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Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.&nbsp;

According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022.&nbsp;

Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/sam-bankman-fried-and-ftx-collapse-fried-yet-to-enter-plea-546267">Sam Bankman-Fried and FTX collapse; Fried yet to enter plea</a>

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The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official.

According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty</a>

According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.&nbsp;

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

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Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.

Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith. According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022. Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March. WATCH | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea × The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official. According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats. ALSO READ | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. 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.

As top Democrat donor, Sam Bankman-Fried had access to White House: Report

Hershey has been sued by a consumer who accused the company of selling dark chocolate that contains harmful levels of lead and cadmium. In a proposed class action filed on Wednesday, Christopher Lazazzaro said he would not have bought or would have paid less for Hershey's Special Dark Mildly Sweet Chocolate, Lily's Extra Dark Chocolate 70% Cocoa and Lily's Extreme Dark Chocolate 85% Cocoa, had Hershey disclosed their metals content.

World Business Watch: Hershey sued over heavy metals in chocolate; lawsuit filed in New York

Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt. The company's sales have registered a meagre increase of 0.02 per cent. In spite of this, rotating chairman Eric Xu sounded upbeat in company's annual New Year's letter.

"US restrictions are now our new normal, and we're back to business as usual," Xu wrote in the letter that was addressed to staff and released to media.

As per Xu, the revenue for the year is expected to be 636.9 billion yuan ($91.53 billion). Huawei's revenue has increased by a small percentage than what it was in 2021 (636.8 billion yuan).

Xu's letter did not mention Huawei's profitability. The company typically discloses its full annual results in the following year's first quarter.

In 2019, Huawei's revenue had his a record USD 122 billion. At the time the company was at its peak as the top Android smartphone vendor globally.

In 2019, the US&nbsp;Trump administration imposed a trade ban on Huawei, citing national security concerns, which barred the company from using Alphabet Inc's Android for its new smartphones, among other critical US-origin technologies.

The sanctions caused its handset device sales to plummet. It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division.

The company continues to generate revenue via its networking equipment division, which competes with Nokia and Ericsson. It also operates a cloud computing division.

(With inputs from agencies)

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Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt.

Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt. The company's sales have registered a meagre increase of 0.02 per cent. In spite of this, rotating chairman Eric Xu sounded upbeat in company's annual New Year's letter. "US restrictions are now our new normal, and we're back to business as usual," Xu wrote in the letter that was addressed to staff and released to media. As per Xu, the revenue for the year is expected to be 636.9 billion yuan ($91.53 billion). Huawei's revenue has increased by a small percentage than what it was in 2021 (636.8 billion yuan). Xu's letter did not mention Huawei's profitability. The company typically discloses its full annual results in the following year's first quarter. In 2019, Huawei's revenue had his a record USD 122 billion. At the time the company was at its peak as the top Android smartphone vendor globally. In 2019, the US Trump administration imposed a trade ban on Huawei, citing national security concerns, which barred the company from using Alphabet Inc's Android for its new smartphones, among other critical US-origin technologies. The sanctions caused its handset device sales to plummet. It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division. The company continues to generate revenue via its networking equipment division, which competes with Nokia and Ericsson. It also operates a cloud computing division. (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 ×

Huawei registers plateaued revenue growth, US sanctions impact wanes

Honda will recall just over 200,000 hybrid vehicles due to issues with brake pedal sensors in some models. Watch full video to know more.

World Business Watch: Honda to recall 200,000 hybrid vehicles made in China

Chipmaker Taiwan Semiconductor Manufacturing Company Ltd (TSMC), began mass production of its most advanced chips in southern Taiwan on Thursday and the company's chairman said it would continue to expand capacity on the island.

World Business Watch: TSMC begins mass production of most advanced chips in Taiwan

The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament.&nbsp;Addressing a press conference on Friday, President Joko Widodo said, "We know it looks like we're normal now, but global uncertainty, risk is haunting us ... Actually the world is not doing fine."

Widodo argued that Indonesia's economy would rely on investments and exports next year and that legal certainty about the law was crucial to maintain good investor perception,&nbsp; reports news agency Reuters.&nbsp;

Indonesia's chief economic minister Airlangga Hartarto, meanwhile, said the main consideration to issue the emergency regulation was a global recession risk next year, the war in Ukraine, climate change and the potential for a worldwide food, energy and monetary crisis.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/indonesia-removes-all-remaining-measures-to-control-covid-19-pandemic-548004">Indonesia removes all remaining measures to control Covid-19 pandemic</a>

The Jobs Creation Law had revised over 70 other laws and was praised by foreign investors for streamlining rules in Indonesia. However, the legislation also lead to nationwide protests from workers, students and green groups who said it eroded labour and environmental protections, Reuters reported.&nbsp;

In 2021, the constitutional court ruled that the passage of the Jobs Creation Law was flawed because of inadequate public consultation. The court ordered lawmakers to restart the process within two years. The law would otherwise be deemed unconstitutional.

One of the biggest controversies in the law included relaxed rules on severance pay, contract labour and outsourcing, and changes to the minimum wage formula.&nbsp;

Bivitri Susanti, a constitutional law expert from the Indonesia Jentera School of Law, said the emergency regulation is a "fait accompli'' from President Widodo.&nbsp;

"Everyone can see there is no emergency. It's holiday time," Susanti said and pointed out the move is "ridiculous" and ''inappropriate'' as it would reduce debate time in Parliament.&nbsp;

(With inputs from agencies)

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The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament.

The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament. Addressing a press conference on Friday, President Joko Widodo said, "We know it looks like we're normal now, but global uncertainty, risk is haunting us ... Actually the world is not doing fine." Widodo argued that Indonesia's economy would rely on investments and exports next year and that legal certainty about the law was crucial to maintain good investor perception, reports news agency Reuters. Indonesia's chief economic minister Airlangga Hartarto, meanwhile, said the main consideration to issue the emergency regulation was a global recession risk next year, the war in Ukraine, climate change and the potential for a worldwide food, energy and monetary crisis. ALSO READ | Indonesia removes all remaining measures to control Covid-19 pandemic The Jobs Creation Law had revised over 70 other laws and was praised by foreign investors for streamlining rules in Indonesia. However, the legislation also lead to nationwide protests from workers, students and green groups who said it eroded labour and environmental protections, Reuters reported. In 2021, the constitutional court ruled that the passage of the Jobs Creation Law was flawed because of inadequate public consultation. The court ordered lawmakers to restart the process within two years. The law would otherwise be deemed unconstitutional. One of the biggest controversies in the law included relaxed rules on severance pay, contract labour and outsourcing, and changes to the minimum wage formula. Bivitri Susanti, a constitutional law expert from the Indonesia Jentera School of Law, said the emergency regulation is a "fait accompli'' from President Widodo. "Everyone can see there is no emergency. It's holiday time," Susanti said and pointed out the move is "ridiculous" and ''inappropriate'' as it would reduce debate time in Parliament. (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.

Indonesia issues emergency regulation to replace controversial job law; legal experts criticise move

Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.S.&nbsp;On Wednesday, at least 2,600 flights were cancelled due to bad weather, of which nearly all of them belonged to Southwest. The rest of the US airlines together account for a little more than 100 of those cancellations, reports CNN.

Southwest Airlines' chief commercial officer, Ryan Green, told reporters on Thursday that the payments will take several weeks but will cover the costs people incurred when they were forced to make alternative travel arrangements. This will include the money they spent on meals and gas. The company will also pay to ship people’s baggage to them.

Also Read |&nbsp;<a href="https://www.wionews.com/world/southwest-airlines-cancels-over-2000-flights-amid-winter-storm-leaving-thousands-of-flyers-at-lurch-547200">Southwest Airlines cancels over 2,000 flights amid winter storm</a>

Other airlines, including American Airlines and United, said they would place a price cap on the tickets to help those affected by the cancellations. Southwest Airlines planned to return to normal operations Friday, with minimal disruptions.

While Delta has implemented “walk-up fare caps in US domestic markets”, Alaska Airlines told Axios that it will also cut fares in certain cities, even though it already has a ceiling on its tickets.&nbsp;

The airline cancelled 2,363 flights on Thursday, data from Flightaware.com indicates. On Wednesday, Southwest cancellations stood at 2,510. Federal authorities said they will investigate the matter.

"With consecutive days of extreme winter weather across our network behind us, continuing challenges are impacting our customers and employees in a significant way that is unacceptable," Southwest had said in a statement.

While a major part of the U.S. was battling a historic winter storm, leading to holiday travel being disrupted, Southwest cancelled flights even in places where the storm did not have an impact, such as California.

There were reports of long queues, days-long delays and stranded passengers contending with Southwest agents who seemed helpless, some on the verge of tears.

(With inputs from agencies)

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Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.

Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.S. On Wednesday, at least 2,600 flights were cancelled due to bad weather, of which nearly all of them belonged to Southwest. The rest of the US airlines together account for a little more than 100 of those cancellations, reports CNN. Southwest Airlines' chief commercial officer, Ryan Green, told reporters on Thursday that the payments will take several weeks but will cover the costs people incurred when they were forced to make alternative travel arrangements. This will include the money they spent on meals and gas. The company will also pay to ship people’s baggage to them. Also Read | Southwest Airlines cancels over 2,000 flights amid winter storm Other airlines, including American Airlines and United, said they would place a price cap on the tickets to help those affected by the cancellations. Southwest Airlines planned to return to normal operations Friday, with minimal disruptions. While Delta has implemented “walk-up fare caps in US domestic markets”, Alaska Airlines told Axios that it will also cut fares in certain cities, even though it already has a ceiling on its tickets. The airline cancelled 2,363 flights on Thursday, data from Flightaware.com indicates. On Wednesday, Southwest cancellations stood at 2,510. Federal authorities said they will investigate the matter. "With consecutive days of extreme winter weather across our network behind us, continuing challenges are impacting our customers and employees in a significant way that is unacceptable," Southwest had said in a statement. While a major part of the U.S. was battling a historic winter storm, leading to holiday travel being disrupted, Southwest cancelled flights even in places where the storm did not have an impact, such as California. There were reports of long queues, days-long delays and stranded passengers contending with Southwest agents who seemed helpless, some on the verge of tears. (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.

Southwest Airlines will reimburse passengers following mass flight cancellations

A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29. Xiao Yi, the former Communist Party secretary of the city of Fuzhou was accused of accepting over 125 million Chinese Yuan ($18 million) in bribes related to construction programs and illegal promotions. He pleaded guilty in the Zhejiang Hangzhou Intermediate People's Court, the state-owned daily news program Xinwen Lianbo reported.

Xiao Yi did corrupt practices for Bitcoin miners: Chinese state media

In addition to the bribing charges, Yi also pleaded guilty to charges related to transactions with the Bitcoin miners between 2017 and 2021. Xiao Yi was Fuzhou city's Communist Party secretary between 2008 to 2021. It is unclear if the series of charges were related.

"During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and electricity assurance. These acts were contrary to national regulations, the theory of New Development, and led to massive losses in public property, leading to adverse consequences," state-owned daily news program Xinwen Lianbo reported.&nbsp;

The quantum of the sentence will reportedly be announced at a later session of the Zhejiang Hangzhou Intermediate People's Court.

Cryptocurrency mining banned in China

Since September 2021, cryptocurrency mining — the process of creating new digital "coins"— remains banned in China. Beijing banned cryptocurrency mining, citing carbon neutrality pledges and "high energy costs". A law bans access to electricity and capital markets for individuals&nbsp;engaging in the creation of new digital coins.&nbsp;

The ban, however, has been difficult to enforce. This is due to crypto mining’s decentralised nature.&nbsp;

In May 2022, cryptocurrency news platform Cointelegraph reported that China is the world’s second-biggest Bitcoin mining hub despite the ban.&nbsp;

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A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29.

A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29. Xiao Yi, the former Communist Party secretary of the city of Fuzhou was accused of accepting over 125 million Chinese Yuan ($18 million) in bribes related to construction programs and illegal promotions. He pleaded guilty in the Zhejiang Hangzhou Intermediate People's Court, the state-owned daily news program Xinwen Lianbo reported. Xiao Yi did corrupt practices for Bitcoin miners: Chinese state media In addition to the bribing charges, Yi also pleaded guilty to charges related to transactions with the Bitcoin miners between 2017 and 2021. Xiao Yi was Fuzhou city's Communist Party secretary between 2008 to 2021. It is unclear if the series of charges were related. "During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and electricity assurance. These acts were contrary to national regulations, the theory of New Development, and led to massive losses in public property, leading to adverse consequences," state-owned daily news program Xinwen Lianbo reported. The quantum of the sentence will reportedly be announced at a later session of the Zhejiang Hangzhou Intermediate People's Court. Cryptocurrency mining banned in China Since September 2021, cryptocurrency mining — the process of creating new digital "coins"— remains banned in China. Beijing banned cryptocurrency mining, citing carbon neutrality pledges and "high energy costs". A law bans access to electricity and capital markets for individuals engaging in the creation of new digital coins. The ban, however, has been difficult to enforce. This is due to crypto mining’s decentralised nature. In May 2022, cryptocurrency news platform Cointelegraph reported that China is the world’s second-biggest Bitcoin mining hub despite the ban. 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.

Former Chinese Communist Party official pleads guilty for helping crypto miners: State media

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen.

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen. It was the year when the real impact of COVID-19 could be assessed on the global economy, further slammed by the war in Ukraine. While countries like the United States witnessed the fear of recession, the United Kingdom was reeling under two-digit inflation. But have you ever thought about why some countries are going into recession, while some are into inflation? Simply put, inflation is when the prices of commodities rise, while a recession is when the overall economic activities are down for two consecutive quarters. Just days before the year ends, the Centre for Economics and Business Research released a report which cautioned that the world economy is heading for a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause several economies to shrink. The biggest concern of 2022 was high inflation. It began with the Russia-Ukraine war. On February 24, Russia invaded Ukraine while the world economies watched the developments closely. It had a far-reaching impact on the whole world as prices for essential goods, from food grains to oil and natural gas, soared across the globe. In 2022, Zimbabwe witnessed record inflation at 269%, Lebanon at 158%, and Venezuela at 156%. Economists and experts made use of the 'cost of living crisis' concept to monitor and register economic activities. Central banks of many countries were forced to hike the interest rates to bring inflation down. Many countries broke their record of high inflation. Pakistan touched a peak at 42.30% in 2022, which was the highest in 47 years. Even developed countries like the US and UK broke four-decade records on inflation. India's wholesale price index touched a high of 15.80%, the highest in 30 years. The Federal Reserve in the US issued policies to combat inflation but the crisis continues to loom. On the other hand, many people in the UK are struggling to pay electricity bills as rising prices impacted household budgets. Moreover, the global debt crisis has worsened in 2022 with developing nations likely to face debt distress and a growing borrowing burden. Government debt levels as a share of GDP increased in over 100 developing countries between 2019-2021. Amid all these, a word that created a buzz in the economy was 'polycrisis', which means "the simultaneous occurrence of several catastrophic events". Hence, Collins English Dictionary declared 'permacrisis' as the word of the year 2022. Apart from the economy, the year witnessed a meltdown of two key sectors-- tech and cryptocurrency. For these sectors which were once blooming, the year 2022 showed them the mirror. While many companies shut down, a lot of tech companies started laying off employees to keep their businesses running. Microsoft, Amazon, Twitter, Facebook and every big tech company ran to cut the cost. If you look at the stocks, the shares of Indian IT companies fell the most since 2008. Topping the list is MPhasis with a 44% loss in share value. Big companies like Infosys fell 20%, Wipro was down 41% and Tech Mahindra sank 42%. Cryptocurrency too lost its charm. What was once considered a 'lucky coin' saw a huge downfall? Even so, it was also hit by a scam-- FTX scandal. Crashes, contagion and collapses came in such quick succession that investors are now on the verge of asking some serious existential questions. The most famous crypto, Bitcoin fell about 65% from around $46,000 in January to about $16,800 now, according to a report. The second-biggest cryptocurrency, Ethereum, touched a high late last year, and then crashed below $900 in June, its lowest level since the start of 2021. 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.

2022: When global economy started bleeding

Tesla's stock is losing value day after day. Its boss Tesla's Chief Executive Elon Musk addressed employees telling them that they should not be bothered by the stock market's craziness.

World Business Watch: Tesla's stock losing value with a fall of nearly 70% this year

South Korea's semiconductor production in November fell by the most since the global financial crisis. Chip production shrank for a fourth straight month.

World Business Watch: South Korea's chip output falls most since the global financial crisis

U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.

World Business Watch: Energy giant Exxon sues EU to block energy windfall tax

Global investment bank Goldman Sachs is reportedly planning to lay off hundreds of employees at its consumer business. Watch this video to know more.

World Business Watch: Global investment bank Goldman Sachs plans to cut hundreds of jobs

Japan's output of general machinery slipped 7.9%, while that of production machinery decreased 5.7%, driving down the overall index in November. Watch this video to know more.

World Business Watch: Japan November factory output falls 7.9 percent

Tesla shares continued to fall Tuesday amid investor concerns about a manufacturing slowdown at the electric car maker's factory in China.

World Business Watch: Tesla shares drop 11.4 percent as demand worries persist in China

The rouble dived around 3% against the dollar on Tuesday as market comes to terms with the prospect of lower export revenue in the wake of restrictions on Russian oil.

World Business Watch: Russian rouble slumps around 3% vs dollar as sanctions weigh

Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session.&nbsp;

Tuesday was Tesla's seventh day on a losing streak, its longest since 2018.&nbsp;

Why are Tesla's shares nosediving?

Elon Musk's decision to halt production at Tesla's Shanghai factory and reports of reduced output at its key production units are being cited as immediate reasons for Tesla's nosediving shares.&nbsp;

ALSO READ -&nbsp;<a href="https://www.wionews.com/world/us-automaker-tesla-suspends-production-in-shanghai-after-an-internal-notice-say-sources-546359">US automaker Tesla suspends production in Shanghai after an internal notice</a>

Furthermore, reports that Tesla was offering individuals in the United States a $7500 discount for its two highest-volume models didn't impress Tesla investors in addition to the signs of slowing demand.&nbsp;

Musk's Twitter takeover and Tesla's plummeting fortunes

At the end of 2022, Tesla's 69 per cent value has vanished amid Elon Musk's Twitter takeover. Reports say that Musk's related online antics have created jitters among investors.&nbsp;

WATCH -&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-tesla-to-orders-to-recall-over-million-us-cars-to-fix-issues-with-software-518926">WION Business News: Tesla to orders to recall over million US cars; to fix issues with software</a>

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But there remains an optimism as far as Tesla's innovation curve in concerned.&nbsp;

"Despite the stock's performance, Tesla's innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best," Bloomberg reported, citing Canaccord Genuity analyst George Gianarikas' note last week.&nbsp;

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Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session. Tuesday was Tesla's seventh day on a losing streak, its longest since 2018.

Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session. Tuesday was Tesla's seventh day on a losing streak, its longest since 2018. Why are Tesla's shares nosediving? Elon Musk's decision to halt production at Tesla's Shanghai factory and reports of reduced output at its key production units are being cited as immediate reasons for Tesla's nosediving shares. ALSO READ - US automaker Tesla suspends production in Shanghai after an internal notice Furthermore, reports that Tesla was offering individuals in the United States a $7500 discount for its two highest-volume models didn't impress Tesla investors in addition to the signs of slowing demand. Musk's Twitter takeover and Tesla's plummeting fortunes At the end of 2022, Tesla's 69 per cent value has vanished amid Elon Musk's Twitter takeover. Reports say that Musk's related online antics have created jitters among investors. WATCH - WION Business News: Tesla to orders to recall over million US cars; to fix issues with software × But there remains an optimism as far as Tesla's innovation curve in concerned. "Despite the stock's performance, Tesla's innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best," Bloomberg reported, citing Canaccord Genuity analyst George Gianarikas' note last week. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover

Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China. Both companies have struggled to keep their manufacturing on track as China grapples with fresh wave of Covid infections.

Apple stocks have tumbled to the lowest since June 2021. For Tesla, the tumble is of 73 per cent from a record high in November 2021.

Apple supplier Foxconn says its revenue in November was down 11 per cent compared with the same month in 2021, following unrest at its Zhangzhou plant known as "iPhone City."

Watch | China: Tesla halts production at Shanghai plant; year-end closure comes as Covid cases rise

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This week, media reports said Tesla's Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment.

But analysts say the company's sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers, BBC reported.

Also Read | <a href="https://www.wionews.com/business-economy/teslas-wall-street-fortunes-plummet-by-two-third-since-elon-musks-twitter-takeover-547212">Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover</a> 
 
Investors have also raised concerns about Tesla's chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla's share price.

(With inputs from agencies)

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&nbsp;

Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China.

Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China. Both companies have struggled to keep their manufacturing on track as China grapples with fresh wave of Covid infections. Apple stocks have tumbled to the lowest since June 2021. For Tesla, the tumble is of 73 per cent from a record high in November 2021. Apple supplier Foxconn says its revenue in November was down 11 per cent compared with the same month in 2021, following unrest at its Zhangzhou plant known as "iPhone City." Watch | China: Tesla halts production at Shanghai plant; year-end closure comes as Covid cases rise × This week, media reports said Tesla's Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment. But analysts say the company's sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers, BBC reported. Also Read | Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover Investors have also raised concerns about Tesla's chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla's share price. (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 ×

Apple, Tesla stocks hit major lows as concerns prevail over production amid Covid

Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers.&nbsp;This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup.

Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea

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According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first.

The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty</a>

It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property.

However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors.

Also read |&nbsp;<a href="https://www.wionews.com/economy/ftx-co-founder-sam-bankman-fried-released-on-250m-bail-545702">FTX co-founder Sam Bankman-Fried released on $250m bail</a>

The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings.

Its founder Bankman-Fried is facing charges of&nbsp;a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform.

(With inputs from agencies)

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Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried.

Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers. This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup. Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first. The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda." Also read | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property. However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors. Also read | FTX co-founder Sam Bankman-Fried released on $250m bail The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings. Its founder Bankman-Fried is facing charges of a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform. (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.

Customers of failed crypto-exchange FTX file class action lawsuit laying claim to firm’s assets

Toyota Motor Corp reported on Monday a 1.5 percent rise in November global vehicle output, reaching a new record of 833,104. Watch this video to know more.

World Business Watch: Toyota's November global vehicle production rises 1.5 percent

Apple Inc's (AAPL.O) Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax. Watch this video to know more.

World Business Watch: Apple Japan hit with $98 million in back taxes

According to the Centre for Economics and Business Research &nbsp;(CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.&nbsp;

CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037.&nbsp;

CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices.&nbsp;

Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation."&nbsp;

Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions.&nbsp;

The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally.&nbsp;

WATCH |&nbsp;World economy is headed for a recession in 2023&nbsp;

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CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well."&nbsp;

The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come."&nbsp;

As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected.&nbsp;

The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032.

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According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.

According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink. CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037. CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices. Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation." Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions. The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally. WATCH | World economy is headed for a recession in 2023 × CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well." The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come." As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected. The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032. 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.

The global economy is headed for a recession in 2023: Report

China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains. However, as China loosened its grip over Covid restrictions as 2022 proceeded to its conclusion in December, analysts have foreseen brighter long-time prospects.&nbsp;

Industrial profits fell in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. That compares with a 3.0 per cent&nbsp;decline for January-October. No standalone data was released for November.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/world-bank-slashes-chinas-growth-forecast-from-43-per-cent-to-27-per-cent-in-2022-544824">World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022</a>

Statisticians from NBS said that Covid outbreaks and slow demand in November decreased industrial production have increased pressure on Chinese businesses.

For January-November, profits at private-sector firms shrank 7.9 per cent, a slight improvement from the 8.1 per cent fall in the first 10 months.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-chinas-gdp-growth-rebounds-at-a-faster-pace-527896">WION Business News | China's GDP growth rebounds at a faster pace</a>

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Profits fell for 21 of 41 major industrial sectors, with the steel&nbsp;industry suffering the steepest decline, at 94.5 per cent. That compares with a 92.7 per cent fall for the first 10 months.

Profits for manufacturers were down 13.4 per cent in the first 11 months, matching the fall in January-October.

Despite Beijing ditching some of the world's toughest Covid restrictions in early December, the economy is still reeling under the impact of restrictions that gripped the country for most of 2022.

JP Morgan analysts said China's domestic reopening, which came earlier and faster than expected, would mean a shorter period of transitional pain in the first quarter of 2023, followed by an above-trend sustained recovery from the second quarter.

Earlier this month, JP Morgan trimmed their forecast for China's year-on-year GDP growth rate for the current quarter, to 2.2 per cent from 2.7 per cent, but raised their full-year growth forecast for next year, to 4.3 per cent from 4 per cent.

(With inputs from agencies)

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China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains.

China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains. However, as China loosened its grip over Covid restrictions as 2022 proceeded to its conclusion in December, analysts have foreseen brighter long-time prospects. Industrial profits fell in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. That compares with a 3.0 per cent decline for January-October. No standalone data was released for November. ALSO READ | World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022 Statisticians from NBS said that Covid outbreaks and slow demand in November decreased industrial production have increased pressure on Chinese businesses. For January-November, profits at private-sector firms shrank 7.9 per cent, a slight improvement from the 8.1 per cent fall in the first 10 months. WATCH | WION Business News | China's GDP growth rebounds at a faster pace × Profits fell for 21 of 41 major industrial sectors, with the steel industry suffering the steepest decline, at 94.5 per cent. That compares with a 92.7 per cent fall for the first 10 months. Profits for manufacturers were down 13.4 per cent in the first 11 months, matching the fall in January-October. Despite Beijing ditching some of the world's toughest Covid restrictions in early December, the economy is still reeling under the impact of restrictions that gripped the country for most of 2022. JP Morgan analysts said China's domestic reopening, which came earlier and faster than expected, would mean a shorter period of transitional pain in the first quarter of 2023, followed by an above-trend sustained recovery from the second quarter. Earlier this month, JP Morgan trimmed their forecast for China's year-on-year GDP growth rate for the current quarter, to 2.2 per cent from 2.7 per cent, but raised their full-year growth forecast for next year, to 4.3 per cent from 4 per cent. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's Covid restrictions pulled away industrial profits in 2022

The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037.&nbsp;

The December 2022—14th edition of the&nbsp;report noted that over the next five years, the annual rate of GDP growth is expected to average 6.4%. After that, the growth is expected to average 6.5% in the subsequent nine years.&nbsp;

As per the report, India seems "unstoppable in its momentum" to become the third economic superpower. The report has predicted that in 2035, India will become the third $10 trillion economy.&nbsp;

While commenting on the Chinese economy, the report said that despite modest output performance in 2022, inflation was&nbsp;at an anticipated 11.6%. The Chinese economy, therefore, faces a potential stagflationary trade-off between growth and price rises.&nbsp;

In last year's report, it was mentioned that&nbsp;India will regain its position from France and&nbsp;the South Asian nation will witness an improvement in its World Economic League Table (WELT) ranking over the next 15 years.&nbsp;

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🚨🚨WELT 2023 out now!🚨🚨 
For us at Cebr, the end of the year is a time to look ahead. To find out how the world's economies will develop over the next 15 years, download our 2023 World Economic League Table report here:<a href="https://t.co/rbM3h8GaP6">https://t.co/rbM3h8GaP6</a>
— Cebr (@Cebr_uk) <a href="https://twitter.com/Cebr_uk/status/1607165670898208769?ref_src=twsrc%5Etfw">December 26, 2022</a></blockquote>
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Like the world, India also faced the wrath of the coronavirus (COVID-19) pandemic as the nation has the third-highest death toll globally. In the beginning, the pandemic caused a significant decline in economic activity, with output contracting by 6.6% in the fiscal year 2020/21.&nbsp;

But in the post-pandemic times, countries are now looking to revive their economy, and so is India. The report mentioned that a sharp rebound in economic activity in the post-pandemic era was led by a rise in domestic demand. It has resulted in GDP growing by 8.7% in the fiscal year 2021/22, making India the fastest-growing major economy in the world.&nbsp;

WATCH |&nbsp;Will the latest COVID-19 outbreak in China lead to a potentially dangerous virus mutation?&nbsp;

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Despite decelerating global demand and tightening monetary policy to curb inflationary pressures, the report states that India is expected to grow in the fiscal year 2022/23 at 6.8%. This would bring output 8.4% above 2019 levels.&nbsp;

Over the next five years, the annual rate of GDP growth is expected to average 6.4%, after which growth is expected to average 6.5% in the subsequent nine years.&nbsp;

The reported growth trajectory will see India rise from fifth place on the WELT in 2022 to third in the global rankings by 2037.&nbsp;

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The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037.

The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037. The December 2022—14th edition of the report noted that over the next five years, the annual rate of GDP growth is expected to average 6.4%. After that, the growth is expected to average 6.5% in the subsequent nine years. As per the report, India seems "unstoppable in its momentum" to become the third economic superpower. The report has predicted that in 2035, India will become the third $10 trillion economy. While commenting on the Chinese economy, the report said that despite modest output performance in 2022, inflation was at an anticipated 11.6%. The Chinese economy, therefore, faces a potential stagflationary trade-off between growth and price rises. In last year's report, it was mentioned that India will regain its position from France and the South Asian nation will witness an improvement in its World Economic League Table (WELT) ranking over the next 15 years. 🚨🚨WELT 2023 out now!🚨🚨 For us at Cebr, the end of the year is a time to look ahead. To find out how the world's economies will develop over the next 15 years, download our 2023 World Economic League Table report here:https://t.co/rbM3h8GaP6 — Cebr (@Cebr_uk) December 26, 2022 × Like the world, India also faced the wrath of the coronavirus (COVID-19) pandemic as the nation has the third-highest death toll globally. In the beginning, the pandemic caused a significant decline in economic activity, with output contracting by 6.6% in the fiscal year 2020/21. But in the post-pandemic times, countries are now looking to revive their economy, and so is India. The report mentioned that a sharp rebound in economic activity in the post-pandemic era was led by a rise in domestic demand. It has resulted in GDP growing by 8.7% in the fiscal year 2021/22, making India the fastest-growing major economy in the world. WATCH | Will the latest COVID-19 outbreak in China lead to a potentially dangerous virus mutation? × Despite decelerating global demand and tightening monetary policy to curb inflationary pressures, the report states that India is expected to grow in the fiscal year 2022/23 at 6.8%. This would bring output 8.4% above 2019 levels. Over the next five years, the annual rate of GDP growth is expected to average 6.4%, after which growth is expected to average 6.5% in the subsequent nine years. The reported growth trajectory will see India rise from fifth place on the WELT in 2022 to third in the global rankings by 2037. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India 'unstoppable in its momentum' to become third economic superpower; will be $10 trillion economy by 2035

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25 per cent chance of global GDP growing by less than 2 per cent in 2023, which it defines as a global recession.

World Business Watch: World economy headed for a recession, says report