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Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya.&nbsp;

The Starlink IPO could make way in 2023, years earlier than planned, Palihapitiya said on his podcast 'All-In'.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/t-mobile-to-use-starlink-satellites-to-provide-network-access-510489">T-Mobile to use Starlink satellites to provide network access</a>

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The comments came on 'All-In' podcast during which Chamath Palihapitiya, famous for his "blank cheque" investments, as well as two co-hosts, investors Jason Calacanis and David Sacks, predicted trends and events across Silicon valley in 2023.&nbsp;

"He talked about this on our pod(cast), about the difficulties and the dangers of margin loans and all of that stuff," Palihapitiya said. "He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder."

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/spacex-starlink-satellite-internet-service-reaches-all-seven-continents-517162">SpaceX Starlink satellite internet service reaches 'all seven continents'</a>

According to a Bloomberg report, Palihapitiya isn't known to be particularly close to Elon Musk but his both co-hosts are. Both Jason Calacanis and David Sacks were involved in Elon Musk's takeover of Twitter last year.&nbsp;

Earlier in 2020, top SpaceX executives had opined that in the years to come, the Starlink initiative will eventually break off from SpaceX to go public.&nbsp;

SpaceX president Gwynne Shotwell in February 2022 had said that Starlink was "the right kind of business that we can go ahead and take public." Elon Musk, however, shortly after SpaceX president's comments had said that they "need to make the thing work" before taking it public.&nbsp;

The Starlink program of SpaceX consists of launching thousands of satellites into low orbits above Earth to provide broadband internet service. SpaceX has sent more than 3,300 satellites in orbit so far for its Starlink initiative.

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Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya.

Elon Musk, world's most talked-about billionaire tech magnate, may take SpaceX's internet-from-space initiative Starlink on an Initial Public Offering (IPO) route in 2023 for the sake of a much-needed "financial flexibility", according to prominent Silicon valley investor Chamath Palihapitiya. The Starlink IPO could make way in 2023, years earlier than planned, Palihapitiya said on his podcast 'All-In'. WATCH | T-Mobile to use Starlink satellites to provide network access × The comments came on 'All-In' podcast during which Chamath Palihapitiya, famous for his "blank cheque" investments, as well as two co-hosts, investors Jason Calacanis and David Sacks, predicted trends and events across Silicon valley in 2023. "He talked about this on our pod(cast), about the difficulties and the dangers of margin loans and all of that stuff," Palihapitiya said. "He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder." ALSO READ | SpaceX Starlink satellite internet service reaches 'all seven continents' According to a Bloomberg report, Palihapitiya isn't known to be particularly close to Elon Musk but his both co-hosts are. Both Jason Calacanis and David Sacks were involved in Elon Musk's takeover of Twitter last year. Earlier in 2020, top SpaceX executives had opined that in the years to come, the Starlink initiative will eventually break off from SpaceX to go public. SpaceX president Gwynne Shotwell in February 2022 had said that Starlink was "the right kind of business that we can go ahead and take public." Elon Musk, however, shortly after SpaceX president's comments had said that they "need to make the thing work" before taking it public. The Starlink program of SpaceX consists of launching thousands of satellites into low orbits above Earth to provide broadband internet service. SpaceX has sent more than 3,300 satellites in orbit so far for its Starlink initiative. 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's Starlink may go public in 2023, claims noted Silicon Valley investor

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring',&nbsp;the company confirmed the news on Saturday. In a statement,&nbsp;the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.&nbsp;"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added.&nbsp;

<a href="https://www.wionews.com/world/jack-mas-new-year-address-billionaire-speaks-to-teachers-in-china-about-hardships-of-2022-548343">Also read |&nbsp;Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022</a>

The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters.&nbsp;

Watch |&nbsp;Gravitas | Reports: Jack Ma is hiding out in Tokyo

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"As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said.

The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment.&nbsp;

<a href="https://www.wionews.com/world/chinese-billionaire-jack-ma-is-living-in-tokyo-since-beijings-crackdown-on-technology-sector-report-538670">Also read |&nbsp;Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report</a>

The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices.&nbsp;

Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy."

(With inputs from agencies)

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Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment. "The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added. Also read | Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022 The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters. Watch | Gravitas | Reports: Jack Ma is hiding out in Tokyo "As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said. The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment. Also read | Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices. Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy." (With inputs from agencies) WATCH WION LIVE HERE

Chinese billionaire Jack Ma to cede control of Ant Group after regulatory crackdown: Report

General Motors has retaken the title as America's top auto maker from Toyota after its sales rose 2.5% in 2022. Watch this video to know more.

World Business Watch: GM reclaims U.S. auto sales crown from Toyota

Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

World Business Watch: Samsung Electronics quarterly profit sinks to an eight-year low

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results.

Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.

It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

"All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment &amp; Securities.

Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31.

Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc.

"For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement.

Also Read | <a href="http://www.wionnews.com/world/samsung-quarterly-profit-set-to-slump-25-first-decline-in-nearly-three-years-522972">Samsung quarterly profit set to slump 25%, first decline in nearly three years</a>

Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

"Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter.

Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

Watch | Samsung profit at 8-year low on demand slump&nbsp;

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Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix&nbsp;rose 2.1%.

"The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment.

Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways. 
&nbsp;

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Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. "All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment & Securities. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31. Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc. "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement. Also Read | Samsung quarterly profit set to slump 25%, first decline in nearly three years Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added. "Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter. Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices. Watch | Samsung profit at 8-year low on demand slump Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix rose 2.1%. "The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment. Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways.

Samsung's quarterly profit plunges to 8-year low on demand slump

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.&nbsp;The crypto exchange company told Reuters that&nbsp;it&nbsp;plans to lay off 20 per cent of its workforce.&nbsp;Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward."

<a href="https://www.wionews.com/world/amazon-to-cut-over-18000-workers-says-ceo-andy-jassy-549539">Also read |&nbsp;Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18</a>

The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has&nbsp;not started, but is expected to complete by the first quarter.

The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire'&nbsp;in the "(crypto) winter" despite the deteriorating macro environment.&nbsp;

When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm.&nbsp;

<a href="https://www.wionews.com/technology/tech-giant-salesforce-joins-the-layoff-bandwagon-fires-10-of-its-workforce-549485">Also read |&nbsp;Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce</a>

Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months.&nbsp;

Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko.&nbsp;

As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million.&nbsp;

However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. 
 
&nbsp;

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Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply. The crypto exchange company told Reuters that it plans to lay off 20 per cent of its workforce. Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward." Also read | Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18 The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has not started, but is expected to complete by the first quarter. The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire' in the "(crypto) winter" despite the deteriorating macro environment. When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm. Also read | Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months. Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko. As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million. However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. WATCH WION LIVE HERE

Crypto exchange firm Huobi to lay off 20% of workforce amid industry slump

Walmart Inc. and other PhonePe shareholders could have to pay nearly USD 1 billion in tax for shifting its headquarters from Singapore to India. Watch this video to know more.

World Business Watch: Walmart gets $1 billion tax bill for relocating PhonePe headquarters to India

Salesforce plans to cut its workforce by 10% and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with ‘too many people’ amid an economic slowdown.

World Business Watch: Salesforce to cut staff by 10% in latest layoffs

As a part of the workforce reduction program, the CEO of Amazon Andy Jassy said that the company's layoffs will now stretch to more than 18,000 roles. The layoff decisions which Amazon will communicate starting from January 18th will largely impact the company's e-commerce and human resources.

World Business Watch: Job cuts to exceed 18,000 roles; earlier target was 10,000

McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty.&nbsp;

"The chain of fast food restaurants operated by Food Solutions (local franchise) will cease its work under the brand of McDonald's in Kazakhstan due to supply restrictions," McDonald's Kazakhstan said on Thursday.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/pure-happiness-mcdonalds-reopens-in-kyiv-but-for-delivery-only-518179">'Pure happiness': McDonald's reopens in Kyiv, but for delivery only</a>

The statement said that after opening the chain of restaurants, visitors will be offered high-quality products, a varied menu and hospitable service. "Fast food restaurants will continue to operate in accordance with the current high standards, values ​​and business principles," it said.&nbsp;

The fast-food giant pointed out that during its period of activity in Kazakhstan, Food Solutions had paid more than 3 billion tenge (around $ 6.4 million) in taxes to the country's budget and actively participated in helping the society, transferring more than 80 million tenge to charity.

Though McDonald's claims it is exiting due to supply restrictions, news agency Bloomberg reported on Wednesday that the closure is being done after disruptions triggered by the Ukraine war left Kazakhstan without a substitute for Russian meat supplies.&nbsp;

On its website, McDonald's Kazakhstan did not mention it was being closed due to the war in Ukraine.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/thousands-of-mcdonalds-employees-suffer-sexual-harassment-report-517819">Thousands of McDonald's employees suffer sexual harassment: Report</a>

The fast food giant employed 2,000 people in Kazakhstan. At present, the website still shows the logo of McDonald's and the company's menu.&nbsp;

McDonald's, like several other Western brands, terminated its operations in Russia last year following Moscow's full-scale invasion of Ukraine. McDonald's, which had applied 62,000 workers in Russia,&nbsp;was bought by Russian businessman Alexander Govor and the restaurant was renamed "Delicious. Full Stop," news agency AFP reported on Thursday. &nbsp; 
&nbsp;

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McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty.

McDonald's will exit Kazakhstan due to supply restrictions, the American fast food giant's unit in the Central Asian nation said in a statement on Thursday. McDonald's opened its first restaurant in Kazakhstan back in 2016 and operated 24 restaurants across the country, including in the capital city of Astana and the financial hub Almaty. "The chain of fast food restaurants operated by Food Solutions (local franchise) will cease its work under the brand of McDonald's in Kazakhstan due to supply restrictions," McDonald's Kazakhstan said on Thursday. ALSO READ | 'Pure happiness': McDonald's reopens in Kyiv, but for delivery only The statement said that after opening the chain of restaurants, visitors will be offered high-quality products, a varied menu and hospitable service. "Fast food restaurants will continue to operate in accordance with the current high standards, values and business principles," it said. The fast-food giant pointed out that during its period of activity in Kazakhstan, Food Solutions had paid more than 3 billion tenge (around $ 6.4 million) in taxes to the country's budget and actively participated in helping the society, transferring more than 80 million tenge to charity. Though McDonald's claims it is exiting due to supply restrictions, news agency Bloomberg reported on Wednesday that the closure is being done after disruptions triggered by the Ukraine war left Kazakhstan without a substitute for Russian meat supplies. On its website, McDonald's Kazakhstan did not mention it was being closed due to the war in Ukraine. ALSO READ | Thousands of McDonald's employees suffer sexual harassment: Report The fast food giant employed 2,000 people in Kazakhstan. At present, the website still shows the logo of McDonald's and the company's menu. McDonald's, like several other Western brands, terminated its operations in Russia last year following Moscow's full-scale invasion of Ukraine. McDonald's, which had applied 62,000 workers in Russia, was bought by Russian businessman Alexander Govor and the restaurant was renamed "Delicious. Full Stop," news agency AFP reported on Thursday. 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.

McDonald's announces exit from Kazakhstan due to ‘supply restrictions’

The Japanese government is taking a drastic leap in an attempt to reverse population decline in certain regions of the country. The government has now offered a package of $7500 (1 million yen) per child to families to move out of Tokyo

World Business Watch: Japan offering 1 million yen per child to head off from Tokyo

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.&nbsp;They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations.

“The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said.

Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.”

The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering.

<h2>FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date</h2>

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“Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said.

The US regulators have been on the toes ever since FTX filed for bankruptcy in November.

FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors.

In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.

Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation.

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US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX.

US regulators issued a warning to the banks over the risk associated with the cryptocurrency market, following the spectacular collapse of crypto exchange platform FTX. They asked the financial institutions to be watchful of any potential fraud, legal uncertainty, and misleading disclosures by digital asset firms. In a joint statement on Tuesday, the US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the statement said. Among the risks highlighted by the regulators include “fraud and scams among crypto-asset sector participants” and “contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.” The regulators added that they were still assessing how banks could adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering. FTX founder Sam Bankman-Fried pleads not guilty in US court; October 2 set as tentative trial date “Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralised network, or similar system is highly likely to be inconsistent with safe and sound banking practices,” the watchdog said. The US regulators have been on the toes ever since FTX filed for bankruptcy in November. FTX's former chief executive Sam Bankman-Fried on Friday denied charges that he defrauded customers and investors. In a US court, he pleaded not guilty and claimed that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations. Two of Bankman-Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation. WATCH WION LIVE HERE:

US regulators warn banks over cryptocurrency risks after FTX collapse

Apple Inc's stock market value shrank sharply on Tuesday following its steep drop last year, leaving it below $2 trillion for the first time since March 2021. Watch this video to know more.

World Business Watch: Apple's stock market value falls below $2 trillion

Bank robberies are becoming a thing of the past in the cashless Denmark, this after the country recorded its first year of zero bank robberies in 2022. Criminal found that it no longer payoffs to walk inside bank branches in search of cash as online robbery is much easier for them.

World Business Watch: No bank robbery in Denmark last year

Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-%26-economy/walmart-buys-flipkart-for-16-bn-other-mega-indian-deals-135745">Walmart buys Flipkart for $16 billion</a>

Arkansas-based multinational retail chain Walmart Inc. took majority ownership of PhonePe after acquiring its parent company Flipkart Online Services in 2018.&nbsp;

PhonePe eyes $12 billion pre-money valuation

PhonePe is now separated from Flipkart and has been re-domiciled from Singapore to India. A Bloomberg report claimed that the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others.

PhonePe is shifting its headquarters to Bengaluru, similar to online retailer and former parent company Flipkart.&nbsp;

But isn't PhonePe India's homegrown fintech company?

Technology companies with most of their operational assets and business in India have incorporated themselves in Singapore instead of India because of a far more friendlier tax regime, ease of attracting foreign investments and simpler processes for debuts on foreign exchanges.

A report by India Briefing states that over 8,000 Indian startups have incorporated themselves in Singapore since 2000.

PhonePe's stock market listing on cards?

PhonePe is currently executing three significant moves, necessary if it has to list itself for a public offering in the Indian stock market. They include: relocating to India, carving itself out as a separate entity from Flipkart, and raising funds at a high valuation.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/india75-worlds-3rd-largest-startup-ecosystem-505593">India@75: World's 3rd largest startup ecosystem</a>

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India has over 26,000 startups making it the world's third-largest startup ecosystem according to the Asian Development Bank, and at last count over 100 of these were valued at $1 billion, making them unicorns.

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Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter.

Walmart Inc. and rest of the PhonePe shareholders will have to pay nearly $1 billion in tax after digital payments company shifted its headquarters to India, Bloomberg reported, citing people familiar with the matter. ALSO READ | Walmart buys Flipkart for $16 billion Arkansas-based multinational retail chain Walmart Inc. took majority ownership of PhonePe after acquiring its parent company Flipkart Online Services in 2018. PhonePe eyes $12 billion pre-money valuation PhonePe is now separated from Flipkart and has been re-domiciled from Singapore to India. A Bloomberg report claimed that the fintech firm is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others. PhonePe is shifting its headquarters to Bengaluru, similar to online retailer and former parent company Flipkart. But isn't PhonePe India's homegrown fintech company? Technology companies with most of their operational assets and business in India have incorporated themselves in Singapore instead of India because of a far more friendlier tax regime, ease of attracting foreign investments and simpler processes for debuts on foreign exchanges. A report by India Briefing states that over 8,000 Indian startups have incorporated themselves in Singapore since 2000. PhonePe's stock market listing on cards? PhonePe is currently executing three significant moves, necessary if it has to list itself for a public offering in the Indian stock market. They include: relocating to India, carving itself out as a separate entity from Flipkart, and raising funds at a high valuation. WATCH | India@75: World's 3rd largest startup ecosystem × India has over 26,000 startups making it the world's third-largest startup ecosystem according to the Asian Development Bank, and at last count over 100 of these were valued at $1 billion, making them unicorns. 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.

Walmart gets $1 billion in tax bill for shifting PhonePe base to India: Report

Byju Raveendran and Divya Gokulnath,&nbsp;the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors. Currently, Raveendran and Gokulnath jointly hold around 25% stake in the company.&nbsp;

Some of the investors of BYJU's include Chan Zuckerberg Initiative (CZI), Prosus Ventures, Sequoia Capital India, Bond, Silver Lake, Owl Ventures, UBS, Blackrock and Sands Capital Management among others. BYJU's had raised $250 million in its last funding round at an enterprise valuation of $22 billion.&nbsp;

ALSO READ | <a href="https://www.wionews.com/india-news/ed-tech-startup-byjus-ceo-summoned-by-indias-apex-child-rights-body-over-allegations-of-malpractice-544400">Ed-tech startup Byju's CEO summoned by India's apex child rights body over allegations of malpractice</a>

Speaking to news agency PTI on Wednesday (January 4), a person familiar with the developments said, "There is an intention of Byju's founders to double their stake in the company. The discussions are at exploratory level with investors to raise debt.''

In May last year, BYJU's founders raised their stake from 23% to 25% in an $800 million funding round led by Byju Raveendran.&nbsp;

In the financial year 2020-21, BYJU's reported a loss of Rs 4,588 crore compared to Rs 232 crore in 2019-20. Revenues also recorded a drop in FY21 to Rs 2,428 crore from Rs 2,511 crore in FY20, PTI reported on Wednesday.&nbsp;

The ed-tech giant has claimed it will turn profitable by March and is planning to focus more on inside sales calls, email, and video calling to reduce operational costs.

(With inputs from agencies)

&nbsp;

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Byju Raveendran and Divya Gokulnath, the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors.

Byju Raveendran and Divya Gokulnath, the founders of Indian ed-tech giant BYJU's, are planning to increase their stake in the company to about 40% and have initiated talks with investors. Currently, Raveendran and Gokulnath jointly hold around 25% stake in the company. Some of the investors of BYJU's include Chan Zuckerberg Initiative (CZI), Prosus Ventures, Sequoia Capital India, Bond, Silver Lake, Owl Ventures, UBS, Blackrock and Sands Capital Management among others. BYJU's had raised $250 million in its last funding round at an enterprise valuation of $22 billion. ALSO READ | Ed-tech startup Byju's CEO summoned by India's apex child rights body over allegations of malpractice Speaking to news agency PTI on Wednesday (January 4), a person familiar with the developments said, "There is an intention of Byju's founders to double their stake in the company. The discussions are at exploratory level with investors to raise debt.'' In May last year, BYJU's founders raised their stake from 23% to 25% in an $800 million funding round led by Byju Raveendran. In the financial year 2020-21, BYJU's reported a loss of Rs 4,588 crore compared to Rs 232 crore in 2019-20. Revenues also recorded a drop in FY21 to Rs 2,428 crore from Rs 2,511 crore in FY20, PTI reported on Wednesday. The ed-tech giant has claimed it will turn profitable by March and is planning to focus more on inside sales calls, email, and video calling to reduce operational costs. (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.

BYJU's founders planning to increase stake in the company to 40%: Report

Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion. This translates to the tech giant losing market cap of USD 1 trillion in just 1 year.

Like many tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to fresh wave of Covid infections in the only major economy combating such a crisis. On Tuesday (January 3), Apple's shares were down by nearly 4 per cent.

Nikkei reported on Monday that Apple had notified some of its manufacturers to make fewer parts of its popular products like the AirPods, Apple Watch and Macbooks.

"Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong," a manager at an Apple supplier was quoted by Nikkei Asia.&nbsp;

"The supply chain in China is still trying to cope with the latest abrupt policy turns, which brought a shortage of laborers because of the sharp COVID surges."

Such reports have raised concern about demand for Apple products as well.&nbsp;

Apple is not the only&nbsp;company to suffer massive reduction in market capitalisation.

Also Read | <a href="https://www.wionews.com/technology/microsoft-developing-version-of-bing-powered-by-ai-report-549213">Microsoft developing version of Bing powered by AI: Report</a>

Over the last year Amazon and Meta have seen their share prices tumbling by 50 per cent and 63 per cent respectively. Apple's by comparison have taken a dive of about 31 per cent.

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Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion.

Apple's market value fell below USD 2 trillion during trading on Tuesday. This is the first time such a thing has happened since December 2021 and a year to the day Apple became first public company to be valued at USD 3 trillion. This translates to the tech giant losing market cap of USD 1 trillion in just 1 year. Like many tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to fresh wave of Covid infections in the only major economy combating such a crisis. On Tuesday (January 3), Apple's shares were down by nearly 4 per cent. Nikkei reported on Monday that Apple had notified some of its manufacturers to make fewer parts of its popular products like the AirPods, Apple Watch and Macbooks. "Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong," a manager at an Apple supplier was quoted by Nikkei Asia. "The supply chain in China is still trying to cope with the latest abrupt policy turns, which brought a shortage of laborers because of the sharp COVID surges." Such reports have raised concern about demand for Apple products as well. Apple is not the only company to suffer massive reduction in market capitalisation. Also Read | Microsoft developing version of Bing powered by AI: Report Over the last year Amazon and Meta have seen their share prices tumbling by 50 per cent and 63 per cent respectively. Apple's by comparison have taken a dive of about 31 per cent. 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 ×

Apple has lost $1 trillion market value in just a year

Previously shadowed by strikingly high inflation rates; Turkey has seen the steepest drop in its inflation rates in the last 28 years. Trade deficit widens by 138.4% from last year.

World Business Watch: Turkey's consumer inflation at its lowest in 28 years

In India, as concerns are rising over the addictiveness of games and as patchy state laws disrupt business, India has proposed a self-regulatory body for the online gaming industry. The country has issued draft amendments yesterday.

World Business Watch: India proposes self-regulatory body for online gaming industry

Tesla, the world's most valuable automaker registered a 40 per cent year-on-year growth in terms of deliveries in 2022, according to the Q4 vehicle production and delivery report published on Monday.

Tesla, the world's most valuable automaker registered a 40 per cent year-on-year growth in terms of deliveries in 2022, according to the Q4 vehicle production and delivery report published on Monday. Despite the impressive numbers, Tesla’s new vehicle deliveries fell short of Wall Street expectations. Tesla produced a total of 439,701 cars in Q4 while managing to deliver 405,278. Comparatively, Tesla only delivered 308,600 vehicles in the same period last year. The production was increased after Tesla opened up the conveyor belt at its new Austin, Texas and Brandenburg, Germany plant. Overall, Tesla's annual production stood at 1.37 million in 2022 where it managed to deliver 1.31 million cars. Last year, the full-year deliveries stood at 936,172 vehicles. While the numbers are a booster shot of confidence for the Tesla board, it still fell short of the expectations of Wall Street which predicted a sale of 420,000-430,000 vehicles in Q4. The logistical troubles meant that Tesla's deliveries in the quarter fell about 34,000 short of production. It also fell short of the ambitious goal set by Musk of expanding deliveries by 50 per cent annually. While Tesla's stock plunged 65 per cent in 2022, its worst performance since being listed in 2010, CEO Elon Musk urged the employees to not be “bothered” by the “stock market craziness". WATCH | Gravitas: Tesla's worst year on the stock market × According to Musk's e-mail to his staff ahead of the busy holiday season, the Tesla boss asked employees to 'volunteer' to deliver as many cars as possible to the customers before the year came to a draw to pump the numbers up. "Since we have a lot of cars arriving at the last minute, it is important to rally hard and do everything we can to get our cars to customers who have ordered them before midnight on December 31," wrote Musk in the mail. "Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!" Financial pundits are of the view that Musk's takeover of Twitter and the controversy surrounding it has negatively impacted the stock pricing of Tesla. Musk hasn't helped the cause by routinely pulling off his Tesla stocks. Read more: Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover Other factors for the slump include increasing competition from traditional automakers like Ford Motors, General Motors and up-and-coming startups such as Lucid Group and Rivian Automotive. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations

Preliminary data from the Ministry of Trade and Industry showed that Singapore's economy grew 3.8% in 2022. Watch this video to know more.

World Business Watch: Singapore's economy grew 3.8% in 2022

South Korea’s antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla Inc for failing to tell its customers about the shorter driving range of its electric vehicles (EVs).

World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs

Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade.

Zomato Ltd said on Monday, that Gunjan Patidar, the company's co-founder and chief technical officer, has&nbsp;resigned after more than a decade with the Indian food delivery firm.

Patidar was also the Chief Technical Officer who was responsible for building the core tech systems of the company. His departure comes amid high-profile exits from the company in the last few months.

"Patidar was one of the first few employees of Zomato and built the core tech systems for the company," it said in a stock exchange filing.

"Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said.

The company, however, did not provide any reason for his resignation.

<h2>Why does NASA want to reboost Hubble Space Telescope into a higher orbit?</h2>

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In November, another co-founder, Mohit Gupta, put in his papers. He joined the company four-and-a-half years back as the CEO and subsequently was elevated to the co-founder position in 2020.

Apart from Gupta, deputy chief financial officer Nitin Savara and vice president of global growth Siddharth Jhawar also recently resigned from the company.

The exits come amidst Zomato posing narrow losses in the last two quarters. Its food delivery business' gross order values—the total value of all food delivery orders placed online on Zomato's platform—jumped 23 per cent from a year earlier in the September&nbsp;quarter.

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Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade.

Gunjan Patidar, the co-founder of India’s online food delivery platform Zomato, resigned on Monday after being associated with the company for more than a decade. Zomato Ltd said on Monday, that Gunjan Patidar, the company's co-founder and chief technical officer, has resigned after more than a decade with the Indian food delivery firm. Patidar was also the Chief Technical Officer who was responsible for building the core tech systems of the company. His departure comes amid high-profile exits from the company in the last few months. "Patidar was one of the first few employees of Zomato and built the core tech systems for the company," it said in a stock exchange filing. "Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said. The company, however, did not provide any reason for his resignation. Why does NASA want to reboost Hubble Space Telescope into a higher orbit? In November, another co-founder, Mohit Gupta, put in his papers. He joined the company four-and-a-half years back as the CEO and subsequently was elevated to the co-founder position in 2020. Apart from Gupta, deputy chief financial officer Nitin Savara and vice president of global growth Siddharth Jhawar also recently resigned from the company. The exits come amidst Zomato posing narrow losses in the last two quarters. Its food delivery business' gross order values—the total value of all food delivery orders placed online on Zomato's platform—jumped 23 per cent from a year earlier in the September quarter. WATCH WION LIVE HERE:

Zomato co-founder Gunjan Patidar resigns as online delivery firm battles high-profile exits

SpaceX, Elon Musk's rocket-maker and satellite internet company, is&nbsp;raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported.

Earlier, a Bloomberg report had claimed that SpaceX was letting its employees to sell at $77 per share. This would have put the company's valuation close to $140 billion.

The company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/elon-musk-spacex-will-keep-funding-starlink-internet-service-in-ukraine-525810">Elon Musk: SpaceX will keep funding Starlink internet service in Ukraine</a>

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The CNBC report, while citing an email sent to prospective SpaceX investors, said that Andreessen Horowitz will lead the new funding round.

Andressen had also contributed in&nbsp;Elon Musk's buyout of Twitter, a $44 billion deal.

2022 for SpaceX

Last year, SpaceX's satellite internet service, Starlink, recorded over 1 million subscribers and provided a lifeline to users in war-torn Ukraine. Under its Falcon program, SpaceX also managed to surpass 60 reusable rocket launches in a single year.

What's in store for SpaceX in 2023?

SpaceX is currently continuing the development of its Starship, in what has been reported as Elon Musk's dream project. A CNN report claimed it to be far bigger than anything that SpaceX — or any other private or state-owned rocket developer — has ever built.

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/japanese-companys-lander-heads-for-the-moon-with-uae-rover-542041">Japanese company's lander heads for the moon with UAE rover on SpaceX rocket</a>

The SpaceX has long billed its Starship as the vehicle that could one day put humans on Mars for the first time.

It remains unclear when the company will move to the next step of the program, which relates to an orbital launch test of these larger vehicles.

Is Twitter affecting SpaceX's operations?

According to an NBC News report, NASA Administrator Bill Nelson recently asked SpaceX President and COO Gwynne Shotwell whether Elon Musk's "distraction" as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency. Nelson is reported to have said that Shotwell reassured him it would not.

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SpaceX, Elon Musk's rocket-maker and satellite internet company, is raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported.

SpaceX, Elon Musk's rocket-maker and satellite internet company, is raising $750 million in a new round of funding. The latest round of funding keeps company's valuation at $137 billion, CNBC reported. Earlier, a Bloomberg report had claimed that SpaceX was letting its employees to sell at $77 per share. This would have put the company's valuation close to $140 billion. The company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May. WATCH | Elon Musk: SpaceX will keep funding Starlink internet service in Ukraine × The CNBC report, while citing an email sent to prospective SpaceX investors, said that Andreessen Horowitz will lead the new funding round. Andressen had also contributed in Elon Musk's buyout of Twitter, a $44 billion deal. 2022 for SpaceX Last year, SpaceX's satellite internet service, Starlink, recorded over 1 million subscribers and provided a lifeline to users in war-torn Ukraine. Under its Falcon program, SpaceX also managed to surpass 60 reusable rocket launches in a single year. What's in store for SpaceX in 2023? SpaceX is currently continuing the development of its Starship, in what has been reported as Elon Musk's dream project. A CNN report claimed it to be far bigger than anything that SpaceX — or any other private or state-owned rocket developer — has ever built. ALSO READ | Japanese company's lander heads for the moon with UAE rover on SpaceX rocket The SpaceX has long billed its Starship as the vehicle that could one day put humans on Mars for the first time. It remains unclear when the company will move to the next step of the program, which relates to an orbital launch test of these larger vehicles. Is Twitter affecting SpaceX's operations? According to an NBC News report, NASA Administrator Bill Nelson recently asked SpaceX President and COO Gwynne Shotwell whether Elon Musk's "distraction" as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency. Nelson is reported to have said that Shotwell reassured him it would not. 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's SpaceX to raise $750mn in first funding round of 2023: Report

Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday.&nbsp;

Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported. His new duty to monitor deliveries in all markets and manage the production for the electric car manufacturer makes him the highest-profile executive at Tesla after Elon Musk.&nbsp;

Managers in China, Japan, Australia, and New Zealand will continue to report to Zhu. His promotion to a global role comes when Twitter acquisition&nbsp;preoccupy Musk, and Tesla is readying the launch of Cybertruck. Tesla's analysts and investors have encouraged decisions that enhance the senior executive bench and divert Musk's attention towards Tesla.

Also Read|&nbsp;<a href="www.wionews.com/business-economy/tesla-delivers-record-number-of-cars-in-q4-but-falls-short-of-wall-street-expectations-548892">Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations</a>

Although born in China, Zhu has a New Zealand passport. He joined Tesla in 2014 after serving as a project manager at a company set by his MBA classmates at Duke University.

Zhu is known for his 'no-fuss' leadership style. He lives in an apartment 10 minutes away from the Shanghai Gigafactory. However, he has not made it clear whether or not he will move for the promotion.&nbsp;

During Shanghai's two-month COVID-19 lockdown, Zhu and his few other colleagues slept in the factory to keep things running, his colleagues said. Tesla's Shanghai plant's revival under him after the lockdown due to COVID-19 has been one of his most remarkable accomplishments.&nbsp;

Watch|&nbsp;World Business Watch: India proposes self-regulatory body for online gaming industry

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In December, Tesla celebrated the production landmark for its Model Y at its Austin, Texas, plant. They also tweeted a picture on their Twitter handles showing Zhu smiling alongside his workers on the floor.&nbsp;

In November, James Murdoch, Tesla's board member, mentioned that the company pinpointed a successor for Elon Musk without naming the person.

(With inputs from agencies)

WATCH WION LIVE HERE

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Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday. Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported.

Tesla's founder and CEO, Elon Musk, has appointed Tesla China's head Tom Zhu to take charge of all operations in North America and Europe on Tuesday. Zhu retains his current responsibilities while he takes charge as Tesla's most senior sales executive in the rest of Asia, Reuters news agency reported. His new duty to monitor deliveries in all markets and manage the production for the electric car manufacturer makes him the highest-profile executive at Tesla after Elon Musk. Managers in China, Japan, Australia, and New Zealand will continue to report to Zhu. His promotion to a global role comes when Twitter acquisition preoccupy Musk, and Tesla is readying the launch of Cybertruck. Tesla's analysts and investors have encouraged decisions that enhance the senior executive bench and divert Musk's attention towards Tesla. Also Read| Tesla delivers record number of cars in Q4 but falls short of Wall Street expectations Although born in China, Zhu has a New Zealand passport. He joined Tesla in 2014 after serving as a project manager at a company set by his MBA classmates at Duke University. Zhu is known for his 'no-fuss' leadership style. He lives in an apartment 10 minutes away from the Shanghai Gigafactory. However, he has not made it clear whether or not he will move for the promotion. During Shanghai's two-month COVID-19 lockdown, Zhu and his few other colleagues slept in the factory to keep things running, his colleagues said. Tesla's Shanghai plant's revival under him after the lockdown due to COVID-19 has been one of his most remarkable accomplishments. Watch| World Business Watch: India proposes self-regulatory body for online gaming industry In December, Tesla celebrated the production landmark for its Model Y at its Austin, Texas, plant. They also tweeted a picture on their Twitter handles showing Zhu smiling alongside his workers on the floor. In November, James Murdoch, Tesla's board member, mentioned that the company pinpointed a successor for Elon Musk without naming the person. (With inputs from agencies) WATCH WION LIVE HERE

Tesla's China head elevated to global role, takes charge of sales operations in North America

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming&nbsp;one of Asia's worst-performing currencies.

The Indian currency closed 2022 down 10.14 per cent, making it the biggest annual decline since the year 2013. Many factors contributed to the decline such as tight monetary policies, oil prices sparked by the Russia-Ukraine conflict and more, Reuters reported.&nbsp;

<a href="https://www.wionews.com/india-news/rupee-falls-to-a-record-low-of-8306-against-the-us-dollar-526957">Also read |&nbsp;Indian rupee falls to a record low of 83.06 against the US dollar</a>

The rupee stands at 82.72 to the US dollar, which soared due to US Federal Reserve's monetary policies, standing at its biggest annual gain since 2015.&nbsp;

Japanese Yen performed the worst by falling more than the rupee, which was down over 12 per cent against the dollar.&nbsp;

The rise in oil prices brought on by Russia's invasion of Ukraine also affected the rupee and resulted in India's current account deficit reaching a record high in the third quarter of the year.&nbsp;

<a href="https://www.wionews.com/india-news/salaries-of-it-ceos-climbed-by-1500-compared-to-only-50-for-new-hires-business-today-analysis-547060">Also read |&nbsp;India: Salaries of IT CEOs climbed by 1,500% compared to only 50% for new hires, says report</a>

In 2023, traders and analysts predicted the currency to move between the 81.50 and 83.50 range in the first quarter. They added that equity inflows will also act for the rupee to move.&nbsp;

Warning of possible heads up for recession, Christopher Wong, an OCBC Bank FX strategist said, "There's going to be a period of softness in global equities... If we get a selloff in Indian shares, I'll be less optimistic on the rupee."&nbsp;

He added that the South Korean won and the Thai baht are predicted to perform better next year, but the Indian rupee might still lag and might not be a top choice in the market.&nbsp;

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming one of Asia's worst-performing currencies. The Indian currency closed 2022 down 10.

Indian rupee this year ended at a low of over 10%, the worst since 2013, becoming one of Asia's worst-performing currencies. The Indian currency closed 2022 down 10.14 per cent, making it the biggest annual decline since the year 2013. Many factors contributed to the decline such as tight monetary policies, oil prices sparked by the Russia-Ukraine conflict and more, Reuters reported. Also read | Indian rupee falls to a record low of 83.06 against the US dollar The rupee stands at 82.72 to the US dollar, which soared due to US Federal Reserve's monetary policies, standing at its biggest annual gain since 2015. Japanese Yen performed the worst by falling more than the rupee, which was down over 12 per cent against the dollar. The rise in oil prices brought on by Russia's invasion of Ukraine also affected the rupee and resulted in India's current account deficit reaching a record high in the third quarter of the year. Also read | India: Salaries of IT CEOs climbed by 1,500% compared to only 50% for new hires, says report In 2023, traders and analysts predicted the currency to move between the 81.50 and 83.50 range in the first quarter. They added that equity inflows will also act for the rupee to move. Warning of possible heads up for recession, Christopher Wong, an OCBC Bank FX strategist said, "There's going to be a period of softness in global equities... If we get a selloff in Indian shares, I'll be less optimistic on the rupee." He added that the South Korean won and the Thai baht are predicted to perform better next year, but the Indian rupee might still lag and might not be a top choice in the market.

Indian rupee ends 2022 as one of Asia's worst performing currencies, falls 10.14%, worst since 2013