Salesforce plans to cut its workforce by 10% and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with ‘too many people’ amid an economic slowdown.

World Business Watch: Salesforce to cut staff by 10% in latest layoffs

As a part of the workforce reduction program, the CEO of Amazon Andy Jassy said that the company's layoffs will now stretch to more than 18,000 roles. The layoff decisions which Amazon will communicate starting from January 18th will largely impact the company's e-commerce and human resources.

World Business Watch: Job cuts to exceed 18,000 roles; earlier target was 10,000

McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty.&nbsp;

"The chain of fast food restaurants operated by Food Solutions (local franchise) will cease its work under the brand of McDonald's in Kazakhstan due to supply restrictions," McDonald's Kazakhstan said on Thursday.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/pure-happiness-mcdonalds-reopens-in-kyiv-but-for-delivery-only-518179">'Pure happiness': McDonald's reopens in Kyiv, but for delivery only</a>

The statement said that after opening the chain of restaurants, visitors will be offered high-quality products, a varied menu and hospitable service. "Fast food restaurants will continue to operate in accordance with the current high standards, values ​​and business principles," it said.&nbsp;

The fast-food giant pointed out that during its period of activity in Kazakhstan, Food Solutions had paid more than 3 billion tenge (around $ 6.4 million) in taxes to the country's budget and actively participated in helping the society, transferring more than 80 million tenge to charity.

Though McDonald's claims it is exiting due to supply restrictions, news agency Bloomberg reported on Wednesday that the closure is being done after disruptions triggered by the Ukraine war left Kazakhstan without a substitute for Russian meat supplies.&nbsp;

On its website, McDonald's Kazakhstan did not mention it was being closed due to the war in Ukraine.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/thousands-of-mcdonalds-employees-suffer-sexual-harassment-report-517819">Thousands of McDonald's employees suffer sexual harassment: Report</a>

The fast food giant employed 2,000 people in Kazakhstan. At present, the website still shows the logo of McDonald's and the company's menu.&nbsp;

McDonald's, like several other Western brands, terminated its operations in Russia last year following Moscow's full-scale invasion of Ukraine. McDonald's, which had applied 62,000 workers in Russia,&nbsp;was bought by Russian businessman Alexander Govor and the restaurant was renamed "Delicious. Full Stop," news agency AFP reported on Thursday. &nbsp; 
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McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty.

McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty. "The chain of fast food restaurants operated by Food Solutions (local franchise) will cease its work under the brand of McDonald's in Kazakhstan due to supply restrictions," McDonald's Kazakhstan said on Thursday. ALSO READ | 'Pure happiness': McDonald's reopens in Kyiv, but for delivery only The statement said that after opening the chain of restaurants, visitors will be offered high-quality products, a varied menu and hospitable service. "Fast food restaurants will continue to operate in accordance with the current high standards, values and business principles," it said. The fast-food giant pointed out that during its period of activity in Kazakhstan, Food Solutions had paid more than 3 billion tenge (around $ 6.4 million) in taxes to the country's budget and actively participated in helping the society, transferring more than 80 million tenge to charity. Though McDonald's claims it is exiting due to supply restrictions, news agency Bloomberg reported on Wednesday that the closure is being done after disruptions triggered by the Ukraine war left Kazakhstan without a substitute for Russian meat supplies. On its website, McDonald's Kazakhstan did not mention it was being closed due to the war in Ukraine. ALSO READ | Thousands of McDonald's employees suffer sexual harassment: Report The fast food giant employed 2,000 people in Kazakhstan. At present, the website still shows the logo of McDonald's and the company's menu. McDonald's, like several other Western brands, terminated its operations in Russia last year following Moscow's full-scale invasion of Ukraine. McDonald's, which had applied 62,000 workers in Russia, was bought by Russian businessman Alexander Govor and the restaurant was renamed "Delicious. Full Stop," news agency AFP reported on Thursday. 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.

McDonald's announces exit from Kazakhstan due to ‘supply restrictions’

The Japanese government is taking a drastic leap in an attempt to reverse population decline in certain regions of the country. The government has now offered a package of $7500 (1 million yen) per child to families to move out of Tokyo

World Business Watch: Japan offering 1 million yen per child to head off from Tokyo

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.&nbsp;They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations.

“The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said.

Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.”

The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering.

<h2>FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date</h2>

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“Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said.

The US regulators have been on the toes ever since FTX filed for bankruptcy in November.

FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors.

In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.

Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation.

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US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX. They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said. Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.” The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering. FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date “Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said. The US regulators have been on the toes ever since FTX filed for bankruptcy in November. FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors. In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations. Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation. WATCH WION LIVE HERE:

US regulators warn banks over cryptocurrency risks after FTX collapse

Apple Inc's stock market value shrank sharply on Tuesday following its steep drop last year, leaving it below $2 trillion for the first time since March 2021. Watch this video to know more.

World Business Watch: Apple's stock market value falls below $2 trillion

Bank robberies are becoming a thing of the past in the cashless Denmark, this after the country recorded its first year of zero bank robberies in 2022. Criminal found that it no longer payoffs to walk inside bank branches in search of cash as online robbery is much easier for them.

World Business Watch: No bank robbery in Denmark last year

Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-%26-economy/walmart-buys-flipkart-for-16-bn-other-mega-indian-deals-135745">Walmart buys Flipkart for $16 billion</a>

Arkansas-based multinational retail chain Walmart Inc. took majority ownership of PhonePe after acquiring its parent company Flipkart Online Services in 2018.&nbsp;

PhonePe eyes $12 billion pre-money valuation

PhonePe is now separated from Flipkart and has been re-domiciled from Singapore to India. A Bloomberg report claimed that the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others.

PhonePe is shifting its headquarters to Bengaluru, similar to online retailer and former parent company Flipkart.&nbsp;

But isn't PhonePe India's homegrown fintech company?

Technology companies with most of their operational assets and business in India have incorporated themselves in Singapore instead of India because of a far more friendlier tax regime, ease of attracting foreign investments and simpler processes for debuts on foreign exchanges.

A report by India Briefing states that over 8,000 Indian startups have incorporated themselves in Singapore since 2000.

PhonePe's stock market listing on cards?

PhonePe is currently executing three significant moves, necessary if it has to list itself for a public offering in the Indian stock market. They include: relocating to India, carving itself out as a separate entity from Flipkart, and raising funds at a high valuation.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/india75-worlds-3rd-largest-startup-ecosystem-505593">India@75: World's 3rd largest startup ecosystem</a>

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India has over 26,000 startups making it the world's third-largest startup ecosystem according to the Asian Development Bank, and at last count over 100 of these were valued at $1 billion, making them unicorns.

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Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter.

Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter. ALSO READ | Walmart buys Flipkart for $16 billion Arkansas-based multinational retail chain Walmart Inc. took majority ownership of PhonePe after acquiring its parent company Flipkart Online Services in 2018. PhonePe eyes $12 billion pre-money valuation PhonePe is now separated from Flipkart and has been re-domiciled from Singapore to India. A Bloomberg report claimed that the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others. PhonePe is shifting its headquarters to Bengaluru, similar to online retailer and former parent company Flipkart. But isn't PhonePe India's homegrown fintech company? Technology companies with most of their operational assets and business in India have incorporated themselves in Singapore instead of India because of a far more friendlier tax regime, ease of attracting foreign investments and simpler processes for debuts on foreign exchanges. A report by India Briefing states that over 8,000 Indian startups have incorporated themselves in Singapore since 2000. PhonePe's stock market listing on cards? PhonePe is currently executing three significant moves, necessary if it has to list itself for a public offering in the Indian stock market. They include: relocating to India, carving itself out as a separate entity from Flipkart, and raising funds at a high valuation. WATCH | India@75: World's 3rd largest startup ecosystem × India has over 26,000 startups making it the world's third-largest startup ecosystem according to the Asian Development Bank, and at last count over 100 of these were valued at $1 billion, making them unicorns. 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.

Walmart gets $1 billion in tax bill for shifting PhonePe base to India: Report

Byju Raveendran and Divya Gokulnath,&nbsp;the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors. Currently, Raveendran and Gokulnath jointly hold around 25% stake in the company.&nbsp;

Some of the investors of BYJU's include Chan Zuckerberg Initiative (CZI), Prosus Ventures, Sequoia Capital India, Bond, Silver Lake, Owl Ventures, UBS, Blackrock and Sands Capital Management among others. BYJU's had raised $250 million in its last funding round at an enterprise valuation of $22 billion.&nbsp;

ALSO READ | <a href="https://www.wionews.com/india-news/ed-tech-startup-byjus-ceo-summoned-by-indias-apex-child-rights-body-over-allegations-of-malpractice-544400">Ed-tech startup Byju's CEO summoned by India's apex child rights body over allegations of malpractice</a>

Speaking to news agency PTI on Wednesday (January 4), a person familiar with the developments said, "There is an intention of Byju's founders to double their stake in the company. The discussions are at exploratory level with investors to raise debt.''

In May last year, BYJU's founders raised their stake from 23% to 25% in an $800 million funding round led by Byju Raveendran.&nbsp;

In the financial year 2020-21, BYJU's reported a loss of Rs 4,588 crore compared to Rs 232 crore in 2019-20. Revenues also recorded a drop in FY21 to Rs 2,428 crore from Rs 2,511 crore in FY20, PTI reported on Wednesday.&nbsp;

The ed-tech giant has claimed it will turn profitable by March and is planning to focus more on inside sales calls, email, and video calling to reduce operational costs.

(With inputs from agencies)

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Byju Raveendran and Divya Gokulnath, the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors.

Byju Raveendran and Divya Gokulnath, the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors. Currently, Raveendran and Gokulnath jointly hold around 25% stake in the company. Some of the investors of BYJU's include Chan Zuckerberg Initiative (CZI), Prosus Ventures, Sequoia Capital India, Bond, Silver Lake, Owl Ventures, UBS, Blackrock and Sands Capital Management among others. BYJU's had raised $250 million in its last funding round at an enterprise valuation of $22 billion. ALSO READ | Ed-tech startup Byju's CEO summoned by India's apex child rights body over allegations of malpractice Speaking to news agency PTI on Wednesday (January 4), a person familiar with the developments said, "There is an intention of Byju's founders to double their stake in the company. The discussions are at exploratory level with investors to raise debt.'' In May last year, BYJU's founders raised their stake from 23% to 25% in an $800 million funding round led by Byju Raveendran. In the financial year 2020-21, BYJU's reported a loss of Rs 4,588 crore compared to Rs 232 crore in 2019-20. Revenues also recorded a drop in FY21 to Rs 2,428 crore from Rs 2,511 crore in FY20, PTI reported on Wednesday. The ed-tech giant has claimed it will turn profitable by March and is planning to focus more on inside sales calls, email, and video calling to reduce operational costs. (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.

BYJU's founders planning to increase stake in the company to 40%: Report

Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion. This translates to the tech giant losing market cap of USD 1 trillion in just 1 year.

Like many tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to fresh wave of Covid infections in the only major economy combating such a crisis. On Tuesday (January 3), Apple's shares were down by nearly 4 per cent.

Nikkei reported on Monday that Apple had notified some of its manufacturers to make fewer parts of its popular products like the AirPods, Apple Watch and Macbooks.

"Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong," a manager at an Apple supplier was quoted by Nikkei Asia.&nbsp;

"The supply chain in China is still trying to cope with the latest abrupt policy turns, which brought a shortage of laborers because of the sharp COVID surges."

Such reports have raised concern about demand for Apple products as well.&nbsp;

Apple is not the only&nbsp;company to suffer massive reduction in market capitalisation.

Also Read | <a href="https://www.wionews.com/technology/microsoft-developing-version-of-bing-powered-by-ai-report-549213">Microsoft developing version of Bing powered by AI: Report</a>

Over the last year Amazon and Meta have seen their share prices tumbling by 50 per cent and 63 per cent respectively. Apple's by comparison have taken a dive of about 31 per cent.

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Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion.

Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion. This translates to the tech giant losing market cap of USD 1 trillion in just 1 year. Like many tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to fresh wave of Covid infections in the only major economy combating such a crisis. On Tuesday (January 3), Apple's shares were down by nearly 4 per cent. Nikkei reported on Monday that Apple had notified some of its manufacturers to make fewer parts of its popular products like the AirPods, Apple Watch and Macbooks. "Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong," a manager at an Apple supplier was quoted by Nikkei Asia. "The supply chain in China is still trying to cope with the latest abrupt policy turns, which brought a shortage of laborers because of the sharp COVID surges." Such reports have raised concern about demand for Apple products as well. Apple is not the only company to suffer massive reduction in market capitalisation. Also Read | Microsoft developing version of Bing powered by AI: Report Over the last year Amazon and Meta have seen their share prices tumbling by 50 per cent and 63 per cent respectively. Apple's by comparison have taken a dive of about 31 per cent. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Apple has lost $1 trillion market value in just a year

Previously shadowed by strikingly high inflation rates; Turkey has seen the steepest drop in its inflation rates in the last 28 years. Trade deficit widens by 138.4% from last year.

World Business Watch: Turkey's consumer inflation at its lowest in 28 years

In India, as concerns are rising over the addictiveness of games and as patchy state laws disrupt business, India has proposed a self-regulatory body for the online gaming industry. The country has issued draft amendments yesterday.

World Business Watch: India proposes self-regulatory body for online gaming industry

Tesla, the world's most valuable automaker registered a 40 per cent year-on-year growth in terms of deliveries in 2022, according to the Q4 vehicle production and delivery report published on Monday.

Tesla, the world's most valuable automaker registered a 40 per cent year-on-year growth in terms of deliveries in 2022, according to the Q4 vehicle production and delivery report published on Monday. Despite the impressive numbers, Tesla’s new vehicle deliveries fell short of Wall Street expectations. Tesla produced a total of 439,701 cars in Q4 while managing to deliver 405,278. Comparatively, Tesla only delivered 308,600 vehicles in the same period last year. The production was increased after Tesla opened up the conveyor belt at its new Austin, Texas and Brandenburg, Germany plant. Overall, Tesla's annual production stood at 1.37 million in 2022 where it managed to deliver 1.31 million cars. Last year, the full-year deliveries stood at 936,172 vehicles. While the numbers are a booster shot of confidence for the Tesla board, it still fell short of the expectations of Wall Street which predicted a sale of 420,000-430,000 vehicles in Q4. The logistical troubles meant that Tesla's deliveries in the quarter fell about 34,000 short of production. It also fell short of the ambitious goal set by Musk of expanding deliveries by 50 per cent annually. While Tesla's stock plunged 65 per cent in 2022, its worst performance since being listed in 2010, CEO Elon Musk urged the employees to not be “bothered” by the “stock market craziness". WATCH | Gravitas: Tesla's worst year on the stock market × According to Musk's e-mail to his staff ahead of the busy holiday season, the Tesla boss asked employees to 'volunteer' to deliver as many cars as possible to the customers before the year came to a draw to pump the numbers up. "Since we have a lot of cars arriving at the last minute, it is important to rally hard and do everything we can to get our cars to customers who have ordered them before midnight on December 31," wrote Musk in the mail. "Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!" Financial pundits are of the view that Musk's takeover of Twitter and the controversy surrounding it has negatively impacted the stock pricing of Tesla. Musk hasn't helped the cause by routinely pulling off his Tesla stocks. Read more: Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover Other factors for the slump include increasing competition from traditional automakers like Ford Motors, General Motors and up-and-coming startups such as Lucid Group and Rivian Automotive. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations

Preliminary data from the Ministry of Trade and Industry showed that Singapore's economy grew 3.8% in 2022. Watch this video to know more.

World Business Watch: Singapore's economy grew 3.8% in 2022

South Korea’s antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla Inc for failing to tell its customers about the shorter driving range of its electric vehicles (EVs).

World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs

Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade.

Zomato Ltd said on Monday, that Gunjan Patidar, the company's co-founder and chief technical officer, has&nbsp;resigned after more than a decade with the Indian food delivery firm.

Patidar was also the Chief Technical Officer who was responsible for building the core tech systems of the company. His departure comes amid high-profile exits from the company in the last few months.

"Patidar was one of the first few employees of Zomato and built the core tech systems for the company," it said in a stock exchange filing.

"Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said.

The company, however, did not provide any reason for his resignation.

<h2>Why does NASA want to reboost Hubble Space Telescope into a higher orbit?</h2>

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In November, another co-founder, Mohit Gupta, put in his papers. He joined the company four-and-a-half years back as the CEO and subsequently was elevated to the co-founder position in 2020.

Apart from Gupta, deputy chief financial officer Nitin Savara and vice president of global growth Siddharth Jhawar also recently resigned from the company.

The exits come amidst Zomato posing narrow losses in the last two quarters. Its food delivery business' gross order values—the total value of all food delivery orders placed online on Zomato's platform—jumped 23 per cent from a year earlier in the September&nbsp;quarter.

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Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade.

Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade. Zomato Ltd said on Monday, that Gunjan Patidar, the company's co-founder and chief technical officer, has resigned after more than a decade with the Indian food delivery firm. Patidar was also the Chief Technical Officer who was responsible for building the core tech systems of the company. His departure comes amid high-profile exits from the company in the last few months. "Patidar was one of the first few employees of Zomato and built the core tech systems for the company," it said in a stock exchange filing. "Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said. The company, however, did not provide any reason for his resignation. Why does NASA want to reboost Hubble Space Telescope into a higher orbit? In November, another co-founder, Mohit Gupta, put in his papers. He joined the company four-and-a-half years back as the CEO and subsequently was elevated to the co-founder position in 2020. Apart from Gupta, deputy chief financial officer Nitin Savara and vice president of global growth Siddharth Jhawar also recently resigned from the company. The exits come amidst Zomato posing narrow losses in the last two quarters. Its food delivery business' gross order values—the total value of all food delivery orders placed online on Zomato's platform—jumped 23 per cent from a year earlier in the September quarter. WATCH WION LIVE HERE:

Zomato co-founder Gunjan Patidar resigns as online delivery firm battles high-profile exits

SpaceX, Elon Musk's rocket-maker and satellite internet company, is&nbsp;raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported.

Earlier, a Bloomberg report had claimed that SpaceX was letting its employees to sell at $77 per share. This would have put the company's valuation close to $140 billion.

The company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/elon-musk-spacex-will-keep-funding-starlink-internet-service-in-ukraine-525810">Elon Musk: SpaceX will keep funding Starlink internet service in Ukraine</a>

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The CNBC report, while citing an email sent to prospective SpaceX investors, said that Andreessen Horowitz will lead the new funding round.

Andressen had also contributed in&nbsp;Elon Musk's buyout of Twitter, a $44 billion deal.

2022 for SpaceX

Last year, SpaceX's satellite internet service, Starlink, recorded over 1 million subscribers and provided a lifeline to users in war-torn Ukraine. Under its Falcon program, SpaceX also managed to surpass 60 reusable rocket launches in a single year.

What's in store for SpaceX in 2023?

SpaceX is currently continuing the development of its Starship, in what has been reported as Elon Musk's dream project. A CNN report claimed it to be far bigger than anything that SpaceX — or any other private or state-owned rocket developer — has ever built.

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/japanese-companys-lander-heads-for-the-moon-with-uae-rover-542041">Japanese company's lander heads for the moon with UAE rover on SpaceX rocket</a>

The SpaceX has long billed its Starship as the vehicle that could one day put humans on Mars for the first time.

It remains unclear when the company will move to the next step of the program, which relates to an orbital launch test of these larger vehicles.

Is Twitter affecting SpaceX's operations?

According to an NBC News report, NASA Administrator Bill Nelson recently asked SpaceX President and COO Gwynne Shotwell whether Elon Musk's "distraction" as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency. Nelson is reported to have said that Shotwell reassured him it would not.

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SpaceX, Elon Musk's rocket-maker and satellite internet company, is raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported.

SpaceX, Elon Musk's rocket-maker and satellite internet company, is raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported. Earlier, a Bloomberg report had claimed that SpaceX was letting its employees to sell at $77 per share. This would have put the company's valuation close to $140 billion. The company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May. WATCH | Elon Musk: SpaceX will keep funding Starlink internet service in Ukraine × The CNBC report, while citing an email sent to prospective SpaceX investors, said that Andreessen Horowitz will lead the new funding round. Andressen had also contributed in Elon Musk's buyout of Twitter, a $44 billion deal. 2022 for SpaceX Last year, SpaceX's satellite internet service, Starlink, recorded over 1 million subscribers and provided a lifeline to users in war-torn Ukraine. Under its Falcon program, SpaceX also managed to surpass 60 reusable rocket launches in a single year. What's in store for SpaceX in 2023? SpaceX is currently continuing the development of its Starship, in what has been reported as Elon Musk's dream project. A CNN report claimed it to be far bigger than anything that SpaceX — or any other private or state-owned rocket developer — has ever built. ALSO READ | Japanese company's lander heads for the moon with UAE rover on SpaceX rocket The SpaceX has long billed its Starship as the vehicle that could one day put humans on Mars for the first time. It remains unclear when the company will move to the next step of the program, which relates to an orbital launch test of these larger vehicles. Is Twitter affecting SpaceX's operations? According to an NBC News report, NASA Administrator Bill Nelson recently asked SpaceX President and COO Gwynne Shotwell whether Elon Musk's "distraction" as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency. Nelson is reported to have said that Shotwell reassured him it would not. 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 SpaceX to raise $750mn in first funding round of 2023: Report

Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday.&nbsp;

Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported. His new duty to monitor deliveries in all markets and manage the production for the electric car manufacturer makes him the highest-profile executive at Tesla after Elon Musk.&nbsp;

Managers in China, Japan, Australia, and New Zealand will continue to report to Zhu. His promotion to a global role comes when Twitter acquisition&nbsp;preoccupy Musk, and Tesla is readying the launch of Cybertruck. Tesla's analysts and investors have encouraged decisions that enhance the senior executive bench and divert Musk's attention towards Tesla.

Also Read|&nbsp;<a href="www.wionews.com/business-economy/tesla-delivers-record-number-of-cars-in-q4-but-falls-short-of-wall-street-expectations-548892">Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations</a>

Although born in China, Zhu has a New Zealand passport. He joined Tesla in 2014 after serving as a project manager at a company set by his MBA classmates at Duke University.

Zhu is known for his 'no-fuss' leadership style. He lives in an apartment 10 minutes away from the Shanghai Gigafactory. However, he has not made it clear whether or not he will move for the promotion.&nbsp;

During Shanghai's two-month COVID-19 lockdown, Zhu and his few other colleagues slept in the factory to keep things running, his colleagues said. Tesla's Shanghai plant's revival under him after the lockdown due to COVID-19 has been one of his most remarkable accomplishments.&nbsp;

Watch|&nbsp;World Business Watch: India proposes self-regulatory body for online gaming industry

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In December, Tesla celebrated the production landmark for its Model Y at its Austin, Texas, plant. They also tweeted a picture on their Twitter handles showing Zhu smiling alongside his workers on the floor.&nbsp;

In November, James Murdoch, Tesla's board member, mentioned that the company pinpointed a successor for Elon Musk without naming the person.

(With inputs from agencies)

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Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday. Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported.

Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday. Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported. His new duty to monitor deliveries in all markets and manage the production for the electric car manufacturer makes him the highest-profile executive at Tesla after Elon Musk. Managers in China, Japan, Australia, and New Zealand will continue to report to Zhu. His promotion to a global role comes when Twitter acquisition preoccupy Musk, and Tesla is readying the launch of Cybertruck. Tesla's analysts and investors have encouraged decisions that enhance the senior executive bench and divert Musk's attention towards Tesla. Also Read| Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations Although born in China, Zhu has a New Zealand passport. He joined Tesla in 2014 after serving as a project manager at a company set by his MBA classmates at Duke University. Zhu is known for his 'no-fuss' leadership style. He lives in an apartment 10 minutes away from the Shanghai Gigafactory. However, he has not made it clear whether or not he will move for the promotion. During Shanghai's two-month COVID-19 lockdown, Zhu and his few other colleagues slept in the factory to keep things running, his colleagues said. Tesla's Shanghai plant's revival under him after the lockdown due to COVID-19 has been one of his most remarkable accomplishments. Watch| World Business Watch: India proposes self-regulatory body for online gaming industry In December, Tesla celebrated the production landmark for its Model Y at its Austin, Texas, plant. They also tweeted a picture on their Twitter handles showing Zhu smiling alongside his workers on the floor. In November, James Murdoch, Tesla's board member, mentioned that the company pinpointed a successor for Elon Musk without naming the person. (With inputs from agencies) WATCH WION LIVE HERE

Tesla's China head elevated to global role, takes charge of sales operations in North America

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming&nbsp;one of Asia's worst-performing currencies.

The Indian currency closed 2022 down 10.14 per cent, making it the biggest annual decline since the year 2013. Many factors contributed to the decline such as tight monetary policies, oil prices sparked by the Russia-Ukraine conflict and more, Reuters reported.&nbsp;

<a href="https://www.wionews.com/india-news/rupee-falls-to-a-record-low-of-8306-against-the-us-dollar-526957">Also read |&nbsp;Indian rupee falls to a record low of 83.06 against the US dollar</a>

The rupee stands at 82.72 to the US dollar, which soared due to US Federal Reserve's monetary policies, standing at its biggest annual gain since 2015.&nbsp;

Japanese Yen performed the worst by falling more than the rupee, which was down over 12 per cent against the dollar.&nbsp;

The rise in oil prices brought on by Russia's invasion of Ukraine also affected the rupee and resulted in India's current account deficit reaching a record high in the third quarter of the year.&nbsp;

<a href="https://www.wionews.com/india-news/salaries-of-it-ceos-climbed-by-1500-compared-to-only-50-for-new-hires-business-today-analysis-547060">Also read |&nbsp;India: Salaries of IT CEOs climbed by 1,500% compared to only 50% for new hires, says report</a>

In 2023, traders and analysts predicted the currency to move between the 81.50 and 83.50 range in the first quarter. They added that equity inflows will also act for the rupee to move.&nbsp;

Warning of possible heads up for recession, Christopher Wong, an OCBC Bank FX strategist said, "There's going to be a period of softness in global equities... If we get a selloff in Indian shares, I'll be less optimistic on the rupee."&nbsp;

He added that the South Korean won and the Thai baht are predicted to perform better next year, but the Indian rupee might still lag and might not be a top choice in the market.&nbsp;

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming one of Asia's worst-performing currencies. The Indian currency closed 2022 down 10.

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming one of Asia's worst-performing currencies. The Indian currency closed 2022 down 10.14 per cent, making it the biggest annual decline since the year 2013. Many factors contributed to the decline such as tight monetary policies, oil prices sparked by the Russia-Ukraine conflict and more, Reuters reported. Also read | Indian rupee falls to a record low of 83.06 against the US dollar The rupee stands at 82.72 to the US dollar, which soared due to US Federal Reserve's monetary policies, standing at its biggest annual gain since 2015. Japanese Yen performed the worst by falling more than the rupee, which was down over 12 per cent against the dollar. The rise in oil prices brought on by Russia's invasion of Ukraine also affected the rupee and resulted in India's current account deficit reaching a record high in the third quarter of the year. Also read | India: Salaries of IT CEOs climbed by 1,500% compared to only 50% for new hires, says report In 2023, traders and analysts predicted the currency to move between the 81.50 and 83.50 range in the first quarter. They added that equity inflows will also act for the rupee to move. Warning of possible heads up for recession, Christopher Wong, an OCBC Bank FX strategist said, "There's going to be a period of softness in global equities... If we get a selloff in Indian shares, I'll be less optimistic on the rupee." He added that the South Korean won and the Thai baht are predicted to perform better next year, but the Indian rupee might still lag and might not be a top choice in the market.

Indian rupee ends 2022 as one of Asia's worst performing currencies, falls 10.14%, worst since 2013

For much of the global economy, 2023 is going to be a tough year now as the main engines of global growth, the U.S., Europe and China all are experiencing weakening activity. The warning has come from the head of the International Monetary Fund.

World Business Watch: 2023 to be a tough year, says IMF head

China's factory activity shrank for the third straight month in December. This has covid infections swept through production lines across the country after Beijing's abrupt reversal of anti-virus measures.

World Business Watch: China's manufacturing contracts at sharpest pace in three years

While China stock bulls had another miserable year, their fortunes may finally improve now this year if the nation's abrupt reopening from Covid curbs eventually leads to robust economic recovery. The combined losses from stocks traded on the mainland and in Hong Kong reached $3.9 trillion.

World Business Watch: China stock investors eye better 2023 after $3.9 trillion rout

The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024.&nbsp;Earlier this month, BOJ shook markets by widening its 10-year yield cap range. This move is officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing.

Upgrades to the BOJ's inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss the exit if achievement of its 2% inflation target in tandem with wage hikes comes into sight.

Nikkei, citing people familiar with discussions at the central bank, said that the proposed changes would show the core consumer price index rising around 3% in fiscal 2022, between 1.6% and 2% in fiscal 2023, and nearly 2% in fiscal 2024.

Previous forecasts were released in the month of October. They were around 2.9 %, 1.6% and 1.6%, respectively.

Japan's core consumer prices excluding fresh food items rose 3.7% in November, the highest since 1981, government data showed last week.

But Kuroda has dismissed the chance of a near-term interest rate hike, saying recent price rises were driven by one-off increases in raw material costs rather than strong demand.

The BOJ will release the latest quarterly growth and price outlook after its next policy meeting on Jan. 17-18.

(With inputs from agencies)

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The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024.

The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024. Earlier this month, BOJ shook markets by widening its 10-year yield cap range. This move is officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing. Upgrades to the BOJ's inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss the exit if achievement of its 2% inflation target in tandem with wage hikes comes into sight. Nikkei, citing people familiar with discussions at the central bank, said that the proposed changes would show the core consumer price index rising around 3% in fiscal 2022, between 1.6% and 2% in fiscal 2023, and nearly 2% in fiscal 2024. Previous forecasts were released in the month of October. They were around 2.9 %, 1.6% and 1.6%, respectively. Japan's core consumer prices excluding fresh food items rose 3.7% in November, the highest since 1981, government data showed last week. But Kuroda has dismissed the chance of a near-term interest rate hike, saying recent price rises were driven by one-off increases in raw material costs rather than strong demand. The BOJ will release the latest quarterly growth and price outlook after its next policy meeting on Jan. 17-18. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bank of Japan may raise inflation forecasts: Report

Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021.&nbsp;

What exactly has led to decline in Musk's wealth?

Elon Musk's wealth plummeted to $137 billion after Tesla shares declined in recent weeks. This includes a massive 11 per cent fall in Tesla shares on December 27.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-elon-musk-buys-twitter-529238">Explained: The future of Twitter under Elon Musk</a>

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Tesla is now offering consumers in the United States a $7,500 discount for its two highest-volume models before year-end. It has also reportedly reduced production at its Shanghai plant.

Musk's fortune topped at $340 billion in November 2021. Following this, he was the world's richest person for more than a year at a stretch. He was then overtaken this month by Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH.&nbsp;

The Twitter effect

Musk acquired the social media platform for $44 billion in late October. To help cover his Twitter purchase, Musk sold his significant stake in Tesla and as a result&nbsp;the electric carmaker is no longer his biggest asset.

Musk's declining wealth and raised interest rates

Elon Musk has repeatedly taken to Twitter to take on the Federal Reserve for raising interest rates at the fastest pace in decades.&nbsp;

"Tesla is executing better than ever!" Musk wrote on Twitter on December 16. "We don’t control the Federal Reserve. That is the real problem here."

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-is-neglecting-tesla-says-analyst-543528">Elon Musk is 'neglecting Tesla,' says analyst</a>&nbsp;

A report in Bloomberg cited a recent Elon Musk appearance in a podcast in which the billionaire business magnate is heard warning against the dangers of borrowed money during a volatile market phase.&nbsp;

"I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry," Musk is cited to have said in the All-In podcast released this month. "You can get some pretty extreme things happening in a down market."

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Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021.

Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021. What exactly has led to decline in Musk's wealth? Elon Musk's wealth plummeted to $137 billion after Tesla shares declined in recent weeks. This includes a massive 11 per cent fall in Tesla shares on December 27. WATCH | Explained: The future of Twitter under Elon Musk × Tesla is now offering consumers in the United States a $7,500 discount for its two highest-volume models before year-end. It has also reportedly reduced production at its Shanghai plant. Musk's fortune topped at $340 billion in November 2021. Following this, he was the world's richest person for more than a year at a stretch. He was then overtaken this month by Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH. The Twitter effect Musk acquired the social media platform for $44 billion in late October. To help cover his Twitter purchase, Musk sold his significant stake in Tesla and as a result the electric carmaker is no longer his biggest asset. Musk's declining wealth and raised interest rates Elon Musk has repeatedly taken to Twitter to take on the Federal Reserve for raising interest rates at the fastest pace in decades. "Tesla is executing better than ever!" Musk wrote on Twitter on December 16. "We don’t control the Federal Reserve. That is the real problem here." ALSO READ | Elon Musk is 'neglecting Tesla,' says analyst A report in Bloomberg cited a recent Elon Musk appearance in a podcast in which the billionaire business magnate is heard warning against the dangers of borrowed money during a volatile market phase. "I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry," Musk is cited to have said in the All-In podcast released this month. "You can get some pretty extreme things happening in a down market." 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 becomes first person in history to lose $200 billion in net worth

Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30.&nbsp;The S&amp;P 500, a key US stock index, fell 19.4 per cent in 2022 as policy effects to fight inflation gave rise to increased interest rates by Federal Reserve bodies around the world.&nbsp;Nasdaq 100, another important stock index dropped 33 per cent in 2022.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/2022-when-global-economy-started-bleeding-547838">2022: When global economy started bleeding</a>

Bonds in the US market lost 16 per cent of their value, the biggest decline since at least 1990. This was also because of the same reason; increased interest rates by the central banks to slow rising consumer prices.

It was the worst year in more than a decade for global equities and bonds—but it’s finally over, said a Bloomberg report.&nbsp;

'2023 to be a bumpy ride'

Experts cited in the US media say that the post-pandemic 2022 experience will give a "rearview mirror" perspective to buyers and investors in 2023.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-us-stocks-lose-7-trillion-in-2022-478749">Gravitas: US stocks lose $7 trillion in 2022</a>

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"The good news is that we will soon put the year in the rearview mirror,” Art Hogan, chief market strategist at Los Angeles-based B. Riley Wealth, told Bloomberg.

"The bad news is that 2023 could be a bumpy ride, at least for the first few months," he added.

As the U.S. economy heads toward a possible recession, the Federal Reserve may raise interest rates further.&nbsp;Higher interest rates are central banks’ primary tool for controlling&nbsp;inflation.

When rates rise, borrowing costs also increase, slowing demand in the economy and in theory tempering further price increases.

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Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30.

Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30. The S&P 500, a key US stock index, fell 19.4 per cent in 2022 as policy effects to fight inflation gave rise to increased interest rates by Federal Reserve bodies around the world. Nasdaq 100, another important stock index dropped 33 per cent in 2022. ALSO READ | 2022: When global economy started bleeding Bonds in the US market lost 16 per cent of their value, the biggest decline since at least 1990. This was also because of the same reason; increased interest rates by the central banks to slow rising consumer prices. It was the worst year in more than a decade for global equities and bonds—but it’s finally over, said a Bloomberg report. '2023 to be a bumpy ride' Experts cited in the US media say that the post-pandemic 2022 experience will give a "rearview mirror" perspective to buyers and investors in 2023. WATCH | Gravitas: US stocks lose $7 trillion in 2022 × "The good news is that we will soon put the year in the rearview mirror,” Art Hogan, chief market strategist at Los Angeles-based B. Riley Wealth, told Bloomberg. "The bad news is that 2023 could be a bumpy ride, at least for the first few months," he added. As the U.S. economy heads toward a possible recession, the Federal Reserve may raise interest rates further. Higher interest rates are central banks’ primary tool for controlling inflation. When rates rise, borrowing costs also increase, slowing demand in the economy and in theory tempering further price increases. 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.

Wall Street braces for a 'bumpy' 2023 after worst year since 2008

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year&nbsp;in his traditional year-end message to staff, amid concerns over the declining global economy.&nbsp;Solomon 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." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce.&nbsp;

<a href="https://www.wionews.com/photos/layoffs-in-2022-the-year-tech-firms-workers-would-rather-forget-543679">Also read |&nbsp;Layoffs in 2022: The year tech firms, workers would rather forget</a>

Executives claimed that the workforce increased by nearly 34 per cent since 2018.&nbsp;

No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets.&nbsp;

“We need to proceed with caution and manage our resources wisely,” Solomon said.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult.&nbsp;

Despite rising interest rates, Goldman according to a survey conducted by S&amp;P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly&nbsp;$12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022.&nbsp;

(With inputs from agencies)

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After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy.

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy. Solomon 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." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce. Also read | Layoffs in 2022: The year tech firms, workers would rather forget Executives claimed that the workforce increased by nearly 34 per cent since 2018. No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets. “We need to proceed with caution and manage our resources wisely,” Solomon said. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult. Despite rising interest rates, Goldman according to a survey conducted by S&P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022. (With inputs from agencies) WATCH WION LIVE HERE Live TV

Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff