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China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years.&nbsp;On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN). Their destinations were Zhengzhou Xinzheng International Airport (CGO) and Wuhan Tianhe International Airport (WUH), respectively.&nbsp;

Also Read |&nbsp;<a href="www.wionews.com/business-economy/apple-ceo-tim-cook-takes-a-40-pay-cut-stock-performance-to-drive-his-compensation-552185">Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation</a>

The first flight from Guangzhou to Zhenzhou, CZ3960, took off at 12:45, operated by aircraft B-1206 from 2017, according to flightradar24.com. Shortly after, the second flight, CZ8276, from Guangzhou to Wuhan departed at 14:26. B-1127, delivered to the airline in September 2018, operated the second flight.&nbsp;

In 2019, China grounded the Boeing 737 MAX becoming the first country to do so, following the crashes by Lion Air and Ethiopian Airlines, leaving 346 dead.&nbsp;

Watch |&nbsp;Why egg prices have soared 60% in a year

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However, in December 2021, the airline authorities declared the aircraft fit for service. But the Chinese airlines took their time to prepare the flight for back-to-the-field action due to the strained relations between the United States and China.&nbsp;

As the country opens borders ahead of the Lunar New Year holidays, China's airlines have to meet a significant rise in demand for domestic and international air travel.&nbsp;

In October 2022, MIAT Mongolian Airlines became the first one to bring the aircraft Boeing 737 MAX to China after the grounding. However, China Southern Airlines pushed the aircraft's schedule to operate several flights for China Southern Airlines. Earlier, uncertainties about the Boeing 737 MAX left its future in doubt.

(With inputs from agencies)

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&nbsp;

China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years. On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN).

China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years. On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN). Their destinations were Zhengzhou Xinzheng International Airport (CGO) and Wuhan Tianhe International Airport (WUH), respectively. Also Read | Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation The first flight from Guangzhou to Zhenzhou, CZ3960, took off at 12:45, operated by aircraft B-1206 from 2017, according to flightradar24.com. Shortly after, the second flight, CZ8276, from Guangzhou to Wuhan departed at 14:26. B-1127, delivered to the airline in September 2018, operated the second flight. In 2019, China grounded the Boeing 737 MAX becoming the first country to do so, following the crashes by Lion Air and Ethiopian Airlines, leaving 346 dead. Watch | Why egg prices have soared 60% in a year However, in December 2021, the airline authorities declared the aircraft fit for service. But the Chinese airlines took their time to prepare the flight for back-to-the-field action due to the strained relations between the United States and China. As the country opens borders ahead of the Lunar New Year holidays, China's airlines have to meet a significant rise in demand for domestic and international air travel. In October 2022, MIAT Mongolian Airlines became the first one to bring the aircraft Boeing 737 MAX to China after the grounding. However, China Southern Airlines pushed the aircraft's schedule to operate several flights for China Southern Airlines. Earlier, uncertainties about the Boeing 737 MAX left its future in doubt. (With inputs from agencies) WATCH WION LIVE HERE

China: Boeing 737 MAX takes first flight after staying grounded for four years

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports.

While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs.

ALSO READ|&nbsp;<a href="https://www.wionews.com/business-economy/uk-amazon-to-restructure-warehouse-operations-closures-put-over-1000-jobs-at-risk-551220">UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk</a>

The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date.

Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities.

WATCH|&nbsp;WION Business News | Amazon to freeze corporate hiring

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The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected.

A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally.

In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape.

(With inputs from agencies)

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Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay. Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs. ALSO READ| UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date. Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities. WATCH| WION Business News | Amazon to freeze corporate hiring The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected. A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally. In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape. (With inputs from agencies)

Amazon begins job cuts in India, promises to pay 5-month severance

According to reports, 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. Watch this to know more.

Vodafone plans hundreds of job cuts in cost-saving measures

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category. In its slogan, the business said that Starry strikes differently. Around the nation, the caffeine-free beverage Starry is available in regular and zero-sugar versions. Greg Lyons, the chief marketing officer at PepsiCo Beverages North America said that with one product dominating the category, consumers deserve another option, one which hits differently. He added that Starry is bright, optimistic, and rooted in culture and fun.&nbsp;

<img alt="Starryy" data-entity-type="file" data-entity-uuid="dfc8ec02-6ca1-4ce2-9e4a-34ef9b62bbad" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-01-13T134103.574.png" />

<h2>What does Starry taste like?&nbsp;</h2>

The new beverage, according to Pepsi, delivers both an amazing taste and flavour experience" and is simple to drink and optimally sweet. In order to compete with Sprite from Coca-Cola, which has long controlled the lemon-lime soda market, and 7 Up from Keurig Dr Pepper, Sierra Mist was introduced in 1999. According to Danielle Barbaro, vice president of R&amp;D at PepsiCo Beverages North America, with Starry, Pepsi was able to design a game-changing formula with the optimal combination of lemon-lime taste and sweetness compared to the competition.&nbsp;

<h2>Pepsi's earlier attempts in lemon-lime soda market&nbsp;</h2>

A Pepsi spokeswoman told CNN that Starry's citrus tastes are "true to fruit" and more fragrant than Sierra Mist, which has been on the market for 24 years. PepsiCo has large-scale collaborations with sports and entertainment organisations planned for the upcoming months, as well as a national television advertising campaign for Starry. Meanwhile, Starry is not PepsiCo's first effort to reclaim the lemon-lime soda market. In addition to Sierra Mist, PepsiCo had previously marketed Slice, a lemon-lime variation of which was available, as well as Teem, a lemon-lime soda that was sold during the 1960s, 1970s, and 1980s.

<h2>Sierra Mist and Starry are different&nbsp;</h2>

A PepsiCo official reportedly admitted to the Atlanta Business Chronicle that the company had also tried to create a lemon-lime beverage named Storm. However, it doesn't seem like the item ever made it through testing. Nexstar was able to receive a statement from a PepsiCo official claiming that Starry and Sierra Mist do not use the same recipe and that Starry instead has higher citrus tastes that are true to the fruit and more fragrant.

 
&nbsp;

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category.

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category. In its slogan, the business said that Starry strikes differently. Around the nation, the caffeine-free beverage Starry is available in regular and zero-sugar versions. Greg Lyons, the chief marketing officer at PepsiCo Beverages North America said that with one product dominating the category, consumers deserve another option, one which hits differently. He added that Starry is bright, optimistic, and rooted in culture and fun. What does Starry taste like? The new beverage, according to Pepsi, delivers both an amazing taste and flavour experience" and is simple to drink and optimally sweet. In order to compete with Sprite from Coca-Cola, which has long controlled the lemon-lime soda market, and 7 Up from Keurig Dr Pepper, Sierra Mist was introduced in 1999. According to Danielle Barbaro, vice president of R&D at PepsiCo Beverages North America, with Starry, Pepsi was able to design a game-changing formula with the optimal combination of lemon-lime taste and sweetness compared to the competition. Pepsi's earlier attempts in lemon-lime soda market A Pepsi spokeswoman told CNN that Starry's citrus tastes are "true to fruit" and more fragrant than Sierra Mist, which has been on the market for 24 years. PepsiCo has large-scale collaborations with sports and entertainment organisations planned for the upcoming months, as well as a national television advertising campaign for Starry. Meanwhile, Starry is not PepsiCo's first effort to reclaim the lemon-lime soda market. In addition to Sierra Mist, PepsiCo had previously marketed Slice, a lemon-lime variation of which was available, as well as Teem, a lemon-lime soda that was sold during the 1960s, 1970s, and 1980s. Sierra Mist and Starry are different A PepsiCo official reportedly admitted to the Atlanta Business Chronicle that the company had also tried to create a lemon-lime beverage named Storm. However, it doesn't seem like the item ever made it through testing. Nexstar was able to receive a statement from a PepsiCo official claiming that Starry and Sierra Mist do not use the same recipe and that Starry instead has higher citrus tastes that are true to the fruit and more fragrant.

Sierra Mist replaced by Starry, know about the new lemon-lime drink announced by Pepsi

In India Tata group's ambitious mega app is expected to make now only half of its sales objectives in its first year. It is prompted now; one of India's biggest corporate groups to reconsider its approach towards e-commerce business

World Business Watch: Tata's super-app Neu expected to miss debut year sales target by 50%

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board.

Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages.

In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis".

Watch |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-disney-asks-employees-to-come-back-to-the-office-551197">WION Fineprint | Disney asks employees to come back to the office</a>

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Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline.

While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties.

A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media.

Also read |&nbsp;<a href="https://www.wionews.com/world/disney-to-roll-back-theme-park-prices-as-iger-attempts-to-woo-visitors-back-551720">Disney to roll back theme park prices as Iger attempts to woo visitors back</a>

But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025.

Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor &amp; Gamble co., including through proxy battles.

Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms.

On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor.

The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board.

(With inputs from agencies)

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Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership. He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages. In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis". Watch | WION Fineprint | Disney asks employees to come back to the office Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline. While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties. A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media. Also read | Disney to roll back theme park prices as Iger attempts to woo visitors back But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025. Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor & Gamble co., including through proxy battles. Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms. On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor. The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board. (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.

Walt Disney and investor activist Nelson Peltz to face off on boardroom seat

According to the reports, Apple is allegedly working on adding touchscreens to its MacBook lineup by 2025. Watch this video to know more.

World Business Watch: Apple reportedly working on touchscreen Macs

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

India's annual retail inflation eased to 5.72 per cent&nbsp;in December from 5.88 per cent&nbsp;in the previous month, government data showed on Thursday.&nbsp;The inflation contracted by 0.4 per cent during&nbsp;November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period.&nbsp;

The latest inflation figures come against the forecasts by global business trackers that had predicted India's annual inflation to be up to 5.90 per cent for&nbsp;December 2022. The figures come for the month in which India's central bank&nbsp;(on December 7), had raised interest rates by 35 basis points to 6.25 per cent to tame the inflation. 
 
The government has mandated the RBI to sustain retail inflation at 4% &nbsp;— with a margin of 2% on either side. The dip in vegetable prices helped keep food prices low that helped keep inflation in the desired range. 
 
India's inflation rate within central bank's 'tolerance band'

The inflation number has stayed within Reserve Bank of India's&nbsp;"tolerance band" of 2 to 6 per cent. The inflation in December contracted by 0.4 per cent in November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period.&nbsp;

Why India's inflation rate declined for second consecutive month?

Reports attribute the declining inflation rate to the easing food prices. The food prices account for nearly 40 per cent of India’s CPI (Consumer Price Index).&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/indias-gdp-growth-forecast-cut-to-7-inflation-interest-rates-to-hit-gdp-533275">India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP</a>

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Food inflation for December eased to 4.19 per cent. In November, it was recorded to be 4.67 per cent.

In December’s Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had retained its inflation forecast of 6.7 per cent for FY23.

"We are extremely watchful of evolving inflation dynamics and look at data almost on a daily basis and we will keep an Arjuna's eye on inflation and we will be ready to act," RBI Governor Shaktikanta Das had said.

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India's annual retail inflation eased to 5.72 per cent in December from 5.88 per cent in the previous month, government data showed on Thursday. The inflation contracted by 0.

India's annual retail inflation eased to 5.72 per cent in December from 5.88 per cent in the previous month, government data showed on Thursday. The inflation contracted by 0.4 per cent during November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period. The latest inflation figures come against the forecasts by global business trackers that had predicted India's annual inflation to be up to 5.90 per cent for December 2022. The figures come for the month in which India's central bank (on December 7), had raised interest rates by 35 basis points to 6.25 per cent to tame the inflation. The government has mandated the RBI to sustain retail inflation at 4% — with a margin of 2% on either side. The dip in vegetable prices helped keep food prices low that helped keep inflation in the desired range. India's inflation rate within central bank's 'tolerance band' The inflation number has stayed within Reserve Bank of India's "tolerance band" of 2 to 6 per cent. The inflation in December contracted by 0.4 per cent in November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period. Why India's inflation rate declined for second consecutive month? Reports attribute the declining inflation rate to the easing food prices. The food prices account for nearly 40 per cent of India’s CPI (Consumer Price Index). ALSO WATCH | India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP × Food inflation for December eased to 4.19 per cent. In November, it was recorded to be 4.67 per cent. In December’s Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had retained its inflation forecast of 6.7 per cent for FY23. "We are extremely watchful of evolving inflation dynamics and look at data almost on a daily basis and we will keep an Arjuna's eye on inflation and we will be ready to act," RBI Governor Shaktikanta Das had said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's retail inflation shrinks to 5.72 per cent for December 2022 as food prices dip

Former UK Prime Minister Boris Johnson has said the Conservatives must make the case "for a low tax global Britain" and fight the next election on a pledge to cut taxes.

Boris Johnson challenges PM Sunak to lower taxes

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis.

The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme wea­ther events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent cou­n­tries or turn the energy crisis to­wards a humanitarian crisis in the poorest emerging markets” the report added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/south-asia/pakistan-minister-claims-90-pledges-by-intl-community-at-geneva-conference-were-project-loans-551682">Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’</a>

The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt,&nbsp;which are facing simultaneous food and debt crises.

Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday.&nbsp;

The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes.&nbsp;

The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/pakistan-needs-8-billion-to-recover-from-devastating-floods-says-pm-sharif-at-un-conference-550730">Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference</a>

Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December.&nbsp;

On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year,&nbsp;which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank.&nbsp;

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The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12).

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis. The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme weather events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent countries or turn the energy crisis towards a humanitarian crisis in the poorest emerging markets” the report added. ALSO READ | Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’ The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt, which are facing simultaneous food and debt crises. Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday. The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes. The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country. ALSO READ | Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December. On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year, which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank. 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.

World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (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.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom.

Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

"The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg.

<a href="https://www.wionews.com/business-economy/more-layoffs-in-the-crypto-world-coinbase-to-cut-almost-1000-jobs-551161">Also read |&nbsp;More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs</a>

The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week.

Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges.

Watch |&nbsp;BlackRock plans to lay off 500 workers worldwide

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Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts.

In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments.

<a href="https://www.wionews.com/technology/software-developer-wins-top-jobs-of-2023-despite-massive-layoffs-report-551055">Also read |&nbsp;'Software developer' wins top jobs of 2023, despite massive layoffs: Report</a>

Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability.

With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever.

The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees.

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Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg. "The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg. Also read | More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week. Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges. Watch | BlackRock plans to lay off 500 workers worldwide Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts. In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments. Also read | 'Software developer' wins top jobs of 2023, despite massive layoffs: Report Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability. With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever. The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees. WATCH WION LIVE HERE

Blackrock to layoff 500 workers, joining other top firms in cost cuts

Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation.

&nbsp;

In his opinion report in Financial Times, Rajan pointed out how nobody anticipated the impending crisis of inflation bothering all realms of the global economy.

&nbsp;

Central banks have enough influence to garner an audience of trust in institutions. Such credibility comes as a result of a mix of past outcomes, policy tools, and policy driven frameworks, said Rajan,

&nbsp;

However, this credibility alone cannot help them sail through the crisis in a smooth manner and by its very nature, credibility does not turn on a dime, he added.

&nbsp;

The situation at hand requires us to deal with tackling high inflation, which remains drastically different from countering the regime of low inflation, when the Fed regained its credibility, perhaps under the influence of Paul Volcker, said the former Reserve Bank of India Governor.

&nbsp;

Technocratic central banks gained ground and equipped with an inflation targeting framework, thus regaining their title of "inflation firefighters", said the former IMF economist and added, following the global crisis, inflation fell below the benchmark, reinstating the need to push it back.

&nbsp;

Rajan said central banks tried a new move, rather than fighting inflation ferociously, they chose to "credibly promise to be irresponsible" in the words of Paul Krugman.

&nbsp;

With newer tools in hand, the central banks remained slow in raising rates in late 2021, he said.

&nbsp;

Finally, they switched their method to embed inflation tolerance within them. This new structure, adopted in 2020, was different from pre-emptive repulsion of inflation, said the former central banker.

&nbsp;

However, this came in very late, at a time when inflation was directly staring the global economy in the eyeballs, warned Rajan, adding this proved to be rendered ineffective given that the banks would not drastically increase interest rates.

&nbsp;

With the pandemic and the Ukraine war, a pushback happened to increase the inflation rates at a striking rate, and the series of events exposed the dubious nature of credibility of the central bank's role to demonstrate a hawkish stance in terms of inflation, said the former RBI governor.

&nbsp;

With the loss in credibility and changing inflation regimes, the environment is bound to change again, he added.

&nbsp;

Nonetheless, central banks still remain to be the most effective as they commit to fight inflation on a global scale, with an effective delegation of responsibility to governments and private sector, they could aim to sustain long term growth, said Rajan.

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Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation.

Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation. In his opinion report in Financial Times, Rajan pointed out how nobody anticipated the impending crisis of inflation bothering all realms of the global economy. Central banks have enough influence to garner an audience of trust in institutions. Such credibility comes as a result of a mix of past outcomes, policy tools, and policy driven frameworks, said Rajan, However, this credibility alone cannot help them sail through the crisis in a smooth manner and by its very nature, credibility does not turn on a dime, he added. The situation at hand requires us to deal with tackling high inflation, which remains drastically different from countering the regime of low inflation, when the Fed regained its credibility, perhaps under the influence of Paul Volcker, said the former Reserve Bank of India Governor. Technocratic central banks gained ground and equipped with an inflation targeting framework, thus regaining their title of "inflation firefighters", said the former IMF economist and added, following the global crisis, inflation fell below the benchmark, reinstating the need to push it back. Rajan said central banks tried a new move, rather than fighting inflation ferociously, they chose to "credibly promise to be irresponsible" in the words of Paul Krugman. With newer tools in hand, the central banks remained slow in raising rates in late 2021, he said. Finally, they switched their method to embed inflation tolerance within them. This new structure, adopted in 2020, was different from pre-emptive repulsion of inflation, said the former central banker. However, this came in very late, at a time when inflation was directly staring the global economy in the eyeballs, warned Rajan, adding this proved to be rendered ineffective given that the banks would not drastically increase interest rates. With the pandemic and the Ukraine war, a pushback happened to increase the inflation rates at a striking rate, and the series of events exposed the dubious nature of credibility of the central bank's role to demonstrate a hawkish stance in terms of inflation, said the former RBI governor. With the loss in credibility and changing inflation regimes, the environment is bound to change again, he added. Nonetheless, central banks still remain to be the most effective as they commit to fight inflation on a global scale, with an effective delegation of responsibility to governments and private sector, they could aim to sustain long term growth, said Rajan. WATCH WION LIVE HERE:

Global central banks' credibility at risk over rising inflation: Raghuram Rajan

Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday, citing sources.

World Business Watch: Pepsi, Coca-Cola under U.S. investigation over price discrimination

Elon Musk, the billionaire tech magnate and new owner of Twitter, broke a new dubious record of the largest loss of personal fortune. Musk has lost around $182 billion of personal wealth since 2021. Some sources indicate that the loss figure is close to around $200 billion.

World Business Watch: Elon Musk breaks Guinness World Record for largest-ever loss of fortune

Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a much wider-than-expected quarterly loss and sales that plunged by a third, failing to halt the months-long cash burn that led to warnings of a possible bankruptcy.

World Business Watch: Bed Bath & Beyond posts nearly $400M loss in Q3

US banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

World Business Watch: U.S. banks get ready for profit crunch

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US&nbsp;inflation data due later in the week.&nbsp;The US&nbsp;dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday.

US&nbsp;Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5&nbsp;per cent versus 7.1&nbsp;per cent in November.

"Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones.

"We're sensing a bit of sideways movement in the market today and probably we'll continue to get that."

The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&amp;P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-soon-gets-its-home-grown-iphone-as-tata-group-nears-takeover-says-source-551539">India to get its first homegrown iPhone maker as Tata Group nears takeover, says source</a>

While the S&amp;P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading.

The pan-European STOXX 600 index lost 0.59&nbsp;per cent and MSCI's gauge of stocks across the globe gained 0.30&nbsp;per cent while emerging market stocks rose 0.05 per cent.

Signs of slowing wage inflation from the December US&nbsp;jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes.

But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden.

"What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management.

However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/embattled-bharatpe-co-founder-ashneer-grover-aanounces-mercedes-as-bonus-for-his-new-startups-employees-551505">Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees</a>

San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next.

"Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734.

"Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone.

The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly.

Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent.

Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56&nbsp;per cent on the day.

In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce.

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Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week.

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week. The US dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday. US Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5 per cent versus 7.1 per cent in November. "Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones. "We're sensing a bit of sideways movement in the market today and probably we'll continue to get that." The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63. Also read | India to get its first homegrown iPhone maker as Tata Group nears takeover, says source While the S&P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading. The pan-European STOXX 600 index lost 0.59 per cent and MSCI's gauge of stocks across the globe gained 0.30 per cent while emerging market stocks rose 0.05 per cent. Signs of slowing wage inflation from the December US jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes. But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden. "What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management. However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in. Also read | Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next. "Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret. The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734. "Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone. The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly. Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent. Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56 per cent on the day. In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US stocks rise, bond yields go up with December's upcoming price data in focus

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

The company anticipates restructuring costs to range between $149 million and $163 million.

More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession.

The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures.

The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny.

"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters.

"We will be shutting down several projects where we have a lower probability of success."

Coinbase stated that it had nothing else to say regarding the programmes it intended to halt.

Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months.

This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles.

Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June,

In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year.

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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters. The company anticipates restructuring costs to range between $149 million and $163 million. More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession. The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures. The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters. "We will be shutting down several projects where we have a lower probability of success." Coinbase stated that it had nothing else to say regarding the programmes it intended to halt. Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months. This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles. Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June, In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year. WATCH WION LIVE HERE:

More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult".

"Let's get some work done in 2023!" he wrote.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

"We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people.

"5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates.

Here's the post:

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He further shared an email address at which interested people can send in their job applications.&nbsp;Grover originally announced the startup on his 40th birthday in June 2022.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bharatpe-sacks-ashneer-grovers-wife-over-misappropriation-of-funds-455770">BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'</a>

Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages.

(With inputs from agencies)

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Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm.

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult". "Let's get some work done in 2023!" he wrote. Also read | Private equity firm Carlyle buys a majority stake in India's VLCC "We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people. "5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates. Here's the post: × He further shared an email address at which interested people can send in their job applications. Grover originally announced the startup on his 40th birthday in June 2022. Also read | BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds' Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages. (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.

Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees

The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India. In the new role, Purohit will lead Meta’s strategic relationship with various brands and agencies in bolstering the company's digital tools for revenue growth in India's business.

Vikas Purohit comes with over 20 years of experience in business, sales and marketing and astute knowledge of the market, given his Indian Institute of Management (IIM) education. He has worked previously with big league brands such as Tata Cliq, Amazon, Reliance brands, Aditya Birla group and Tommy Hilfiger.

Last month, he paid homage to his mentors on the popular social network Linkedin. Purohit will be succeeding Ajit Mohan who last year joined Snap Inc, which is the social media platform Snapchat’s parent company as the president of APAC to lead its business in the Asia-Pacific (APAC) region.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/metas-india-head-ajit-mohan-resigns-after-four-years-in-the-role-might-join-snap-530989">Meta's India head Ajit Mohan resigns after four years in the role, may join Snap</a>

As he steps into the new role, his responsibilities lie in engaging with brands and agencies, leading partnership initiatives with media and creating ecosystems to increase the adoption of Meta’s tools.

He would handle the company's key business verticals, including the agency teams and business solutions teams. Purohit will report to Arun Srinivas, the director and head of ads business for Meta in India.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/ex-tata-cliq-ceo-vikas-purohit-takes-charge-as-metas-new-global-head-in-india-551133">Ex-Tata Cliq CEO Vikas Purohit takes charge as Meta's new global head in India</a>

“I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country,” said Srinivas in a statement.&nbsp;

India remains an indispensable market for tech giants such as Meta, with targeted ads and the adoption of new digital advertisement models, they aim to create a campaign to garner consumer interest.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/sandhya-devanathan-appointed-as-metas-new-india-head-everything-about-her-535121">Sandhya Devanathan appointed as Meta's new India head: What does her new role entail?</a>

In FY22, Meta's gross ad revenue rose by 74% YoY to 1.9 billion, based on the increase in the adoption of its digital ad tools. 
 
&nbsp;

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The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India.

The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India. In the new role, Purohit will lead Meta’s strategic relationship with various brands and agencies in bolstering the company's digital tools for revenue growth in India's business. Vikas Purohit comes with over 20 years of experience in business, sales and marketing and astute knowledge of the market, given his Indian Institute of Management (IIM) education. He has worked previously with big league brands such as Tata Cliq, Amazon, Reliance brands, Aditya Birla group and Tommy Hilfiger. Last month, he paid homage to his mentors on the popular social network Linkedin. Purohit will be succeeding Ajit Mohan who last year joined Snap Inc, which is the social media platform Snapchat’s parent company as the president of APAC to lead its business in the Asia-Pacific (APAC) region. ALSO READ | Meta's India head Ajit Mohan resigns after four years in the role, may join Snap As he steps into the new role, his responsibilities lie in engaging with brands and agencies, leading partnership initiatives with media and creating ecosystems to increase the adoption of Meta’s tools. He would handle the company's key business verticals, including the agency teams and business solutions teams. Purohit will report to Arun Srinivas, the director and head of ads business for Meta in India. ALSO WATCH | Ex-Tata Cliq CEO Vikas Purohit takes charge as Meta's new global head in India “I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country,” said Srinivas in a statement. India remains an indispensable market for tech giants such as Meta, with targeted ads and the adoption of new digital advertisement models, they aim to create a campaign to garner consumer interest. ALSO READ | Sandhya Devanathan appointed as Meta's new India head: What does her new role entail? In FY22, Meta's gross ad revenue rose by 74% YoY to 1.9 billion, based on the increase in the adoption of its digital ad tools. 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.

Meta hires former Tata Cliq CEO Vikas Purohit as Director of Global Business Group in India

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg.

This is the largest repayment batch due in the next five years.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt.

According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level.

Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/perilously-close-to-falling-into-recession-world-bank-cuts-global-growth-to-17-551183">‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%</a>

China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market.

Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause.

And while there are some indications that the worst for bond markets may be over, uncertainty still persists.

Also read | <a href="https://www.wionews.com/business-economy/russias-budget-gap-surges-to-record-high-as-ukraine-war-weighs-on-finances-551139">Russia's budget gap surges to record high as Ukraine war weighs on finances</a>

"Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg.

China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added.

(With inputs from agencies)

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Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg. Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg. This is the largest repayment batch due in the next five years. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt. According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level. Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario. Also read | ‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7% China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market. Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause. And while there are some indications that the worst for bond markets may be over, uncertainty still persists. Also read | Russia's budget gap surges to record high as Ukraine war weighs on finances "Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg. China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Asian borrowers face a daunting $314 billion debt repayment as rates rise

Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report.

The funding conditions stipulated that Microsoft would get 75 per cent of OpenAI's income up until the point at which OpenAI had earned back its initial investment from ChatGPT and other businesses like the image creation tool Dall-E, a Semafor report showed, according to Reuters.

Once OpenAI reached that milestone, Microsoft would own a 49 per cent share in the company, followed by 49 per cent from other investors and 2 per cent to OpenAI's nonprofit parent.

Also Read|&nbsp;<a href="www.wionews.com/business-economy/disney-ceo-bob-iger-orders-employees-to-return-to-office-four-days-a-week-550868">Disney CEO Bob Iger orders employees to return to office four days a week</a>

However, the exact stakes wouldn't be known until Microsoft received its money back, said the report.

The latest news comes after investment from other venture firms. In recent weeks, deal documents were circulated to potential investors to close the funding round by the end of 2022, said Reuters referring to the Semafor article.

Indeed, the latest Microsoft news comes after a Wall Street Journal story showed that OpenAI was discussing selling its current stock to venture capital firms, including Thrive Capital and Founders Fund, for an estimated $29 billion valuation.

Watch|&nbsp;Apple's iPhone exports from India surpass $2.5 billion

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Elon Musk, the CEO of Tesla Inc., and investor Sam Altman launched OpenAI, which released the ChatGPT chatbot for free public testing on November 30. Since then, the text-based artificial intelligence chatbot platform in November, ChatGPT, has been widely popular.

A chatbot is software created to replicate human-like dialogue in response to user input.

According to media reports, analysts are speculating whether AI chatbots will challenge Google's hegemony one day. Some Google employees reportedly wonder if they lost a chance given the company's long history of boasting about its AI competence.

Reuters reported that OpenAI did not immediately respond to the request for comment, while Microsoft declined to do so.

(With inputs from agencies) 
&nbsp;

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Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report.

Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report. The funding conditions stipulated that Microsoft would get 75 per cent of OpenAI's income up until the point at which OpenAI had earned back its initial investment from ChatGPT and other businesses like the image creation tool Dall-E, a Semafor report showed, according to Reuters. Once OpenAI reached that milestone, Microsoft would own a 49 per cent share in the company, followed by 49 per cent from other investors and 2 per cent to OpenAI's nonprofit parent. Also Read| Disney CEO Bob Iger orders employees to return to office four days a week However, the exact stakes wouldn't be known until Microsoft received its money back, said the report. The latest news comes after investment from other venture firms. In recent weeks, deal documents were circulated to potential investors to close the funding round by the end of 2022, said Reuters referring to the Semafor article. Indeed, the latest Microsoft news comes after a Wall Street Journal story showed that OpenAI was discussing selling its current stock to venture capital firms, including Thrive Capital and Founders Fund, for an estimated $29 billion valuation. Watch| Apple's iPhone exports from India surpass $2.5 billion Elon Musk, the CEO of Tesla Inc., and investor Sam Altman launched OpenAI, which released the ChatGPT chatbot for free public testing on November 30. Since then, the text-based artificial intelligence chatbot platform in November, ChatGPT, has been widely popular. A chatbot is software created to replicate human-like dialogue in response to user input. According to media reports, analysts are speculating whether AI chatbots will challenge Google's hegemony one day. Some Google employees reportedly wonder if they lost a chance given the company's long history of boasting about its AI competence. Reuters reported that OpenAI did not immediately respond to the request for comment, while Microsoft declined to do so. (With inputs from agencies) WATCH WION LIVE HERE

Microsoft set to invest $10 billion in OpenAI, valuing the ChatGPT software firm at $29 billion: Report

Registering acceleration and shift from China's geopolitical tensions on the rise; India has exported more than $2.5 billion worth of iPhones from the country in the period from April to December last year. This is twice the previous fiscal year's total.

Apple's iPhone exports from India surpass $2.5 billion

The Swiss National Bank expects a $143 billion loss for the 2022 financial year, the biggest loss in its 116-year history. Watch this to know more.

World Business Watch: Swiss central bank posts biggest loss in 116 years