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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.

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)

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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

For much of the global economy, 2023 is going to be a tough year now as the main engines of global growth, the U.S., Europe and China all are experiencing weakening activity. The warning has come from the head of the International Monetary Fund.

World Business Watch: 2023 to be a tough year, says IMF head

China's factory activity shrank for the third straight month in December. This has covid infections swept through production lines across the country after Beijing's abrupt reversal of anti-virus measures.

World Business Watch: China's manufacturing contracts at sharpest pace in three years

While China stock bulls had another miserable year, their fortunes may finally improve now this year if the nation's abrupt reopening from Covid curbs eventually leads to robust economic recovery. The combined losses from stocks traded on the mainland and in Hong Kong reached $3.9 trillion.

World Business Watch: China stock investors eye better 2023 after $3.9 trillion rout

The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024.&nbsp;Earlier this month, BOJ shook markets by widening its 10-year yield cap range. This move is officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing.

Upgrades to the BOJ's inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss the exit if achievement of its 2% inflation target in tandem with wage hikes comes into sight.

Nikkei, citing people familiar with discussions at the central bank, said that the proposed changes would show the core consumer price index rising around 3% in fiscal 2022, between 1.6% and 2% in fiscal 2023, and nearly 2% in fiscal 2024.

Previous forecasts were released in the month of October. They were around 2.9 %, 1.6% and 1.6%, respectively.

Japan's core consumer prices excluding fresh food items rose 3.7% in November, the highest since 1981, government data showed last week.

But Kuroda has dismissed the chance of a near-term interest rate hike, saying recent price rises were driven by one-off increases in raw material costs rather than strong demand.

The BOJ will release the latest quarterly growth and price outlook after its next policy meeting on Jan. 17-18.

(With inputs from agencies)

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&nbsp;

The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024.

The Bank of Japan (BOJ) is planning to raise its inflation forecasts in January, Nikkei reported. The forecasts may show price growth close to its 2 per cent target in fiscal 2023 and 2024. Earlier this month, BOJ shook markets by widening its 10-year yield cap range. This move is officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing. Upgrades to the BOJ's inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss the exit if achievement of its 2% inflation target in tandem with wage hikes comes into sight. Nikkei, citing people familiar with discussions at the central bank, said that the proposed changes would show the core consumer price index rising around 3% in fiscal 2022, between 1.6% and 2% in fiscal 2023, and nearly 2% in fiscal 2024. Previous forecasts were released in the month of October. They were around 2.9 %, 1.6% and 1.6%, respectively. Japan's core consumer prices excluding fresh food items rose 3.7% in November, the highest since 1981, government data showed last week. But Kuroda has dismissed the chance of a near-term interest rate hike, saying recent price rises were driven by one-off increases in raw material costs rather than strong demand. The BOJ will release the latest quarterly growth and price outlook after its next policy meeting on Jan. 17-18. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bank of Japan may raise inflation forecasts: Report

Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021.&nbsp;

What exactly has led to decline in Musk's wealth?

Elon Musk's wealth plummeted to $137 billion after Tesla shares declined in recent weeks. This includes a massive 11 per cent fall in Tesla shares on December 27.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-elon-musk-buys-twitter-529238">Explained: The future of Twitter under Elon Musk</a>

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Tesla is now offering consumers in the United States a $7,500 discount for its two highest-volume models before year-end. It has also reportedly reduced production at its Shanghai plant.

Musk's fortune topped at $340 billion in November 2021. Following this, he was the world's richest person for more than a year at a stretch. He was then overtaken this month by Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH.&nbsp;

The Twitter effect

Musk acquired the social media platform for $44 billion in late October. To help cover his Twitter purchase, Musk sold his significant stake in Tesla and as a result&nbsp;the electric carmaker is no longer his biggest asset.

Musk's declining wealth and raised interest rates

Elon Musk has repeatedly taken to Twitter to take on the Federal Reserve for raising interest rates at the fastest pace in decades.&nbsp;

"Tesla is executing better than ever!" Musk wrote on Twitter on December 16. "We don’t control the Federal Reserve. That is the real problem here."

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-is-neglecting-tesla-says-analyst-543528">Elon Musk is 'neglecting Tesla,' says analyst</a>&nbsp;

A report in Bloomberg cited a recent Elon Musk appearance in a podcast in which the billionaire business magnate is heard warning against the dangers of borrowed money during a volatile market phase.&nbsp;

"I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry," Musk is cited to have said in the All-In podcast released this month. "You can get some pretty extreme things happening in a down market."

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Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021.

Elon Musk became the only person in human history to lose $200 billion from net worth, Bloomberg Billionaire Index showed. After Amazon's Jeff Bezos, Musk was the second person with more than $200 billion of "personal fortune", a figure he achieved in January 2021. What exactly has led to decline in Musk's wealth? Elon Musk's wealth plummeted to $137 billion after Tesla shares declined in recent weeks. This includes a massive 11 per cent fall in Tesla shares on December 27. WATCH | Explained: The future of Twitter under Elon Musk × Tesla is now offering consumers in the United States a $7,500 discount for its two highest-volume models before year-end. It has also reportedly reduced production at its Shanghai plant. Musk's fortune topped at $340 billion in November 2021. Following this, he was the world's richest person for more than a year at a stretch. He was then overtaken this month by Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH. The Twitter effect Musk acquired the social media platform for $44 billion in late October. To help cover his Twitter purchase, Musk sold his significant stake in Tesla and as a result the electric carmaker is no longer his biggest asset. Musk's declining wealth and raised interest rates Elon Musk has repeatedly taken to Twitter to take on the Federal Reserve for raising interest rates at the fastest pace in decades. "Tesla is executing better than ever!" Musk wrote on Twitter on December 16. "We don’t control the Federal Reserve. That is the real problem here." ALSO READ | Elon Musk is 'neglecting Tesla,' says analyst A report in Bloomberg cited a recent Elon Musk appearance in a podcast in which the billionaire business magnate is heard warning against the dangers of borrowed money during a volatile market phase. "I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry," Musk is cited to have said in the All-In podcast released this month. "You can get some pretty extreme things happening in a down market." 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 becomes first person in history to lose $200 billion in net worth

Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30.&nbsp;The S&amp;P 500, a key US stock index, fell 19.4 per cent in 2022 as policy effects to fight inflation gave rise to increased interest rates by Federal Reserve bodies around the world.&nbsp;Nasdaq 100, another important stock index dropped 33 per cent in 2022.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/2022-when-global-economy-started-bleeding-547838">2022: When global economy started bleeding</a>

Bonds in the US market lost 16 per cent of their value, the biggest decline since at least 1990. This was also because of the same reason; increased interest rates by the central banks to slow rising consumer prices.

It was the worst year in more than a decade for global equities and bonds—but it’s finally over, said a Bloomberg report.&nbsp;

'2023 to be a bumpy ride'

Experts cited in the US media say that the post-pandemic 2022 experience will give a "rearview mirror" perspective to buyers and investors in 2023.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-us-stocks-lose-7-trillion-in-2022-478749">Gravitas: US stocks lose $7 trillion in 2022</a>

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"The good news is that we will soon put the year in the rearview mirror,” Art Hogan, chief market strategist at Los Angeles-based B. Riley Wealth, told Bloomberg.

"The bad news is that 2023 could be a bumpy ride, at least for the first few months," he added.

As the U.S. economy heads toward a possible recession, the Federal Reserve may raise interest rates further.&nbsp;Higher interest rates are central banks’ primary tool for controlling&nbsp;inflation.

When rates rise, borrowing costs also increase, slowing demand in the economy and in theory tempering further price increases.

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Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30.

Amid the impact of increased interest rates executed by the US Feds earlier this year, Wall Street in New York concluded its worst year since 2008 on December 30. The S&P 500, a key US stock index, fell 19.4 per cent in 2022 as policy effects to fight inflation gave rise to increased interest rates by Federal Reserve bodies around the world. Nasdaq 100, another important stock index dropped 33 per cent in 2022. ALSO READ | 2022: When global economy started bleeding Bonds in the US market lost 16 per cent of their value, the biggest decline since at least 1990. This was also because of the same reason; increased interest rates by the central banks to slow rising consumer prices. It was the worst year in more than a decade for global equities and bonds—but it’s finally over, said a Bloomberg report. '2023 to be a bumpy ride' Experts cited in the US media say that the post-pandemic 2022 experience will give a "rearview mirror" perspective to buyers and investors in 2023. WATCH | Gravitas: US stocks lose $7 trillion in 2022 × "The good news is that we will soon put the year in the rearview mirror,” Art Hogan, chief market strategist at Los Angeles-based B. Riley Wealth, told Bloomberg. "The bad news is that 2023 could be a bumpy ride, at least for the first few months," he added. As the U.S. economy heads toward a possible recession, the Federal Reserve may raise interest rates further. Higher interest rates are central banks’ primary tool for controlling inflation. When rates rise, borrowing costs also increase, slowing demand in the economy and in theory tempering further price increases. 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.

Wall Street braces for a 'bumpy' 2023 after worst year since 2008

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year&nbsp;in his traditional year-end message to staff, amid concerns over the declining global economy.&nbsp;Solomon 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." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce.&nbsp;

<a href="https://www.wionews.com/photos/layoffs-in-2022-the-year-tech-firms-workers-would-rather-forget-543679">Also read |&nbsp;Layoffs in 2022: The year tech firms, workers would rather forget</a>

Executives claimed that the workforce increased by nearly 34 per cent since 2018.&nbsp;

No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets.&nbsp;

“We need to proceed with caution and manage our resources wisely,” Solomon said.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult.&nbsp;

Despite rising interest rates, Goldman according to a survey conducted by S&amp;P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly&nbsp;$12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported.

Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022.&nbsp;

(With inputs from agencies)

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After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy.

After Twitter and Meta laid off hundreds of employees this year, David Solomon, the chief executive of US investment bank, Goldman Sach unveiled his plan to cut jobs from January next year in his traditional year-end message to staff, amid concerns over the declining global economy. Solomon 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." People familiar with the situation said that the bank is considering cutting some 4,000 jobs or 8 per cent of its 49,000 workforce. Also read | Layoffs in 2022: The year tech firms, workers would rather forget Executives claimed that the workforce increased by nearly 34 per cent since 2018. No final job-cut numbers have been finalised. The top managers and officials have been asked to identify potential cost-reduction targets. “We need to proceed with caution and manage our resources wisely,” Solomon said. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Goldman and other investment banks around the world enjoyed a boom after the Covid pandemic in 2021 as many companies launched mergers and acquisitions. They were expected to record the same this year, but due to increasing interest rates, this seems difficult. Despite rising interest rates, Goldman according to a survey conducted by S&P Global Market is expected to report big profits this year and next. The analysts predicted that it will make nearly $12 billion in net profits for 2022 and $13 billion in 2023, Guardian reported. Despite such profits, the bank has been under pressure to improve its stock market valuation which has relatively declined in comparison to other US investment banks. Its shares fell by 14 per cent in 2022. (With inputs from agencies) WATCH WION LIVE HERE Live TV

Goldman Sachs CEO David Solomon unveils plan to cut jobs from January in his year-end message to staff

Brazilian football legend and one of the greatest players of the beautiful game Pelé has passed away. He was 82 and was hospitalised for the last three months with multiple ailments, including colon cancer.

RIP Pele: Everything you need to know about the Brazilian football legend

Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.&nbsp;

According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022.&nbsp;

Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/sam-bankman-fried-and-ftx-collapse-fried-yet-to-enter-plea-546267">Sam Bankman-Fried and FTX collapse; Fried yet to enter plea</a>

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The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official.

According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty</a>

According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.&nbsp;

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

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Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.

Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith. According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022. Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March. WATCH | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea × The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official. According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats. ALSO READ | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As top Democrat donor, Sam Bankman-Fried had access to White House: Report

Hershey has been sued by a consumer who accused the company of selling dark chocolate that contains harmful levels of lead and cadmium. In a proposed class action filed on Wednesday, Christopher Lazazzaro said he would not have bought or would have paid less for Hershey's Special Dark Mildly Sweet Chocolate, Lily's Extra Dark Chocolate 70% Cocoa and Lily's Extreme Dark Chocolate 85% Cocoa, had Hershey disclosed their metals content.

World Business Watch: Hershey sued over heavy metals in chocolate; lawsuit filed in New York

Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt. The company's sales have registered a meagre increase of 0.02 per cent. In spite of this, rotating chairman Eric Xu sounded upbeat in company's annual New Year's letter.

"US restrictions are now our new normal, and we're back to business as usual," Xu wrote in the letter that was addressed to staff and released to media.

As per Xu, the revenue for the year is expected to be 636.9 billion yuan ($91.53 billion). Huawei's revenue has increased by a small percentage than what it was in 2021 (636.8 billion yuan).

Xu's letter did not mention Huawei's profitability. The company typically discloses its full annual results in the following year's first quarter.

In 2019, Huawei's revenue had his a record USD 122 billion. At the time the company was at its peak as the top Android smartphone vendor globally.

In 2019, the US&nbsp;Trump administration imposed a trade ban on Huawei, citing national security concerns, which barred the company from using Alphabet Inc's Android for its new smartphones, among other critical US-origin technologies.

The sanctions caused its handset device sales to plummet. It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division.

The company continues to generate revenue via its networking equipment division, which competes with Nokia and Ericsson. It also operates a cloud computing division.

(With inputs from agencies)

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Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt.

Chinese tech giant Huawei on Friday (December 30) estimated that its 2022 revenue remained flat. This indicates that decline in company's sales due to US sanctions had come to a halt. The company's sales have registered a meagre increase of 0.02 per cent. In spite of this, rotating chairman Eric Xu sounded upbeat in company's annual New Year's letter. "US restrictions are now our new normal, and we're back to business as usual," Xu wrote in the letter that was addressed to staff and released to media. As per Xu, the revenue for the year is expected to be 636.9 billion yuan ($91.53 billion). Huawei's revenue has increased by a small percentage than what it was in 2021 (636.8 billion yuan). Xu's letter did not mention Huawei's profitability. The company typically discloses its full annual results in the following year's first quarter. In 2019, Huawei's revenue had his a record USD 122 billion. At the time the company was at its peak as the top Android smartphone vendor globally. In 2019, the US Trump administration imposed a trade ban on Huawei, citing national security concerns, which barred the company from using Alphabet Inc's Android for its new smartphones, among other critical US-origin technologies. The sanctions caused its handset device sales to plummet. It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division. The company continues to generate revenue via its networking equipment division, which competes with Nokia and Ericsson. It also operates a cloud computing division. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Huawei registers plateaued revenue growth, US sanctions impact wanes

Honda will recall just over 200,000 hybrid vehicles due to issues with brake pedal sensors in some models. Watch full video to know more.

World Business Watch: Honda to recall 200,000 hybrid vehicles made in China

Chipmaker Taiwan Semiconductor Manufacturing Company Ltd (TSMC), began mass production of its most advanced chips in southern Taiwan on Thursday and the company's chairman said it would continue to expand capacity on the island.

World Business Watch: TSMC begins mass production of most advanced chips in Taiwan

The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament.&nbsp;Addressing a press conference on Friday, President Joko Widodo said, "We know it looks like we're normal now, but global uncertainty, risk is haunting us ... Actually the world is not doing fine."

Widodo argued that Indonesia's economy would rely on investments and exports next year and that legal certainty about the law was crucial to maintain good investor perception,&nbsp; reports news agency Reuters.&nbsp;

Indonesia's chief economic minister Airlangga Hartarto, meanwhile, said the main consideration to issue the emergency regulation was a global recession risk next year, the war in Ukraine, climate change and the potential for a worldwide food, energy and monetary crisis.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/indonesia-removes-all-remaining-measures-to-control-covid-19-pandemic-548004">Indonesia removes all remaining measures to control Covid-19 pandemic</a>

The Jobs Creation Law had revised over 70 other laws and was praised by foreign investors for streamlining rules in Indonesia. However, the legislation also lead to nationwide protests from workers, students and green groups who said it eroded labour and environmental protections, Reuters reported.&nbsp;

In 2021, the constitutional court ruled that the passage of the Jobs Creation Law was flawed because of inadequate public consultation. The court ordered lawmakers to restart the process within two years. The law would otherwise be deemed unconstitutional.

One of the biggest controversies in the law included relaxed rules on severance pay, contract labour and outsourcing, and changes to the minimum wage formula.&nbsp;

Bivitri Susanti, a constitutional law expert from the Indonesia Jentera School of Law, said the emergency regulation is a "fait accompli'' from President Widodo.&nbsp;

"Everyone can see there is no emergency. It's holiday time," Susanti said and pointed out the move is "ridiculous" and ''inappropriate'' as it would reduce debate time in Parliament.&nbsp;

(With inputs from agencies)

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The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament.

The Indonesian government on Friday (December 30) issued an emergency regulation to replace the controversial Jobs Creation Law that was passed two years back. The regulation has been criticised by some legal experts who said it is an attempt by the government to bypass proper debate in Parliament. Addressing a press conference on Friday, President Joko Widodo said, "We know it looks like we're normal now, but global uncertainty, risk is haunting us ... Actually the world is not doing fine." Widodo argued that Indonesia's economy would rely on investments and exports next year and that legal certainty about the law was crucial to maintain good investor perception, reports news agency Reuters. Indonesia's chief economic minister Airlangga Hartarto, meanwhile, said the main consideration to issue the emergency regulation was a global recession risk next year, the war in Ukraine, climate change and the potential for a worldwide food, energy and monetary crisis. ALSO READ | Indonesia removes all remaining measures to control Covid-19 pandemic The Jobs Creation Law had revised over 70 other laws and was praised by foreign investors for streamlining rules in Indonesia. However, the legislation also lead to nationwide protests from workers, students and green groups who said it eroded labour and environmental protections, Reuters reported. In 2021, the constitutional court ruled that the passage of the Jobs Creation Law was flawed because of inadequate public consultation. The court ordered lawmakers to restart the process within two years. The law would otherwise be deemed unconstitutional. One of the biggest controversies in the law included relaxed rules on severance pay, contract labour and outsourcing, and changes to the minimum wage formula. Bivitri Susanti, a constitutional law expert from the Indonesia Jentera School of Law, said the emergency regulation is a "fait accompli'' from President Widodo. "Everyone can see there is no emergency. It's holiday time," Susanti said and pointed out the move is "ridiculous" and ''inappropriate'' as it would reduce debate time in Parliament. (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.

Indonesia issues emergency regulation to replace controversial job law; legal experts criticise move

Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.S.&nbsp;On Wednesday, at least 2,600 flights were cancelled due to bad weather, of which nearly all of them belonged to Southwest. The rest of the US airlines together account for a little more than 100 of those cancellations, reports CNN.

Southwest Airlines' chief commercial officer, Ryan Green, told reporters on Thursday that the payments will take several weeks but will cover the costs people incurred when they were forced to make alternative travel arrangements. This will include the money they spent on meals and gas. The company will also pay to ship people’s baggage to them.

Also Read |&nbsp;<a href="https://www.wionews.com/world/southwest-airlines-cancels-over-2000-flights-amid-winter-storm-leaving-thousands-of-flyers-at-lurch-547200">Southwest Airlines cancels over 2,000 flights amid winter storm</a>

Other airlines, including American Airlines and United, said they would place a price cap on the tickets to help those affected by the cancellations. Southwest Airlines planned to return to normal operations Friday, with minimal disruptions.

While Delta has implemented “walk-up fare caps in US domestic markets”, Alaska Airlines told Axios that it will also cut fares in certain cities, even though it already has a ceiling on its tickets.&nbsp;

The airline cancelled 2,363 flights on Thursday, data from Flightaware.com indicates. On Wednesday, Southwest cancellations stood at 2,510. Federal authorities said they will investigate the matter.

"With consecutive days of extreme winter weather across our network behind us, continuing challenges are impacting our customers and employees in a significant way that is unacceptable," Southwest had said in a statement.

While a major part of the U.S. was battling a historic winter storm, leading to holiday travel being disrupted, Southwest cancelled flights even in places where the storm did not have an impact, such as California.

There were reports of long queues, days-long delays and stranded passengers contending with Southwest agents who seemed helpless, some on the verge of tears.

(With inputs from agencies)

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Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.

Southwest Airlines will refund tickets and reimburse passengers for other related expenses they incurred as a result of the mass cancellations a few days back. Thousands of people were left stranded across the country after the airline scrapped around 2,000 airlines as the winter storm raged in the U.S. On Wednesday, at least 2,600 flights were cancelled due to bad weather, of which nearly all of them belonged to Southwest. The rest of the US airlines together account for a little more than 100 of those cancellations, reports CNN. Southwest Airlines' chief commercial officer, Ryan Green, told reporters on Thursday that the payments will take several weeks but will cover the costs people incurred when they were forced to make alternative travel arrangements. This will include the money they spent on meals and gas. The company will also pay to ship people’s baggage to them. Also Read | Southwest Airlines cancels over 2,000 flights amid winter storm Other airlines, including American Airlines and United, said they would place a price cap on the tickets to help those affected by the cancellations. Southwest Airlines planned to return to normal operations Friday, with minimal disruptions. While Delta has implemented “walk-up fare caps in US domestic markets”, Alaska Airlines told Axios that it will also cut fares in certain cities, even though it already has a ceiling on its tickets. The airline cancelled 2,363 flights on Thursday, data from Flightaware.com indicates. On Wednesday, Southwest cancellations stood at 2,510. Federal authorities said they will investigate the matter. "With consecutive days of extreme winter weather across our network behind us, continuing challenges are impacting our customers and employees in a significant way that is unacceptable," Southwest had said in a statement. While a major part of the U.S. was battling a historic winter storm, leading to holiday travel being disrupted, Southwest cancelled flights even in places where the storm did not have an impact, such as California. There were reports of long queues, days-long delays and stranded passengers contending with Southwest agents who seemed helpless, some on the verge of tears. (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.

Southwest Airlines will reimburse passengers following mass flight cancellations

A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29. Xiao Yi, the former Communist Party secretary of the city of Fuzhou was accused of accepting over 125 million Chinese Yuan ($18 million) in bribes related to construction programs and illegal promotions. He pleaded guilty in the Zhejiang Hangzhou Intermediate People's Court, the state-owned daily news program Xinwen Lianbo reported.

Xiao Yi did corrupt practices for Bitcoin miners: Chinese state media

In addition to the bribing charges, Yi also pleaded guilty to charges related to transactions with the Bitcoin miners between 2017 and 2021. Xiao Yi was Fuzhou city's Communist Party secretary between 2008 to 2021. It is unclear if the series of charges were related.

"During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and electricity assurance. These acts were contrary to national regulations, the theory of New Development, and led to massive losses in public property, leading to adverse consequences," state-owned daily news program Xinwen Lianbo reported.&nbsp;

The quantum of the sentence will reportedly be announced at a later session of the Zhejiang Hangzhou Intermediate People's Court.

Cryptocurrency mining banned in China

Since September 2021, cryptocurrency mining — the process of creating new digital "coins"— remains banned in China. Beijing banned cryptocurrency mining, citing carbon neutrality pledges and "high energy costs". A law bans access to electricity and capital markets for individuals&nbsp;engaging in the creation of new digital coins.&nbsp;

The ban, however, has been difficult to enforce. This is due to crypto mining’s decentralised nature.&nbsp;

In May 2022, cryptocurrency news platform Cointelegraph reported that China is the world’s second-biggest Bitcoin mining hub despite the ban.&nbsp;

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A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29.

A former Chinese Communist Party (CCP) secretary pleaded guilty to corruption charges in the heavily industrialised eastern coastal province of Zhejiang, reported Chinese state media on December 29. Xiao Yi, the former Communist Party secretary of the city of Fuzhou was accused of accepting over 125 million Chinese Yuan ($18 million) in bribes related to construction programs and illegal promotions. He pleaded guilty in the Zhejiang Hangzhou Intermediate People's Court, the state-owned daily news program Xinwen Lianbo reported. Xiao Yi did corrupt practices for Bitcoin miners: Chinese state media In addition to the bribing charges, Yi also pleaded guilty to charges related to transactions with the Bitcoin miners between 2017 and 2021. Xiao Yi was Fuzhou city's Communist Party secretary between 2008 to 2021. It is unclear if the series of charges were related. "During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and electricity assurance. These acts were contrary to national regulations, the theory of New Development, and led to massive losses in public property, leading to adverse consequences," state-owned daily news program Xinwen Lianbo reported. The quantum of the sentence will reportedly be announced at a later session of the Zhejiang Hangzhou Intermediate People's Court. Cryptocurrency mining banned in China Since September 2021, cryptocurrency mining — the process of creating new digital "coins"— remains banned in China. Beijing banned cryptocurrency mining, citing carbon neutrality pledges and "high energy costs". A law bans access to electricity and capital markets for individuals engaging in the creation of new digital coins. The ban, however, has been difficult to enforce. This is due to crypto mining’s decentralised nature. In May 2022, cryptocurrency news platform Cointelegraph reported that China is the world’s second-biggest Bitcoin mining hub despite the ban. 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.

Former Chinese Communist Party official pleads guilty for helping crypto miners: State media

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen.

The 'I' and "R" words - inflation and recession - came back haunting many countries, already impacted by the pandemic. After two years of economic slowdown, the year 2022 saw matters worsen. It was the year when the real impact of COVID-19 could be assessed on the global economy, further slammed by the war in Ukraine. While countries like the United States witnessed the fear of recession, the United Kingdom was reeling under two-digit inflation. But have you ever thought about why some countries are going into recession, while some are into inflation? Simply put, inflation is when the prices of commodities rise, while a recession is when the overall economic activities are down for two consecutive quarters. Just days before the year ends, the Centre for Economics and Business Research released a report which cautioned that the world economy is heading for a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause several economies to shrink. The biggest concern of 2022 was high inflation. It began with the Russia-Ukraine war. On February 24, Russia invaded Ukraine while the world economies watched the developments closely. It had a far-reaching impact on the whole world as prices for essential goods, from food grains to oil and natural gas, soared across the globe. In 2022, Zimbabwe witnessed record inflation at 269%, Lebanon at 158%, and Venezuela at 156%. Economists and experts made use of the 'cost of living crisis' concept to monitor and register economic activities. Central banks of many countries were forced to hike the interest rates to bring inflation down. Many countries broke their record of high inflation. Pakistan touched a peak at 42.30% in 2022, which was the highest in 47 years. Even developed countries like the US and UK broke four-decade records on inflation. India's wholesale price index touched a high of 15.80%, the highest in 30 years. The Federal Reserve in the US issued policies to combat inflation but the crisis continues to loom. On the other hand, many people in the UK are struggling to pay electricity bills as rising prices impacted household budgets. Moreover, the global debt crisis has worsened in 2022 with developing nations likely to face debt distress and a growing borrowing burden. Government debt levels as a share of GDP increased in over 100 developing countries between 2019-2021. Amid all these, a word that created a buzz in the economy was 'polycrisis', which means "the simultaneous occurrence of several catastrophic events". Hence, Collins English Dictionary declared 'permacrisis' as the word of the year 2022. Apart from the economy, the year witnessed a meltdown of two key sectors-- tech and cryptocurrency. For these sectors which were once blooming, the year 2022 showed them the mirror. While many companies shut down, a lot of tech companies started laying off employees to keep their businesses running. Microsoft, Amazon, Twitter, Facebook and every big tech company ran to cut the cost. If you look at the stocks, the shares of Indian IT companies fell the most since 2008. Topping the list is MPhasis with a 44% loss in share value. Big companies like Infosys fell 20%, Wipro was down 41% and Tech Mahindra sank 42%. Cryptocurrency too lost its charm. What was once considered a 'lucky coin' saw a huge downfall? Even so, it was also hit by a scam-- FTX scandal. Crashes, contagion and collapses came in such quick succession that investors are now on the verge of asking some serious existential questions. The most famous crypto, Bitcoin fell about 65% from around $46,000 in January to about $16,800 now, according to a report. The second-biggest cryptocurrency, Ethereum, touched a high late last year, and then crashed below $900 in June, its lowest level since the start of 2021. 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.

2022: When global economy started bleeding

Tesla's stock is losing value day after day. Its boss Tesla's Chief Executive Elon Musk addressed employees telling them that they should not be bothered by the stock market's craziness.

World Business Watch: Tesla's stock losing value with a fall of nearly 70% this year

South Korea's semiconductor production in November fell by the most since the global financial crisis. Chip production shrank for a fourth straight month.

World Business Watch: South Korea's chip output falls most since the global financial crisis

U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.

World Business Watch: Energy giant Exxon sues EU to block energy windfall tax