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A tweet from Elon Musk indicating that Tesla might allow some owners who are testing a “Full Self-Driving” system to disable an alert that reminds them to keep their hands on the steering wheel has drawn attention from US safety regulators.

World Business Watch: Musk tweet about disabling driver monitoring in Tesla being probed

Bentley, Rolls-Royce on Monday reported record sales last year and remained on the top in the U.S. markets. Watch this video to know more.

World Business Watch: U.S. remains top market for Bentley, Rolls-Royce sale

The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs. However, the workers will be given a chance to transfer to other Amazon locations, said the online retail giant on Tuesday. This comes days after the company said that it plans to lay off as many as 18,000 employees from its workforce.&nbsp;

The over 1,000 workers employed at the three aforementioned British warehouses will be given a chance to move their jobs internally and the workers at Hemel Hempstead and Doncaster will be moving to nearby centres including the one in Dunstable.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-loses-usd-1-trillion-first-company-to-shed-such-value-533122">Amazon loses USD 1 trillion, first company to shed such value</a>

Notably, Amazon operates 30 warehouses and employs at least 70,000 people overall across the UK which is also one of its biggest markets outside the US. The company also said that it plans to open two new warehouses in central and northeast England which would create 2,500 jobs in the next three years.&nbsp;

Last week, Amazon CEO Andy Jassy announced one of the biggest layoffs in the company’s history affecting over 18,000 employees across the world in a bid to reduce costs. Notably, Amazon’s warehouse staff in the UK have also demanded better pay and at least 300 of whom plan to strike on January 25.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/amazon-layoffs-we-plan-to-eliminate-just-over-18000-roles-says-ceo-andy-jassy-549644">Amazon Layoffs: 'We plan to eliminate just over 18,000 roles,' says CEO Andy Jassy</a>

However, media reports citing an Amazon spokesperson said that these closures are not related to the company-wide layoffs which affect mainly non-warehouse roles in e-commerce and human resources, rather the decision was made after reviewing the online retail giant’s operations in the UK.

(With inputs from agencies)&nbsp; 
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The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs.

The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs. However, the workers will be given a chance to transfer to other Amazon locations, said the online retail giant on Tuesday. This comes days after the company said that it plans to lay off as many as 18,000 employees from its workforce. The over 1,000 workers employed at the three aforementioned British warehouses will be given a chance to move their jobs internally and the workers at Hemel Hempstead and Doncaster will be moving to nearby centres including the one in Dunstable. ALSO READ | Amazon loses USD 1 trillion, first company to shed such value Notably, Amazon operates 30 warehouses and employs at least 70,000 people overall across the UK which is also one of its biggest markets outside the US. The company also said that it plans to open two new warehouses in central and northeast England which would create 2,500 jobs in the next three years. Last week, Amazon CEO Andy Jassy announced one of the biggest layoffs in the company’s history affecting over 18,000 employees across the world in a bid to reduce costs. Notably, Amazon’s warehouse staff in the UK have also demanded better pay and at least 300 of whom plan to strike on January 25. ALSO WATCH | Amazon Layoffs: 'We plan to eliminate just over 18,000 roles,' says CEO Andy Jassy However, media reports citing an Amazon spokesperson said that these closures are not related to the company-wide layoffs which affect mainly non-warehouse roles in e-commerce and human resources, rather the decision was made after reviewing the online retail giant’s operations in the UK. (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.

UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession.

It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine&nbsp;as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate.

“Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report.

It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years.

The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc.

<h2>Gravitas: IMF: Global economy faces a tougher year</h2>

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It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year.

The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said.

The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies.

“Even though the world is now in a very tight spot, there should be no room for defeatism,” &nbsp;David Malpass, president of the World Bank, said.

“There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.”

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The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries. The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate. “Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report. It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years. The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc. Gravitas: IMF: Global economy faces a tougher year It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year. The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said. The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies. “Even though the world is now in a very tight spot, there should be no room for defeatism,” David Malpass, president of the World Bank, said. “There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.” WATCH WION LIVE HERE:

‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday.

As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly.

However, the ministry did not immediately react to a request for comment, reported Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit.

In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing.

Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged.

To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures.

According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But,&nbsp;the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December.

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Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report. Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday. As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly. However, the ministry did not immediately react to a request for comment, reported Bloomberg. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit. In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing. Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged. To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures. According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But, the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December. WATCH WION LIVE HERE:

Russia's budget gap surges to record high as Ukraine war weighs on finances

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.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-first-person-in-human-history-to-lose-200-billion-548224">Elon Musk becomes first person in history to lose $200 billion in net worth</a>

After Amazon's Jeff Bezos, Musk was the second-only person with more than $200 billion in&nbsp;"personal fortune", a figure he achieved in January 2021.&nbsp;

How much net worth has Elon Musk really lost?

Elon Musk's net worth dropped from $320 billion in November 2021 to $137 billion as of January 2023. This loss has resulted in breaking of the world record for the largest-ever loss of personal fortune. The previous record for largest-ever loss of personal fortune was held by Japanese tech investor Masayoshi Son in 2000.&nbsp;

What led to Musk's biggest-ever loss of personal fortune?

The loss is largely attributed to the drop in Tesla stock value. Reports suggest that Musk sold around $7 billion worth of Tesla stock to finance his buyout of Twitter, with another $4 billion in November. He further sold $3.58 billion worth of stock, bringing his total sell-off close to $23 billion.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-elon-musk-loses-200-billion-in-a-year-entered-2022-with-340-billion-548392">US: Elon Musk loses $200 billion in a year</a>

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Elon Musk's decline in personal fortune was coupled with a massive 11 per cent fall in Tesla shares on December 27.&nbsp;

The hostile takeover of Twitter was coupled with Musk's polarising behaviour on the micro-blogging platform. This was cited as a reason for biggest-ever sell off of Tesla shares ever since the company went public in 2010.&nbsp;

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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.

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. ALSO READ | Elon Musk becomes first person in history to lose $200 billion in net worth After Amazon's Jeff Bezos, Musk was the second-only person with more than $200 billion in "personal fortune", a figure he achieved in January 2021. How much net worth has Elon Musk really lost? Elon Musk's net worth dropped from $320 billion in November 2021 to $137 billion as of January 2023. This loss has resulted in breaking of the world record for the largest-ever loss of personal fortune. The previous record for largest-ever loss of personal fortune was held by Japanese tech investor Masayoshi Son in 2000. What led to Musk's biggest-ever loss of personal fortune? The loss is largely attributed to the drop in Tesla stock value. Reports suggest that Musk sold around $7 billion worth of Tesla stock to finance his buyout of Twitter, with another $4 billion in November. He further sold $3.58 billion worth of stock, bringing his total sell-off close to $23 billion. ALSO WATCH | US: Elon Musk loses $200 billion in a year × Elon Musk's decline in personal fortune was coupled with a massive 11 per cent fall in Tesla shares on December 27. The hostile takeover of Twitter was coupled with Musk's polarising behaviour on the micro-blogging platform. This was cited as a reason for biggest-ever sell off of Tesla shares ever since the company went public in 2010. 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.

Elon Musk breaks world record for largest-ever loss of personal fortune

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations".

Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related.

Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-upi-singapores-paynow-to-integrate-soon-says-an-official-at-a-g20-meeting-550946">India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting</a>

“There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.”

That represents a significant divergence from the industry standards of less than two decades ago.

According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005.

This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level.

Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost.

According to Munich Re, insured losses would likely total over $4 billion.

The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-2023-to-be-a-tough-year-says-imf-head-548620">World Business Watch: 2023 to be a tough year, says IMF head</a> 
 
The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world.

Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa.

Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change.

The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses.

According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured.

Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-set-to-cut-3200-jobs-amid-bleak-economic-outlook-reports-suggest-550592">Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest</a>

Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year.

The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.”

Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. 
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The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study. A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations". Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related. Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages. ALSO READ | India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting “There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.” That represents a significant divergence from the industry standards of less than two decades ago. According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005. This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level. Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost. According to Munich Re, insured losses would likely total over $4 billion. The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer. ALSO WATCH | World Business Watch: 2023 to be a tough year, says IMF head The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world. Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa. Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change. The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses. According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured. Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay. ALSO READ | Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year. The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.” Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?

A little more than a month after rejoining the Disney ship, CEO Bob Iger has started to crack down on the hybrid mode of working in the company. Iger in a memo has told the remote workers that they will be required to work in the office at least four days a week, beginning March 1.

A little more than a month after rejoining the Disney ship, CEO Bob Iger has started to crack down on the hybrid mode of working in the company. Iger in a memo has told the remote workers that they will be required to work in the office at least four days a week, beginning March 1. “As I’ve been meeting with teams throughout the company over the past few months, I’ve been reminded of the tremendous value in being together with the people you work with,” said Iger in the memo accessed by CNBC. “As you’ve heard me say many times, creativity is the heart and soul of who we are and what we do at Disney. And in a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors.” The 71-year-old executive had hinted at culling the remote work culture when he said 'not-working-from-office' had a negative effect. “I worry long term about the negative impact on people who have decided not to spend as much time at the office. I’m going to spend a lot of time here, and I hope that it’s not lonely.” Iger's strict policy While most big companies such as Apple, Tesla, Snap are reverting to work-from-office policy, they have kept the rules lenient - allowing workers to come to the office twice or thrice a week. However, Iger's decision is relatively strict and aimed at increasing the efficiency of the company which has seen its shares plunge almost 40 per cent in the last 12 months. WATCH | Losses for Disney+ doubled to $1.5 billion; Bob Iger returns to Walt Disney Co. × Notably, Iger returned to Dinsey in November last year after the board decided to ditch his successor Bob Chapek. “We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, the board chairman whilst announcing the decision. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period." Immediately after taking over the company, Iger made it clear that storytelling will remain at the forefront of Disney's growth story. "I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organise our businesses. This is a moment of great change and opportunity for our company as we begin our second century." Read more: Panicked Disney shows the door to Bob Chapek and brings former CEO Bob Iger Bob Iger stepped down in 2020 after being Disney's CEO for 15 years. Under his watch, the company grew leaps and bounds, creating a legacy which has taken a rather substantial hit in the last year or two. (With inputs from agencies) WATCH WION LIVE HERE:

Disney CEO Bob Iger orders employees to return to office four days a week

Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters.

Without providing any financial details, Carlyle Asia Partners said in a statement that the stock for the deal would come from funds managed and counselled by firms associated with it.

Carlyle said that Vandana and Mukesh Luthra, who founded VLCC, will continue to own a sizable portion of the business without providing any other information.

The 1989-founded skincare and cosmetics company has 210 retail clinics spread over 118 locations in 11 countries in South Asia, the Middle East, and Africa.

As of September 30, 2022, the company said Carlyle had invested more than $5.5 billion in more than 40 transactions in India.

VLCC and its founders received advice from KPMG India.

India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus.

The parent of Indian personal care products startup Mamaearth had also filed for an initial public offering in December.

Following COVID, the beauty and personal care market in India has grown. A division of the Indian oil-to-chemicals behemoth Reliance Industries purchased most of Naturals Salon &amp; Spa in November last year.

(With inputs from agencies)

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Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters.

Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters. Without providing any financial details, Carlyle Asia Partners said in a statement that the stock for the deal would come from funds managed and counselled by firms associated with it. Carlyle said that Vandana and Mukesh Luthra, who founded VLCC, will continue to own a sizable portion of the business without providing any other information. The 1989-founded skincare and cosmetics company has 210 retail clinics spread over 118 locations in 11 countries in South Asia, the Middle East, and Africa. As of September 30, 2022, the company said Carlyle had invested more than $5.5 billion in more than 40 transactions in India. VLCC and its founders received advice from KPMG India. India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus. The parent of Indian personal care products startup Mamaearth had also filed for an initial public offering in December. Following COVID, the beauty and personal care market in India has grown. A division of the Indian oil-to-chemicals behemoth Reliance Industries purchased most of Naturals Salon & Spa in November last year. (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.

Private equity firm Carlyle buys a majority stake in India's VLCC

The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided.

That adds to a long list of large financial institutions and private economists who have sharply cut their economic growth forecasts for Asia's third-largest economy.

In its first estimate for the current fiscal year, the Ministry of Statistics predicted that the gross domestic product (GDP) would likely rise by 7%, down sharply from 8.7% the year before.

Also Read|&nbsp;<a href="www.wionews.com/india-news/former-icici-bank-chief-chanda-kochhar-husband-set-to-be-freed-550653">Former ICICI bank chief Chanda Kochhar, husband set to be freed</a>

That was lower than the government's previous prediction of 8% to 8.5% but higher than the Reserve Bank of India's projection of 6.8%.

The estimates are the foundation for the government's growth and financial projections for the upcoming budget, due on February 1.

On February 1, 2023, the finance minister will deliver the 2023 Union Budget, marking Ms Sitharaman's fifth consecutive budget and Prime Minister Narendra Modi's eleventh consecutive one.

Watch|&nbsp;Indian government confers top honour on Sri Lankan newspaper publisher, Sivakumar Nadesan

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The budget will also be the last complete one before Prime Minister Narendra Modi faces a run for a rare third term in elections scheduled for the summer of 2024.

In a note to clients, Pranjul Bhandari, an economist at HSBC Securities and Capital Markets, predicted that, among other things, the fiscal year beginning on April 1 will see India's exports suffer, reducing the country's potential for development.

But an International Monetary Fund (IMF) official said on Friday that India continues to be a relative "bright spot" in the global economy, and it needs to expand its current strength in services exports to include exports of manufacturing, which provide many jobs.

Still, despite the downgrades to India's economic outlook, the Organisation for Economic Co-operation and Development said India is anticipated to continue having the second-fastest growing GDP among the G20 nations, behind only Saudi Arabia (OECD).

"Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, an economist at ICRA, told Reuters.

(With inputs from agencies)

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The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided.

The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided. That adds to a long list of large financial institutions and private economists who have sharply cut their economic growth forecasts for Asia's third-largest economy. In its first estimate for the current fiscal year, the Ministry of Statistics predicted that the gross domestic product (GDP) would likely rise by 7%, down sharply from 8.7% the year before. Also Read| Former ICICI bank chief Chanda Kochhar, husband set to be freed That was lower than the government's previous prediction of 8% to 8.5% but higher than the Reserve Bank of India's projection of 6.8%. The estimates are the foundation for the government's growth and financial projections for the upcoming budget, due on February 1. On February 1, 2023, the finance minister will deliver the 2023 Union Budget, marking Ms Sitharaman's fifth consecutive budget and Prime Minister Narendra Modi's eleventh consecutive one. Watch| Indian government confers top honour on Sri Lankan newspaper publisher, Sivakumar Nadesan The budget will also be the last complete one before Prime Minister Narendra Modi faces a run for a rare third term in elections scheduled for the summer of 2024. In a note to clients, Pranjul Bhandari, an economist at HSBC Securities and Capital Markets, predicted that, among other things, the fiscal year beginning on April 1 will see India's exports suffer, reducing the country's potential for development. But an International Monetary Fund (IMF) official said on Friday that India continues to be a relative "bright spot" in the global economy, and it needs to expand its current strength in services exports to include exports of manufacturing, which provide many jobs. Still, despite the downgrades to India's economic outlook, the Organisation for Economic Co-operation and Development said India is anticipated to continue having the second-fastest growing GDP among the G20 nations, behind only Saudi Arabia (OECD). "Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, an economist at ICRA, told Reuters. (With inputs from agencies) WATCH WION LIVE HERE

Indian government cuts economic growth outlook sharply ahead of Union Budget

Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9).&nbsp;

The authorities accused him of defrauding investors in connection with his termination in 2019 and further barred him from serving as a public company officer for five years.&nbsp;

Reports mentioned that he agreed to a $400,000 fine. Though, he didn't admit or deny the claims against him under a settlement announced by the US Securities and Exchange Commission.&nbsp;

"When corporate officers corrupt internal processes to manage their personal reputations or line their own pockets, they breach their fundamental duties to shareholders," said Gurbir Grewal, the SEC's head of enforcement.&nbsp;

"By allegedly concealing the extent of his misconduct during the company's internal investigation, Easterbrook broke that trust with -- and ultimately misled -- shareholders."&nbsp;

Easterbrook was appointed originally in 2015 and it is said that he helped the company's operations until his sudden November 2019 departure following a consensual romantic relationship with an employee.&nbsp;

The relationship apparently violated company policy and SEZ said that he exercised "poor judgment" by engaging in a relationship with a McDonald's employee.&nbsp;

However, it also stated that Easterbrook failed to disclose other policy violations he committed by having secret connections with other workers at the multinational fast-food chain.&nbsp;

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Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9).

Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9). The authorities accused him of defrauding investors in connection with his termination in 2019 and further barred him from serving as a public company officer for five years. Reports mentioned that he agreed to a $400,000 fine. Though, he didn't admit or deny the claims against him under a settlement announced by the US Securities and Exchange Commission. "When corporate officers corrupt internal processes to manage their personal reputations or line their own pockets, they breach their fundamental duties to shareholders," said Gurbir Grewal, the SEC's head of enforcement. "By allegedly concealing the extent of his misconduct during the company's internal investigation, Easterbrook broke that trust with -- and ultimately misled -- shareholders." Easterbrook was appointed originally in 2015 and it is said that he helped the company's operations until his sudden November 2019 departure following a consensual romantic relationship with an employee. The relationship apparently violated company policy and SEZ said that he exercised "poor judgment" by engaging in a relationship with a McDonald's employee. However, it also stated that Easterbrook failed to disclose other policy violations he committed by having secret connections with other workers at the multinational fast-food chain. 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.

Stephen Easterbrook: US agency fines ex-McDonald's CEO for defrauding investors

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022.

The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too.

SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc.

Also Read |&nbsp;<a href="http://www.wionnews.com/world/top-swiss-bank-credit-suisse-fined-over-drugs-gang-money-laundering-492505" hreflang="en">Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering</a>

Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters.

According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation.

Watch | No claimants for Swiss Bank accounts

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While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg.

The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022.

It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6.

(With inputs from agencies)

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The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets.

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022. The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too. SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc. Also Read | Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters. According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation. Watch | No claimants for Swiss Bank accounts While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg. The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022. It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6. (With inputs from agencies) WATCH WION LIVE HERE:

Swiss National Bank estimates record $143 billion loss in 2022

After a near-certain contraction last year for the third time since 2019, Hong Kong’s economy is coming back stronger this year and may even grow faster than rival financial hub Singapore for the first time in more than a decade.

World Business Watch: Hong Kong's GDP growth likely to be above Singapore's

Goldman Sachs Group Inc is embarking on one of its biggest rounds of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week.

World Business Watch: Goldman Sachs to cut about 3,200 jobs this week

China's fintech giant Ant Group has no plan to initiate an initial public offering (IPO), it said on Sunday in an emailed statement.

World Business Watch: Ant Group says no plan to launch IPO

Apple Inc has put out job listings for store leaders, market leaders, and managers for 'Apple Retail' in India, with some positions already filled in.

World Business Watch: Apple starts hiring for retails stores across India

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.&nbsp;

A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff.

Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-ceo-david-solomon-unveils-plan-to-cut-jobs-from-january-in-his-year-end-message-to-staff-547761">Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff</a>

In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January."

Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions.

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Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty.

However, despite rising interest rates, the company, as per a survey conducted by S&amp;P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

(With inputs from agencies)

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Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet. A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff. Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December. Also Read | Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January." Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions. × Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty. However, despite rising interest rates, the company, as per a survey conducted by S&P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. (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.

Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest

Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total. The report also highlights how some of the Western tech companies are shifting from China when it comes to production.&nbsp;Apple is among other big names that are exploring alternatives to China.&nbsp;

Reports previously revealed that China was the primary location of about 44-47 per cent of Apple suppliers' production sites until 2019. Now the scenario is changing gradually, especially after simmering tensions between the United States and China.&nbsp;

Citing people familiar with the matter, the Bloomberg report noted that Foxconn Technology Group and Wistron Corp have each "shipped more than $1 billion of Apple's marquee devices abroad in the first nine months of the fiscal year ending March 2023".&nbsp;

People, who requested not to be identified, also revealed private information and told the news agency Bloomberg that Pegatron Corp. is on track to move about $500 million of the gadgets overseas by the end of January.&nbsp;

In a report published in Al Jazeera last month, it was mentioned that China was the primary location of about 44-47 per cent of Apple suppliers' production sites, but Beijing's share fell to 41 per cent in 2020. The report further mentioned that it further fell to 36 per cent in 2021.&nbsp;

Amid the shifting dynamics, JPMorgan has estimated Apple could make 25 per cent of all iPhones in India by 2025. Notably, Apple began assembling its latest iPhone models in India just last year, but the nation aspires to become a hub of production units, giving competition to China.&nbsp;

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Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total.

Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total. The report also highlights how some of the Western tech companies are shifting from China when it comes to production. Apple is among other big names that are exploring alternatives to China. Reports previously revealed that China was the primary location of about 44-47 per cent of Apple suppliers' production sites until 2019. Now the scenario is changing gradually, especially after simmering tensions between the United States and China. Citing people familiar with the matter, the Bloomberg report noted that Foxconn Technology Group and Wistron Corp have each "shipped more than $1 billion of Apple's marquee devices abroad in the first nine months of the fiscal year ending March 2023". People, who requested not to be identified, also revealed private information and told the news agency Bloomberg that Pegatron Corp. is on track to move about $500 million of the gadgets overseas by the end of January. In a report published in Al Jazeera last month, it was mentioned that China was the primary location of about 44-47 per cent of Apple suppliers' production sites, but Beijing's share fell to 41 per cent in 2020. The report further mentioned that it further fell to 36 per cent in 2021. Amid the shifting dynamics, JPMorgan has estimated Apple could make 25 per cent of all iPhones in India by 2025. Notably, Apple began assembling its latest iPhone models in India just last year, but the nation aspires to become a hub of production units, giving competition to China. 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.

Apple exported more than $2.5 billion of iPhones from India between April and December

Consumer Electronics Show ( CES) 2023 which is taking place in Las Vegas is showing off innovations that could immerse us deeper into virtual reality well known to the world. Companies and startups touted augmented reality glasses and sensory technologies that can help users feel - and even smell - in a virtual environment.

World Business Watch: Standout product at CES 2023, aromas enter virtual reality

Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya.&nbsp;

The Starlink IPO could make way in 2023, years earlier than planned, Palihapitiya said on his podcast 'All-In'.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/t-mobile-to-use-starlink-satellites-to-provide-network-access-510489">T-Mobile to use Starlink satellites to provide network access</a>

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The comments came on 'All-In' podcast during which Chamath Palihapitiya, famous for his "blank cheque" investments, as well as two co-hosts, investors Jason Calacanis and David Sacks, predicted trends and events across Silicon valley in 2023.&nbsp;

"He talked about this on our pod(cast), about the difficulties and the dangers of margin loans and all of that stuff," Palihapitiya said. "He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder."

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/spacex-starlink-satellite-internet-service-reaches-all-seven-continents-517162">SpaceX Starlink satellite internet service reaches 'all seven continents'</a>

According to a Bloomberg report, Palihapitiya isn't known to be particularly close to Elon Musk but his both co-hosts are. Both Jason Calacanis and David Sacks were involved in Elon Musk's takeover of Twitter last year.&nbsp;

Earlier in 2020, top SpaceX executives had opined that in the years to come, the Starlink initiative will eventually break off from SpaceX to go public.&nbsp;

SpaceX president Gwynne Shotwell in February 2022 had said that Starlink was "the right kind of business that we can go ahead and take public." Elon Musk, however, shortly after SpaceX president's comments had said that they "need to make the thing work" before taking it public.&nbsp;

The Starlink program of SpaceX consists of launching thousands of satellites into low orbits above Earth to provide broadband internet service. SpaceX has sent more than 3,300 satellites in orbit so far for its Starlink initiative.

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Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya.

Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya. The Starlink IPO could make way in 2023, years earlier than planned, Palihapitiya said on his podcast 'All-In'. WATCH | T-Mobile to use Starlink satellites to provide network access × The comments came on 'All-In' podcast during which Chamath Palihapitiya, famous for his "blank cheque" investments, as well as two co-hosts, investors Jason Calacanis and David Sacks, predicted trends and events across Silicon valley in 2023. "He talked about this on our pod(cast), about the difficulties and the dangers of margin loans and all of that stuff," Palihapitiya said. "He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder." ALSO READ | SpaceX Starlink satellite internet service reaches 'all seven continents' According to a Bloomberg report, Palihapitiya isn't known to be particularly close to Elon Musk but his both co-hosts are. Both Jason Calacanis and David Sacks were involved in Elon Musk's takeover of Twitter last year. Earlier in 2020, top SpaceX executives had opined that in the years to come, the Starlink initiative will eventually break off from SpaceX to go public. SpaceX president Gwynne Shotwell in February 2022 had said that Starlink was "the right kind of business that we can go ahead and take public." Elon Musk, however, shortly after SpaceX president's comments had said that they "need to make the thing work" before taking it public. The Starlink program of SpaceX consists of launching thousands of satellites into low orbits above Earth to provide broadband internet service. SpaceX has sent more than 3,300 satellites in orbit so far for its Starlink initiative. 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.

Elon Musk's Starlink may go public in 2023, claims noted Silicon Valley investor

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring',&nbsp;the company confirmed the news on Saturday. In a statement,&nbsp;the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.&nbsp;"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added.&nbsp;

<a href="https://www.wionews.com/world/jack-mas-new-year-address-billionaire-speaks-to-teachers-in-china-about-hardships-of-2022-548343">Also read |&nbsp;Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022</a>

The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters.&nbsp;

Watch |&nbsp;Gravitas | Reports: Jack Ma is hiding out in Tokyo

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"As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said.

The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment.&nbsp;

<a href="https://www.wionews.com/world/chinese-billionaire-jack-ma-is-living-in-tokyo-since-beijings-crackdown-on-technology-sector-report-538670">Also read |&nbsp;Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report</a>

The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices.&nbsp;

Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy."

(With inputs from agencies)

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Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment. "The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added. Also read | Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022 The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters. Watch | Gravitas | Reports: Jack Ma is hiding out in Tokyo "As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said. The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment. Also read | Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices. Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy." (With inputs from agencies) WATCH WION LIVE HERE

Chinese billionaire Jack Ma to cede control of Ant Group after regulatory crackdown: Report

General Motors has retaken the title as America's top auto maker from Toyota after its sales rose 2.5% in 2022. Watch this video to know more.

World Business Watch: GM reclaims U.S. auto sales crown from Toyota

Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

World Business Watch: Samsung Electronics quarterly profit sinks to an eight-year low

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results.

Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.

It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

"All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment &amp; Securities.

Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31.

Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc.

"For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement.

Also Read | <a href="http://www.wionnews.com/world/samsung-quarterly-profit-set-to-slump-25-first-decline-in-nearly-three-years-522972">Samsung quarterly profit set to slump 25%, first decline in nearly three years</a>

Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

"Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter.

Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

Watch | Samsung profit at 8-year low on demand slump&nbsp;

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Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix&nbsp;rose 2.1%.

"The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment.

Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways. 
&nbsp;

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Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. "All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment & Securities. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31. Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc. "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement. Also Read | Samsung quarterly profit set to slump 25%, first decline in nearly three years Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added. "Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter. Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices. Watch | Samsung profit at 8-year low on demand slump Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix rose 2.1%. "The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment. Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways.

Samsung's quarterly profit plunges to 8-year low on demand slump

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.&nbsp;The crypto exchange company told Reuters that&nbsp;it&nbsp;plans to lay off 20 per cent of its workforce.&nbsp;Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward."

<a href="https://www.wionews.com/world/amazon-to-cut-over-18000-workers-says-ceo-andy-jassy-549539">Also read |&nbsp;Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18</a>

The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has&nbsp;not started, but is expected to complete by the first quarter.

The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire'&nbsp;in the "(crypto) winter" despite the deteriorating macro environment.&nbsp;

When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm.&nbsp;

<a href="https://www.wionews.com/technology/tech-giant-salesforce-joins-the-layoff-bandwagon-fires-10-of-its-workforce-549485">Also read |&nbsp;Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce</a>

Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months.&nbsp;

Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko.&nbsp;

As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million.&nbsp;

However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. 
 
&nbsp;

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Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply. The crypto exchange company told Reuters that it plans to lay off 20 per cent of its workforce. Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward." Also read | Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18 The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has not started, but is expected to complete by the first quarter. The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire' in the "(crypto) winter" despite the deteriorating macro environment. When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm. Also read | Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months. Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko. As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million. However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. WATCH WION LIVE HERE

Crypto exchange firm Huobi to lay off 20% of workforce amid industry slump

Walmart Inc. and other PhonePe shareholders could have to pay nearly USD 1 billion in tax for shifting its headquarters from Singapore to India. Watch this video to know more.

World Business Watch: Walmart gets $1 billion tax bill for relocating PhonePe headquarters to India