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Microsoft was hit in US court with a private consumer lawsuit claiming the technology company's $69 billion bid to purchase "Call of Duty" maker Activision Blizzard Inc will unlawfully squelch competition in the video game industry.

World Business Watch: Video gamers sue Microsoft in US court to stop Activision takeover

Elon Musk said on Tuesday he will step down as chief executive of Twitter after finding a replacement. This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted decisively in a poll for him to step down.

World Business Watch: Elon Musk to step down as Twitter CEO after finding a replacement

China's Xiaomi Corp has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%.

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Millions of Twitter users asked Elon Musk to step down as head of Twitter in a poll on the platform that the billionaire had created and promised to abide by.

World Business Watch: Elon Musk poll shows 57% people want him to step down as Twitter chief

The Paris Commercial Court fined iPhone maker Apple just over $1.06 million for imposing abusive commercial clauses on French app developers for access to the company's App Store.

World Business Watch: Apple fined $1.06 mn by Paris court over App store practices

State agencies in Louisiana and West Virginia on Monday became the latest to ban the use of the popular social media service TikTok on government-managed devices over concern that China could use it to track Americans and censor content.

World Business Watch: TikTok bans hit more US states; ban on govt-managed devices

Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases. It also illegally collected children's personal information, thus violating a landmark federal children’s privacy law, &nbsp;the Federal Trade Commission and the company said on Monday.

A record $275 million will go against violating the privacy law. The company will also adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped into making purchases by so-called "dark patterns", the FTC said.

"Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement.

Also Read |&nbsp;<a href="https://www.wionews.com/world/lawsuit-claims-children-stopped-eating-or-sleeping-because-of-fortnite-541524">Parents sue Fornite makers, say children stopped eating or sleeping in order to play game</a>

Reponding to the settlement, Epic said that pay-to-win and pay-to-progress mechanics that come into play when two players compete against each, had been eliminated. Random item loot boxes were already eliminated in 2019. For saving payment options, players will have an explicit yes/no option to choose from.

Players looking to seek refunds can do so via credit cards. "If a cardholder sees an unauthorized transaction on their statement, they may report it to their bank to have it reversed," the company said in its statement.

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In order to protect children and ensure they do not spend money without the knowledge of their parents, the company said it had created features like easier-to-access parental controls and a PIN requirement, whereby parents will authorize purchases. It has also put in place a daily spending limit for kids under 13.

Talking about safeguarding children and their privacy, the FTC quoted Epic employees as saying that the company's default settings for children is worrying and instead people should be required to opt in for voice chat. The FTC stressed that voice and text chat must be turned off by default.

(With inputs from agencies)

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Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases.

Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases. It also illegally collected children's personal information, thus violating a landmark federal children’s privacy law, the Federal Trade Commission and the company said on Monday. A record $275 million will go against violating the privacy law. The company will also adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped into making purchases by so-called "dark patterns", the FTC said. "Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement. Also Read | Parents sue Fornite makers, say children stopped eating or sleeping in order to play game Reponding to the settlement, Epic said that pay-to-win and pay-to-progress mechanics that come into play when two players compete against each, had been eliminated. Random item loot boxes were already eliminated in 2019. For saving payment options, players will have an explicit yes/no option to choose from. Players looking to seek refunds can do so via credit cards. "If a cardholder sees an unauthorized transaction on their statement, they may report it to their bank to have it reversed," the company said in its statement. × In order to protect children and ensure they do not spend money without the knowledge of their parents, the company said it had created features like easier-to-access parental controls and a PIN requirement, whereby parents will authorize purchases. It has also put in place a daily spending limit for kids under 13. Talking about safeguarding children and their privacy, the FTC quoted Epic employees as saying that the company's default settings for children is worrying and instead people should be required to opt in for voice chat. The FTC stressed that voice and text chat must be turned off by default. (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.

Fortnite makers slapped with a record $520mn penalty by the FTC

US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine.

The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon. These commitments address our preliminary competition concerns about Amazon practices on its e-commerce marketplace."&nbsp;

The retail company faced three charges, Reuters reported.&nbsp;&nbsp;

<a href="https://www.wionews.com/trending/amazon-sued-and-accused-of-stealing-tips-given-to-delivery-drivers-541060">Also read |&nbsp;Amazon sued and accused of 'stealing' tips given to delivery drivers</a>

In the first case, the company was charged for using its data, size and power to push its own product to the top making it unfair to other merchants on the platform.&nbsp;

To settle the charge, Amazon agreed to not use sellers' data for its own benefit.&nbsp;

The second charge dealt&nbsp;with equal treatment of sellers when ranking offers the "buy box" on the website, generating bulk orders.&nbsp;

Amazon agreed to set up a secondary buy box for the rival product if it has a different price and delivery time in comparison to the ones in the first box.&nbsp;

In the third case, the retail company agreed to allow the sellers under the prime feature to choose their own logistics and service timings other than itself.&nbsp;

<a href="https://www.wionews.com/world/amazon-set-to-fire-20000-employees-including-top-managers-540087">Also read |&nbsp;Amazon set to fire 20,000 employees, including top managers</a>

When asked, Amazon said that it was pleased to address EU's concerns.

A spokesperson for Amazon said, "While we continue to disagree with several of the preliminary conclusions the European Commission made, we have engaged constructively to ensure that we can continue to serve customers across Europe."

The EU further added that the commitments will stay in force for seven years in the case of the Prime and Buy box policy and five years for other parts.&nbsp;

The commission also said that if Amazon breaks any of its commitments it can impose up to 10 per cent of the company's turnover as a fine.

(With inputs from agencies) 
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US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine. The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon.

US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine. The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon. These commitments address our preliminary competition concerns about Amazon practices on its e-commerce marketplace." The retail company faced three charges, Reuters reported. Also read | Amazon sued and accused of 'stealing' tips given to delivery drivers In the first case, the company was charged for using its data, size and power to push its own product to the top making it unfair to other merchants on the platform. To settle the charge, Amazon agreed to not use sellers' data for its own benefit. The second charge dealt with equal treatment of sellers when ranking offers the "buy box" on the website, generating bulk orders. Amazon agreed to set up a secondary buy box for the rival product if it has a different price and delivery time in comparison to the ones in the first box. In the third case, the retail company agreed to allow the sellers under the prime feature to choose their own logistics and service timings other than itself. Also read | Amazon set to fire 20,000 employees, including top managers When asked, Amazon said that it was pleased to address EU's concerns. A spokesperson for Amazon said, "While we continue to disagree with several of the preliminary conclusions the European Commission made, we have engaged constructively to ensure that we can continue to serve customers across Europe." The EU further added that the commitments will stay in force for seven years in the case of the Prime and Buy box policy and five years for other parts. The commission also said that if Amazon breaks any of its commitments it can impose up to 10 per cent of the company's turnover as a fine. (With inputs from agencies) WATCH WION LIVE HERE

Online retail giant Amazon reaches settlement with EU, agrees to make big business changes, skips 10% fine

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests.&nbsp;

“Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-business-confidence-plunges-to-its-lowest-in-nearly-a-decade-says-survey-544447">Chinese business confidence plunges to its lowest in nearly a decade, says survey</a>

Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business.&nbsp;

The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-china-to-set-economic-plans-amid-shift-from-zero-covid-policy-542526">World Business Watch: China to set economic plans amid shift from Zero Covid policy</a>

However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP.&nbsp;

In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues.&nbsp;

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>

According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term.&nbsp;

Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday.

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests. “Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added. ALSO READ | Chinese business confidence plunges to its lowest in nearly a decade, says survey Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business. The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks. ALSO WATCH | World Business Watch: China to set economic plans amid shift from Zero Covid policy However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP. In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues. ALSO READ | Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term. Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system. (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.

World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022

The US Energy Department said that it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

World Business Watch: US begins buying back oil for strategic petroleum reserve

China's business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity.

World Business Watch: Chinese business confidence falls to lowest in almost a decade

With the hope of elevating success in the EV sector, investors faced disappointment with the startups facing deflation in market shares along with surge in production.

World Business Watch: Electric vehicles startups face deflation amid surge in production

A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures.&nbsp;

The London-based data provider’s Sales Managers Survey accounted for more than 2,300 companies and was conducted between December 1 and December 16. China’s index was the lowest since the survey first began in 2013 which could be the first indicator of deteriorating business sentiment after relaxations in Covid measures, earlier this month which triggered a fresh wave of infections across the country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/even-as-covid-19-cases-spike-caccine-hesistancy-plagues-china-544348">Even as Covid cases spike, vaccine hesitancy plagues China; experts predict 3 waves of infections in winter</a>

“The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for a recession in 2023,” said World Economics. It added that while “lights may not have gone out, prospects for economic growth in 2023 have certainly dimmed.” &nbsp;

Furthermore, the survey also noted that business activity plunged this month as almost all component Indexes in both the Manufacturing and Service Sectors are now below the 50 level. This comes after the recent dismantling of China’s zero-Covid policy, some of the toughest measures against the pandemic, which were preceded by widespread protests which had already negatively affected the economy.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-chinese-business-confidence-falls-to-lowest-in-almost-a-decade-544395">World Business Watch: Chinese business confidence falls to lowest in almost a decade</a>

“The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another,” said World Economics.&nbsp;

Last week, after a two-day closed-door meeting China’s top leaders and policymakers said that they would focus on stabilising the economy in the upcoming year. As the country faces issues on multiple fronts including a rise in Covid infections which continue to impact businesses and consumers alike as well as a weakening global economy hampering Beijing’s exports.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/chinas-economy-is-slowing-a-worrying-sign-for-the-world-445560">China’s economy is slowing, a worrying sign for the world</a>

Some of these measures include stepping up the fiscal policy to make it more efficient, and maintaining the intensity of spending, while monetary policy will be precise and forceful, keeping liquidity reasonably ample, said a statement issued after the annual Central Economic Work Conference, published by the Chinese news agency Xinhua.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures.

A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures. The London-based data provider’s Sales Managers Survey accounted for more than 2,300 companies and was conducted between December 1 and December 16. China’s index was the lowest since the survey first began in 2013 which could be the first indicator of deteriorating business sentiment after relaxations in Covid measures, earlier this month which triggered a fresh wave of infections across the country. ALSO READ | Even as Covid cases spike, vaccine hesitancy plagues China; experts predict 3 waves of infections in winter “The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for a recession in 2023,” said World Economics. It added that while “lights may not have gone out, prospects for economic growth in 2023 have certainly dimmed.” Furthermore, the survey also noted that business activity plunged this month as almost all component Indexes in both the Manufacturing and Service Sectors are now below the 50 level. This comes after the recent dismantling of China’s zero-Covid policy, some of the toughest measures against the pandemic, which were preceded by widespread protests which had already negatively affected the economy. ALSO WATCH | World Business Watch: Chinese business confidence falls to lowest in almost a decade “The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another,” said World Economics. Last week, after a two-day closed-door meeting China’s top leaders and policymakers said that they would focus on stabilising the economy in the upcoming year. As the country faces issues on multiple fronts including a rise in Covid infections which continue to impact businesses and consumers alike as well as a weakening global economy hampering Beijing’s exports. ALSO READ | China’s economy is slowing, a worrying sign for the world Some of these measures include stepping up the fiscal policy to make it more efficient, and maintaining the intensity of spending, while monetary policy will be precise and forceful, keeping liquidity reasonably ample, said a statement issued after the annual Central Economic Work Conference, published by the Chinese news agency Xinhua. (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.

Chinese business confidence plunges to its lowest in nearly a decade, says survey

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

ALSO READ -&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

What does it mean?

Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Where will Bankman-Fried be kept?

According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn.&nbsp;

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

WATCH -&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

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"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. 
 
FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.&nbsp;

(With inputs from agencies)

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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters. It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition. ALSO READ - How a secret software code change allowed FTX to (mis)use client money Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. What does it mean? Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. Where will Bankman-Fried be kept? According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn. Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds. WATCH - The FTX bankruptcy scandal: Crypto exchange launches review of its global assets × "The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions." Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO. (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.

Bahamas to Brooklyn: FTX founder Sam Bankman-Fried to surrender Monday for US extradition

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent.

Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers.

But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions.

The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty.

At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year.

"At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us."

(With inputs from agencies)

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Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year. News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent. Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers. But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout. Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty. At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year. "At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us." (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 ×

Goldman Sachs may cut up to eight per cent of staff in 2023: Reports

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs).&nbsp;

A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/ftx-founder-sam-bankman-fried-donated-money-to-republicans-as-well-reports-535562">FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports</a>

According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund.&nbsp;

“We will return as soon as we receive proper direction in the legal proceedings,” Wessel said.

Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the&nbsp; 
Democratic Congressional Campaign Committee (DCCC).&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/who-is-sam-bankman-fried-the-former-ftx-ceo-cryptogenius-who-lost-145-billion-in-a-day-533429">Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know</a>

The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said.&nbsp;

The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added.&nbsp;

Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance.&nbsp;

(With inputs from agencies)

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Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX.

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs). A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs. ALSO READ | FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund. “We will return as soon as we receive proper direction in the legal proceedings,” Wessel said. Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC). ALSO READ | Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said. The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added. Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance. (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.

Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales.

Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection.

"My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. &nbsp;In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/trump-unveils-nfts-showing-himself-as-cowboy-astronaut-and-more-543518">Trump unveils NFTs showing himself as cowboy, astronaut and more</a>

According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours.

After buying a Trump NFT, a buyer enters&nbsp;into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET.

Where will money from Trump's NFT sale go?

NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project.

What are NFTs?

NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/i-will-very-very-very-probably-do-it-again-donald-trump-plans-to-run-for-presidency-in-2024-531118">'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024</a>

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The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop.&nbsp;

However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground.&nbsp;

Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May.&nbsp;

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Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99.

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales. Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection. "My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting". ALSO READ | Trump unveils NFTs showing himself as cowboy, astronaut and more According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours. After buying a Trump NFT, a buyer enters into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET. Where will money from Trump's NFT sale go? NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project. What are NFTs? NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels. WATCH | 'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024 × The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop. However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground. Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May. 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.

Donald Trump NFTs a wild hit, sold-out within hours of rollout

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row.&nbsp;The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.&nbsp;

Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.''

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-for-7th-time-this-year-heres-what-it-means-543234">US Federal Reserve raises interest rate for 7th time this year: Here’s what it means</a>

The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated.&nbsp;

"Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said.&nbsp;

The BoE added that although labour demand began to ease, the labour market remained tight.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/banknotes-featuring-queen-elizabeths-picture-remain-legal-tender-bank-of-england-514312">Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England</a>

The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said.&nbsp;

In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%.&nbsp;

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The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages. Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.'' ALSO READ | US Federal Reserve raises interest rate for 7th time this year: Here’s what it means The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated. "Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said. The BoE added that although labour demand began to ease, the labour market remained tight. ALSO READ | Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said. In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%. 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.

Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation

A pair of Hong Kong ETFs investing in Bitcoin and Ether futures raised $79 million as the city pushes ahead with a plan to become a crypto hub even as the sector reels from the FTX collapse.

World Business Watch: Hong Kong crypto ETFs raise $79mn despite FTX fallout

Sony Group is considering investing several billion dollars to build a new factory to make smartphone image sensors in western Japan's Kumamoto prefecture.

World Business Watch: Sony plans smartphone sensor factory in Japan

Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday. Musk, who took over Twitter in October, has diverted most of his attention towards running the social media giant.&nbsp;

A report by news agency Reuters on Wednesday said that Tesla's shares traded down 1.4%, after falling as much as 3.2% to $155.88 per share. This is the lowest level since November 18, 2020.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818">Elon Musk no longer world's richest man. Check who is</a>

The company's shares are one of the worst-performing stocks among major car and technology companies. According to a US security filing, Musk this week sold 22 million shares of Tesla worth $3.58 billion.&nbsp;

KoGuan Leo, one of the Tesla investors who is the company's third-largest individual shareholder, has put out multiple tweets criticising Elon Musk. Leo has said that Musk abandoned Tesla and it has no working CEO.&nbsp;

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Elon abandoned Tesla and Tesla has no working CEO 
 
Tesla needs and deserves to have working full time CEO 
 
What Tesla BOD should do, do nothing? Elon will find his own successor under BOD independent supervision <a href="https://t.co/AJSvij9ncP">https://t.co/AJSvij9ncP</a>
— KoGuan Leo (@KoguanLeo) <a href="https://twitter.com/KoguanLeo/status/1603022448416407553?ref_src=twsrc%5Etfw">December 14, 2022</a></blockquote>
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A fanboy of Musk, Leo tweeted on Wednesday that Tesla needs to have a working full-time CEO.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/elon-musk-slams-twitters-current-lords-and-peasants-system-says-blue-for-8month-530344">Elon Musk slams Twitter's current 'lords and peasants' system, says 'Blue for $8/month'</a>

"Tesla matters. Elon is a mere hired hands. He is our employee. Tesla is 19 year old, ranked 4th with 2.4% allocation in S&amp;P, not a baby and soon be the biggest. Elon was the proud father, Tesla has grown up," he said in another tweet.&nbsp;

Leo pointed out that he was a multi-billionaire before he invested in Tesla. "I plan to invest more $billion because Tesla will be the biggest company with or without Elon. As his fanboy, I invested because of Elon. Of course, I prefer Elon to be CEO but he abandoned Tesla."

Leo also tweeted that he doesn't give a damn if Musk stays or leaves Tesla.&nbsp;

Gary Black, another investor, has expressed discontent over Musk's controversial tweets.&nbsp;

"He (Musk( will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs. Customers don’t want their cars to be controversial. They want to be proud as hell to drive them - not embarrassed," Black tweeted on Wednesday.&nbsp;

(With inputs from agencies)

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Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday.

Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday. Musk, who took over Twitter in October, has diverted most of his attention towards running the social media giant. A report by news agency Reuters on Wednesday said that Tesla's shares traded down 1.4%, after falling as much as 3.2% to $155.88 per share. This is the lowest level since November 18, 2020. ALSO READ | Elon Musk no longer world's richest man. Check who is The company's shares are one of the worst-performing stocks among major car and technology companies. According to a US security filing, Musk this week sold 22 million shares of Tesla worth $3.58 billion. KoGuan Leo, one of the Tesla investors who is the company's third-largest individual shareholder, has put out multiple tweets criticising Elon Musk. Leo has said that Musk abandoned Tesla and it has no working CEO. Elon abandoned Tesla and Tesla has no working CEO Tesla needs and deserves to have working full time CEO What Tesla BOD should do, do nothing? Elon will find his own successor under BOD independent supervision https://t.co/AJSvij9ncP — KoGuan Leo (@KoguanLeo) December 14, 2022 × A fanboy of Musk, Leo tweeted on Wednesday that Tesla needs to have a working full-time CEO. ALSO READ | Elon Musk slams Twitter's current 'lords and peasants' system, says 'Blue for $8/month' "Tesla matters. Elon is a mere hired hands. He is our employee. Tesla is 19 year old, ranked 4th with 2.4% allocation in S&P, not a baby and soon be the biggest. Elon was the proud father, Tesla has grown up," he said in another tweet. Leo pointed out that he was a multi-billionaire before he invested in Tesla. "I plan to invest more $billion because Tesla will be the biggest company with or without Elon. As his fanboy, I invested because of Elon. Of course, I prefer Elon to be CEO but he abandoned Tesla." Leo also tweeted that he doesn't give a damn if Musk stays or leaves Tesla. Gary Black, another investor, has expressed discontent over Musk's controversial tweets. "He (Musk( will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs. Customers don’t want their cars to be controversial. They want to be proud as hell to drive them - not embarrassed," Black tweeted on Wednesday. (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.

'He abandoned Tesla': Company's investors lash out at Elon Musk's Twitter focus

Spanish billionaire and Zara founder Amancio Ortega bought a residential skyscraper in Seattle in US for $323 million, marking his one of the costliest real estate deal ever. His private firm said that dealing has been done.

World Business Watch: Zara founder Amancio Ortega buys skyscraper for $323 million

China chip war is broadening its crackdown on China's ship industry. Biden administration in US has added Chinese chipmaker YMTC - Yangtze Memory Technologies - and 21 major Chinese players in Artificial Intelligence chip sector, to a trade blacklist.

World Business Watch: US President Joe Biden blacklists Chinese memory chipmaker YMTC

As we talk about the world's best performing stock to get affected by global scenarios including monetary tightening in developed countries - Russia-Ukraine War and even global price volatility. A mining stock in Indonesia is proving to be world's best performer with a whopping 1,600% dwelling.

World Business News: Indonesia's mining stock becomes World's best performer of 2022

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.&nbsp;

How will cryptocurrency be distributed to IDPs?

The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">Binance braces for 'challenging period' after record $1.9bn outflows</a>

The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/charities-use-cryptocurrency-to-send-aid-to-venezuela-220620">Charities use cryptocurrency to send aid to Venezuela</a>

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The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations.&nbsp;

Which Ukrainian cities will receive cryptocurrency aid?

As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine.

When will cryptocurrency aid be distributed in Ukraine?

The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement.&nbsp;

Will crypto-based aid be expanded elsewhere too?

The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said.&nbsp;

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The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world. How will cryptocurrency be distributed to IDPs? The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people. ALSO READ | Binance braces for 'challenging period' after record $1.9bn outflows The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world. WATCH | Charities use cryptocurrency to send aid to Venezuela × The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations. Which Ukrainian cities will receive cryptocurrency aid? As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine. When will cryptocurrency aid be distributed in Ukraine? The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement. Will crypto-based aid be expanded elsewhere too? The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) 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.

UN to roll out aid in cryptocurrency for displaced Ukrainians

US&nbsp;stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

The US&nbsp;central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won.

“The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research.

“It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.”

The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007.

“The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America.

“If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.”

The S&amp;P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53.

The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22.

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US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession. The US central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won. “The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research. “It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.” The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007. “The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America. “If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.” The S&P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53. The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22. 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 ×

Wall Street slumps as Fed heightens recession fears