-banks-financing-deforestation-of-brazils-amazon-forest-report-520610">Three big central banks financing Brazil’s Amazon forest deforestation firms: Report</a>

Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the&nbsp;France-based group,&nbsp;the fossil fuel companies in question&nbsp;develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals.&nbsp;

The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal &amp; General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-united-states-protests-against-world-bank-investing-in-fossil-fuels-525204">WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels</a>

“The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate.&nbsp; 
 
&nbsp;

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A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels.

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels. The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. "These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent of the new oil and gas the industry intends to bring on-line by 2030," stated the report. 🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero #GFANZ, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 It's the finding of a report published today by 13 NGOs including Reclaim Finance.#GFANZFuelsFire #wef23 pic.twitter.com/iYWzgEPEeI — Reclaim Finance (@ReclaimFinance) January 17, 2023 × “GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.” ALSO READ | Three big central banks financing Brazil’s Amazon forest deforestation firms: Report Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the France-based group, the fossil fuel companies in question develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals. The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal & General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report. ALSO WATCH | WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels “The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate. 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.

‘Climate arsonists’: Financial actors invest billions into fossil fuels despite net zero pledges, says study

Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech. A growing number of employees have been alleging longer workdays and limited free time, according to IG Metall, which has an office close to the factory and claims to be in regular contact with its workforce.

As per IG Metall, employees were being told to sign non-disclosure agreements along with their employment contracts, which made them more reluctant to publicly criticise their working conditions.

These worries were exacerbated by a new position advertised on Tesla's career website for a "Security Intelligence Investigator," who would work with the legal and human resources departments to gather "on-the-ground information both inside and outside Tesla walls in order to protect the company from threats."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/twitter-hands-out-free-ad-spaces-to-chase-brands-back-on-platform-552584">Twitter hands out free ad spaces to chase brands back on platform</a>

"Workers started at&nbsp;Tesla&nbsp;with great enthusiasm for the project.&nbsp;Over&nbsp;time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement.

"Tesla&nbsp;is not doing enough to improve&nbsp;working&nbsp;conditions and is leaving too little time for leisure, family, and recovery."

Tesla&nbsp;was not immediately available for comment to Reuters.&nbsp;

Two insiders who spoke to Reuters allege that Tesla China has also requested non-disclosure agreements from certain&nbsp;employees. For Tesla employees in Austin, San Francisco, and Shanghai, Reuters discovered many people on LinkedIn with the title "Security Intelligence Investigator."

German business newspaper Handelsblatt said on Monday that local lawmakers from the center-left SPD to the center-right CDU had voiced concern about the claims and demanded that both Tesla and the local government conduct investigations.

(With inputs from agencies)

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Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech.

Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech. A growing number of employees have been alleging longer workdays and limited free time, according to IG Metall, which has an office close to the factory and claims to be in regular contact with its workforce. As per IG Metall, employees were being told to sign non-disclosure agreements along with their employment contracts, which made them more reluctant to publicly criticise their working conditions. These worries were exacerbated by a new position advertised on Tesla's career website for a "Security Intelligence Investigator," who would work with the legal and human resources departments to gather "on-the-ground information both inside and outside Tesla walls in order to protect the company from threats." Also read | Twitter hands out free ad spaces to chase brands back on platform "Workers started at Tesla with great enthusiasm for the project. Over time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement. "Tesla is not doing enough to improve working conditions and is leaving too little time for leisure, family, and recovery." Tesla was not immediately available for comment to Reuters. Two insiders who spoke to Reuters allege that Tesla China has also requested non-disclosure agreements from certain employees. For Tesla employees in Austin, San Francisco, and Shanghai, Reuters discovered many people on LinkedIn with the title "Security Intelligence Investigator." German business newspaper Handelsblatt said on Monday that local lawmakers from the center-left SPD to the center-right CDU had voiced concern about the claims and demanded that both Tesla and the local government conduct investigations. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla slammed in Germany by union workers over unreasonable working hours, lack of free speech

&nbsp;As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns.&nbsp;The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.&nbsp;

The jobless rate was 4.6 per cent in the prior quarter ending June.&nbsp;

The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements.&nbsp;

In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink.&nbsp;The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent.&nbsp;

Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record.&nbsp;The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances.&nbsp;

<h2>Sri Lanka battles its worst economic crisis in 70 years</h2>

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&nbsp;The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances.&nbsp;&nbsp;A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country.&nbsp;

It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living.&nbsp;

The government has been struggling&nbsp;to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs.&nbsp;

One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes.&nbsp;A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan.&nbsp;

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As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.

As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent. The jobless rate was 4.6 per cent in the prior quarter ending June. The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements. In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink. The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent. Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record. The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances. Sri Lanka battles its worst economic crisis in 70 years The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances. A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country. It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living. The government has been struggling to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs. One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes. A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan. WATCH WION LIVE HERE:

No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts budget spending 

Tesla has come under fire from German union IG Metall and politicians over allegations by workers of unreasonable working hours and fears over speaking out at its Brandenburg plant, with some calling for inquiries into the carmaker.

World Business Watch: Tesla under fire in Germany over union concerns on working hours

China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year.

The National Bureau of Statistics said on Tuesday that China's economy expanded by 2.9 per cent year over year in the fourth quarter, slowing from 3.9 per cent in the quarter before.

Watch |&nbsp;China: Massive rush at stations, airports as thousands head home for Lunar New Year

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On a quarterly sequential basis, China's economy stagnated in the December quarter, highlighting the costs incurred by the stringent "zero-COVID" policy adopted.

For the full year, GDP growth was 3.0 per cent, significantly below the government's target of "around" 5.5 per cent and a sharp slowdown from 2021's 8.4 per cent growth.

While the reported rate was higher than the World Bank's 2.7 per cent forecast made earlier this month by the World Bank, the 2022 figure marks China's worst annual performance since 1976, excluding the 2.2 per cent growth that followed the initial Covid hit in 2020.

In 2020, major economies around the world slumped into a deep recession.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-population-falls-to-a-60-year-low-demographers-predict-nation-will-get-old-before-it-gets-rich-553315">China's population falls to a 60 year low; demographers predict nation 'will get old before it gets rich'</a>

China's "Zero-COVID policy" and a severe property market downturn last year hurt domestic economic activity and weighed on global supply chains already disrupted by the pandemic.

While Beijing abruptly lifted all those stringent pandemic restrictions in early December, it led to a surge in infections, which economists say would likely hamper growth in the near term.

But Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong, told Reuters, "I think investors will look through the Q4 GDP prints and focus on 2023".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-housing-market-witnesses-a-slump-for-the-16th-month-553088">China's housing market witnesses a slump for the 16th month</a>

"According to Chinese media, more than half of the 31 provinces and municipalities that have released 2023 work reports are targeting above 5.5 per cent growth for 2023," added Wong.

There are questions about how the alarming mortality toll — officially at 60,000 in the past month or so — will affect broader consumer confidence. Supply chain disruptions caused by workers reporting sick may hinder the recovery and impact nations that depend heavily on Chinese imports.

With real estate prices still declining and expected to do so this year, the health of the massive property market debt-ridden property developers will pose another risk to economic recovery.

(With inputs from agencies)

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China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year.

China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year. The National Bureau of Statistics said on Tuesday that China's economy expanded by 2.9 per cent year over year in the fourth quarter, slowing from 3.9 per cent in the quarter before. Watch | China: Massive rush at stations, airports as thousands head home for Lunar New Year On a quarterly sequential basis, China's economy stagnated in the December quarter, highlighting the costs incurred by the stringent "zero-COVID" policy adopted. For the full year, GDP growth was 3.0 per cent, significantly below the government's target of "around" 5.5 per cent and a sharp slowdown from 2021's 8.4 per cent growth. While the reported rate was higher than the World Bank's 2.7 per cent forecast made earlier this month by the World Bank, the 2022 figure marks China's worst annual performance since 1976, excluding the 2.2 per cent growth that followed the initial Covid hit in 2020. In 2020, major economies around the world slumped into a deep recession. Also read | China's population falls to a 60 year low; demographers predict nation 'will get old before it gets rich' China's "Zero-COVID policy" and a severe property market downturn last year hurt domestic economic activity and weighed on global supply chains already disrupted by the pandemic. While Beijing abruptly lifted all those stringent pandemic restrictions in early December, it led to a surge in infections, which economists say would likely hamper growth in the near term. But Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong, told Reuters, "I think investors will look through the Q4 GDP prints and focus on 2023". Also read | China's housing market witnesses a slump for the 16th month "According to Chinese media, more than half of the 31 provinces and municipalities that have released 2023 work reports are targeting above 5.5 per cent growth for 2023," added Wong. There are questions about how the alarming mortality toll — officially at 60,000 in the past month or so — will affect broader consumer confidence. Supply chain disruptions caused by workers reporting sick may hinder the recovery and impact nations that depend heavily on Chinese imports. With real estate prices still declining and expected to do so this year, the health of the massive property market debt-ridden property developers will pose another risk to economic recovery. (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.

Hit by Covid restrictions, China's economy grew just 3% in 2022

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

Since early December, when Western countries led by the Group of Seven (G7) set a $60 price cap on Russian oil exports to limit Moscow's ability to finance the Ukraine war, the price of Urals oil, Moscow's largest export, has fallen more than 20 per cent.

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The government's 2023 budget is based on Urals price of a touch over $70 per barrel, but prices are now trading closer to $50 per barrel, which is a concern for Moscow.

Russia has relied on China and India, the world's largest and third-largest importers, to fill the price ceiling gap due to Western sanctions and the EU embargo to make it tougher for Moscow to export oil.

"The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon."

According to analysts, the oil price needed to balance the budget soared from $67 to $101 a barrel in 2022 as the government's spending increased by more than a quarter, partly to pay for its military presence in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-european-allies-plan-to-send-tanks-to-ukraine-what-we-know-so-far-552934">Explained: Are European allies planning to send tanks to Ukraine?</a>

The actual price of oil required to balance the books might be as high as $115 per barrel when the $27.5 billion in dividends and one-time taxes paid by state-owned energy behemoth Gazprom last year are taken into account.

According to Finance Minister Anton Siluanov, Russia's budget deficit for the previous fiscal year was $49 billion, or 2.3 per cent of the country's gross domestic product (GDP).

As the price cap reduces Russia's export revenues, the deficit may rise to 2 per cent again in 2023.

Tax hikes?

In December, Alexei Sazanov, the deputy finance minister, warned that there would be another tax increase and that the administration would continue exploring alternative tax bases in 2023.

Which industries would see tax increases and how much of the burden would be placed on the populace is still being determined, said Sazanov and stated that the income tax, profit tax, and VAT rates would not change, but other industries might pay more in taxes.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-may-change-age-range-of-conscription-putin-supports-idea-552743">Russia plans to increase age range of conscription, Putin ‘supports’ idea</a>

"Detailed, substantive analysis allows us to still find resource sectors where high margins are formed and where it is possible to increase the fiscal burden without harming the operational and investment activities of companies," said the Deputy Finance Minister.

"When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank.

"Some measures are needed to adjust fiscal policy, cutting spending or looking for additional revenues," the Chief Economist added.

She noted that spending cuts are out of the question because President Vladimir Putin is anticipated to run for an unprecedented fifth term in the 2024 presidential election, and regional elections will be held later this year.

As Russia's 10-month war operations in Ukraine continue, the government has hiked taxes significantly on the oil and gas business for 2023 through 2025, the largest increase of this kind in its history.

According to a Reuters budget study, Moscow will spend roughly a third of its budget, or 9.4 trillion roubles ($140 billion), on defence and security this year alone.

(With inputs from agencies)

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This leaves less money for health, education, and research.

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report. Since early December, when Western countries led by the Group of Seven (G7) set a $60 price cap on Russian oil exports to limit Moscow's ability to finance the Ukraine war, the price of Urals oil, Moscow's largest export, has fallen more than 20 per cent. Watch | UK to supply battle tanks to Ukraine amid Russian strikes The government's 2023 budget is based on Urals price of a touch over $70 per barrel, but prices are now trading closer to $50 per barrel, which is a concern for Moscow. Russia has relied on China and India, the world's largest and third-largest importers, to fill the price ceiling gap due to Western sanctions and the EU embargo to make it tougher for Moscow to export oil. "The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon." According to analysts, the oil price needed to balance the budget soared from $67 to $101 a barrel in 2022 as the government's spending increased by more than a quarter, partly to pay for its military presence in Ukraine. Also read | Explained: Are European allies planning to send tanks to Ukraine? The actual price of oil required to balance the books might be as high as $115 per barrel when the $27.5 billion in dividends and one-time taxes paid by state-owned energy behemoth Gazprom last year are taken into account. According to Finance Minister Anton Siluanov, Russia's budget deficit for the previous fiscal year was $49 billion, or 2.3 per cent of the country's gross domestic product (GDP). As the price cap reduces Russia's export revenues, the deficit may rise to 2 per cent again in 2023. Tax hikes? In December, Alexei Sazanov, the deputy finance minister, warned that there would be another tax increase and that the administration would continue exploring alternative tax bases in 2023. Which industries would see tax increases and how much of the burden would be placed on the populace is still being determined, said Sazanov and stated that the income tax, profit tax, and VAT rates would not change, but other industries might pay more in taxes. Also read | Russia plans to increase age range of conscription, Putin ‘supports’ idea "Detailed, substantive analysis allows us to still find resource sectors where high margins are formed and where it is possible to increase the fiscal burden without harming the operational and investment activities of companies," said the Deputy Finance Minister. "When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank. "Some measures are needed to adjust fiscal policy, cutting spending or looking for additional revenues," the Chief Economist added. She noted that spending cuts are out of the question because President Vladimir Putin is anticipated to run for an unprecedented fifth term in the 2024 presidential election, and regional elections will be held later this year. As Russia's 10-month war operations in Ukraine continue, the government has hiked taxes significantly on the oil and gas business for 2023 through 2025, the largest increase of this kind in its history. According to a Reuters budget study, Moscow will spend roughly a third of its budget, or 9.4 trillion roubles ($140 billion), on defence and security this year alone. (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. This leaves less money for health, education, and research.

War, oil price cap to weigh on Russia's budget; Moscow likely to hike tax

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal.

The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting.

As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

To somewhat level the playing field, the group called for taxes that progressively redistribute wealth.

Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes.

In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818&amp;sa=U&amp;ved=2ahUKEwi58q-kksv8AhXzgVYBHXyaAJ0QFnoECAYQAg&amp;usg=AOvVaw2aMKmJB9gYEdGBH47ham7E" dir="ltr" href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" target="_blank">Elon Musk no longer world's richest man. Check who is</a>

It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital.

Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”.

As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.”

(With inputs from agencies)

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A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent.

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal. The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting. As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum To somewhat level the playing field, the group called for taxes that progressively redistribute wealth. Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes. In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent. Also read | Elon Musk no longer world's richest man. Check who is It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital. Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”. As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.” (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.

‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam 

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”.

Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.”

Watch |&nbsp;WION at Davos 2023: Gathering of global elite amid recession fear

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As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty.

The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam&nbsp;</a>

By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth.&nbsp;This is because the top 30 per cent has accumulated&nbsp;more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth.

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it.

The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years.

(With inputs from agencies)

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A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022.

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”. Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.” Watch | WION at Davos 2023: Gathering of global elite amid recession fear As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty. The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth. This is because the top 30 per cent has accumulated more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it. The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years. (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.

Even as India's poor 'are unable to afford basic necessities to survive', the rich are getting richer: Oxfam

For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall.&nbsp;

As per a Bloomberg report, 70 cities across China saw a 0.25 per cent decline in the prices of new homes. As per National Bureau of Statistics figures, November also saw a similar slump. 2022 as a whole saw prices drop by 2.3 per cent. This figure excludes state-subsidised housing.

Watch |&nbsp;Gravitas: 50 million homes are empty in China

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For the pre-owned housing market, the slump was worse at 0.48 per cent in December. In November, the prices fell by 0.44 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/economy/build-pause-demolish-repeat-china-to-demolish-buildings-that-could-accommodate-75-million-people-515567">'Build, pause, demolish, repeat': China to demolish buildings that could accommodate 75 million people</a>

The decline, as per the report, comes even as Beijing introduced a sweeping plan to rescue the housing industry and pledged financial aid for cash-strapped developers.

Also read |&nbsp; <a href="https://www.wionews.com/world/zero-covid-a-crumbling-real-estate-market-and-more-chinese-economy-and-the-challenges-it-faces-522534">Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces</a>

Additionally, the country has also taken steps to stimulate homebuyer demand. However, following the sudden scrapping of the nation’s stringent zero-Covid measures, the large-scale COVID-19 outbreaks, and high numbers of cases, have severely affected confidence among businesses and customers.

The Bloomberg report suggests that lowering borrowing costs for homebuyers may help boost demand, adding that “it’s unclear whether such steps are enough to revive a market that has seen sales drop since mid-2021. “ A recent China Index Holdings survey of prospective buyers in 100 major cities shows that prices will continue to fall in 2023.

(With inputs from agencies)

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For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall.

For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall. As per a Bloomberg report, 70 cities across China saw a 0.25 per cent decline in the prices of new homes. As per National Bureau of Statistics figures, November also saw a similar slump. 2022 as a whole saw prices drop by 2.3 per cent. This figure excludes state-subsidised housing. Watch | Gravitas: 50 million homes are empty in China For the pre-owned housing market, the slump was worse at 0.48 per cent in December. In November, the prices fell by 0.44 per cent. Also read | 'Build, pause, demolish, repeat': China to demolish buildings that could accommodate 75 million people The decline, as per the report, comes even as Beijing introduced a sweeping plan to rescue the housing industry and pledged financial aid for cash-strapped developers. Also read | Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces Additionally, the country has also taken steps to stimulate homebuyer demand. However, following the sudden scrapping of the nation’s stringent zero-Covid measures, the large-scale COVID-19 outbreaks, and high numbers of cases, have severely affected confidence among businesses and customers. The Bloomberg report suggests that lowering borrowing costs for homebuyers may help boost demand, adding that “it’s unclear whether such steps are enough to revive a market that has seen sales drop since mid-2021. “ A recent China Index Holdings survey of prospective buyers in 100 major cities shows that prices will continue to fall in 2023. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's housing market witnesses a slump for the 16th month

Smartphones in India might become expensive; tech giant Google has warned. Google also warned about the potential threat to users' security.

World Business Watch: Smartphone prices might rise in India, says Google

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed.

"We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters.

Watch |&nbsp;World Business Watch: Climate activist protest in Davos over role of oil firms in WEF

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On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.

"They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting.

Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition.

In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report.

<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Also read |&nbsp;Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters.

Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

"There is still too much money to be made from fossil fuel investments," added Smith.

Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge.

(With inputs from agencies)

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Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report. Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed. "We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters. Watch | World Business Watch: Climate activist protest in Davos over role of oil firms in WEF On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. "They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting. Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition. In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for. "There is still too much money to be made from fossil fuel investments," added Smith. Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge. (With inputs from agencies) WATCH WION LIVE HERE

Big oil firms will push their agenda at Davos, say protesting climate activists

After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund.

That report came ahead of the World Economic Forum's (WEF) Annual Summit, which kicked off in Davos's Swiss ski resort town on Monday. The WEF summit is the biggest congregation of global leaders in a post-pandemic world.

The meeting calls on leaders from across the globe to address the immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.

<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Also read |&nbsp;Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

But the IMF says the losses in individual countries might reach 8–12 per cent&nbsp;if technology is also disconnected from an ever-increasing fragmented global economy.

According to the IMF, even minor fragmentation might reduce the global GDP by 0.2 per cent.

But the IMF said further research is required to understand the anticipated costs to the monetary system worldwide and the Global Financial Safety Net (GFSN).

Watch |World Business Watch: IMF warns of deteriorating trade relations globally

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The IMF note, published late on Sunday, said that following the global financial crisis of 2008–2009 and an increase in trade barriers observed in the years after, global flows of goods and capital had bottomed out.

"The COVID-19 pandemic and Russia's invasion of Ukraine have further tested international relations and increased scepticism about the benefits of globalization," the IMF staff report noted.

In addition to helping low-income consumers in rich economies through lower costs, the report claimed that expanding trade linkages had significantly reduced global poverty for years.

The unravelling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," according to IMF staff analysis.

<a href="https://www.wionews.com/world/global-economy-faces-tough-time-in-2023-says-imf-head-548634">Also read |&nbsp;Third of global economy to face recession in 2023, warns IMF head</a>

Cross-border movement restrictions would reduce remittances in migrant-sending nations while depriving host economies of important talents.

Foreign Direct Investment (FDI) would decrease with reduced capital flows, and the provision of essential global public goods would be in danger with decreased international cooperation.

Additionally, it might make it more difficult to resolve upcoming sovereign debt crises and impair the ability of the international community to assist nations in need, said IMF.

"With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," according to the staff report.

(With inputs from agencies)

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After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund.

After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund. That report came ahead of the World Economic Forum's (WEF) Annual Summit, which kicked off in Davos's Swiss ski resort town on Monday. The WEF summit is the biggest congregation of global leaders in a post-pandemic world. The meeting calls on leaders from across the globe to address the immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan But the IMF says the losses in individual countries might reach 8–12 per cent if technology is also disconnected from an ever-increasing fragmented global economy. According to the IMF, even minor fragmentation might reduce the global GDP by 0.2 per cent. But the IMF said further research is required to understand the anticipated costs to the monetary system worldwide and the Global Financial Safety Net (GFSN). Watch |World Business Watch: IMF warns of deteriorating trade relations globally The IMF note, published late on Sunday, said that following the global financial crisis of 2008–2009 and an increase in trade barriers observed in the years after, global flows of goods and capital had bottomed out. "The COVID-19 pandemic and Russia's invasion of Ukraine have further tested international relations and increased scepticism about the benefits of globalization," the IMF staff report noted. In addition to helping low-income consumers in rich economies through lower costs, the report claimed that expanding trade linkages had significantly reduced global poverty for years. The unravelling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," according to IMF staff analysis. Also read | Third of global economy to face recession in 2023, warns IMF head Cross-border movement restrictions would reduce remittances in migrant-sending nations while depriving host economies of important talents. Foreign Direct Investment (FDI) would decrease with reduced capital flows, and the provision of essential global public goods would be in danger with decreased international cooperation. Additionally, it might make it more difficult to resolve upcoming sovereign debt crises and impair the ability of the international community to assist nations in need, said IMF. "With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," according to the staff report. (With inputs from agencies) WATCH WION LIVE HERE

IMF warns deteriorating international relations could cut global output by 7%

Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models. It said that the cut will be up to 20 per cent in Europe and the United States. The announcement comes as competition continues to rise in the growing EV industry.&nbsp;In early trading on Friday, Tesla shares fell as much as 4.5 per cent though there was some recovery later. The shares of Elon Musk-led company have plummeted for more than a year.&nbsp;

Analyst Dan Ives of Wedbush Securities said: "It's no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023."&nbsp;

Ives said the price cut was the "right move" and "a clear shot across the bow at European automakers and US stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox."

A report by Wall Street Journal noted that the discount now makes it possible for buyers of Tesla's US-built Model Y to take advantage of a tax credit in the US by bringing the price of the car below a $55,000 cap.&nbsp;

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Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models.

Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models. It said that the cut will be up to 20 per cent in Europe and the United States. The announcement comes as competition continues to rise in the growing EV industry. In early trading on Friday, Tesla shares fell as much as 4.5 per cent though there was some recovery later. The shares of Elon Musk-led company have plummeted for more than a year. Analyst Dan Ives of Wedbush Securities said: "It's no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023." Ives said the price cut was the "right move" and "a clear shot across the bow at European automakers and US stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox." A report by Wall Street Journal noted that the discount now makes it possible for buyers of Tesla's US-built Model Y to take advantage of a tax credit in the US by bringing the price of the car below a $55,000 cap. 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.

Tesla slashes price of its best-selling electric vehicle models in US, Europe

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed.

The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1.

Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9

It added USD 85.90 to its previous close.&nbsp;

Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence.

Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase.

Crypto.com said on Friday that it would lay off about 20% of its workforce

The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce.

The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates.

(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 <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14).

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed. The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1. Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9 It added USD 85.90 to its previous close. Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence. Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase. Crypto.com said on Friday that it would lay off about 20% of its workforce The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce. The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates. (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 ×

Bitcoin crosses $20,000 mark for first time in over two months

Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands.&nbsp;

Twitter has proposed to offer $250,000 worth of ad space for free, the Wall Street Journal reported. It has also promised $500,000 of free advertising space to brands that buy $500,000 of ad space. However, Twitter authorities have not provided any official comment on it.&nbsp;

Also Read |&nbsp;<a href="www.wionews.com/business-economy/bitcoin-crosses-20000-mark-for-first-time-in-two-months-552518">Bitcoin crosses $20,000 mark for first time in over two months</a>

In recent years, advertisers have crowded Twitter during Super Bowl week to increase sales by marketing their products around the big game. Super Bowl is the biggest revenue annual day for Twitter, and ad makers might play on it this year.&nbsp;

Elon Musk's takeover of Twitter in late October followed financial turmoil for the social media company. Currently, the platform has found a new tactic to lure back many advertisers that left&nbsp;after the takeover due to Musk's content moderation policies.&nbsp;

Watch |&nbsp;The Secret Society Epidemic | Untangled

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In November, Twitter faced a massive drop in revenue and lost around $4 million per day. Behemoths like Pfizer Inc., United Airlines, and Volkswagen have blocked their budgets for Twitter ads. It directly impacted Twitter's financial front as almost 90 per cent of Twitter's $5.1 billion revenue in 2021 came from advertisements.&nbsp;

Brands must use specific Twitter products, such as the company's most recent keyword-avoidance tool, to be eligible for the most recent incentive. This tool enables advertisers to list up to 1,000 keywords preventing their ads from appearing above or below tweets that contain those keywords.

However, Elon Musk expects Twitter to have a break-even cash flow in 2023. Before the business lowered expenses by firing thousands of employees, he said that Twitter was on track to have a $3 billion annual negative cash flow. The staff should be roughly 2,000 people instead of 8,000, he added.&nbsp;

(With inputs from agencies)

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Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands.

Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands. Twitter has proposed to offer $250,000 worth of ad space for free, the Wall Street Journal reported. It has also promised $500,000 of free advertising space to brands that buy $500,000 of ad space. However, Twitter authorities have not provided any official comment on it. Also Read | Bitcoin crosses $20,000 mark for first time in over two months In recent years, advertisers have crowded Twitter during Super Bowl week to increase sales by marketing their products around the big game. Super Bowl is the biggest revenue annual day for Twitter, and ad makers might play on it this year. Elon Musk's takeover of Twitter in late October followed financial turmoil for the social media company. Currently, the platform has found a new tactic to lure back many advertisers that left after the takeover due to Musk's content moderation policies. Watch | The Secret Society Epidemic | Untangled In November, Twitter faced a massive drop in revenue and lost around $4 million per day. Behemoths like Pfizer Inc., United Airlines, and Volkswagen have blocked their budgets for Twitter ads. It directly impacted Twitter's financial front as almost 90 per cent of Twitter's $5.1 billion revenue in 2021 came from advertisements. Brands must use specific Twitter products, such as the company's most recent keyword-avoidance tool, to be eligible for the most recent incentive. This tool enables advertisers to list up to 1,000 keywords preventing their ads from appearing above or below tweets that contain those keywords. However, Elon Musk expects Twitter to have a break-even cash flow in 2023. Before the business lowered expenses by firing thousands of employees, he said that Twitter was on track to have a $3 billion annual negative cash flow. The staff should be roughly 2,000 people instead of 8,000, he added. (With inputs from agencies) WATCH WION LIVE HERE

Twitter hands out free ad spaces to chase brands back on platform

Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts.

In a rare move, the CEO's pay target was set at $49 million, over 40 per cent lower than his 2022 compensation, as part of investor guidance and a request from Cook, approved by the shareholders last year.

Watch |&nbsp;World Business Watch: Apple's Tim Cook takes rare CEO pay cut

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As part of the pay change for the current fiscal, the percentage of stock awarded to Cook and tied to Apple's performance will also increase to 75 per cent from 50 per cent last year.

Indeed, he received $75 million in stock awards from Apple for the previous fiscal that ended in September 2022, with half of that dependent on the performance of Apple's stock.

<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Also read |&nbsp;Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

Cook's stock award objective for the upcoming fiscal year was lowered to $40 million, with $30 million of the total contingent on share performance.

According to the company's securities filings, Cook received $99.4 million in salary for the previous fiscal that ended in September 2022, a small increase from the $98.7 million he received the year before.

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Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts.

Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts. In a rare move, the CEO's pay target was set at $49 million, over 40 per cent lower than his 2022 compensation, as part of investor guidance and a request from Cook, approved by the shareholders last year. Watch | World Business Watch: Apple's Tim Cook takes rare CEO pay cut As part of the pay change for the current fiscal, the percentage of stock awarded to Cook and tied to Apple's performance will also increase to 75 per cent from 50 per cent last year. Indeed, he received $75 million in stock awards from Apple for the previous fiscal that ended in September 2022, with half of that dependent on the performance of Apple's stock. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 Cook's stock award objective for the upcoming fiscal year was lowered to $40 million, with $30 million of the total contingent on share performance. According to the company's securities filings, Cook received $99.4 million in salary for the previous fiscal that ended in September 2022, a small increase from the $98.7 million he received the year before. WATCH WION LIVE HERE

Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation

Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report.

Vodafone is looking to shed several hundred jobs, most of which will be at its headquarters in London.

<a href="https://www.wionews.com/world/indian-regulator-greenlits-govts-proposal-to-convert-vodafone-ideas-192-billion-dues-to-equity-527206">Also read |&nbsp;Indian regulator greenlights govt proposal to convert Vodafone Idea's $1.92 billion dues into equity</a>

In November, the company said it would cut over $1 billion in costs by 2026 after it announced that the group's profits had slipped in the year's first half.

Vodafone employs about 104,000 workers globally, including 9,400 in the UK.

The last few tough years have led to a sharp drop in the valuations of some of the leading telecom groups.

That includes British Telecom and Vodafone in the UK, Telefónica in Spain and Orange in France.

<a href="https://www.wionews.com/business-economy/vodafone-hutchison-in-talks-to-merge-uk-ops-522145">Also read |&nbsp;Vodafone, Hutchison in talks to merge UK ops</a>

Vodafone's business in India has also been under pressure over the last few years, despite the government converting a large part of the company's debt into equity and staring at an uncertain future.

Reuters had reported earlier this month the loss-making Vodafone Idea, the Indian arm of the company, had asked local banks for at least $846 million in emergency liquidity. Domestic banks, though, were hesitant to offer new loans.

To continue operating, the corporation needs money.

But before providing the indebted operator with additional funding, the lenders will hold off until either a capital increase by its major shareholders — the UK-based Vodafone Group and the regional investor Aditya Birla Group — or a debt-to-equity conversion by the government, according to sources who spoke to Reuters.

"Without that (capital injection), it looks difficult for the company to...survive," a top official at a state-owned bank told Reuters.

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Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report.

Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report. Vodafone is looking to shed several hundred jobs, most of which will be at its headquarters in London. Also read | Indian regulator greenlights govt proposal to convert Vodafone Idea's $1.92 billion dues into equity In November, the company said it would cut over $1 billion in costs by 2026 after it announced that the group's profits had slipped in the year's first half. Vodafone employs about 104,000 workers globally, including 9,400 in the UK. The last few tough years have led to a sharp drop in the valuations of some of the leading telecom groups. That includes British Telecom and Vodafone in the UK, Telefónica in Spain and Orange in France. Also read | Vodafone, Hutchison in talks to merge UK ops Vodafone's business in India has also been under pressure over the last few years, despite the government converting a large part of the company's debt into equity and staring at an uncertain future. Reuters had reported earlier this month the loss-making Vodafone Idea, the Indian arm of the company, had asked local banks for at least $846 million in emergency liquidity. Domestic banks, though, were hesitant to offer new loans. To continue operating, the corporation needs money. But before providing the indebted operator with additional funding, the lenders will hold off until either a capital increase by its major shareholders — the UK-based Vodafone Group and the regional investor Aditya Birla Group — or a debt-to-equity conversion by the government, according to sources who spoke to Reuters. "Without that (capital injection), it looks difficult for the company to...survive," a top official at a state-owned bank told Reuters. WATCH WION LIVE HERE

Vodafone plans hundreds of job cuts, the biggest round of layoffs in 5 years

Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion.

The process is at an early stage and is anticipated to draw potential corporate bidders and private equity groups, according to the Wall Street Journal report, which also noted Subway might not go through the sale or strike any other deal.

Watch |&nbsp;World Business Watch: Global sandwich chain Subway heading for sale

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In an emailed statement, "as a privately held company, we don't comment on ownership structure and business plans," a Subway spokesperson told Reuters.

Subway, One of the biggest quick-service restaurant brands in the world, operates more than 37,000 restaurants in over 100 countries.

<a href="https://www.wionews.com/world/new-york-subway-station-gunman-pleads-guilty-to-terrorism-charges-549394">Also read |&nbsp;New York subway station gunman pleads guilty to terrorism charges</a>

The two founding generations of the business, situated in Milford, Connecticut and famous for its foot-long sandwiches, have owned it for over 50 years.

According to media reports from 2021, Subway was tidying itself in preparation for a sale, but the restaurant business had refuted those claims.

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Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion.

Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion. The process is at an early stage and is anticipated to draw potential corporate bidders and private equity groups, according to the Wall Street Journal report, which also noted Subway might not go through the sale or strike any other deal. Watch | World Business Watch: Global sandwich chain Subway heading for sale In an emailed statement, "as a privately held company, we don't comment on ownership structure and business plans," a Subway spokesperson told Reuters. Subway, One of the biggest quick-service restaurant brands in the world, operates more than 37,000 restaurants in over 100 countries. Also read | New York subway station gunman pleads guilty to terrorism charges The two founding generations of the business, situated in Milford, Connecticut and famous for its foot-long sandwiches, have owned it for over 50 years. According to media reports from 2021, Subway was tidying itself in preparation for a sale, but the restaurant business had refuted those claims. WATCH WION LIVE HERE

Fast-Food Chain Subway gears up for sale, to be valued at over $10 billion: Reports

A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years. The sentence was imposed by Justice Juan Merchan of the Manhattan criminal court after jurors found two affiliates of the company guilty of 17 criminal charges in December last year.

The maximum penalty that Justice Merchan can impose is $1.6 million, an amount which is equal to double the taxes that a small group of executives avoided on benefits which included rent-free apartments in Trump buildings, private school tuition and luxury cars, a report by the Associated Press said earlier in the day.&nbsp;

On Tuesday (January 10), Allen Weisselberg, the former chief financial officer (CFO) of the Trump Organization was sentenced to five months in jail by Justice Merchan. Last summer, Weisselberg had pleaded guilty to evading taxes on $1.7 million in compensation.&nbsp;

While serving as the Trump Organization's CFO, Allen Weisselberg, 75, received a rent-free apartment in a Trump-branded building in Manhattan. Weisselberg and his wife were given Mercedes-Benz cars which were leased by the company. When his grandchildren went to an exclusive private school, Donald Trump paid their tuition fee, the Associated Press report said.&nbsp;

When he was called to testify against the company at trial, the 75-year-old testified he didn’t pay taxes on that compensation, and that he and a company vice president conspired to hide the perks by having the company issue falsified W-2 forms. Weisselberg also said nobody in the Trump family knew what he did. “It was my own personal greed that led to this,” he told jurors.&nbsp;

&nbsp;“Weisselberg did it for Weisselberg,” lawyers of the Trump Organization said, contending the former CFO went rogue and betrayed the company’s trust.

Meanwhile, Donald Trump, who is eyeing a comeback in 2024, said the case against the Trump Organization is part of a politically motivated “witch hunt” waged against him by Democrats. But this is not the only legal challenge for him. Trump is facing investigations related to the Capitol riots, his retention of classified documents after leaving the White House, and efforts to overturn his 2020 election loss in Georgia.

(With inputs from agencies)

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A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years.

A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years. The sentence was imposed by Justice Juan Merchan of the Manhattan criminal court after jurors found two affiliates of the company guilty of 17 criminal charges in December last year. The maximum penalty that Justice Merchan can impose is $1.6 million, an amount which is equal to double the taxes that a small group of executives avoided on benefits which included rent-free apartments in Trump buildings, private school tuition and luxury cars, a report by the Associated Press said earlier in the day. On Tuesday (January 10), Allen Weisselberg, the former chief financial officer (CFO) of the Trump Organization was sentenced to five months in jail by Justice Merchan. Last summer, Weisselberg had pleaded guilty to evading taxes on $1.7 million in compensation. While serving as the Trump Organization's CFO, Allen Weisselberg, 75, received a rent-free apartment in a Trump-branded building in Manhattan. Weisselberg and his wife were given Mercedes-Benz cars which were leased by the company. When his grandchildren went to an exclusive private school, Donald Trump paid their tuition fee, the Associated Press report said. When he was called to testify against the company at trial, the 75-year-old testified he didn’t pay taxes on that compensation, and that he and a company vice president conspired to hide the perks by having the company issue falsified W-2 forms. Weisselberg also said nobody in the Trump family knew what he did. “It was my own personal greed that led to this,” he told jurors. “Weisselberg did it for Weisselberg,” lawyers of the Trump Organization said, contending the former CFO went rogue and betrayed the company’s trust. Meanwhile, Donald Trump, who is eyeing a comeback in 2024, said the case against the Trump Organization is part of a politically motivated “witch hunt” waged against him by Democrats. But this is not the only legal challenge for him. Trump is facing investigations related to the Capitol riots, his retention of classified documents after leaving the White House, and efforts to overturn his 2020 election loss in Georgia. (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.

New York judge fines Trump Organization $1.6 million for tax fraud

In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed.&nbsp;&nbsp;More than five years ago, Beijing started acquiring these stakes—called the "golden shares"—in private online media companies. The stakes with special rights taken by China are usually about 1% of a firm.&nbsp;

The&nbsp;golden shares give the&nbsp;owner more power than other shareholders over changes in its management&nbsp;and are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions.&nbsp;

News agency Reuters reported that the stakes taken over the last four months in the Alibaba units are the first ones to come to light for the e-commerce firm.&nbsp;

Notably, Alibaba remained one of the most prominent targets of China's two-year-long regulatory crackdown on tech giants.&nbsp;

Last year in September, an investment vehicle of state-owned Zhejiang Media Group took a 1% stake in Alibaba's Youku Film and Television unit, the public business registration records showed.&nbsp;

The records also showed that Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit.&nbsp;

(With inputs from agencies)&nbsp;

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In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed.

In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed. More than five years ago, Beijing started acquiring these stakes—called the "golden shares"—in private online media companies. The stakes with special rights taken by China are usually about 1% of a firm. The golden shares give the owner more power than other shareholders over changes in its management and are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions. News agency Reuters reported that the stakes taken over the last four months in the Alibaba units are the first ones to come to light for the e-commerce firm. Notably, Alibaba remained one of the most prominent targets of China's two-year-long regulatory crackdown on tech giants. Last year in September, an investment vehicle of state-owned Zhejiang Media Group took a 1% stake in Alibaba's Youku Film and Television unit, the public business registration records showed. The records also showed that Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China acquires ‘golden shares’ in tech firms Alibaba and Tencent for control on sector

According to the reports, Subway is looking to put itself up for sale in a deal that could fetch more than $10 billion. Watch this video to know more.

World Business Watch: Global sandwich chain Subway heading for sale