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Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands.&nbsp;

Twitter has proposed to offer $250,000 worth of ad space for free, the Wall Street Journal reported. It has also promised $500,000 of free advertising space to brands that buy $500,000 of ad space. However, Twitter authorities have not provided any official comment on it.&nbsp;

Also Read |&nbsp;<a href="www.wionews.com/business-economy/bitcoin-crosses-20000-mark-for-first-time-in-two-months-552518">Bitcoin crosses $20,000 mark for first time in over two months</a>

In recent years, advertisers have crowded Twitter during Super Bowl week to increase sales by marketing their products around the big game. Super Bowl is the biggest revenue annual day for Twitter, and ad makers might play on it this year.&nbsp;

Elon Musk's takeover of Twitter in late October followed financial turmoil for the social media company. Currently, the platform has found a new tactic to lure back many advertisers that left&nbsp;after the takeover due to Musk's content moderation policies.&nbsp;

Watch |&nbsp;The Secret Society Epidemic | Untangled

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In November, Twitter faced a massive drop in revenue and lost around $4 million per day. Behemoths like Pfizer Inc., United Airlines, and Volkswagen have blocked their budgets for Twitter ads. It directly impacted Twitter's financial front as almost 90 per cent of Twitter's $5.1 billion revenue in 2021 came from advertisements.&nbsp;

Brands must use specific Twitter products, such as the company's most recent keyword-avoidance tool, to be eligible for the most recent incentive. This tool enables advertisers to list up to 1,000 keywords preventing their ads from appearing above or below tweets that contain those keywords.

However, Elon Musk expects Twitter to have a break-even cash flow in 2023. Before the business lowered expenses by firing thousands of employees, he said that Twitter was on track to have a $3 billion annual negative cash flow. The staff should be roughly 2,000 people instead of 8,000, he added.&nbsp;

(With inputs from agencies)

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Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands.

Twitter witnessed a decline of $44 billion in its ad business after Elon Musk took over the company. Thus, in a new incentive to lure brands back to Twitter, the social media platform has started to offer no-cost advertisements to brands. Twitter has proposed to offer $250,000 worth of ad space for free, the Wall Street Journal reported. It has also promised $500,000 of free advertising space to brands that buy $500,000 of ad space. However, Twitter authorities have not provided any official comment on it. Also Read | Bitcoin crosses $20,000 mark for first time in over two months In recent years, advertisers have crowded Twitter during Super Bowl week to increase sales by marketing their products around the big game. Super Bowl is the biggest revenue annual day for Twitter, and ad makers might play on it this year. Elon Musk's takeover of Twitter in late October followed financial turmoil for the social media company. Currently, the platform has found a new tactic to lure back many advertisers that left after the takeover due to Musk's content moderation policies. Watch | The Secret Society Epidemic | Untangled In November, Twitter faced a massive drop in revenue and lost around $4 million per day. Behemoths like Pfizer Inc., United Airlines, and Volkswagen have blocked their budgets for Twitter ads. It directly impacted Twitter's financial front as almost 90 per cent of Twitter's $5.1 billion revenue in 2021 came from advertisements. Brands must use specific Twitter products, such as the company's most recent keyword-avoidance tool, to be eligible for the most recent incentive. This tool enables advertisers to list up to 1,000 keywords preventing their ads from appearing above or below tweets that contain those keywords. However, Elon Musk expects Twitter to have a break-even cash flow in 2023. Before the business lowered expenses by firing thousands of employees, he said that Twitter was on track to have a $3 billion annual negative cash flow. The staff should be roughly 2,000 people instead of 8,000, he added. (With inputs from agencies) WATCH WION LIVE HERE

Twitter hands out free ad spaces to chase brands back on platform

Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts.

In a rare move, the CEO's pay target was set at $49 million, over 40 per cent lower than his 2022 compensation, as part of investor guidance and a request from Cook, approved by the shareholders last year.

Watch |&nbsp;World Business Watch: Apple's Tim Cook takes rare CEO pay cut

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As part of the pay change for the current fiscal, the percentage of stock awarded to Cook and tied to Apple's performance will also increase to 75 per cent from 50 per cent last year.

Indeed, he received $75 million in stock awards from Apple for the previous fiscal that ended in September 2022, with half of that dependent on the performance of Apple's stock.

<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Also read |&nbsp;Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

Cook's stock award objective for the upcoming fiscal year was lowered to $40 million, with $30 million of the total contingent on share performance.

According to the company's securities filings, Cook received $99.4 million in salary for the previous fiscal that ended in September 2022, a small increase from the $98.7 million he received the year before.

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Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts.

Apple Inc. Chief Executive Tim Cook's compensation for the current fiscal year will be less than last year and will be more influenced by how the shares of the iPhone maker perform compared to its market counterparts. In a rare move, the CEO's pay target was set at $49 million, over 40 per cent lower than his 2022 compensation, as part of investor guidance and a request from Cook, approved by the shareholders last year. Watch | World Business Watch: Apple's Tim Cook takes rare CEO pay cut As part of the pay change for the current fiscal, the percentage of stock awarded to Cook and tied to Apple's performance will also increase to 75 per cent from 50 per cent last year. Indeed, he received $75 million in stock awards from Apple for the previous fiscal that ended in September 2022, with half of that dependent on the performance of Apple's stock. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 Cook's stock award objective for the upcoming fiscal year was lowered to $40 million, with $30 million of the total contingent on share performance. According to the company's securities filings, Cook received $99.4 million in salary for the previous fiscal that ended in September 2022, a small increase from the $98.7 million he received the year before. WATCH WION LIVE HERE

Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation

Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report.

Vodafone is looking to shed several hundred jobs, most of which will be at its headquarters in London.

<a href="https://www.wionews.com/world/indian-regulator-greenlits-govts-proposal-to-convert-vodafone-ideas-192-billion-dues-to-equity-527206">Also read |&nbsp;Indian regulator greenlights govt proposal to convert Vodafone Idea's $1.92 billion dues into equity</a>

In November, the company said it would cut over $1 billion in costs by 2026 after it announced that the group's profits had slipped in the year's first half.

Vodafone employs about 104,000 workers globally, including 9,400 in the UK.

The last few tough years have led to a sharp drop in the valuations of some of the leading telecom groups.

That includes British Telecom and Vodafone in the UK, Telefónica in Spain and Orange in France.

<a href="https://www.wionews.com/business-economy/vodafone-hutchison-in-talks-to-merge-uk-ops-522145">Also read |&nbsp;Vodafone, Hutchison in talks to merge UK ops</a>

Vodafone's business in India has also been under pressure over the last few years, despite the government converting a large part of the company's debt into equity and staring at an uncertain future.

Reuters had reported earlier this month the loss-making Vodafone Idea, the Indian arm of the company, had asked local banks for at least $846 million in emergency liquidity. Domestic banks, though, were hesitant to offer new loans.

To continue operating, the corporation needs money.

But before providing the indebted operator with additional funding, the lenders will hold off until either a capital increase by its major shareholders — the UK-based Vodafone Group and the regional investor Aditya Birla Group — or a debt-to-equity conversion by the government, according to sources who spoke to Reuters.

"Without that (capital injection), it looks difficult for the company to...survive," a top official at a state-owned bank told Reuters.

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Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report.

Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance, according to Reuters, quoting a Financial Times report. Vodafone is looking to shed several hundred jobs, most of which will be at its headquarters in London. Also read | Indian regulator greenlights govt proposal to convert Vodafone Idea's $1.92 billion dues into equity In November, the company said it would cut over $1 billion in costs by 2026 after it announced that the group's profits had slipped in the year's first half. Vodafone employs about 104,000 workers globally, including 9,400 in the UK. The last few tough years have led to a sharp drop in the valuations of some of the leading telecom groups. That includes British Telecom and Vodafone in the UK, Telefónica in Spain and Orange in France. Also read | Vodafone, Hutchison in talks to merge UK ops Vodafone's business in India has also been under pressure over the last few years, despite the government converting a large part of the company's debt into equity and staring at an uncertain future. Reuters had reported earlier this month the loss-making Vodafone Idea, the Indian arm of the company, had asked local banks for at least $846 million in emergency liquidity. Domestic banks, though, were hesitant to offer new loans. To continue operating, the corporation needs money. But before providing the indebted operator with additional funding, the lenders will hold off until either a capital increase by its major shareholders — the UK-based Vodafone Group and the regional investor Aditya Birla Group — or a debt-to-equity conversion by the government, according to sources who spoke to Reuters. "Without that (capital injection), it looks difficult for the company to...survive," a top official at a state-owned bank told Reuters. WATCH WION LIVE HERE

Vodafone plans hundreds of job cuts, the biggest round of layoffs in 5 years

Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion.

The process is at an early stage and is anticipated to draw potential corporate bidders and private equity groups, according to the Wall Street Journal report, which also noted Subway might not go through the sale or strike any other deal.

Watch |&nbsp;World Business Watch: Global sandwich chain Subway heading for sale

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In an emailed statement, "as a privately held company, we don't comment on ownership structure and business plans," a Subway spokesperson told Reuters.

Subway, One of the biggest quick-service restaurant brands in the world, operates more than 37,000 restaurants in over 100 countries.

<a href="https://www.wionews.com/world/new-york-subway-station-gunman-pleads-guilty-to-terrorism-charges-549394">Also read |&nbsp;New York subway station gunman pleads guilty to terrorism charges</a>

The two founding generations of the business, situated in Milford, Connecticut and famous for its foot-long sandwiches, have owned it for over 50 years.

According to media reports from 2021, Subway was tidying itself in preparation for a sale, but the restaurant business had refuted those claims.

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Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion.

Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion. The process is at an early stage and is anticipated to draw potential corporate bidders and private equity groups, according to the Wall Street Journal report, which also noted Subway might not go through the sale or strike any other deal. Watch | World Business Watch: Global sandwich chain Subway heading for sale In an emailed statement, "as a privately held company, we don't comment on ownership structure and business plans," a Subway spokesperson told Reuters. Subway, One of the biggest quick-service restaurant brands in the world, operates more than 37,000 restaurants in over 100 countries. Also read | New York subway station gunman pleads guilty to terrorism charges The two founding generations of the business, situated in Milford, Connecticut and famous for its foot-long sandwiches, have owned it for over 50 years. According to media reports from 2021, Subway was tidying itself in preparation for a sale, but the restaurant business had refuted those claims. WATCH WION LIVE HERE

Fast-Food Chain Subway gears up for sale, to be valued at over $10 billion: Reports

A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years. The sentence was imposed by Justice Juan Merchan of the Manhattan criminal court after jurors found two affiliates of the company guilty of 17 criminal charges in December last year.

The maximum penalty that Justice Merchan can impose is $1.6 million, an amount which is equal to double the taxes that a small group of executives avoided on benefits which included rent-free apartments in Trump buildings, private school tuition and luxury cars, a report by the Associated Press said earlier in the day.&nbsp;

On Tuesday (January 10), Allen Weisselberg, the former chief financial officer (CFO) of the Trump Organization was sentenced to five months in jail by Justice Merchan. Last summer, Weisselberg had pleaded guilty to evading taxes on $1.7 million in compensation.&nbsp;

While serving as the Trump Organization's CFO, Allen Weisselberg, 75, received a rent-free apartment in a Trump-branded building in Manhattan. Weisselberg and his wife were given Mercedes-Benz cars which were leased by the company. When his grandchildren went to an exclusive private school, Donald Trump paid their tuition fee, the Associated Press report said.&nbsp;

When he was called to testify against the company at trial, the 75-year-old testified he didn’t pay taxes on that compensation, and that he and a company vice president conspired to hide the perks by having the company issue falsified W-2 forms. Weisselberg also said nobody in the Trump family knew what he did. “It was my own personal greed that led to this,” he told jurors.&nbsp;

&nbsp;“Weisselberg did it for Weisselberg,” lawyers of the Trump Organization said, contending the former CFO went rogue and betrayed the company’s trust.

Meanwhile, Donald Trump, who is eyeing a comeback in 2024, said the case against the Trump Organization is part of a politically motivated “witch hunt” waged against him by Democrats. But this is not the only legal challenge for him. Trump is facing investigations related to the Capitol riots, his retention of classified documents after leaving the White House, and efforts to overturn his 2020 election loss in Georgia.

(With inputs from agencies)

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A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years.

A New York judge on Friday (January 13) fined former United States President Donald Trump's company Trump Organization $1.6 million after it was convicted of scheming to defraud tax authorities for 15 years. The sentence was imposed by Justice Juan Merchan of the Manhattan criminal court after jurors found two affiliates of the company guilty of 17 criminal charges in December last year. The maximum penalty that Justice Merchan can impose is $1.6 million, an amount which is equal to double the taxes that a small group of executives avoided on benefits which included rent-free apartments in Trump buildings, private school tuition and luxury cars, a report by the Associated Press said earlier in the day. On Tuesday (January 10), Allen Weisselberg, the former chief financial officer (CFO) of the Trump Organization was sentenced to five months in jail by Justice Merchan. Last summer, Weisselberg had pleaded guilty to evading taxes on $1.7 million in compensation. While serving as the Trump Organization's CFO, Allen Weisselberg, 75, received a rent-free apartment in a Trump-branded building in Manhattan. Weisselberg and his wife were given Mercedes-Benz cars which were leased by the company. When his grandchildren went to an exclusive private school, Donald Trump paid their tuition fee, the Associated Press report said. When he was called to testify against the company at trial, the 75-year-old testified he didn’t pay taxes on that compensation, and that he and a company vice president conspired to hide the perks by having the company issue falsified W-2 forms. Weisselberg also said nobody in the Trump family knew what he did. “It was my own personal greed that led to this,” he told jurors. “Weisselberg did it for Weisselberg,” lawyers of the Trump Organization said, contending the former CFO went rogue and betrayed the company’s trust. Meanwhile, Donald Trump, who is eyeing a comeback in 2024, said the case against the Trump Organization is part of a politically motivated “witch hunt” waged against him by Democrats. But this is not the only legal challenge for him. Trump is facing investigations related to the Capitol riots, his retention of classified documents after leaving the White House, and efforts to overturn his 2020 election loss in Georgia. (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.

New York judge fines Trump Organization $1.6 million for tax fraud

In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed.&nbsp;&nbsp;More than five years ago, Beijing started acquiring these stakes—called the "golden shares"—in private online media companies. The stakes with special rights taken by China are usually about 1% of a firm.&nbsp;

The&nbsp;golden shares give the&nbsp;owner more power than other shareholders over changes in its management&nbsp;and are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions.&nbsp;

News agency Reuters reported that the stakes taken over the last four months in the Alibaba units are the first ones to come to light for the e-commerce firm.&nbsp;

Notably, Alibaba remained one of the most prominent targets of China's two-year-long regulatory crackdown on tech giants.&nbsp;

Last year in September, an investment vehicle of state-owned Zhejiang Media Group took a 1% stake in Alibaba's Youku Film and Television unit, the public business registration records showed.&nbsp;

The records also showed that Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit.&nbsp;

(With inputs from agencies)&nbsp;

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In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed.

In an attempt to extend its campaign to strengthen control over online content, China has acquired "golden shares" in tech firms Alibaba and Tencent, business registration records showed. More than five years ago, Beijing started acquiring these stakes—called the "golden shares"—in private online media companies. The stakes with special rights taken by China are usually about 1% of a firm. The golden shares give the owner more power than other shareholders over changes in its management and are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions. News agency Reuters reported that the stakes taken over the last four months in the Alibaba units are the first ones to come to light for the e-commerce firm. Notably, Alibaba remained one of the most prominent targets of China's two-year-long regulatory crackdown on tech giants. Last year in September, an investment vehicle of state-owned Zhejiang Media Group took a 1% stake in Alibaba's Youku Film and Television unit, the public business registration records showed. The records also showed that Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit. (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 acquires ‘golden shares’ in tech firms Alibaba and Tencent for control on sector

According to the reports, Subway is looking to put itself up for sale in a deal that could fetch more than $10 billion. Watch this video to know more.

World Business Watch: Global sandwich chain Subway heading for sale

China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years.&nbsp;On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN). Their destinations were Zhengzhou Xinzheng International Airport (CGO) and Wuhan Tianhe International Airport (WUH), respectively.&nbsp;

Also Read |&nbsp;<a href="www.wionews.com/business-economy/apple-ceo-tim-cook-takes-a-40-pay-cut-stock-performance-to-drive-his-compensation-552185">Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation</a>

The first flight from Guangzhou to Zhenzhou, CZ3960, took off at 12:45, operated by aircraft B-1206 from 2017, according to flightradar24.com. Shortly after, the second flight, CZ8276, from Guangzhou to Wuhan departed at 14:26. B-1127, delivered to the airline in September 2018, operated the second flight.&nbsp;

In 2019, China grounded the Boeing 737 MAX becoming the first country to do so, following the crashes by Lion Air and Ethiopian Airlines, leaving 346 dead.&nbsp;

Watch |&nbsp;Why egg prices have soared 60% in a year

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However, in December 2021, the airline authorities declared the aircraft fit for service. But the Chinese airlines took their time to prepare the flight for back-to-the-field action due to the strained relations between the United States and China.&nbsp;

As the country opens borders ahead of the Lunar New Year holidays, China's airlines have to meet a significant rise in demand for domestic and international air travel.&nbsp;

In October 2022, MIAT Mongolian Airlines became the first one to bring the aircraft Boeing 737 MAX to China after the grounding. However, China Southern Airlines pushed the aircraft's schedule to operate several flights for China Southern Airlines. Earlier, uncertainties about the Boeing 737 MAX left its future in doubt.

(With inputs from agencies)

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&nbsp;

China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years. On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN).

China Southern Airlines became the first Chinese carrier to employ a Boeing 737 MAX passenger aircraft after staying inoperative for four years. On Friday, two Boeing 737 Max 8s took flight from the airline's hub at Guangzhou Baiyun Internation Airport (CAN). Their destinations were Zhengzhou Xinzheng International Airport (CGO) and Wuhan Tianhe International Airport (WUH), respectively. Also Read | Apple CEO Tim Cook takes a 40% pay cut, stock performance to drive his compensation The first flight from Guangzhou to Zhenzhou, CZ3960, took off at 12:45, operated by aircraft B-1206 from 2017, according to flightradar24.com. Shortly after, the second flight, CZ8276, from Guangzhou to Wuhan departed at 14:26. B-1127, delivered to the airline in September 2018, operated the second flight. In 2019, China grounded the Boeing 737 MAX becoming the first country to do so, following the crashes by Lion Air and Ethiopian Airlines, leaving 346 dead. Watch | Why egg prices have soared 60% in a year However, in December 2021, the airline authorities declared the aircraft fit for service. But the Chinese airlines took their time to prepare the flight for back-to-the-field action due to the strained relations between the United States and China. As the country opens borders ahead of the Lunar New Year holidays, China's airlines have to meet a significant rise in demand for domestic and international air travel. In October 2022, MIAT Mongolian Airlines became the first one to bring the aircraft Boeing 737 MAX to China after the grounding. However, China Southern Airlines pushed the aircraft's schedule to operate several flights for China Southern Airlines. Earlier, uncertainties about the Boeing 737 MAX left its future in doubt. (With inputs from agencies) WATCH WION LIVE HERE

China: Boeing 737 MAX takes first flight after staying grounded for four years

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports.

While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs.

ALSO READ|&nbsp;<a href="https://www.wionews.com/business-economy/uk-amazon-to-restructure-warehouse-operations-closures-put-over-1000-jobs-at-risk-551220">UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk</a>

The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date.

Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities.

WATCH|&nbsp;WION Business News | Amazon to freeze corporate hiring

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The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected.

A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally.

In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape.

(With inputs from agencies)

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Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay.

Amazon has started to lay off staff in India, just days after its Chief Executive Andy Jassy announced worldwide job cuts, according to media reports. While the job cuts were set to begin after January 18, the e-commerce giant informed affected employees by email and promised five-month severance pay. Amazon plans to cut about 1 per cent of employees in India as part of its larger layoffs accounting for about 6 per cent of its workforce worldwide, totalling 18,000 jobs. ALSO READ| UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk The employees in India were informed of their layoff by email and were asked to meet the leadership group for more clarity on the situation on a specific date. Many employees laid off by Amazon in India took to social media sites, like LinkedIn and Twitter, looking for new opportunities. WATCH| WION Business News | Amazon to freeze corporate hiring The layoffs were across cities in India, including new hires and experienced employees, with loss-making teams the most affected. A separate Reuters report last week showed surging job cuts would make 2023 a challenging year for workforce diversity globally. In recent years, big global firms stepped up hiring and prioritised diversity, equity and inclusion. But deep cost cuts, including layoffs, are risking corporate diversity pledges globally, which took years to take shape. (With inputs from agencies)

Amazon begins job cuts in India, promises to pay 5-month severance

According to reports, Vodafone is planning to make its biggest round of job cuts in five years as the British telecom group seeks to rein in costs and revive its lagging performance. Watch this to know more.

Vodafone plans hundreds of job cuts in cost-saving measures

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category. In its slogan, the business said that Starry strikes differently. Around the nation, the caffeine-free beverage Starry is available in regular and zero-sugar versions. Greg Lyons, the chief marketing officer at PepsiCo Beverages North America said that with one product dominating the category, consumers deserve another option, one which hits differently. He added that Starry is bright, optimistic, and rooted in culture and fun.&nbsp;

<img alt="Starryy" data-entity-type="file" data-entity-uuid="dfc8ec02-6ca1-4ce2-9e4a-34ef9b62bbad" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-01-13T134103.574.png" />

<h2>What does Starry taste like?&nbsp;</h2>

The new beverage, according to Pepsi, delivers both an amazing taste and flavour experience" and is simple to drink and optimally sweet. In order to compete with Sprite from Coca-Cola, which has long controlled the lemon-lime soda market, and 7 Up from Keurig Dr Pepper, Sierra Mist was introduced in 1999. According to Danielle Barbaro, vice president of R&amp;D at PepsiCo Beverages North America, with Starry, Pepsi was able to design a game-changing formula with the optimal combination of lemon-lime taste and sweetness compared to the competition.&nbsp;

<h2>Pepsi's earlier attempts in lemon-lime soda market&nbsp;</h2>

A Pepsi spokeswoman told CNN that Starry's citrus tastes are "true to fruit" and more fragrant than Sierra Mist, which has been on the market for 24 years. PepsiCo has large-scale collaborations with sports and entertainment organisations planned for the upcoming months, as well as a national television advertising campaign for Starry. Meanwhile, Starry is not PepsiCo's first effort to reclaim the lemon-lime soda market. In addition to Sierra Mist, PepsiCo had previously marketed Slice, a lemon-lime variation of which was available, as well as Teem, a lemon-lime soda that was sold during the 1960s, 1970s, and 1980s.

<h2>Sierra Mist and Starry are different&nbsp;</h2>

A PepsiCo official reportedly admitted to the Atlanta Business Chronicle that the company had also tried to create a lemon-lime beverage named Storm. However, it doesn't seem like the item ever made it through testing. Nexstar was able to receive a statement from a PepsiCo official claiming that Starry and Sierra Mist do not use the same recipe and that Starry instead has higher citrus tastes that are true to the fruit and more fragrant.

 
&nbsp;

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category.

To replace Sierra Mist, PepsiCo has announced the release of a new lemon-lime drink. The new Starry delivers the crisp, refreshing bite consumers have been longing for in the lemon-lime flavoured soda category. In its slogan, the business said that Starry strikes differently. Around the nation, the caffeine-free beverage Starry is available in regular and zero-sugar versions. Greg Lyons, the chief marketing officer at PepsiCo Beverages North America said that with one product dominating the category, consumers deserve another option, one which hits differently. He added that Starry is bright, optimistic, and rooted in culture and fun. What does Starry taste like? The new beverage, according to Pepsi, delivers both an amazing taste and flavour experience" and is simple to drink and optimally sweet. In order to compete with Sprite from Coca-Cola, which has long controlled the lemon-lime soda market, and 7 Up from Keurig Dr Pepper, Sierra Mist was introduced in 1999. According to Danielle Barbaro, vice president of R&D at PepsiCo Beverages North America, with Starry, Pepsi was able to design a game-changing formula with the optimal combination of lemon-lime taste and sweetness compared to the competition. Pepsi's earlier attempts in lemon-lime soda market A Pepsi spokeswoman told CNN that Starry's citrus tastes are "true to fruit" and more fragrant than Sierra Mist, which has been on the market for 24 years. PepsiCo has large-scale collaborations with sports and entertainment organisations planned for the upcoming months, as well as a national television advertising campaign for Starry. Meanwhile, Starry is not PepsiCo's first effort to reclaim the lemon-lime soda market. In addition to Sierra Mist, PepsiCo had previously marketed Slice, a lemon-lime variation of which was available, as well as Teem, a lemon-lime soda that was sold during the 1960s, 1970s, and 1980s. Sierra Mist and Starry are different A PepsiCo official reportedly admitted to the Atlanta Business Chronicle that the company had also tried to create a lemon-lime beverage named Storm. However, it doesn't seem like the item ever made it through testing. Nexstar was able to receive a statement from a PepsiCo official claiming that Starry and Sierra Mist do not use the same recipe and that Starry instead has higher citrus tastes that are true to the fruit and more fragrant.

Sierra Mist replaced by Starry, know about the new lemon-lime drink announced by Pepsi

In India Tata group's ambitious mega app is expected to make now only half of its sales objectives in its first year. It is prompted now; one of India's biggest corporate groups to reconsider its approach towards e-commerce business

World Business Watch: Tata's super-app Neu expected to miss debut year sales target by 50%

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board.

Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages.

In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis".

Watch |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-disney-asks-employees-to-come-back-to-the-office-551197">WION Fineprint | Disney asks employees to come back to the office</a>

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Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline.

While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties.

A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media.

Also read |&nbsp;<a href="https://www.wionews.com/world/disney-to-roll-back-theme-park-prices-as-iger-attempts-to-woo-visitors-back-551720">Disney to roll back theme park prices as Iger attempts to woo visitors back</a>

But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025.

Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor &amp; Gamble co., including through proxy battles.

Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms.

On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor.

The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board.

(With inputs from agencies)

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Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership. He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages. In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis". Watch | WION Fineprint | Disney asks employees to come back to the office Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline. While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties. A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media. Also read | Disney to roll back theme park prices as Iger attempts to woo visitors back But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025. Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor & Gamble co., including through proxy battles. Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms. On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor. The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board. (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.

Walt Disney and investor activist Nelson Peltz to face off on boardroom seat

According to the reports, Apple is allegedly working on adding touchscreens to its MacBook lineup by 2025. Watch this video to know more.

World Business Watch: Apple reportedly working on touchscreen Macs

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

India's annual retail inflation eased to 5.72 per cent&nbsp;in December from 5.88 per cent&nbsp;in the previous month, government data showed on Thursday.&nbsp;The inflation contracted by 0.4 per cent during&nbsp;November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period.&nbsp;

The latest inflation figures come against the forecasts by global business trackers that had predicted India's annual inflation to be up to 5.90 per cent for&nbsp;December 2022. The figures come for the month in which India's central bank&nbsp;(on December 7), had raised interest rates by 35 basis points to 6.25 per cent to tame the inflation. 
 
The government has mandated the RBI to sustain retail inflation at 4% &nbsp;— with a margin of 2% on either side. The dip in vegetable prices helped keep food prices low that helped keep inflation in the desired range. 
 
India's inflation rate within central bank's 'tolerance band'

The inflation number has stayed within Reserve Bank of India's&nbsp;"tolerance band" of 2 to 6 per cent. The inflation in December contracted by 0.4 per cent in November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period.&nbsp;

Why India's inflation rate declined for second consecutive month?

Reports attribute the declining inflation rate to the easing food prices. The food prices account for nearly 40 per cent of India’s CPI (Consumer Price Index).&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/indias-gdp-growth-forecast-cut-to-7-inflation-interest-rates-to-hit-gdp-533275">India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP</a>

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Food inflation for December eased to 4.19 per cent. In November, it was recorded to be 4.67 per cent.

In December’s Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had retained its inflation forecast of 6.7 per cent for FY23.

"We are extremely watchful of evolving inflation dynamics and look at data almost on a daily basis and we will keep an Arjuna's eye on inflation and we will be ready to act," RBI Governor Shaktikanta Das had said.

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India's annual retail inflation eased to 5.72 per cent in December from 5.88 per cent in the previous month, government data showed on Thursday. The inflation contracted by 0.

India's annual retail inflation eased to 5.72 per cent in December from 5.88 per cent in the previous month, government data showed on Thursday. The inflation contracted by 0.4 per cent during November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period. The latest inflation figures come against the forecasts by global business trackers that had predicted India's annual inflation to be up to 5.90 per cent for December 2022. The figures come for the month in which India's central bank (on December 7), had raised interest rates by 35 basis points to 6.25 per cent to tame the inflation. The government has mandated the RBI to sustain retail inflation at 4% — with a margin of 2% on either side. The dip in vegetable prices helped keep food prices low that helped keep inflation in the desired range. India's inflation rate within central bank's 'tolerance band' The inflation number has stayed within Reserve Bank of India's "tolerance band" of 2 to 6 per cent. The inflation in December contracted by 0.4 per cent in November-December 2022 period, compared to 0.11 per cent contraction in October-November 2022 period. Why India's inflation rate declined for second consecutive month? Reports attribute the declining inflation rate to the easing food prices. The food prices account for nearly 40 per cent of India’s CPI (Consumer Price Index). ALSO WATCH | India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP × Food inflation for December eased to 4.19 per cent. In November, it was recorded to be 4.67 per cent. In December’s Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had retained its inflation forecast of 6.7 per cent for FY23. "We are extremely watchful of evolving inflation dynamics and look at data almost on a daily basis and we will keep an Arjuna's eye on inflation and we will be ready to act," RBI Governor Shaktikanta Das had 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.

India's retail inflation shrinks to 5.72 per cent for December 2022 as food prices dip

Former UK Prime Minister Boris Johnson has said the Conservatives must make the case "for a low tax global Britain" and fight the next election on a pledge to cut taxes.

Boris Johnson challenges PM Sunak to lower taxes

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis.

The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme wea­ther events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent cou­n­tries or turn the energy crisis to­wards a humanitarian crisis in the poorest emerging markets” the report added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/south-asia/pakistan-minister-claims-90-pledges-by-intl-community-at-geneva-conference-were-project-loans-551682">Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’</a>

The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt,&nbsp;which are facing simultaneous food and debt crises.

Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday.&nbsp;

The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes.&nbsp;

The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/pakistan-needs-8-billion-to-recover-from-devastating-floods-says-pm-sharif-at-un-conference-550730">Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference</a>

Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December.&nbsp;

On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year,&nbsp;which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank.&nbsp;

&nbsp;

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The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12).

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis. The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme weather events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent countries or turn the energy crisis towards a humanitarian crisis in the poorest emerging markets” the report added. ALSO READ | Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’ The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt, which are facing simultaneous food and debt crises. Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday. The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes. The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country. ALSO READ | Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December. On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year, which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank. 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.

World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (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.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom.

Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

"The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg.

<a href="https://www.wionews.com/business-economy/more-layoffs-in-the-crypto-world-coinbase-to-cut-almost-1000-jobs-551161">Also read |&nbsp;More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs</a>

The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week.

Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges.

Watch |&nbsp;BlackRock plans to lay off 500 workers worldwide

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Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts.

In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments.

<a href="https://www.wionews.com/technology/software-developer-wins-top-jobs-of-2023-despite-massive-layoffs-report-551055">Also read |&nbsp;'Software developer' wins top jobs of 2023, despite massive layoffs: Report</a>

Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability.

With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever.

The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees.

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Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg. "The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg. Also read | More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week. Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges. Watch | BlackRock plans to lay off 500 workers worldwide Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts. In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments. Also read | 'Software developer' wins top jobs of 2023, despite massive layoffs: Report Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability. With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever. The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees. WATCH WION LIVE HERE

Blackrock to layoff 500 workers, joining other top firms in cost cuts

Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation.

&nbsp;

In his opinion report in Financial Times, Rajan pointed out how nobody anticipated the impending crisis of inflation bothering all realms of the global economy.

&nbsp;

Central banks have enough influence to garner an audience of trust in institutions. Such credibility comes as a result of a mix of past outcomes, policy tools, and policy driven frameworks, said Rajan,

&nbsp;

However, this credibility alone cannot help them sail through the crisis in a smooth manner and by its very nature, credibility does not turn on a dime, he added.

&nbsp;

The situation at hand requires us to deal with tackling high inflation, which remains drastically different from countering the regime of low inflation, when the Fed regained its credibility, perhaps under the influence of Paul Volcker, said the former Reserve Bank of India Governor.

&nbsp;

Technocratic central banks gained ground and equipped with an inflation targeting framework, thus regaining their title of "inflation firefighters", said the former IMF economist and added, following the global crisis, inflation fell below the benchmark, reinstating the need to push it back.

&nbsp;

Rajan said central banks tried a new move, rather than fighting inflation ferociously, they chose to "credibly promise to be irresponsible" in the words of Paul Krugman.

&nbsp;

With newer tools in hand, the central banks remained slow in raising rates in late 2021, he said.

&nbsp;

Finally, they switched their method to embed inflation tolerance within them. This new structure, adopted in 2020, was different from pre-emptive repulsion of inflation, said the former central banker.

&nbsp;

However, this came in very late, at a time when inflation was directly staring the global economy in the eyeballs, warned Rajan, adding this proved to be rendered ineffective given that the banks would not drastically increase interest rates.

&nbsp;

With the pandemic and the Ukraine war, a pushback happened to increase the inflation rates at a striking rate, and the series of events exposed the dubious nature of credibility of the central bank's role to demonstrate a hawkish stance in terms of inflation, said the former RBI governor.

&nbsp;

With the loss in credibility and changing inflation regimes, the environment is bound to change again, he added.

&nbsp;

Nonetheless, central banks still remain to be the most effective as they commit to fight inflation on a global scale, with an effective delegation of responsibility to governments and private sector, they could aim to sustain long term growth, said Rajan.

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Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation.

Former central banker and professor of finance at Chicago's Booth School of Business, Raghuram Ranjan has expressed concerns over global central banks' framework of handling inflation. In his opinion report in Financial Times, Rajan pointed out how nobody anticipated the impending crisis of inflation bothering all realms of the global economy. Central banks have enough influence to garner an audience of trust in institutions. Such credibility comes as a result of a mix of past outcomes, policy tools, and policy driven frameworks, said Rajan, However, this credibility alone cannot help them sail through the crisis in a smooth manner and by its very nature, credibility does not turn on a dime, he added. The situation at hand requires us to deal with tackling high inflation, which remains drastically different from countering the regime of low inflation, when the Fed regained its credibility, perhaps under the influence of Paul Volcker, said the former Reserve Bank of India Governor. Technocratic central banks gained ground and equipped with an inflation targeting framework, thus regaining their title of "inflation firefighters", said the former IMF economist and added, following the global crisis, inflation fell below the benchmark, reinstating the need to push it back. Rajan said central banks tried a new move, rather than fighting inflation ferociously, they chose to "credibly promise to be irresponsible" in the words of Paul Krugman. With newer tools in hand, the central banks remained slow in raising rates in late 2021, he said. Finally, they switched their method to embed inflation tolerance within them. This new structure, adopted in 2020, was different from pre-emptive repulsion of inflation, said the former central banker. However, this came in very late, at a time when inflation was directly staring the global economy in the eyeballs, warned Rajan, adding this proved to be rendered ineffective given that the banks would not drastically increase interest rates. With the pandemic and the Ukraine war, a pushback happened to increase the inflation rates at a striking rate, and the series of events exposed the dubious nature of credibility of the central bank's role to demonstrate a hawkish stance in terms of inflation, said the former RBI governor. With the loss in credibility and changing inflation regimes, the environment is bound to change again, he added. Nonetheless, central banks still remain to be the most effective as they commit to fight inflation on a global scale, with an effective delegation of responsibility to governments and private sector, they could aim to sustain long term growth, said Rajan. WATCH WION LIVE HERE:

Global central banks' credibility at risk over rising inflation: Raghuram Rajan

Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday, citing sources.

World Business Watch: Pepsi, Coca-Cola under U.S. investigation over price discrimination

Elon Musk, the billionaire tech magnate and new owner of Twitter, broke a new dubious record of the largest loss of personal fortune. Musk has lost around $182 billion of personal wealth since 2021. Some sources indicate that the loss figure is close to around $200 billion.

World Business Watch: Elon Musk breaks Guinness World Record for largest-ever loss of fortune

Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a much wider-than-expected quarterly loss and sales that plunged by a third, failing to halt the months-long cash burn that led to warnings of a possible bankruptcy.

World Business Watch: Bed Bath & Beyond posts nearly $400M loss in Q3

US banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

World Business Watch: U.S. banks get ready for profit crunch

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US&nbsp;inflation data due later in the week.&nbsp;The US&nbsp;dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday.

US&nbsp;Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5&nbsp;per cent versus 7.1&nbsp;per cent in November.

"Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones.

"We're sensing a bit of sideways movement in the market today and probably we'll continue to get that."

The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&amp;P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-soon-gets-its-home-grown-iphone-as-tata-group-nears-takeover-says-source-551539">India to get its first homegrown iPhone maker as Tata Group nears takeover, says source</a>

While the S&amp;P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading.

The pan-European STOXX 600 index lost 0.59&nbsp;per cent and MSCI's gauge of stocks across the globe gained 0.30&nbsp;per cent while emerging market stocks rose 0.05 per cent.

Signs of slowing wage inflation from the December US&nbsp;jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes.

But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden.

"What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management.

However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/embattled-bharatpe-co-founder-ashneer-grover-aanounces-mercedes-as-bonus-for-his-new-startups-employees-551505">Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees</a>

San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next.

"Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734.

"Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone.

The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly.

Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent.

Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56&nbsp;per cent on the day.

In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce.

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Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week.

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week. The US dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday. US Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5 per cent versus 7.1 per cent in November. "Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones. "We're sensing a bit of sideways movement in the market today and probably we'll continue to get that." The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63. Also read | India to get its first homegrown iPhone maker as Tata Group nears takeover, says source While the S&P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading. The pan-European STOXX 600 index lost 0.59 per cent and MSCI's gauge of stocks across the globe gained 0.30 per cent while emerging market stocks rose 0.05 per cent. Signs of slowing wage inflation from the December US jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes. But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden. "What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management. However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in. Also read | Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next. "Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret. The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734. "Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone. The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly. Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent. Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56 per cent on the day. In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce. 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.

US stocks rise, bond yields go up with December's upcoming price data in focus