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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

The company anticipates restructuring costs to range between $149 million and $163 million.

More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession.

The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures.

The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny.

"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters.

"We will be shutting down several projects where we have a lower probability of success."

Coinbase stated that it had nothing else to say regarding the programmes it intended to halt.

Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months.

This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles.

Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June,

In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year.

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In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters.

In its third round of layoffs since last year, Coinbase Global Inc. said on Tuesday that it would cut its workforce by around 950 workers as part of a reorganisation strategy, reported Reuters. The company anticipates restructuring costs to range between $149 million and $163 million. More than a trillion dollars were lost in the cryptocurrency industry last year due to rising interest rates and concerns about an impending recession. The downturn, including Celsius Network and Three Arrows Capital, also prompted significant business closures. The greatest hit came after crypto exchange FTX declared bankruptcy in November. Due to its quick decline, major exchanges' user money-holding practices are now under intense regulatory scrutiny. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post, according to Reuters. "We will be shutting down several projects where we have a lower probability of success." Coinbase stated that it had nothing else to say regarding the programmes it intended to halt. Those layoffs come on the heels of news that Genesis, a cryptocurrency lender, laid off an additional 30 per cent of its workforce last week, marking the second round of job cuts in less than six months. This year has seen more problems for the cryptocurrency industry, including declining deposits, job losses, and several legal obstacles. Coinbase cut the size of its recruiting and institutional onboarding teams by more than 60 in November after laying off 1,100 employees - or 18 per cent of its staff, in June, In keeping with the sector's declining fortunes, the company's shares lost about 86 per cent of their value last year. WATCH WION LIVE HERE:

More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult".

"Let's get some work done in 2023!" he wrote.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

"We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people.

"5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates.

Here's the post:

<div class="ui-state-default" contenteditable="false">
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<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

He further shared an email address at which interested people can send in their job applications.&nbsp;Grover originally announced the startup on his 40th birthday in June 2022.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bharatpe-sacks-ashneer-grovers-wife-over-misappropriation-of-funds-455770">BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'</a>

Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages.

(With inputs from agencies)

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Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm.

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult". "Let's get some work done in 2023!" he wrote. Also read | Private equity firm Carlyle buys a majority stake in India's VLCC "We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people. "5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates. Here's the post: × He further shared an email address at which interested people can send in their job applications. Grover originally announced the startup on his 40th birthday in June 2022. Also read | BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds' Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages. (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.

Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees

The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India. In the new role, Purohit will lead Meta’s strategic relationship with various brands and agencies in bolstering the company's digital tools for revenue growth in India's business.

Vikas Purohit comes with over 20 years of experience in business, sales and marketing and astute knowledge of the market, given his Indian Institute of Management (IIM) education. He has worked previously with big league brands such as Tata Cliq, Amazon, Reliance brands, Aditya Birla group and Tommy Hilfiger.

Last month, he paid homage to his mentors on the popular social network Linkedin. Purohit will be succeeding Ajit Mohan who last year joined Snap Inc, which is the social media platform Snapchat’s parent company as the president of APAC to lead its business in the Asia-Pacific (APAC) region.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/metas-india-head-ajit-mohan-resigns-after-four-years-in-the-role-might-join-snap-530989">Meta's India head Ajit Mohan resigns after four years in the role, may join Snap</a>

As he steps into the new role, his responsibilities lie in engaging with brands and agencies, leading partnership initiatives with media and creating ecosystems to increase the adoption of Meta’s tools.

He would handle the company's key business verticals, including the agency teams and business solutions teams. Purohit will report to Arun Srinivas, the director and head of ads business for Meta in India.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/ex-tata-cliq-ceo-vikas-purohit-takes-charge-as-metas-new-global-head-in-india-551133">Ex-Tata Cliq CEO Vikas Purohit takes charge as Meta's new global head in India</a>

“I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country,” said Srinivas in a statement.&nbsp;

India remains an indispensable market for tech giants such as Meta, with targeted ads and the adoption of new digital advertisement models, they aim to create a campaign to garner consumer interest.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/sandhya-devanathan-appointed-as-metas-new-india-head-everything-about-her-535121">Sandhya Devanathan appointed as Meta's new India head: What does her new role entail?</a>

In FY22, Meta's gross ad revenue rose by 74% YoY to 1.9 billion, based on the increase in the adoption of its digital ad tools. 
 
&nbsp;

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The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India.

The United States-based tech giant and Facebook parent company Meta appoints former Tata Cliq CEO Vikas Purohit as the Director of Global Business Group in India. In the new role, Purohit will lead Meta’s strategic relationship with various brands and agencies in bolstering the company's digital tools for revenue growth in India's business. Vikas Purohit comes with over 20 years of experience in business, sales and marketing and astute knowledge of the market, given his Indian Institute of Management (IIM) education. He has worked previously with big league brands such as Tata Cliq, Amazon, Reliance brands, Aditya Birla group and Tommy Hilfiger. Last month, he paid homage to his mentors on the popular social network Linkedin. Purohit will be succeeding Ajit Mohan who last year joined Snap Inc, which is the social media platform Snapchat’s parent company as the president of APAC to lead its business in the Asia-Pacific (APAC) region. ALSO READ | Meta's India head Ajit Mohan resigns after four years in the role, may join Snap As he steps into the new role, his responsibilities lie in engaging with brands and agencies, leading partnership initiatives with media and creating ecosystems to increase the adoption of Meta’s tools. He would handle the company's key business verticals, including the agency teams and business solutions teams. Purohit will report to Arun Srinivas, the director and head of ads business for Meta in India. ALSO WATCH | Ex-Tata Cliq CEO Vikas Purohit takes charge as Meta's new global head in India “I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country,” said Srinivas in a statement. India remains an indispensable market for tech giants such as Meta, with targeted ads and the adoption of new digital advertisement models, they aim to create a campaign to garner consumer interest. ALSO READ | Sandhya Devanathan appointed as Meta's new India head: What does her new role entail? In FY22, Meta's gross ad revenue rose by 74% YoY to 1.9 billion, based on the increase in the adoption of its digital ad tools. 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.

Meta hires former Tata Cliq CEO Vikas Purohit as Director of Global Business Group in India

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg.

This is the largest repayment batch due in the next five years.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt.

According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level.

Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/perilously-close-to-falling-into-recession-world-bank-cuts-global-growth-to-17-551183">‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%</a>

China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market.

Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause.

And while there are some indications that the worst for bond markets may be over, uncertainty still persists.

Also read | <a href="https://www.wionews.com/business-economy/russias-budget-gap-surges-to-record-high-as-ukraine-war-weighs-on-finances-551139">Russia's budget gap surges to record high as Ukraine war weighs on finances</a>

"Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg.

China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added.

(With inputs from agencies)

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Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg. Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg. This is the largest repayment batch due in the next five years. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt. According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level. Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario. Also read | ‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7% China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market. Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause. And while there are some indications that the worst for bond markets may be over, uncertainty still persists. Also read | Russia's budget gap surges to record high as Ukraine war weighs on finances "Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg. China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Asian borrowers face a daunting $314 billion debt repayment as rates rise

Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report.

The funding conditions stipulated that Microsoft would get 75 per cent of OpenAI's income up until the point at which OpenAI had earned back its initial investment from ChatGPT and other businesses like the image creation tool Dall-E, a Semafor report showed, according to Reuters.

Once OpenAI reached that milestone, Microsoft would own a 49 per cent share in the company, followed by 49 per cent from other investors and 2 per cent to OpenAI's nonprofit parent.

Also Read|&nbsp;<a href="www.wionews.com/business-economy/disney-ceo-bob-iger-orders-employees-to-return-to-office-four-days-a-week-550868">Disney CEO Bob Iger orders employees to return to office four days a week</a>

However, the exact stakes wouldn't be known until Microsoft received its money back, said the report.

The latest news comes after investment from other venture firms. In recent weeks, deal documents were circulated to potential investors to close the funding round by the end of 2022, said Reuters referring to the Semafor article.

Indeed, the latest Microsoft news comes after a Wall Street Journal story showed that OpenAI was discussing selling its current stock to venture capital firms, including Thrive Capital and Founders Fund, for an estimated $29 billion valuation.

Watch|&nbsp;Apple's iPhone exports from India surpass $2.5 billion

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Elon Musk, the CEO of Tesla Inc., and investor Sam Altman launched OpenAI, which released the ChatGPT chatbot for free public testing on November 30. Since then, the text-based artificial intelligence chatbot platform in November, ChatGPT, has been widely popular.

A chatbot is software created to replicate human-like dialogue in response to user input.

According to media reports, analysts are speculating whether AI chatbots will challenge Google's hegemony one day. Some Google employees reportedly wonder if they lost a chance given the company's long history of boasting about its AI competence.

Reuters reported that OpenAI did not immediately respond to the request for comment, while Microsoft declined to do so.

(With inputs from agencies) 
&nbsp;

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Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report.

Microsoft Corp is in discussions to invest $10 billion in the company that owns ChatGPT, OpenAI, valuing the San Francisco-based firm at $29 billion, according to Reuters quoting a Semafor report. The funding conditions stipulated that Microsoft would get 75 per cent of OpenAI's income up until the point at which OpenAI had earned back its initial investment from ChatGPT and other businesses like the image creation tool Dall-E, a Semafor report showed, according to Reuters. Once OpenAI reached that milestone, Microsoft would own a 49 per cent share in the company, followed by 49 per cent from other investors and 2 per cent to OpenAI's nonprofit parent. Also Read| Disney CEO Bob Iger orders employees to return to office four days a week However, the exact stakes wouldn't be known until Microsoft received its money back, said the report. The latest news comes after investment from other venture firms. In recent weeks, deal documents were circulated to potential investors to close the funding round by the end of 2022, said Reuters referring to the Semafor article. Indeed, the latest Microsoft news comes after a Wall Street Journal story showed that OpenAI was discussing selling its current stock to venture capital firms, including Thrive Capital and Founders Fund, for an estimated $29 billion valuation. Watch| Apple's iPhone exports from India surpass $2.5 billion Elon Musk, the CEO of Tesla Inc., and investor Sam Altman launched OpenAI, which released the ChatGPT chatbot for free public testing on November 30. Since then, the text-based artificial intelligence chatbot platform in November, ChatGPT, has been widely popular. A chatbot is software created to replicate human-like dialogue in response to user input. According to media reports, analysts are speculating whether AI chatbots will challenge Google's hegemony one day. Some Google employees reportedly wonder if they lost a chance given the company's long history of boasting about its AI competence. Reuters reported that OpenAI did not immediately respond to the request for comment, while Microsoft declined to do so. (With inputs from agencies) WATCH WION LIVE HERE

Microsoft set to invest $10 billion in OpenAI, valuing the ChatGPT software firm at $29 billion: Report

Registering acceleration and shift from China's geopolitical tensions on the rise; India has exported more than $2.5 billion worth of iPhones from the country in the period from April to December last year. This is twice the previous fiscal year's total.

Apple's iPhone exports from India surpass $2.5 billion

The Swiss National Bank expects a $143 billion loss for the 2022 financial year, the biggest loss in its 116-year history. Watch this to know more.

World Business Watch: Swiss central bank posts biggest loss in 116 years

A tweet from Elon Musk indicating that Tesla might allow some owners who are testing a “Full Self-Driving” system to disable an alert that reminds them to keep their hands on the steering wheel has drawn attention from US safety regulators.

World Business Watch: Musk tweet about disabling driver monitoring in Tesla being probed

Bentley, Rolls-Royce on Monday reported record sales last year and remained on the top in the U.S. markets. Watch this video to know more.

World Business Watch: U.S. remains top market for Bentley, Rolls-Royce sale

The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs. However, the workers will be given a chance to transfer to other Amazon locations, said the online retail giant on Tuesday. This comes days after the company said that it plans to lay off as many as 18,000 employees from its workforce.&nbsp;

The over 1,000 workers employed at the three aforementioned British warehouses will be given a chance to move their jobs internally and the workers at Hemel Hempstead and Doncaster will be moving to nearby centres including the one in Dunstable.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-loses-usd-1-trillion-first-company-to-shed-such-value-533122">Amazon loses USD 1 trillion, first company to shed such value</a>

Notably, Amazon operates 30 warehouses and employs at least 70,000 people overall across the UK which is also one of its biggest markets outside the US. The company also said that it plans to open two new warehouses in central and northeast England which would create 2,500 jobs in the next three years.&nbsp;

Last week, Amazon CEO Andy Jassy announced one of the biggest layoffs in the company’s history affecting over 18,000 employees across the world in a bid to reduce costs. Notably, Amazon’s warehouse staff in the UK have also demanded better pay and at least 300 of whom plan to strike on January 25.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/amazon-layoffs-we-plan-to-eliminate-just-over-18000-roles-says-ceo-andy-jassy-549644">Amazon Layoffs: 'We plan to eliminate just over 18,000 roles,' says CEO Andy Jassy</a>

However, media reports citing an Amazon spokesperson said that these closures are not related to the company-wide layoffs which affect mainly non-warehouse roles in e-commerce and human resources, rather the decision was made after reviewing the online retail giant’s operations in the UK.

(With inputs from agencies)&nbsp; 
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The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs.

The United States-based Amazon is set to restructure its warehouse operations in the United Kingdom and plans to close three of its centres in the country’s Hemel Hempstead, Doncaster and Gourock, in the west of Scotland, which will impact at least 1,200 jobs. However, the workers will be given a chance to transfer to other Amazon locations, said the online retail giant on Tuesday. This comes days after the company said that it plans to lay off as many as 18,000 employees from its workforce. The over 1,000 workers employed at the three aforementioned British warehouses will be given a chance to move their jobs internally and the workers at Hemel Hempstead and Doncaster will be moving to nearby centres including the one in Dunstable. ALSO READ | Amazon loses USD 1 trillion, first company to shed such value Notably, Amazon operates 30 warehouses and employs at least 70,000 people overall across the UK which is also one of its biggest markets outside the US. The company also said that it plans to open two new warehouses in central and northeast England which would create 2,500 jobs in the next three years. Last week, Amazon CEO Andy Jassy announced one of the biggest layoffs in the company’s history affecting over 18,000 employees across the world in a bid to reduce costs. Notably, Amazon’s warehouse staff in the UK have also demanded better pay and at least 300 of whom plan to strike on January 25. ALSO WATCH | Amazon Layoffs: 'We plan to eliminate just over 18,000 roles,' says CEO Andy Jassy However, media reports citing an Amazon spokesperson said that these closures are not related to the company-wide layoffs which affect mainly non-warehouse roles in e-commerce and human resources, rather the decision was made after reviewing the online retail giant’s operations in the UK. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK: Amazon to restructure warehouse operations, closures put over 1,000 jobs at risk

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession.

It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine&nbsp;as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate.

“Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report.

It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years.

The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc.

<h2>Gravitas: IMF: Global economy faces a tougher year</h2>

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It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year.

The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said.

The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies.

“Even though the world is now in a very tight spot, there should be no room for defeatism,” &nbsp;David Malpass, president of the World Bank, said.

“There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.”

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The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries. The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate. “Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report. It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years. The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc. Gravitas: IMF: Global economy faces a tougher year It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year. The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said. The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies. “Even though the world is now in a very tight spot, there should be no room for defeatism,” David Malpass, president of the World Bank, said. “There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.” WATCH WION LIVE HERE:

‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday.

As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly.

However, the ministry did not immediately react to a request for comment, reported Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit.

In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing.

Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged.

To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures.

According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But,&nbsp;the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December.

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Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report. Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday. As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly. However, the ministry did not immediately react to a request for comment, reported Bloomberg. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit. In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing. Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged. To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures. According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But, the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December. WATCH WION LIVE HERE:

Russia's budget gap surges to record high as Ukraine war weighs on finances

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.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-first-person-in-human-history-to-lose-200-billion-548224">Elon Musk becomes first person in history to lose $200 billion in net worth</a>

After Amazon's Jeff Bezos, Musk was the second-only person with more than $200 billion in&nbsp;"personal fortune", a figure he achieved in January 2021.&nbsp;

How much net worth has Elon Musk really lost?

Elon Musk's net worth dropped from $320 billion in November 2021 to $137 billion as of January 2023. This loss has resulted in breaking of the world record for the largest-ever loss of personal fortune. The previous record for largest-ever loss of personal fortune was held by Japanese tech investor Masayoshi Son in 2000.&nbsp;

What led to Musk's biggest-ever loss of personal fortune?

The loss is largely attributed to the drop in Tesla stock value. Reports suggest that Musk sold around $7 billion worth of Tesla stock to finance his buyout of Twitter, with another $4 billion in November. He further sold $3.58 billion worth of stock, bringing his total sell-off close to $23 billion.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-elon-musk-loses-200-billion-in-a-year-entered-2022-with-340-billion-548392">US: Elon Musk loses $200 billion in a year</a>

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Elon Musk's decline in personal fortune was coupled with a massive 11 per cent fall in Tesla shares on December 27.&nbsp;

The hostile takeover of Twitter was coupled with Musk's polarising behaviour on the micro-blogging platform. This was cited as a reason for biggest-ever sell off of Tesla shares ever since the company went public in 2010.&nbsp;

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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.

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. ALSO READ | Elon Musk becomes first person in history to lose $200 billion in net worth After Amazon's Jeff Bezos, Musk was the second-only person with more than $200 billion in "personal fortune", a figure he achieved in January 2021. How much net worth has Elon Musk really lost? Elon Musk's net worth dropped from $320 billion in November 2021 to $137 billion as of January 2023. This loss has resulted in breaking of the world record for the largest-ever loss of personal fortune. The previous record for largest-ever loss of personal fortune was held by Japanese tech investor Masayoshi Son in 2000. What led to Musk's biggest-ever loss of personal fortune? The loss is largely attributed to the drop in Tesla stock value. Reports suggest that Musk sold around $7 billion worth of Tesla stock to finance his buyout of Twitter, with another $4 billion in November. He further sold $3.58 billion worth of stock, bringing his total sell-off close to $23 billion. ALSO WATCH | US: Elon Musk loses $200 billion in a year × Elon Musk's decline in personal fortune was coupled with a massive 11 per cent fall in Tesla shares on December 27. The hostile takeover of Twitter was coupled with Musk's polarising behaviour on the micro-blogging platform. This was cited as a reason for biggest-ever sell off of Tesla shares ever since the company went public in 2010. 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.

Elon Musk breaks world record for largest-ever loss of personal fortune

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations".

Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related.

Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-upi-singapores-paynow-to-integrate-soon-says-an-official-at-a-g20-meeting-550946">India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting</a>

“There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.”

That represents a significant divergence from the industry standards of less than two decades ago.

According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005.

This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level.

Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost.

According to Munich Re, insured losses would likely total over $4 billion.

The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-2023-to-be-a-tough-year-says-imf-head-548620">World Business Watch: 2023 to be a tough year, says IMF head</a> 
 
The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world.

Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa.

Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change.

The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses.

According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured.

Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-set-to-cut-3200-jobs-amid-bleak-economic-outlook-reports-suggest-550592">Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest</a>

Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year.

The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.”

Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. 
&nbsp; 
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The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study. A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations". Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related. Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages. ALSO READ | India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting “There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.” That represents a significant divergence from the industry standards of less than two decades ago. According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005. This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level. Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost. According to Munich Re, insured losses would likely total over $4 billion. The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer. ALSO WATCH | World Business Watch: 2023 to be a tough year, says IMF head The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world. Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa. Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change. The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses. According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured. Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay. ALSO READ | Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year. The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.” Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. 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.

Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?

A little more than a month after rejoining the Disney ship, CEO Bob Iger has started to crack down on the hybrid mode of working in the company. Iger in a memo has told the remote workers that they will be required to work in the office at least four days a week, beginning March 1.

A little more than a month after rejoining the Disney ship, CEO Bob Iger has started to crack down on the hybrid mode of working in the company. Iger in a memo has told the remote workers that they will be required to work in the office at least four days a week, beginning March 1. “As I’ve been meeting with teams throughout the company over the past few months, I’ve been reminded of the tremendous value in being together with the people you work with,” said Iger in the memo accessed by CNBC. “As you’ve heard me say many times, creativity is the heart and soul of who we are and what we do at Disney. And in a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors.” The 71-year-old executive had hinted at culling the remote work culture when he said 'not-working-from-office' had a negative effect. “I worry long term about the negative impact on people who have decided not to spend as much time at the office. I’m going to spend a lot of time here, and I hope that it’s not lonely.” Iger's strict policy While most big companies such as Apple, Tesla, Snap are reverting to work-from-office policy, they have kept the rules lenient - allowing workers to come to the office twice or thrice a week. However, Iger's decision is relatively strict and aimed at increasing the efficiency of the company which has seen its shares plunge almost 40 per cent in the last 12 months. WATCH | Losses for Disney+ doubled to $1.5 billion; Bob Iger returns to Walt Disney Co. × Notably, Iger returned to Dinsey in November last year after the board decided to ditch his successor Bob Chapek. “We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, the board chairman whilst announcing the decision. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period." Immediately after taking over the company, Iger made it clear that storytelling will remain at the forefront of Disney's growth story. "I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organise our businesses. This is a moment of great change and opportunity for our company as we begin our second century." Read more: Panicked Disney shows the door to Bob Chapek and brings former CEO Bob Iger Bob Iger stepped down in 2020 after being Disney's CEO for 15 years. Under his watch, the company grew leaps and bounds, creating a legacy which has taken a rather substantial hit in the last year or two. (With inputs from agencies) WATCH WION LIVE HERE:

Disney CEO Bob Iger orders employees to return to office four days a week

Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters.

Without providing any financial details, Carlyle Asia Partners said in a statement that the stock for the deal would come from funds managed and counselled by firms associated with it.

Carlyle said that Vandana and Mukesh Luthra, who founded VLCC, will continue to own a sizable portion of the business without providing any other information.

The 1989-founded skincare and cosmetics company has 210 retail clinics spread over 118 locations in 11 countries in South Asia, the Middle East, and Africa.

As of September 30, 2022, the company said Carlyle had invested more than $5.5 billion in more than 40 transactions in India.

VLCC and its founders received advice from KPMG India.

India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus.

The parent of Indian personal care products startup Mamaearth had also filed for an initial public offering in December.

Following COVID, the beauty and personal care market in India has grown. A division of the Indian oil-to-chemicals behemoth Reliance Industries purchased most of Naturals Salon &amp; Spa in November last year.

(With inputs from agencies)

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Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters.

Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters. Without providing any financial details, Carlyle Asia Partners said in a statement that the stock for the deal would come from funds managed and counselled by firms associated with it. Carlyle said that Vandana and Mukesh Luthra, who founded VLCC, will continue to own a sizable portion of the business without providing any other information. The 1989-founded skincare and cosmetics company has 210 retail clinics spread over 118 locations in 11 countries in South Asia, the Middle East, and Africa. As of September 30, 2022, the company said Carlyle had invested more than $5.5 billion in more than 40 transactions in India. VLCC and its founders received advice from KPMG India. India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus. The parent of Indian personal care products startup Mamaearth had also filed for an initial public offering in December. Following COVID, the beauty and personal care market in India has grown. A division of the Indian oil-to-chemicals behemoth Reliance Industries purchased most of Naturals Salon & Spa in November last year. (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.

Private equity firm Carlyle buys a majority stake in India's VLCC

The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided.

That adds to a long list of large financial institutions and private economists who have sharply cut their economic growth forecasts for Asia's third-largest economy.

In its first estimate for the current fiscal year, the Ministry of Statistics predicted that the gross domestic product (GDP) would likely rise by 7%, down sharply from 8.7% the year before.

Also Read|&nbsp;<a href="www.wionews.com/india-news/former-icici-bank-chief-chanda-kochhar-husband-set-to-be-freed-550653">Former ICICI bank chief Chanda Kochhar, husband set to be freed</a>

That was lower than the government's previous prediction of 8% to 8.5% but higher than the Reserve Bank of India's projection of 6.8%.

The estimates are the foundation for the government's growth and financial projections for the upcoming budget, due on February 1.

On February 1, 2023, the finance minister will deliver the 2023 Union Budget, marking Ms Sitharaman's fifth consecutive budget and Prime Minister Narendra Modi's eleventh consecutive one.

Watch|&nbsp;Indian government confers top honour on Sri Lankan newspaper publisher, Sivakumar Nadesan

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The budget will also be the last complete one before Prime Minister Narendra Modi faces a run for a rare third term in elections scheduled for the summer of 2024.

In a note to clients, Pranjul Bhandari, an economist at HSBC Securities and Capital Markets, predicted that, among other things, the fiscal year beginning on April 1 will see India's exports suffer, reducing the country's potential for development.

But an International Monetary Fund (IMF) official said on Friday that India continues to be a relative "bright spot" in the global economy, and it needs to expand its current strength in services exports to include exports of manufacturing, which provide many jobs.

Still, despite the downgrades to India's economic outlook, the Organisation for Economic Co-operation and Development said India is anticipated to continue having the second-fastest growing GDP among the G20 nations, behind only Saudi Arabia (OECD).

"Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, an economist at ICRA, told Reuters.

(With inputs from agencies)

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The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided.

The Indian government projects a slowdown in economic growth in the current fiscal year that ends in March as the pent-up demand for products levels off as 2023 approaches after pandemic-related distortions have subsided. That adds to a long list of large financial institutions and private economists who have sharply cut their economic growth forecasts for Asia's third-largest economy. In its first estimate for the current fiscal year, the Ministry of Statistics predicted that the gross domestic product (GDP) would likely rise by 7%, down sharply from 8.7% the year before. Also Read| Former ICICI bank chief Chanda Kochhar, husband set to be freed That was lower than the government's previous prediction of 8% to 8.5% but higher than the Reserve Bank of India's projection of 6.8%. The estimates are the foundation for the government's growth and financial projections for the upcoming budget, due on February 1. On February 1, 2023, the finance minister will deliver the 2023 Union Budget, marking Ms Sitharaman's fifth consecutive budget and Prime Minister Narendra Modi's eleventh consecutive one. Watch| Indian government confers top honour on Sri Lankan newspaper publisher, Sivakumar Nadesan The budget will also be the last complete one before Prime Minister Narendra Modi faces a run for a rare third term in elections scheduled for the summer of 2024. In a note to clients, Pranjul Bhandari, an economist at HSBC Securities and Capital Markets, predicted that, among other things, the fiscal year beginning on April 1 will see India's exports suffer, reducing the country's potential for development. But an International Monetary Fund (IMF) official said on Friday that India continues to be a relative "bright spot" in the global economy, and it needs to expand its current strength in services exports to include exports of manufacturing, which provide many jobs. Still, despite the downgrades to India's economic outlook, the Organisation for Economic Co-operation and Development said India is anticipated to continue having the second-fastest growing GDP among the G20 nations, behind only Saudi Arabia (OECD). "Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, an economist at ICRA, told Reuters. (With inputs from agencies) WATCH WION LIVE HERE

Indian government cuts economic growth outlook sharply ahead of Union Budget

Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9).&nbsp;

The authorities accused him of defrauding investors in connection with his termination in 2019 and further barred him from serving as a public company officer for five years.&nbsp;

Reports mentioned that he agreed to a $400,000 fine. Though, he didn't admit or deny the claims against him under a settlement announced by the US Securities and Exchange Commission.&nbsp;

"When corporate officers corrupt internal processes to manage their personal reputations or line their own pockets, they breach their fundamental duties to shareholders," said Gurbir Grewal, the SEC's head of enforcement.&nbsp;

"By allegedly concealing the extent of his misconduct during the company's internal investigation, Easterbrook broke that trust with -- and ultimately misled -- shareholders."&nbsp;

Easterbrook was appointed originally in 2015 and it is said that he helped the company's operations until his sudden November 2019 departure following a consensual romantic relationship with an employee.&nbsp;

The relationship apparently violated company policy and SEZ said that he exercised "poor judgment" by engaging in a relationship with a McDonald's employee.&nbsp;

However, it also stated that Easterbrook failed to disclose other policy violations he committed by having secret connections with other workers at the multinational fast-food chain.&nbsp;

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Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9).

Stephen Easterbrook, who is the former chief executive officer of McDonald's, was slapped with a fine by the authorities in the United States on Monday (January 9). The authorities accused him of defrauding investors in connection with his termination in 2019 and further barred him from serving as a public company officer for five years. Reports mentioned that he agreed to a $400,000 fine. Though, he didn't admit or deny the claims against him under a settlement announced by the US Securities and Exchange Commission. "When corporate officers corrupt internal processes to manage their personal reputations or line their own pockets, they breach their fundamental duties to shareholders," said Gurbir Grewal, the SEC's head of enforcement. "By allegedly concealing the extent of his misconduct during the company's internal investigation, Easterbrook broke that trust with -- and ultimately misled -- shareholders." Easterbrook was appointed originally in 2015 and it is said that he helped the company's operations until his sudden November 2019 departure following a consensual romantic relationship with an employee. The relationship apparently violated company policy and SEZ said that he exercised "poor judgment" by engaging in a relationship with a McDonald's employee. However, it also stated that Easterbrook failed to disclose other policy violations he committed by having secret connections with other workers at the multinational fast-food chain. 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.

Stephen Easterbrook: US agency fines ex-McDonald's CEO for defrauding investors

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022.

The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too.

SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc.

Also Read |&nbsp;<a href="http://www.wionnews.com/world/top-swiss-bank-credit-suisse-fined-over-drugs-gang-money-laundering-492505" hreflang="en">Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering</a>

Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters.

According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation.

Watch | No claimants for Swiss Bank accounts

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While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg.

The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022.

It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6.

(With inputs from agencies)

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The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets.

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022. The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too. SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc. Also Read | Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters. According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation. Watch | No claimants for Swiss Bank accounts While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg. The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022. It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6. (With inputs from agencies) WATCH WION LIVE HERE:

Swiss National Bank estimates record $143 billion loss in 2022

After a near-certain contraction last year for the third time since 2019, Hong Kong’s economy is coming back stronger this year and may even grow faster than rival financial hub Singapore for the first time in more than a decade.

World Business Watch: Hong Kong's GDP growth likely to be above Singapore's

Goldman Sachs Group Inc is embarking on one of its biggest rounds of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week.

World Business Watch: Goldman Sachs to cut about 3,200 jobs this week

China's fintech giant Ant Group has no plan to initiate an initial public offering (IPO), it said on Sunday in an emailed statement.

World Business Watch: Ant Group says no plan to launch IPO

Apple Inc has put out job listings for store leaders, market leaders, and managers for 'Apple Retail' in India, with some positions already filled in.

World Business Watch: Apple starts hiring for retails stores across India

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.&nbsp;

A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff.

Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-ceo-david-solomon-unveils-plan-to-cut-jobs-from-january-in-his-year-end-message-to-staff-547761">Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff</a>

In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January."

Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions.

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Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty.

However, despite rising interest rates, the company, as per a survey conducted by S&amp;P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

(With inputs from agencies)

&nbsp;

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Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet.

Confirming reports of a massive layoff, Goldman Sachs is set to cut 3,200 jobs and could announce this as early as this week, reports suggest. The American investment bank hasn't officially made an announcement on the matter yet. A source told AFP that a maximum of 3,200 jobs will be eliminated, less than the figure of 4,000 cited in the press last month. The larger figure of 4,000 would be about eight per cent of the bank's staff. Laying off staff is a basic practice at Goldman Sachs which typically cuts one to five percent of headcount each year, targeting underperforming staff. However, the global economic setting and the increase in the company's staff in recent years has meant that the company will fire more than the usual number of employees this year, a person familiar with the matter told AFP in mid-December. Also Read | Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff In December, David Solomon, the chief executive of the US investment bank, had unveiled his plan to cut jobs in his traditional year-end message to staff. Solomon had said, "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January." Goldman's staff stood at 49,100 at the end of October, up nearly 30 per cent from the end of 2019 after hiring campaigns and acquisitions. × Goldman Sachs and many other investment banks have seen a big drop in fees tied to initial public offerings, leading to massive layoffs across the industry. The outlook for merger and acquisition advising in 2023 also looks bad due to economic uncertainty. However, despite rising interest rates, the company, as per a survey conducted by S&P Global Market, is expected to report big profits for 2022 and 2023. Analysts predict that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. (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.

Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest

Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total. The report also highlights how some of the Western tech companies are shifting from China when it comes to production.&nbsp;Apple is among other big names that are exploring alternatives to China.&nbsp;

Reports previously revealed that China was the primary location of about 44-47 per cent of Apple suppliers' production sites until 2019. Now the scenario is changing gradually, especially after simmering tensions between the United States and China.&nbsp;

Citing people familiar with the matter, the Bloomberg report noted that Foxconn Technology Group and Wistron Corp have each "shipped more than $1 billion of Apple's marquee devices abroad in the first nine months of the fiscal year ending March 2023".&nbsp;

People, who requested not to be identified, also revealed private information and told the news agency Bloomberg that Pegatron Corp. is on track to move about $500 million of the gadgets overseas by the end of January.&nbsp;

In a report published in Al Jazeera last month, it was mentioned that China was the primary location of about 44-47 per cent of Apple suppliers' production sites, but Beijing's share fell to 41 per cent in 2020. The report further mentioned that it further fell to 36 per cent in 2021.&nbsp;

Amid the shifting dynamics, JPMorgan has estimated Apple could make 25 per cent of all iPhones in India by 2025. Notably, Apple began assembling its latest iPhone models in India just last year, but the nation aspires to become a hub of production units, giving competition to China.&nbsp;

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Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total.

Apple Inc. has exported more than $2.5 billion of iPhones from India from April to December, Bloomberg reported on Monday (January 9). The amount is almost twice the previous fiscal year’s total. The report also highlights how some of the Western tech companies are shifting from China when it comes to production. Apple is among other big names that are exploring alternatives to China. Reports previously revealed that China was the primary location of about 44-47 per cent of Apple suppliers' production sites until 2019. Now the scenario is changing gradually, especially after simmering tensions between the United States and China. Citing people familiar with the matter, the Bloomberg report noted that Foxconn Technology Group and Wistron Corp have each "shipped more than $1 billion of Apple's marquee devices abroad in the first nine months of the fiscal year ending March 2023". People, who requested not to be identified, also revealed private information and told the news agency Bloomberg that Pegatron Corp. is on track to move about $500 million of the gadgets overseas by the end of January. In a report published in Al Jazeera last month, it was mentioned that China was the primary location of about 44-47 per cent of Apple suppliers' production sites, but Beijing's share fell to 41 per cent in 2020. The report further mentioned that it further fell to 36 per cent in 2021. Amid the shifting dynamics, JPMorgan has estimated Apple could make 25 per cent of all iPhones in India by 2025. Notably, Apple began assembling its latest iPhone models in India just last year, but the nation aspires to become a hub of production units, giving competition to China. 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.

Apple exported more than $2.5 billion of iPhones from India between April and December

Consumer Electronics Show ( CES) 2023 which is taking place in Las Vegas is showing off innovations that could immerse us deeper into virtual reality well known to the world. Companies and startups touted augmented reality glasses and sensory technologies that can help users feel - and even smell - in a virtual environment.

World Business Watch: Standout product at CES 2023, aromas enter virtual reality