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China's property sector shrank further in November, with falls in prices, sales and investment, partly as COVID-19 restrictions hit demand. Watch this video to know more.

World Business Watch: China property slumps further in November

The world is headed for a recession in 2023, according to the Centre for Economics and Business Research (CEBR). Fresh borrowing costs aimed at tackling inflation cause a number of economies to contract.

Reports: World economy is headed for a recession in 2023

Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago.&nbsp;PwC estimates show that once inflation is taken into account, the average pay in 2023 will fall down to 2006 levels. As per a CNN report, PwC further predicts that real wages which factor in inflation are expected to fall by almost three per cent in 2022. It will see another two per cent fall in 2023.

Watch |&nbsp;TUC: 2022 the worst year for real wage growth in almost 50 years | UK

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Recent weeks saw widespread protests and walkouts across many verticals of the UK economy like railways, schools, hospitals, nurses, and postal services. However, the report confirms that even as inflation hits double digits and the nation witnesses its worst cost-of-living crisis in decades the future of wages isn't that bright.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uks-economy-shrinks-more-than-previously-thought-in-third-quarter-data-545630">UK's economy shrinks more than previously thought in third quarter: Data</a>

Barret Kupelian, a senior economist at PwC said, "2022 has obviously been a highly challenging year for the UK economy, and it is not surprising that these chilly headwinds will continue throughout 2023."

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-high-inflation-casts-shadow-on-fastest-rise-in-wages-in-20-years-534384">UK: High inflation casts shadow on fastest rise in wages in 20 years</a>

However, the report did offer some hope. It forecasts that in 2023, in spite of the low wages, more than 30,000 workers could join the UK workforce. This as per the PwC will help alleviate staff shortages and reduce economic instability. An increase in immigration too could potentially boost the economy by one per cent, contributing &nbsp;£19 billion ($23 billion)&nbsp;"even as the whole economy contracts," said PwC. 
 
Kupelian further added that inflation in UK is most likely to have peaked in October 2022 and will gradually begin to return to target over the next two years.

(With inputs from agencies)

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Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago.

Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago. PwC estimates show that once inflation is taken into account, the average pay in 2023 will fall down to 2006 levels. As per a CNN report, PwC further predicts that real wages which factor in inflation are expected to fall by almost three per cent in 2022. It will see another two per cent fall in 2023. Watch | TUC: 2022 the worst year for real wage growth in almost 50 years | UK Recent weeks saw widespread protests and walkouts across many verticals of the UK economy like railways, schools, hospitals, nurses, and postal services. However, the report confirms that even as inflation hits double digits and the nation witnesses its worst cost-of-living crisis in decades the future of wages isn't that bright. Also read | UK's economy shrinks more than previously thought in third quarter: Data Barret Kupelian, a senior economist at PwC said, "2022 has obviously been a highly challenging year for the UK economy, and it is not surprising that these chilly headwinds will continue throughout 2023." Also read | UK: High inflation casts shadow on fastest rise in wages in 20 years However, the report did offer some hope. It forecasts that in 2023, in spite of the low wages, more than 30,000 workers could join the UK workforce. This as per the PwC will help alleviate staff shortages and reduce economic instability. An increase in immigration too could potentially boost the economy by one per cent, contributing £19 billion ($23 billion) "even as the whole economy contracts," said PwC. Kupelian further added that inflation in UK is most likely to have peaked in October 2022 and will gradually begin to return to target over the next two years. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK average ‘real’ wages in 2023 likely to fall to their lowest level in more than a decade: PwC

Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs.

The data released by internal affairs ministry showed that core consumer prices (excluding volatile fresh food costs) rose by 3.7 per cent in November compared to a year earlier.

The biggest price jump was seen in processed food items. Prices were also higher for electricity and durable goods like air conditioners.

The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere, but far exceeds the Bank of Japan's long-term goal of 2.0 percent. &nbsp;

Gravitas: Japan approves Alzhiemer's blood test kit

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Even excluding fresh food and energy, the index was up 2.8 percent.&nbsp;

"Although low by international standards, Japanese consumer price inflation at three percent to four percent is high enough to feel uncomfortable with stagnant wage growth," wrote Sarah Tan, economist at Moody's Analytics, in a note.&nbsp;

The headline core consumer price index (CPI) has risen consistently since the beginning of the year, putting pressure on the Bank of Japan to tweak its longstanding monetary easing policies.&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/japans-central-bank-shocks-markets-with-yield-policy-change-yen-strengthens-544884">Japan's central bank shocks markets with yield policy change, yen strengthens</a> &nbsp;

The US Federal Reserve and other central banks have sharply hiked interest rates this year to tackle inflation.&nbsp;

But Japan, which since the 1990s has swung between periods of sluggish inflation and deflation, has gone against the grain and continues to keep interest rates at ultra-low levels as it tries to kickstart its economy.&nbsp;

(With inputs from inflation)

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Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs.

Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs. The data released by internal affairs ministry showed that core consumer prices (excluding volatile fresh food costs) rose by 3.7 per cent in November compared to a year earlier. The biggest price jump was seen in processed food items. Prices were also higher for electricity and durable goods like air conditioners. The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere, but far exceeds the Bank of Japan's long-term goal of 2.0 percent.  Gravitas: Japan approves Alzhiemer's blood test kit × Even excluding fresh food and energy, the index was up 2.8 percent. "Although low by international standards, Japanese consumer price inflation at three percent to four percent is high enough to feel uncomfortable with stagnant wage growth," wrote Sarah Tan, economist at Moody's Analytics, in a note. The headline core consumer price index (CPI) has risen consistently since the beginning of the year, putting pressure on the Bank of Japan to tweak its longstanding monetary easing policies. Also Read | Japan's central bank shocks markets with yield policy change, yen strengthens The US Federal Reserve and other central banks have sharply hiked interest rates this year to tackle inflation. But Japan, which since the 1990s has swung between periods of sluggish inflation and deflation, has gone against the grain and continues to keep interest rates at ultra-low levels as it tries to kickstart its economy. (With inputs from inflation) 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 ×

Inflation in Japan hits highest level since 1981

The stocks are crashing as a sell-off continued yesterday over worries about softening demand for electric cars and CEO Musk's distraction with Twitter.

World Business Watch: Investors worry about softening EV demand, Tesla shares tumble

Wall Street's major averages closed low ways today with tech heavy NASDAQ two percent drop leading losses. Investors are worried the data showing resilient economy would lead us that deserve to keep high kicking interest rates for longer.

World Business Watch: Wall Street tumbles on rate, recession worries

The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent&nbsp;and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation&nbsp;with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy.

“We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India.

The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report&nbsp;on India, the real GDP is expected to rise at 6.8 per cent&nbsp;and 6.1 per cent&nbsp;respectively in FY2022/23 and FY2023/24.

Also read |&nbsp;<a href="https://www.wionews.com/india-general-elections-2019/ex-icici-bank-ceo-chanda-kochhar-husband-arrested-by-cbi-in-videocon-loan-fraud-case-546165">Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case</a>

These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said.

“But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said.

Also watch |&nbsp;World Business Watch: Wall Street tumbles on rate, recession worries

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The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation.

(With inputs from agencies)

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The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.

The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy. “We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India. The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report on India, the real GDP is expected to rise at 6.8 per cent and 6.1 per cent respectively in FY2022/23 and FY2023/24. Also read | Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said. “But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said. Also watch | World Business Watch: Wall Street tumbles on rate, recession worries The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation. (With inputs from agencies) WATCH WION LIVE HERE:

IMF projects 6.8 per cent GDP growth for India next year

Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports.&nbsp;

An oil-shipping broker told news agency Bloomberg on Friday (December 23) the port is keeping overseas vessels in a closed-loop zone to avoid massive delays, adding most infected staff have mild symptoms and backup teams and emergency plans are in place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/who-didnt-receive-data-from-china-on-new-covid-hospitalisations-report-546030">WHO didn't receive data from China on new Covid hospitalisations: Report</a>

Till now, ports in China are not struggling as they did earlier this year when a lockdown was imposed. Industry workers pointed out that while there were delays in repairing ships at the Zhoushan port and loading activities in Shanghai had slowed due to lower staffing, for the most part, ports were continuing to operate, the Bloomberg report said.&nbsp;

Ports in the country are currently operating in a dramatically changed economic environment as the global demand has significantly weakened, which has helped to untangle the congestion in trade.&nbsp;

However, the normal operations of the ports can be affected as Covid makes its way virtually through Shanghai's population. Dimerco Express, a logistics expert, has said that the increase in infections has started to impact supply chains that rely on China, the report added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/we-cannot-escape-shanghai-hospital-warns-staff-of-tragic-battle-against-covid-545534">'We cannot escape': Shanghai hospital warns staff of 'tragic battle' against Covid</a>

Covid infections in Shanghai have been increasing since last week. A hospital in the city warned its staff of a tragic battle against the virus. According to a post on WeChat by the Shanghai Deji Hospital, there were about 5.43 million positive cases in the city and 12.5 million will get infected by year-end. The post currently stands deleted.&nbsp;

Hospitals in Shanghai are already overburdened with the increasing number of patients, businesses are closing down due to staff falling sick and most schools have closed. Many residents are isolating themselves voluntarily.&nbsp; 
&nbsp;

(With inputs from agencies)

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Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports.

Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports. An oil-shipping broker told news agency Bloomberg on Friday (December 23) the port is keeping overseas vessels in a closed-loop zone to avoid massive delays, adding most infected staff have mild symptoms and backup teams and emergency plans are in place. ALSO READ | WHO didn't receive data from China on new Covid hospitalisations: Report Till now, ports in China are not struggling as they did earlier this year when a lockdown was imposed. Industry workers pointed out that while there were delays in repairing ships at the Zhoushan port and loading activities in Shanghai had slowed due to lower staffing, for the most part, ports were continuing to operate, the Bloomberg report said. Ports in the country are currently operating in a dramatically changed economic environment as the global demand has significantly weakened, which has helped to untangle the congestion in trade. However, the normal operations of the ports can be affected as Covid makes its way virtually through Shanghai's population. Dimerco Express, a logistics expert, has said that the increase in infections has started to impact supply chains that rely on China, the report added. ALSO READ | 'We cannot escape': Shanghai hospital warns staff of 'tragic battle' against Covid Covid infections in Shanghai have been increasing since last week. A hospital in the city warned its staff of a tragic battle against the virus. According to a post on WeChat by the Shanghai Deji Hospital, there were about 5.43 million positive cases in the city and 12.5 million will get infected by year-end. The post currently stands deleted. Hospitals in Shanghai are already overburdened with the increasing number of patients, businesses are closing down due to staff falling sick and most schools have closed. Many residents are isolating themselves voluntarily. (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.

Port of Shanghai is isolating shipment of international goods. Here's why

The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's&nbsp;glum forecast&nbsp;adding to a downbeat mood.

Apple Inc, Microsoft Corp&nbsp;and Amazon.com Inc&nbsp;fell more than 3% each, as two-year Treasury yields regained steam on prolonged rate hike expectations.

Tesla Inc&nbsp;plunged 6.5% after the electric-vehicle maker doubled its&nbsp;discount offering&nbsp;on models in the U.S. this month, amid concerns over softening demand.

Losses in rate-sensitive growth stocks saw technology&nbsp;and consumer discretionary sectors lead losses among the 11 major S&amp;P 500&nbsp;sub-indexes.

The&nbsp;final estimate&nbsp;of the third-quarter U.S. gross domestic product revealed the economy grew at a 3.2% annualized rate, above the previous estimate of 2.9%.

Meanwhile, a Labor Department report showed the number of Americans filing for state unemployment benefits increased to 216,000 last week, much below economists' estimate of 222,000, indicating a still-tight labour market.

"The GDP data beat a lot of expectations. There are concerns that the economy is not giving up too easily and it's putting up a fight that will likely require the Fed to remain hawkish and keep interest rates higher for longer," Sam Stovall, chief investment strategist at CFRA Research in New York, said.

The Philadelphia SE Semiconductor index&nbsp;was also set for its worst single-day performance in two months as shares of Micron Technology Inc, Nvidia Corp, Qualcomm Inc&nbsp;and Advanced Micro Devices Inc&nbsp;fell between 4.4% and 7.4%.

Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities this year, with the benchmark S&amp;P 500&nbsp;set for annual declines of 20%, its worst such performance since the 2008 financial crisis.

Bets for a 25-basis point hike to 4.5%-4.75% in February by the Fed remained largely unchanged at 71.4% following the data on Thursday, although expectations for the terminal rate inched up to 4.89% by May 2023.

At 11:44 a.m. ET, the Dow Jones Industrial Average&nbsp;was down 500.33 points, or 1.50%, at 32,876.15, the S&amp;P 500&nbsp;was down 76.56 points, or 1.97%, at 3,801.88, and the Nasdaq Composite&nbsp;was down 303.39 points, or 2.83%, at 10,405.98.

CarMax Inc&nbsp;slid 7.5% to the bottom of the S&amp;P 500 after the used-vehicles retailer&nbsp;paused share buybacks&nbsp;following an 86% plunge in quarterly profit.

AMC Entertainment Holdings Inc&nbsp;slumped 13.6% after the world's largest cinema chain said it would&nbsp;raise $110 million&nbsp;through a preferred stock sale.

Declining issues outnumbered advancers for a 5.42-to-1 ratio on the NYSE and a 2.86-to-1 ratio on the Nasdaq.

The S&amp;P index recorded one new 52-week high and 15 new lows, while the Nasdaq recorded 57 new highs and 303 new lows.

The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's glum forecast adding to a downbeat mood.

The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's glum forecast adding to a downbeat mood. Apple Inc, Microsoft Corp and Amazon.com Inc fell more than 3% each, as two-year Treasury yields regained steam on prolonged rate hike expectations. Tesla Inc plunged 6.5% after the electric-vehicle maker doubled its discount offering on models in the U.S. this month, amid concerns over softening demand. Losses in rate-sensitive growth stocks saw technology and consumer discretionary sectors lead losses among the 11 major S&P 500 sub-indexes. The final estimate of the third-quarter U.S. gross domestic product revealed the economy grew at a 3.2% annualized rate, above the previous estimate of 2.9%. Meanwhile, a Labor Department report showed the number of Americans filing for state unemployment benefits increased to 216,000 last week, much below economists' estimate of 222,000, indicating a still-tight labour market. "The GDP data beat a lot of expectations. There are concerns that the economy is not giving up too easily and it's putting up a fight that will likely require the Fed to remain hawkish and keep interest rates higher for longer," Sam Stovall, chief investment strategist at CFRA Research in New York, said. The Philadelphia SE Semiconductor index was also set for its worst single-day performance in two months as shares of Micron Technology Inc, Nvidia Corp, Qualcomm Inc and Advanced Micro Devices Inc fell between 4.4% and 7.4%. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities this year, with the benchmark S&P 500 set for annual declines of 20%, its worst such performance since the 2008 financial crisis. Bets for a 25-basis point hike to 4.5%-4.75% in February by the Fed remained largely unchanged at 71.4% following the data on Thursday, although expectations for the terminal rate inched up to 4.89% by May 2023. At 11:44 a.m. ET, the Dow Jones Industrial Average was down 500.33 points, or 1.50%, at 32,876.15, the S&P 500 was down 76.56 points, or 1.97%, at 3,801.88, and the Nasdaq Composite was down 303.39 points, or 2.83%, at 10,405.98. CarMax Inc slid 7.5% to the bottom of the S&P 500 after the used-vehicles retailer paused share buybacks following an 86% plunge in quarterly profit. AMC Entertainment Holdings Inc slumped 13.6% after the world's largest cinema chain said it would raise $110 million through a preferred stock sale. Declining issues outnumbered advancers for a 5.42-to-1 ratio on the NYSE and a 2.86-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 15 new lows, while the Nasdaq recorded 57 new highs and 303 new lows.

Wall Street tumbles on rate, recession worries, bleak chipmaker outlook

U.S senate committee has asked 8 million automobile makers including General Motors, Ford and Tesla to disclose if any of their components are linked to the alleged forced labour in China. There are allegations of parts made with forced labour in Xinjiang.

World Business Watch: US senate committee sent letters to Ford, GM, Tesla & other automobile makers

In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag.&nbsp;

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One of many product improvements coming to financial Twitter! 
 
Nice work by Twitter team. <a href="https://t.co/CKLH8OtDDW">https://t.co/CKLH8OtDDW</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1605738005813084165?ref_src=twsrc%5Etfw">December 22, 2022</a></blockquote>
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What is Cashtag and how is it different from Hashtag?

Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies.

For example, a cashtag such as $PY when searched on Twitter will give stock pricing information for Standard &amp; Poor's Depositary Receipts, regarded as the world's oldest Exchange Traded Fund (ETF).&nbsp;The price charts also include a "View on Robinhood"&nbsp;clickable link, suggesting that the retail trading platform has teamed up with Twitter for this integration.<img alt="Courtesy: Twitter Business" data-entity-type="file" data-entity-uuid="30016e94-710f-444d-812c-c30abed2f11c" src="//cdn.wionews.com/sites/default/files/inline-images/Fkhka6eUcAACEW_.jpg" />

Twitter said that when a user will tweet the symbol of a major stock, ETF, or cryptocurrency with a $ in front of it (like $BTC), users "will see a clickable link that takes them to search results".&nbsp;

As of December 22, the cashtag search results include the pricing graphs for major stock, ETF and cryptocurrency symbols. At the time of filing this report,&nbsp;BTC and ETH are the only two cryptocurrencies with price charts. Other top cryptocurrencies, including Musk’s beloved Dogecoin&nbsp;are expected to make the cut in the coming weeks.

"In the coming weeks, we'll refine the user experience and expand our coverage of symbols," Twitter added.

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In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag.

In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag. One of many product improvements coming to financial Twitter! Nice work by Twitter team. https://t.co/CKLH8OtDDW — Elon Musk (@elonmusk) December 22, 2022 × What is Cashtag and how is it different from Hashtag? Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies. For example, a cashtag such as $PY when searched on Twitter will give stock pricing information for Standard & Poor's Depositary Receipts, regarded as the world's oldest Exchange Traded Fund (ETF). The price charts also include a "View on Robinhood" clickable link, suggesting that the retail trading platform has teamed up with Twitter for this integration. Twitter said that when a user will tweet the symbol of a major stock, ETF, or cryptocurrency with a $ in front of it (like $BTC), users "will see a clickable link that takes them to search results". As of December 22, the cashtag search results include the pricing graphs for major stock, ETF and cryptocurrency symbols. At the time of filing this report, BTC and ETH are the only two cryptocurrencies with price charts. Other top cryptocurrencies, including Musk’s beloved Dogecoin are expected to make the cut in the coming weeks. "In the coming weeks, we'll refine the user experience and expand our coverage of symbols," Twitter added. 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.

Twitter search results begin showing latest pricing for stocks, ETFs and cryptocurrencies

A plane that was reportedly&nbsp;carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul,&nbsp;arrived in Westchester County, New York on Wednesday.&nbsp;Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing&nbsp;dated December 20.

Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-ftx-founder-to-agree-to-extradition-sam-bankman-fried-appears-before-bahamas-court-544775">US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court</a>

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Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition.

In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty.

FTX fallout: Bankman-Fried's top lieutenants plead guilty

The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX.

Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday.&nbsp;

FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit.&nbsp;

Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October.&nbsp; 
 
(With inputs from agencies)

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A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20.

A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20. Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported. WATCH | US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court × Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. ALSO READ | How a secret software code change allowed FTX to (mis)use client money A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition. In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty. FTX fallout: Bankman-Fried's top lieutenants plead guilty The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX. Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday. FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October. (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.

Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty

Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/electric-vehicles-startups-face-deflation-amid-surge-in-production-544441">World Business Watch: Electric vehicles startups face deflation amid surge in production</a>

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The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence.

Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets.&nbsp;

Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year.

General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut.

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Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.

Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident. WATCH | World Business Watch: Electric vehicles startups face deflation amid surge in production × The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence. Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets. Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year. General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut. 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.

General Motors recalls 140,000 Chevy Bolts from US, Canada markets

The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth.&nbsp;

According to data presented by the Office for National Statistics (ONS) on Thursday, the Gross Domestic Product (GDP)&nbsp;fell by 0.3% in the third quarter against the estimated 0.2% decline. Growth figures for the first half of this year were also revised down, with figures showing the country mustered growth of just 0.6% in the first quarter and 0.1% in the second quarter. The office also reported that the Gross Domestic Product (GDP) is now estimated to be 0.8% below pre-pandemic levels.&nbsp;

Darren Morgan, director of economic statistics at the ONS, said the office's revised figures showed that the UK's economy performed slightly less well over the last year than previously estimated, with manufacturing and electricity generation notably weaker, according to a report by the Associated Press.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/bank-of-england-raises-key-interest-rate-to-35-543411">Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation</a>

Experts have predicted that the economy will shrink further in the final quarter, which would see the country falling into recession. British consumers are already seeing the effects, with household spending dropping by 1.1% after inflation over the third quarter- the first fall since January-March last year, the report added.&nbsp;

Darren Morgan, meanwhile, said that the country's household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters.&nbsp;

“Looking ahead, the UK&nbsp;likely will continue to underperform; we expect Britain to suffer the deepest recession among major advanced economies in 2023,” the top ONS official added.&nbsp;

Last week, the Bank of England (BoE) raised its key interest rate from 3% to 3.5%. The BoE's Monetary Policy Committee (MPC) said that further increases in the bank rate might be required to tackle persistent domestic inflation pressures from prices and wages. The central bank said on December 15 that it expected the UK's GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in last month's report.&nbsp;

"Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," the BoE said in a statement.&nbsp;

The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth.

The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth. According to data presented by the Office for National Statistics (ONS) on Thursday, the Gross Domestic Product (GDP) fell by 0.3% in the third quarter against the estimated 0.2% decline. Growth figures for the first half of this year were also revised down, with figures showing the country mustered growth of just 0.6% in the first quarter and 0.1% in the second quarter. The office also reported that the Gross Domestic Product (GDP) is now estimated to be 0.8% below pre-pandemic levels. Darren Morgan, director of economic statistics at the ONS, said the office's revised figures showed that the UK's economy performed slightly less well over the last year than previously estimated, with manufacturing and electricity generation notably weaker, according to a report by the Associated Press. ALSO READ | Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation Experts have predicted that the economy will shrink further in the final quarter, which would see the country falling into recession. British consumers are already seeing the effects, with household spending dropping by 1.1% after inflation over the third quarter- the first fall since January-March last year, the report added. Darren Morgan, meanwhile, said that the country's household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters. “Looking ahead, the UK likely will continue to underperform; we expect Britain to suffer the deepest recession among major advanced economies in 2023,” the top ONS official added. Last week, the Bank of England (BoE) raised its key interest rate from 3% to 3.5%. The BoE's Monetary Policy Committee (MPC) said that further increases in the bank rate might be required to tackle persistent domestic inflation pressures from prices and wages. The central bank said on December 15 that it expected the UK's GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in last month's report. "Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," the BoE said in a statement.

UK's economy shrinks more than previously thought in third quarter: Data

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-to-continue-improving-combat-readiness-of-nuclear-forces-says-vladimir-putin-545223">Russia to continue improving combat readiness of nuclear forces, says Putin</a>

At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year.&nbsp;

"In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement.&nbsp;

In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-exhausted-doctor-collapses-while-attending-patients-amid-chinas-covid-surge-545169">WATCH: Exhausted doctor collapses while attending Covid patients in China</a>

Available housing inventory also "remains near historic lows," said Yun.&nbsp;

House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.&nbsp;

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The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November.

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers. Also read | Russia to continue improving combat readiness of nuclear forces, says Putin At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year. "In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement. In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again. Also read | WATCH: Exhausted doctor collapses while attending Covid patients in China Available housing inventory also "remains near historic lows," said Yun. House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.

Home sales in the United States dip for 10th straight month in volatile market

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.&nbsp;Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Tesla has communicated to some employees that it will be stopping hiring.&nbsp;

However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-breaks-silence-after-damning-poll-called-for-his-resignation-as-twitter-ceo-544678">Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO</a>

The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy.

In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far.

Also read |&nbsp;<a href="https://www.wionews.com/technology/tesla-reports-two-new-crash-fatalities-in-model-3-cars-linked-to-advanced-driver-assistance-systems-534811">Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system</a>

On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell.

(With inputs from agencies)

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Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards. Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Tesla has communicated to some employees that it will be stopping hiring. However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available. Also read | Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy. In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far. Also read | Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell. (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.

Tesla plans to implement hiring freeze, lay off more employees in 2023: Report

India's central bank chief has warned that the next financial crisis will possibly come from private cryptocurrencies. Adding that he also holds the view that cryptocurrencies should be banned or prohibited.

World Business Watch: Next financial crisis may come from private cryptocurrencies, says CBI chief

General Motors is recalling 140,000 Chevrolet Bolt EV vehicles. It will happen in North America because carpet here could catch fire after a crash.

World Business Watch: General Motors recalls 140,000 Chevrolet Bolt EVs over risk of catching fire

The clock is ticking on the Chinese app as U.S passes a senate bill barring the use of TikTok on government-owned devices. Trump administration tried banning the app in 2020.

World Business Watch: US Senate passes bill barring use of TikTok on government owned devices

US-based semiconductor company Micron has announced that the company will lay off 10% of its workforce next year, citing a nagging glut in the semiconductor market.

World Business Watch: Chipmaker Micron to cut 10% jobs in 2023

According to a report, electric-car maker Tesla will lay off employees in the next quarter. Reports also said Tesla is going to freeze hiring.

World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall.&nbsp;

In its statement, the central bank said it will now allow yields on 10-year government bonds to move up or down on the basis of 50 basis points instead of 25 basis points around its 0 per cent objective, Nikkei Asia reported.&nbsp;

The BoJ Governor Haruhiko Kuroda told reporters, "This is neither a tightening nor a step toward an exit. This is a tweak to the monetary policy operation." He added that the changes are done responding to the changes in the market. "We did this to support the economy and will explain it to market players as much as necessary."

<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">Also read |&nbsp;World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022</a>

Bank's board decided to keep its main monetary policies unchanged.

Amid the tweaking of monetary policies, the yen soared to a four-month high against the dollar. The policy also comes after a decline in the US interest rates and market policies.&nbsp;

The move sent the yen to 132 per dollar making its strongest level since August.&nbsp;

The bank added that the policies were modified in order to improve the market functioning in the Asian country, encouraging a smoother yield cure formation.&nbsp;

The yield curve allows the bank to purchase Japanese government bonds with yields of zero and shirt term rates of minus 0.1 per cent.&nbsp;

<a href="https://www.wionews.com/business-economy/japan-government-spent-more-than-40-billion-to-bolster-the-yen-in-october-530006">Also read |&nbsp;Japanese government spent more than $40 billion to bolster the yen in October</a>

The move also caused the benchmark Nikkei 225 average to fall y 2.5 per cent, raised the yen from a range of 137 to about 132 against the dollar, and spiked the yield in the 10-year JCB to 0.46 per cent.&nbsp;

Over the past several months, the pressure on the central bank to tighten the policy has decreased as the yield on the 10-year US Treasury has declined from 4.2 per cent to 3.4 per cent.&nbsp;

Japan's inflation is at a 40-year high with consumer prices increasing by 3.6 per cent in October which is far beyond BoJ's 2 per cent target.

(With inputs from agencies)

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The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall.

The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall. In its statement, the central bank said it will now allow yields on 10-year government bonds to move up or down on the basis of 50 basis points instead of 25 basis points around its 0 per cent objective, Nikkei Asia reported. The BoJ Governor Haruhiko Kuroda told reporters, "This is neither a tightening nor a step toward an exit. This is a tweak to the monetary policy operation." He added that the changes are done responding to the changes in the market. "We did this to support the economy and will explain it to market players as much as necessary." Also read | World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022 Bank's board decided to keep its main monetary policies unchanged. Amid the tweaking of monetary policies, the yen soared to a four-month high against the dollar. The policy also comes after a decline in the US interest rates and market policies. The move sent the yen to 132 per dollar making its strongest level since August. The bank added that the policies were modified in order to improve the market functioning in the Asian country, encouraging a smoother yield cure formation. The yield curve allows the bank to purchase Japanese government bonds with yields of zero and shirt term rates of minus 0.1 per cent. Also read | Japanese government spent more than $40 billion to bolster the yen in October The move also caused the benchmark Nikkei 225 average to fall y 2.5 per cent, raised the yen from a range of 137 to about 132 against the dollar, and spiked the yield in the 10-year JCB to 0.46 per cent. Over the past several months, the pressure on the central bank to tighten the policy has decreased as the yield on the 10-year US Treasury has declined from 4.2 per cent to 3.4 per cent. Japan's inflation is at a 40-year high with consumer prices increasing by 3.6 per cent in October which is far beyond BoJ's 2 per cent target. (With inputs from agencies) WATCH WION LIVE HERE

Japan's central bank shocks markets with yield policy change, yen strengthens  

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