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Test test test story

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply.&nbsp;

The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.”&nbsp;This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/russian-oil-continues-to-flow-in-britain-western-hypocrisy-536228">Russian oil continues to flow in Britain | Western Hypocrisy</a>

However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd.

“Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-decision-of-output-cut-not-aimed-against-us-says-saudi-arabia-525212">OPEC decision of output cut not aimed against US, says Saudi Arabia</a>

However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil.&nbsp;

“The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters.&nbsp;The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy.

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply. The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.” This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent. ALSO WATCH: Russian oil continues to flow in Britain | Western Hypocrisy However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd. “Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place. ALSO READ | OPEC decision of output cut not aimed against US, says Saudi Arabia However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil. “The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters. The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd. (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.

Global oil demand to reach an all-time high this year as China re-opens, says IEA

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said.

&nbsp;Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions.

The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software.

Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis.&nbsp;According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP.

The Washington-based company, which according to industry experts&nbsp;employs over 220,000 people, reduced its workforce twice last year.

"Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-tesla-trial-for-alleged-fraud-over-funding-secured-tweet-begins-553631">Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins</a>

Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors.

"Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote.

Also watch |&nbsp;World Business Watch: Tesla under fire in Germany over union concerns on working hours

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Early in January, the online retail giant&nbsp;Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic.

The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta.

(With inputs from agencies)

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Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said. Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions. The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software. Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis. According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP. The Washington-based company, which according to industry experts employs over 220,000 people, reduced its workforce twice last year. "Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors. Also read | Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors. "Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote. Also watch | World Business Watch: Tesla under fire in Germany over union concerns on working hours Early in January, the online retail giant Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic. The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft to fire 10,000 people as tech layoffs intensify

As many as 113 companies across the world have laid off employees since the beginning of this year with <a href="https://www.wionews.com/business-economy/microsoft-to-start-laying-off-employees-from-today-report-553642">Microsoft Corporation becoming the latest to do so</a>. Microsoft said it would&nbsp;cut 10,000 jobs by the end of third quarter of fiscal 2023.&nbsp;The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, the software giant added.&nbsp;

Not just in technology, companies (some of them from India and the United States as well) in other sectors have also laid off their employees since this year started, according to data published by Layoffs.fyi

Here's a list of some of the companies:&nbsp;

&gt; Go Mechanic: A car repair startup in India- Go Mechanic will layoff 70 per cent of its workforce. In a LinkedIn post, Go Mechanic's cofounder Amit Bhasin said, "We made errors in judgement as we followed growth at all costs, including in regard to financial reporting, which we deeply regret." Bhasin said the restructuring is going to be painful, adding a third-party firm will be carrying out an audit of the business.&nbsp;

&gt; Unity Software: Unity Software — a video game software development company based in San Francisco, United States, said that it would lay off 284 employees. The company said that some of the employees losing their jobs might be hired for other positions if they apply for openings, the Wall Street Journal reported. Unity Software's chief executive officer (CEO) John Riccitiello told the business newspaper that the company was dealing very specifically with overlap and a handful of projects are going in the closet. In June last year, the company had cut around 225 jobs.&nbsp;

&gt; ShareChat: Indian social media platform ShareChat — which is backed by Twitter, and Google, has laid off 20 per cent of its workforce because of uncertain market conditions. ShareChat has around 2,300 employees and the layoff would affect 500 people, news agency IANS reported citing other media reports. The company has announced a financial package for those affected by the layoff. "We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," Ankush Sachdeva, the co-founder and CEO of the company, said in a note to the employees.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/software-developer-wins-top-jobs-of-2023-despite-massive-layoffs-report-551055">'Software developer' wins top jobs of 2023, despite massive layoffs: Report</a>

&gt; LendingClub: San Francisco-based financial services company LendingClub announced on January 12 that it laid off 14% of its workforce, or 225 employees, expecting the job cuts to result in savings of nearly $25 million to $30 million this year. On January 25, LendingClub will report fourth quarter and full-year 2022 earnings. A report by the news agency Reuters last week said the company expects revenue to be between $260 million and $263 million and a net income in the range of $21 million and $24 million for the fourth quarter.

&gt; Ola: As many as 200 employees from Indian multinational ridesharing company Ola were fired as part of a restructuring exercise. The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals across streams.&nbsp;

&gt; Flexport: American supply chain software startup Flexport is laying off 20% of its workforce or 640 employees. A memo by co-chief executive officers (CEOs) Dave Clark and Ryan Peterson said, "We are overall in a good position but are not immune to the macroeconomic downturn that has impacted businesses around the world. Our customers have been impacted by these challenging conditions, resulting in a reduction to our volume forecasts through 2023." CNBC reported on January 11 that the memo added that lower volumes, combined with improved efficiencies as a result of new organizational and operational structures, meant it was overstaffed in a variety of roles.&nbsp;

&gt; Dunzo: Quick-grocery delivery provider in India — Dunzo announced on Monday (January 16) that it has laid off three per cent of its workforce amidst cost-cutting measures. The company's co-founder and CEO Kabeer Biswas told IANS they were looking at team structures and network design to build efficiency into our teams. "We had to part ways with 3 per cent of our team strength. Whatever the numbers, these are people who chose to build their careers with Dunzo, and it is sad to have talented colleagues leave us," Biswas said.&nbsp; 
&nbsp;

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As many as 113 companies across the world have laid off employees since the beginning of this year with Microsoft Corporation becoming the latest to do so. Microsoft said it would cut 10,000 jobs by the end of third quarter of fiscal 2023.

As many as 113 companies across the world have laid off employees since the beginning of this year with Microsoft Corporation becoming the latest to do so. Microsoft said it would cut 10,000 jobs by the end of third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, the software giant added. Not just in technology, companies (some of them from India and the United States as well) in other sectors have also laid off their employees since this year started, according to data published by Layoffs.fyi Here's a list of some of the companies: > Go Mechanic: A car repair startup in India- Go Mechanic will layoff 70 per cent of its workforce. In a LinkedIn post, Go Mechanic's cofounder Amit Bhasin said, "We made errors in judgement as we followed growth at all costs, including in regard to financial reporting, which we deeply regret." Bhasin said the restructuring is going to be painful, adding a third-party firm will be carrying out an audit of the business. > Unity Software: Unity Software — a video game software development company based in San Francisco, United States, said that it would lay off 284 employees. The company said that some of the employees losing their jobs might be hired for other positions if they apply for openings, the Wall Street Journal reported. Unity Software's chief executive officer (CEO) John Riccitiello told the business newspaper that the company was dealing very specifically with overlap and a handful of projects are going in the closet. In June last year, the company had cut around 225 jobs. > ShareChat: Indian social media platform ShareChat — which is backed by Twitter, and Google, has laid off 20 per cent of its workforce because of uncertain market conditions. ShareChat has around 2,300 employees and the layoff would affect 500 people, news agency IANS reported citing other media reports. The company has announced a financial package for those affected by the layoff. "We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," Ankush Sachdeva, the co-founder and CEO of the company, said in a note to the employees. ALSO READ | 'Software developer' wins top jobs of 2023, despite massive layoffs: Report > LendingClub: San Francisco-based financial services company LendingClub announced on January 12 that it laid off 14% of its workforce, or 225 employees, expecting the job cuts to result in savings of nearly $25 million to $30 million this year. On January 25, LendingClub will report fourth quarter and full-year 2022 earnings. A report by the news agency Reuters last week said the company expects revenue to be between $260 million and $263 million and a net income in the range of $21 million and $24 million for the fourth quarter. > Ola: As many as 200 employees from Indian multinational ridesharing company Ola were fired as part of a restructuring exercise. The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals across streams. > Flexport: American supply chain software startup Flexport is laying off 20% of its workforce or 640 employees. A memo by co-chief executive officers (CEOs) Dave Clark and Ryan Peterson said, "We are overall in a good position but are not immune to the macroeconomic downturn that has impacted businesses around the world. Our customers have been impacted by these challenging conditions, resulting in a reduction to our volume forecasts through 2023." CNBC reported on January 11 that the memo added that lower volumes, combined with improved efficiencies as a result of new organizational and operational structures, meant it was overstaffed in a variety of roles. > Dunzo: Quick-grocery delivery provider in India — Dunzo announced on Monday (January 16) that it has laid off three per cent of its workforce amidst cost-cutting measures. The company's co-founder and CEO Kabeer Biswas told IANS they were looking at team structures and network design to build efficiency into our teams. "We had to part ways with 3 per cent of our team strength. Whatever the numbers, these are people who chose to build their careers with Dunzo, and it is sad to have talented colleagues leave us," Biswas said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: With Microsoft latest to lay off staff, here's why mass firings are becoming the norm  

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.&nbsp;As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November.

Watch |&nbsp;Nurses and ambulance workers strike in UK over pay hike

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Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector.

Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/economy/uk-inflation-dips-from-41-year-high-but-food-prices-continue-to-rise-542994">UK inflation declines from 41-year high but food prices continue the upswing</a>

Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.

However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-23000-schools-across-uk-to-be-affected-as-teacher-announce-a-strike-heres-all-you-need-to-know-553439">Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know</a>

However, there was a drop in the number of people out of a job for more than a year.

As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised”

“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added.

(With inputs from agencies)

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The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind. As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November. Watch | Nurses and ambulance workers strike in UK over pay hike Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector. Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall. Also read | UK inflation declines from 41-year high but food prices continue the upswing Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce. However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years. Also read | Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know However, there was a drop in the number of people out of a job for more than a year. As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised” “The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009

&nbsp;Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday.&nbsp;

GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.&nbsp; As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees.&nbsp;

Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures.&nbsp;The company's investors were informed of the major errors in its financial reporting recently.&nbsp;

A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.”&nbsp;

The remaining staff will work without pay for the next three months, said the automobile after-sales service startup.&nbsp;

Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop.&nbsp; A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting.&nbsp;

GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories.&nbsp;It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa.&nbsp;

Now to survive, the startup needs to raise money, with about a third of its debts due soon.&nbsp;

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Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.

Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports. As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees. Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures. The company's investors were informed of the major errors in its financial reporting recently. A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.” The remaining staff will work without pay for the next three months, said the automobile after-sales service startup. Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop. A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting. GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories. It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa. Now to survive, the startup needs to raise money, with about a third of its debts due soon. WATCH WION LIVE HERE:

GoMechanic founder admits to cooking books, lays off 70% of its staff 

Twitter is auctioning off &nbsp;“surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm. The 27-hour online auction has been organised by Heritage Global Partners Inc.&nbsp;A total of 631 lots are up for auction and include both regular stuff and some pretty expensive items. There is kitchenware typically used at the industrial level and basic office furniture like whiteboards and desks. You can also get your hands on signage, such as a neon logo, and more than 100 boxes of KN95 masks.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-makes-use-of-elon-musks-twitter-paid-verification-553369">Elon Musk's Twitter removes paid verification feature of Taliban after outrage</a>

There are also designer chairs, coffee machines, iMacs and even stationary bike stations where you can charge appliances.

Starting bid&nbsp;of most items has been set at US$25. This includes a big blue bird statue and a planter in the shape of "@" symbol. There are 20 hours left in the auction, with the neon logo having received 64 bids valuing it at US$17,500, the highest current bid of the lot.&nbsp;

The bird statue had 55 bids and it is currently valued at US$16,000. The “@” sculpture had 52 bids at a value of US$4,100.

Elon Musk, who spent $44 billion to acquire the company, has been trying to reduce running costs of the firm and has implemented jobcuts. He has also been sued for failing to pay the rent of a San Francisco address. The staff at Twitter's Asia-Pacific base in Singapore have also been asked to shift to working from home.

However, organisers of the auction say that the sale is not intended to raise money. A representative of Heritage Global Partners had told Fortune magazine last month that “this auction has nothing to do with their financial position”.&nbsp;

(With inputs from agencies)

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Twitter is auctioning off “surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm.

Twitter is auctioning off “surplus corporate office assets”, which include an espresso machine and a neon logo display, in what is being seen as an indication of financial distress at the firm. The 27-hour online auction has been organised by Heritage Global Partners Inc. A total of 631 lots are up for auction and include both regular stuff and some pretty expensive items. There is kitchenware typically used at the industrial level and basic office furniture like whiteboards and desks. You can also get your hands on signage, such as a neon logo, and more than 100 boxes of KN95 masks. Also Read | Elon Musk's Twitter removes paid verification feature of Taliban after outrage There are also designer chairs, coffee machines, iMacs and even stationary bike stations where you can charge appliances. Starting bid of most items has been set at US$25. This includes a big blue bird statue and a planter in the shape of "@" symbol. There are 20 hours left in the auction, with the neon logo having received 64 bids valuing it at US$17,500, the highest current bid of the lot. The bird statue had 55 bids and it is currently valued at US$16,000. The “@” sculpture had 52 bids at a value of US$4,100. Elon Musk, who spent $44 billion to acquire the company, has been trying to reduce running costs of the firm and has implemented jobcuts. He has also been sued for failing to pay the rent of a San Francisco address. The staff at Twitter's Asia-Pacific base in Singapore have also been asked to shift to working from home. However, organisers of the auction say that the sale is not intended to raise money. A representative of Heritage Global Partners had told Fortune magazine last month that “this auction has nothing to do with their financial position”. (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.

Twitter is auctioning off an espresso machine, a blue bird, other corporate office assets

Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market.

The situation pressures the company to pull back on content spending this year.

Due to the rising costs and difficulty in financing production, Netflix has already been reeling under the strained customer base.

Increased competition from platforms such as Disney+ and Amazon Prime has also added to the stress on the streaming conglomerate.

Watch |&nbsp;Netflix set for its slowest revenue growth, company records 4.5 million subscribers in Q4

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Netflix had pinned its hopes on the launch of an ad-supported plan but has severely missed the mark, as there has not been any significant increase in subscribers.

The $6.99 per month ad-supported plan only has access to some titles, driving the budget higher for several users and resulting in lower subscription numbers.

Netflix has already suffered hefty losses as subscribers gave up their membership in the first six months of 2022 due to the weakening state of the global economy.

Netflix attracted 4.5 million customers in the fourth quarter, which would be the smallest number for the Christmas season since 2014, compared to 8.3 million subscribers it gained the year before.

The company's stock has dropped nearly 50 per cent, with revenues expected to fall short of the previous quarter's collection, only a 1.7 per cent increase to $7.84 billion, the lowest since it went public in 2022.

<a href="https://www.wionews.com/business-economy/as-inflation-soars-in-uk-britons-see-real-time-value-of-their-wages-plummet-biggest-fall-since-2009-553746">Also read |&nbsp;As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009</a>

Last year, the streaming giant cut several hundred jobs as it has been struggling due to dwindling customer spending, rising production costs, and heightened competition.

But a separate report showed for one of its private jets, Netflix is employing a flight attendant, with the chosen candidate earning up to $385,000 annually.

An advert said, "the Netflix Aviation department provides exceptional, safe, and confidential air transportation".

In order for Netflix to keep spreading joy around the globe, the crew "helps Netflix reach the world more efficiently and effectively," the advertisement added.

(With inputs from agencies)

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Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market.

Streaming platform Netflix is set to record its slowest quarterly revenue growth this Thursday as its ad-supported plan struggles to attract customers in the saturating US market. The situation pressures the company to pull back on content spending this year. Due to the rising costs and difficulty in financing production, Netflix has already been reeling under the strained customer base. Increased competition from platforms such as Disney+ and Amazon Prime has also added to the stress on the streaming conglomerate. Watch | Netflix set for its slowest revenue growth, company records 4.5 million subscribers in Q4 Netflix had pinned its hopes on the launch of an ad-supported plan but has severely missed the mark, as there has not been any significant increase in subscribers. The $6.99 per month ad-supported plan only has access to some titles, driving the budget higher for several users and resulting in lower subscription numbers. Netflix has already suffered hefty losses as subscribers gave up their membership in the first six months of 2022 due to the weakening state of the global economy. Netflix attracted 4.5 million customers in the fourth quarter, which would be the smallest number for the Christmas season since 2014, compared to 8.3 million subscribers it gained the year before. The company's stock has dropped nearly 50 per cent, with revenues expected to fall short of the previous quarter's collection, only a 1.7 per cent increase to $7.84 billion, the lowest since it went public in 2022. Also read | As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009 Last year, the streaming giant cut several hundred jobs as it has been struggling due to dwindling customer spending, rising production costs, and heightened competition. But a separate report showed for one of its private jets, Netflix is employing a flight attendant, with the chosen candidate earning up to $385,000 annually. An advert said, "the Netflix Aviation department provides exceptional, safe, and confidential air transportation". In order for Netflix to keep spreading joy around the globe, the crew "helps Netflix reach the world more efficiently and effectively," the advertisement added. (With inputs from agencies) WATCH WION LIVE HERE

Netflix is set for its slowest revenue growth

In Pics | Indian startups fire more than 1,000 since the beginning of this year

The Crypto exchange FTX has reported that digital assets worth $415 million were stolen by hackers. FTX has claimed that it has recovered about $5 billion in terms of crypto assets and is still significantly short of the amount it owes to the international and the US customers.

FTX says Cryptos worth $415 million stolen, founder Sam Bankman-Fried says FTX is solvent

As Sri Lanka battles its worst economic crisis in 70 years, the joblessness rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 percent by the end of September last year, during which the economy contracted by 12 percent.

World Business Watch: Sri Lanka's unemployment rate climbs, raises concern for policymakers

Microsoft will widen access to the immensely popular software OpenAI, a startup whose futuristic and popular ChatGPT has captivated the world. Microsoft's customers have already previewed the tech of OpenAI and the company said that it is available for everyone now.

World Business Watch: Microsoft to expand access to OpenAI, brings in more users

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels.&nbsp;

The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. &nbsp; 
 
"These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent&nbsp;of the new oil and gas the industry intends to bring on-line by 2030," stated the report.&nbsp;

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🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero <a href="https://twitter.com/hashtag/GFANZ?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZ</a>, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 
 
It's the finding of a report published today by 13 NGOs including Reclaim Finance.<a href="https://twitter.com/hashtag/GFANZFuelsFire?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZFuelsFire</a> <a href="https://twitter.com/hashtag/wef23?src=hash&amp;ref_src=twsrc%5Etfw">#wef23</a> <a href="https://t.co/iYWzgEPEeI">pic.twitter.com/iYWzgEPEeI</a>
— Reclaim Finance (@ReclaimFinance) <a href="https://twitter.com/ReclaimFinance/status/1615264364654649345?ref_src=twsrc%5Etfw">January 17, 2023</a></blockquote>
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“GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/three-big-central-banks-financing-deforestation-of-brazils-amazon-forest-report-520610">Three big central banks financing Brazil’s Amazon forest deforestation firms: Report</a>

Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the&nbsp;France-based group,&nbsp;the fossil fuel companies in question&nbsp;develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals.&nbsp;

The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal &amp; General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-united-states-protests-against-world-bank-investing-in-fossil-fuels-525204">WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels</a>

“The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate.&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels.

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels. The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. "These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent of the new oil and gas the industry intends to bring on-line by 2030," stated the report. 🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero #GFANZ, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 It's the finding of a report published today by 13 NGOs including Reclaim Finance.#GFANZFuelsFire #wef23 pic.twitter.com/iYWzgEPEeI — Reclaim Finance (@ReclaimFinance) January 17, 2023 × “GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.” ALSO READ | Three big central banks financing Brazil’s Amazon forest deforestation firms: Report Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the France-based group, the fossil fuel companies in question develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals. The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal & General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report. ALSO WATCH | WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels “The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate. 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.

‘Climate arsonists’: Financial actors invest billions into fossil fuels despite net zero pledges, says study

Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech. A growing number of employees have been alleging longer workdays and limited free time, according to IG Metall, which has an office close to the factory and claims to be in regular contact with its workforce.

As per IG Metall, employees were being told to sign non-disclosure agreements along with their employment contracts, which made them more reluctant to publicly criticise their working conditions.

These worries were exacerbated by a new position advertised on Tesla's career website for a "Security Intelligence Investigator," who would work with the legal and human resources departments to gather "on-the-ground information both inside and outside Tesla walls in order to protect the company from threats."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/twitter-hands-out-free-ad-spaces-to-chase-brands-back-on-platform-552584">Twitter hands out free ad spaces to chase brands back on platform</a>

"Workers started at&nbsp;Tesla&nbsp;with great enthusiasm for the project.&nbsp;Over&nbsp;time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement.

"Tesla&nbsp;is not doing enough to improve&nbsp;working&nbsp;conditions and is leaving too little time for leisure, family, and recovery."

Tesla&nbsp;was not immediately available for comment to Reuters.&nbsp;

Two insiders who spoke to Reuters allege that Tesla China has also requested non-disclosure agreements from certain&nbsp;employees. For Tesla employees in Austin, San Francisco, and Shanghai, Reuters discovered many people on LinkedIn with the title "Security Intelligence Investigator."

German business newspaper Handelsblatt said on Monday that local lawmakers from the center-left SPD to the center-right CDU had voiced concern about the claims and demanded that both Tesla and the local government conduct investigations.

(With inputs from agencies)

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Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech.

Tesla has come under attack from the German union IG Metall and lawmakers over claims made by workers at its Brandenburg facility over inappropriate work hours and repression of free speech. A growing number of employees have been alleging longer workdays and limited free time, according to IG Metall, which has an office close to the factory and claims to be in regular contact with its workforce. As per IG Metall, employees were being told to sign non-disclosure agreements along with their employment contracts, which made them more reluctant to publicly criticise their working conditions. These worries were exacerbated by a new position advertised on Tesla's career website for a "Security Intelligence Investigator," who would work with the legal and human resources departments to gather "on-the-ground information both inside and outside Tesla walls in order to protect the company from threats." Also read | Twitter hands out free ad spaces to chase brands back on platform "Workers started at Tesla with great enthusiasm for the project. Over time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement. "Tesla is not doing enough to improve working conditions and is leaving too little time for leisure, family, and recovery." Tesla was not immediately available for comment to Reuters. Two insiders who spoke to Reuters allege that Tesla China has also requested non-disclosure agreements from certain employees. For Tesla employees in Austin, San Francisco, and Shanghai, Reuters discovered many people on LinkedIn with the title "Security Intelligence Investigator." German business newspaper Handelsblatt said on Monday that local lawmakers from the center-left SPD to the center-right CDU had voiced concern about the claims and demanded that both Tesla and the local government conduct investigations. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla slammed in Germany by union workers over unreasonable working hours, lack of free speech

&nbsp;As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns.&nbsp;The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.&nbsp;

The jobless rate was 4.6 per cent in the prior quarter ending June.&nbsp;

The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements.&nbsp;

In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink.&nbsp;The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent.&nbsp;

Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record.&nbsp;The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances.&nbsp;

<h2>Sri Lanka battles its worst economic crisis in 70 years</h2>

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&nbsp;The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances.&nbsp;&nbsp;A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country.&nbsp;

It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living.&nbsp;

The government has been struggling&nbsp;to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs.&nbsp;

One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes.&nbsp;A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan.&nbsp;

WATCH WION LIVE HERE: 

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As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.

As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent. The jobless rate was 4.6 per cent in the prior quarter ending June. The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements. In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink. The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent. Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record. The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances. Sri Lanka battles its worst economic crisis in 70 years The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances. A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country. It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living. The government has been struggling to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs. One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes. A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan. WATCH WION LIVE HERE:

No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts budget spending 

Tesla has come under fire from German union IG Metall and politicians over allegations by workers of unreasonable working hours and fears over speaking out at its Brandenburg plant, with some calling for inquiries into the carmaker.

World Business Watch: Tesla under fire in Germany over union concerns on working hours

China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year.

The National Bureau of Statistics said on Tuesday that China's economy expanded by 2.9 per cent year over year in the fourth quarter, slowing from 3.9 per cent in the quarter before.

Watch |&nbsp;China: Massive rush at stations, airports as thousands head home for Lunar New Year

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On a quarterly sequential basis, China's economy stagnated in the December quarter, highlighting the costs incurred by the stringent "zero-COVID" policy adopted.

For the full year, GDP growth was 3.0 per cent, significantly below the government's target of "around" 5.5 per cent and a sharp slowdown from 2021's 8.4 per cent growth.

While the reported rate was higher than the World Bank's 2.7 per cent forecast made earlier this month by the World Bank, the 2022 figure marks China's worst annual performance since 1976, excluding the 2.2 per cent growth that followed the initial Covid hit in 2020.

In 2020, major economies around the world slumped into a deep recession.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-population-falls-to-a-60-year-low-demographers-predict-nation-will-get-old-before-it-gets-rich-553315">China's population falls to a 60 year low; demographers predict nation 'will get old before it gets rich'</a>

China's "Zero-COVID policy" and a severe property market downturn last year hurt domestic economic activity and weighed on global supply chains already disrupted by the pandemic.

While Beijing abruptly lifted all those stringent pandemic restrictions in early December, it led to a surge in infections, which economists say would likely hamper growth in the near term.

But Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong, told Reuters, "I think investors will look through the Q4 GDP prints and focus on 2023".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-housing-market-witnesses-a-slump-for-the-16th-month-553088">China's housing market witnesses a slump for the 16th month</a>

"According to Chinese media, more than half of the 31 provinces and municipalities that have released 2023 work reports are targeting above 5.5 per cent growth for 2023," added Wong.

There are questions about how the alarming mortality toll — officially at 60,000 in the past month or so — will affect broader consumer confidence. Supply chain disruptions caused by workers reporting sick may hinder the recovery and impact nations that depend heavily on Chinese imports.

With real estate prices still declining and expected to do so this year, the health of the massive property market debt-ridden property developers will pose another risk to economic recovery.

(With inputs from agencies)

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China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year.

China's economy slowed sharply in 2022, with the gross domestic product (GDP) growth registering its worst in nearly half a century, pressuring policymakers to provide more stimulus to boost the economy this year. The National Bureau of Statistics said on Tuesday that China's economy expanded by 2.9 per cent year over year in the fourth quarter, slowing from 3.9 per cent in the quarter before. Watch | China: Massive rush at stations, airports as thousands head home for Lunar New Year On a quarterly sequential basis, China's economy stagnated in the December quarter, highlighting the costs incurred by the stringent "zero-COVID" policy adopted. For the full year, GDP growth was 3.0 per cent, significantly below the government's target of "around" 5.5 per cent and a sharp slowdown from 2021's 8.4 per cent growth. While the reported rate was higher than the World Bank's 2.7 per cent forecast made earlier this month by the World Bank, the 2022 figure marks China's worst annual performance since 1976, excluding the 2.2 per cent growth that followed the initial Covid hit in 2020. In 2020, major economies around the world slumped into a deep recession. Also read | China's population falls to a 60 year low; demographers predict nation 'will get old before it gets rich' China's "Zero-COVID policy" and a severe property market downturn last year hurt domestic economic activity and weighed on global supply chains already disrupted by the pandemic. While Beijing abruptly lifted all those stringent pandemic restrictions in early December, it led to a surge in infections, which economists say would likely hamper growth in the near term. But Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong, told Reuters, "I think investors will look through the Q4 GDP prints and focus on 2023". Also read | China's housing market witnesses a slump for the 16th month "According to Chinese media, more than half of the 31 provinces and municipalities that have released 2023 work reports are targeting above 5.5 per cent growth for 2023," added Wong. There are questions about how the alarming mortality toll — officially at 60,000 in the past month or so — will affect broader consumer confidence. Supply chain disruptions caused by workers reporting sick may hinder the recovery and impact nations that depend heavily on Chinese imports. With real estate prices still declining and expected to do so this year, the health of the massive property market debt-ridden property developers will pose another risk to economic recovery. (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.

Hit by Covid restrictions, China's economy grew just 3% in 2022

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

Since early December, when Western countries led by the Group of Seven (G7) set a $60 price cap on Russian oil exports to limit Moscow's ability to finance the Ukraine war, the price of Urals oil, Moscow's largest export, has fallen more than 20 per cent.

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The government's 2023 budget is based on Urals price of a touch over $70 per barrel, but prices are now trading closer to $50 per barrel, which is a concern for Moscow.

Russia has relied on China and India, the world's largest and third-largest importers, to fill the price ceiling gap due to Western sanctions and the EU embargo to make it tougher for Moscow to export oil.

"The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon."

According to analysts, the oil price needed to balance the budget soared from $67 to $101 a barrel in 2022 as the government's spending increased by more than a quarter, partly to pay for its military presence in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-european-allies-plan-to-send-tanks-to-ukraine-what-we-know-so-far-552934">Explained: Are European allies planning to send tanks to Ukraine?</a>

The actual price of oil required to balance the books might be as high as $115 per barrel when the $27.5 billion in dividends and one-time taxes paid by state-owned energy behemoth Gazprom last year are taken into account.

According to Finance Minister Anton Siluanov, Russia's budget deficit for the previous fiscal year was $49 billion, or 2.3 per cent of the country's gross domestic product (GDP).

As the price cap reduces Russia's export revenues, the deficit may rise to 2 per cent again in 2023.

Tax hikes?

In December, Alexei Sazanov, the deputy finance minister, warned that there would be another tax increase and that the administration would continue exploring alternative tax bases in 2023.

Which industries would see tax increases and how much of the burden would be placed on the populace is still being determined, said Sazanov and stated that the income tax, profit tax, and VAT rates would not change, but other industries might pay more in taxes.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-may-change-age-range-of-conscription-putin-supports-idea-552743">Russia plans to increase age range of conscription, Putin ‘supports’ idea</a>

"Detailed, substantive analysis allows us to still find resource sectors where high margins are formed and where it is possible to increase the fiscal burden without harming the operational and investment activities of companies," said the Deputy Finance Minister.

"When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank.

"Some measures are needed to adjust fiscal policy, cutting spending or looking for additional revenues," the Chief Economist added.

She noted that spending cuts are out of the question because President Vladimir Putin is anticipated to run for an unprecedented fifth term in the 2024 presidential election, and regional elections will be held later this year.

As Russia's 10-month war operations in Ukraine continue, the government has hiked taxes significantly on the oil and gas business for 2023 through 2025, the largest increase of this kind in its history.

According to a Reuters budget study, Moscow will spend roughly a third of its budget, or 9.4 trillion roubles ($140 billion), on defence and security this year alone.

(With inputs from agencies)

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This leaves less money for health, education, and research.

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report. Since early December, when Western countries led by the Group of Seven (G7) set a $60 price cap on Russian oil exports to limit Moscow's ability to finance the Ukraine war, the price of Urals oil, Moscow's largest export, has fallen more than 20 per cent. Watch | UK to supply battle tanks to Ukraine amid Russian strikes The government's 2023 budget is based on Urals price of a touch over $70 per barrel, but prices are now trading closer to $50 per barrel, which is a concern for Moscow. Russia has relied on China and India, the world's largest and third-largest importers, to fill the price ceiling gap due to Western sanctions and the EU embargo to make it tougher for Moscow to export oil. "The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon." According to analysts, the oil price needed to balance the budget soared from $67 to $101 a barrel in 2022 as the government's spending increased by more than a quarter, partly to pay for its military presence in Ukraine. Also read | Explained: Are European allies planning to send tanks to Ukraine? The actual price of oil required to balance the books might be as high as $115 per barrel when the $27.5 billion in dividends and one-time taxes paid by state-owned energy behemoth Gazprom last year are taken into account. According to Finance Minister Anton Siluanov, Russia's budget deficit for the previous fiscal year was $49 billion, or 2.3 per cent of the country's gross domestic product (GDP). As the price cap reduces Russia's export revenues, the deficit may rise to 2 per cent again in 2023. Tax hikes? In December, Alexei Sazanov, the deputy finance minister, warned that there would be another tax increase and that the administration would continue exploring alternative tax bases in 2023. Which industries would see tax increases and how much of the burden would be placed on the populace is still being determined, said Sazanov and stated that the income tax, profit tax, and VAT rates would not change, but other industries might pay more in taxes. Also read | Russia plans to increase age range of conscription, Putin ‘supports’ idea "Detailed, substantive analysis allows us to still find resource sectors where high margins are formed and where it is possible to increase the fiscal burden without harming the operational and investment activities of companies," said the Deputy Finance Minister. "When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank. "Some measures are needed to adjust fiscal policy, cutting spending or looking for additional revenues," the Chief Economist added. She noted that spending cuts are out of the question because President Vladimir Putin is anticipated to run for an unprecedented fifth term in the 2024 presidential election, and regional elections will be held later this year. As Russia's 10-month war operations in Ukraine continue, the government has hiked taxes significantly on the oil and gas business for 2023 through 2025, the largest increase of this kind in its history. According to a Reuters budget study, Moscow will spend roughly a third of its budget, or 9.4 trillion roubles ($140 billion), on defence and security this year alone. (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. This leaves less money for health, education, and research.

War, oil price cap to weigh on Russia's budget; Moscow likely to hike tax

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal.

The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting.

As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

To somewhat level the playing field, the group called for taxes that progressively redistribute wealth.

Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes.

In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818&amp;sa=U&amp;ved=2ahUKEwi58q-kksv8AhXzgVYBHXyaAJ0QFnoECAYQAg&amp;usg=AOvVaw2aMKmJB9gYEdGBH47ham7E" dir="ltr" href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" target="_blank">Elon Musk no longer world's richest man. Check who is</a>

It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital.

Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”.

As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.”

(With inputs from agencies)

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A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent.

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal. The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting. As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum To somewhat level the playing field, the group called for taxes that progressively redistribute wealth. Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes. In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent. Also read | Elon Musk no longer world's richest man. Check who is It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital. Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”. As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.” (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.

‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam 

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”.

Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.”

Watch |&nbsp;WION at Davos 2023: Gathering of global elite amid recession fear

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As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty.

The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam&nbsp;</a>

By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth.&nbsp;This is because the top 30 per cent has accumulated&nbsp;more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth.

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it.

The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years.

(With inputs from agencies)

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A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022.

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”. Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.” Watch | WION at Davos 2023: Gathering of global elite amid recession fear As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty. The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth. This is because the top 30 per cent has accumulated more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it. The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for 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.

Even as India's poor 'are unable to afford basic necessities to survive', the rich are getting richer: Oxfam

For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall.&nbsp;

As per a Bloomberg report, 70 cities across China saw a 0.25 per cent decline in the prices of new homes. As per National Bureau of Statistics figures, November also saw a similar slump. 2022 as a whole saw prices drop by 2.3 per cent. This figure excludes state-subsidised housing.

Watch |&nbsp;Gravitas: 50 million homes are empty in China

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For the pre-owned housing market, the slump was worse at 0.48 per cent in December. In November, the prices fell by 0.44 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/economy/build-pause-demolish-repeat-china-to-demolish-buildings-that-could-accommodate-75-million-people-515567">'Build, pause, demolish, repeat': China to demolish buildings that could accommodate 75 million people</a>

The decline, as per the report, comes even as Beijing introduced a sweeping plan to rescue the housing industry and pledged financial aid for cash-strapped developers.

Also read |&nbsp; <a href="https://www.wionews.com/world/zero-covid-a-crumbling-real-estate-market-and-more-chinese-economy-and-the-challenges-it-faces-522534">Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces</a>

Additionally, the country has also taken steps to stimulate homebuyer demand. However, following the sudden scrapping of the nation’s stringent zero-Covid measures, the large-scale COVID-19 outbreaks, and high numbers of cases, have severely affected confidence among businesses and customers.

The Bloomberg report suggests that lowering borrowing costs for homebuyers may help boost demand, adding that “it’s unclear whether such steps are enough to revive a market that has seen sales drop since mid-2021. “ A recent China Index Holdings survey of prospective buyers in 100 major cities shows that prices will continue to fall in 2023.

(With inputs from agencies)

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For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall.

For the straight 16th month, the property market in China saw a slump in home prices, as widespread covid outbreaks “complicated” efforts to rescue the sector that has for months witnessed a steady fall. As per a Bloomberg report, 70 cities across China saw a 0.25 per cent decline in the prices of new homes. As per National Bureau of Statistics figures, November also saw a similar slump. 2022 as a whole saw prices drop by 2.3 per cent. This figure excludes state-subsidised housing. Watch | Gravitas: 50 million homes are empty in China For the pre-owned housing market, the slump was worse at 0.48 per cent in December. In November, the prices fell by 0.44 per cent. Also read | 'Build, pause, demolish, repeat': China to demolish buildings that could accommodate 75 million people The decline, as per the report, comes even as Beijing introduced a sweeping plan to rescue the housing industry and pledged financial aid for cash-strapped developers. Also read | Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces Additionally, the country has also taken steps to stimulate homebuyer demand. However, following the sudden scrapping of the nation’s stringent zero-Covid measures, the large-scale COVID-19 outbreaks, and high numbers of cases, have severely affected confidence among businesses and customers. The Bloomberg report suggests that lowering borrowing costs for homebuyers may help boost demand, adding that “it’s unclear whether such steps are enough to revive a market that has seen sales drop since mid-2021. “ A recent China Index Holdings survey of prospective buyers in 100 major cities shows that prices will continue to fall in 2023. (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 housing market witnesses a slump for the 16th month

Smartphones in India might become expensive; tech giant Google has warned. Google also warned about the potential threat to users' security.

World Business Watch: Smartphone prices might rise in India, says Google

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed.

"We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters.

Watch |&nbsp;World Business Watch: Climate activist protest in Davos over role of oil firms in WEF

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On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.

"They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting.

Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition.

In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report.

<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Also read |&nbsp;Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters.

Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

"There is still too much money to be made from fossil fuel investments," added Smith.

Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge.

(With inputs from agencies)

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Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report. Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed. "We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters. Watch | World Business Watch: Climate activist protest in Davos over role of oil firms in WEF On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. "They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting. Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition. In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for. "There is still too much money to be made from fossil fuel investments," added Smith. Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge. (With inputs from agencies) WATCH WION LIVE HERE

Big oil firms will push their agenda at Davos, say protesting climate activists

After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund.

That report came ahead of the World Economic Forum's (WEF) Annual Summit, which kicked off in Davos's Swiss ski resort town on Monday. The WEF summit is the biggest congregation of global leaders in a post-pandemic world.

The meeting calls on leaders from across the globe to address the immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.

<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Also read |&nbsp;Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

But the IMF says the losses in individual countries might reach 8–12 per cent&nbsp;if technology is also disconnected from an ever-increasing fragmented global economy.

According to the IMF, even minor fragmentation might reduce the global GDP by 0.2 per cent.

But the IMF said further research is required to understand the anticipated costs to the monetary system worldwide and the Global Financial Safety Net (GFSN).

Watch |World Business Watch: IMF warns of deteriorating trade relations globally

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The IMF note, published late on Sunday, said that following the global financial crisis of 2008–2009 and an increase in trade barriers observed in the years after, global flows of goods and capital had bottomed out.

"The COVID-19 pandemic and Russia's invasion of Ukraine have further tested international relations and increased scepticism about the benefits of globalization," the IMF staff report noted.

In addition to helping low-income consumers in rich economies through lower costs, the report claimed that expanding trade linkages had significantly reduced global poverty for years.

The unravelling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," according to IMF staff analysis.

<a href="https://www.wionews.com/world/global-economy-faces-tough-time-in-2023-says-imf-head-548634">Also read |&nbsp;Third of global economy to face recession in 2023, warns IMF head</a>

Cross-border movement restrictions would reduce remittances in migrant-sending nations while depriving host economies of important talents.

Foreign Direct Investment (FDI) would decrease with reduced capital flows, and the provision of essential global public goods would be in danger with decreased international cooperation.

Additionally, it might make it more difficult to resolve upcoming sovereign debt crises and impair the ability of the international community to assist nations in need, said IMF.

"With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," according to the staff report.

(With inputs from agencies)

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After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund.

After decades of increasing economic integration, a significant deterioration in international relations could lower global economic output by up to 7 per cent, according to a Bloomberg report, based on a new staff analysis from the International Monetary Fund. That report came ahead of the World Economic Forum's (WEF) Annual Summit, which kicked off in Davos's Swiss ski resort town on Monday. The WEF summit is the biggest congregation of global leaders in a post-pandemic world. The meeting calls on leaders from across the globe to address the immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan But the IMF says the losses in individual countries might reach 8–12 per cent if technology is also disconnected from an ever-increasing fragmented global economy. According to the IMF, even minor fragmentation might reduce the global GDP by 0.2 per cent. But the IMF said further research is required to understand the anticipated costs to the monetary system worldwide and the Global Financial Safety Net (GFSN). Watch |World Business Watch: IMF warns of deteriorating trade relations globally The IMF note, published late on Sunday, said that following the global financial crisis of 2008–2009 and an increase in trade barriers observed in the years after, global flows of goods and capital had bottomed out. "The COVID-19 pandemic and Russia's invasion of Ukraine have further tested international relations and increased scepticism about the benefits of globalization," the IMF staff report noted. In addition to helping low-income consumers in rich economies through lower costs, the report claimed that expanding trade linkages had significantly reduced global poverty for years. The unravelling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," according to IMF staff analysis. Also read | Third of global economy to face recession in 2023, warns IMF head Cross-border movement restrictions would reduce remittances in migrant-sending nations while depriving host economies of important talents. Foreign Direct Investment (FDI) would decrease with reduced capital flows, and the provision of essential global public goods would be in danger with decreased international cooperation. Additionally, it might make it more difficult to resolve upcoming sovereign debt crises and impair the ability of the international community to assist nations in need, said IMF. "With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," according to the staff report. (With inputs from agencies) WATCH WION LIVE HERE

IMF warns deteriorating international relations could cut global output by 7%

Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models. It said that the cut will be up to 20 per cent in Europe and the United States. The announcement comes as competition continues to rise in the growing EV industry.&nbsp;In early trading on Friday, Tesla shares fell as much as 4.5 per cent though there was some recovery later. The shares of Elon Musk-led company have plummeted for more than a year.&nbsp;

Analyst Dan Ives of Wedbush Securities said: "It's no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023."&nbsp;

Ives said the price cut was the "right move" and "a clear shot across the bow at European automakers and US stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox."

A report by Wall Street Journal noted that the discount now makes it possible for buyers of Tesla's US-built Model Y to take advantage of a tax credit in the US by bringing the price of the car below a $55,000 cap.&nbsp;

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Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models.

Tesla has literally launched a price war with its rivals as it announced on Friday (January 13) that it will cut the price of its best-selling electric vehicle (EV) models. It said that the cut will be up to 20 per cent in Europe and the United States. The announcement comes as competition continues to rise in the growing EV industry. In early trading on Friday, Tesla shares fell as much as 4.5 per cent though there was some recovery later. The shares of Elon Musk-led company have plummeted for more than a year. Analyst Dan Ives of Wedbush Securities said: "It's no secret that demand for Tesla is starting to see some cracks in this global slowdown for 2023." Ives said the price cut was the "right move" and "a clear shot across the bow at European automakers and US stalwarts (GM and Ford) that Tesla is not going to play nice in the sandbox." A report by Wall Street Journal noted that the discount now makes it possible for buyers of Tesla's US-built Model Y to take advantage of a tax credit in the US by bringing the price of the car below a $55,000 cap. 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 slashes price of its best-selling electric vehicle models in US, Europe

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed.

The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1.

Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9

It added USD 85.90 to its previous close.&nbsp;

Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence.

Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase.

Crypto.com said on Friday that it would lay off about 20% of its workforce

The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce.

The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates.

(With inputs from agencies)

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Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14).

Bitcoin, the world's biggest and best-known cryptocurrency rose 4.6 per cent to cross USD 20,000 mark for the first time in over two months on Saturday (January 14). Bitcoin rose to attain value of USD 20,853 at 01:01 GMT on Saturday. It added USD 922 to previous value at which it closed. The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1. Ether, the cryptocurrency linked to Ethereum blockchain network, rose by 5.91 per cent and attained the value of USD 1,536.9 It added USD 85.90 to its previous close. Cryptocurrencies, not very far in past, were considered an ideal investment. But volatility in recent years has shaken investor confidence. Recent collapse of crypto exchange FTX has sent scare further. The crypto industry as a whole, is going through a certain phase. Crypto.com said on Friday that it would lay off about 20% of its workforce The Singapore-based company's announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20% of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce. The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macro economic downturn amid rising interest rates. (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 ×

Bitcoin crosses $20,000 mark for first time in over two months