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Austerity seems to be the pointer in the rule book of the gold global bank - Goldman Sachs and this will translate into reduction in bonuses of traders. Cost-cutting pressures will eat into the bonuses of many of the Goldman Sachs traders this year even as the bank is expecting a strong revenue growth.

WION Dispatch: Goldman Sachs executives face bonus cuts; 20% decline in bonuses for Wall St bankers

Indian markets have been on a high since many days but today they have also registered some losses. Overall Asian shares were tense ahead of US payrolls data.

World Business Watch | Asian shares flat ahead of U.S. payrolls data

India's economic growth has fallen sharply to 6.3 per cent in July to September quarter from double-digit growth of the April to June quarter. Watch this report.

India's GDP growth shrinks to 6.3%; The Agriculture sector grows 4.6%

After one of the world's largest crypto exchanges, FTX collapsed earlier this month, Brazil's lower house of Congress approved a bill that aims to boost oversight of the country's cryptocurrency sector.

Brazil wants a law on crypto regulations after FTX collapsed earlier this month

Stockholm-headquartered fashion label Hennes &amp; Mauritz (H&amp;M) announced 1,500 job cuts citing lesser consumer demand due to soaring inflation in the countries that constitute its core market base. After Paris-based Louis Vuitton, H&amp;M is the world's second richest fashion label and sells its "disposable fashion" in 53 countries worldwide.&nbsp;

The development comes amid rising cost of living crisis in European countries stoked in-part by escalation of conflict between Russia and Ukraine. The crisis has pushed companies across Europe and the United States to take drastic steps to weather the period of uncertainties.

H&amp;M employs about 155,000 people worldwide. The current cuts are aimed at saving 2 billion Swedish crowns per year ($189.5 million).

The company said the savings would begin from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/from-pandemic-boom-to-lay-off-season-why-big-tech-companies-firing-thousands-of-employees-534471">From pandemic boom to layoff season: Why big tech firms are firing thousands of employees</a>

"We are in a big transition and the whole retail industry is facing a lot of challenges," H&amp;M's investor relations head Nils Vinge told Reuters, pointing to headwinds from the pandemic, the Ukraine war and rising input, freight and energy costs.

"It's very clear that when consumers have paid for their food, energy, gas, and so on there is less to spend. So what is obvious is that demand for value for money increases."

The lion's part of the cuts would be made in Sweden, Vinge said.

While high-street retailers are struggling due to stiff competition from online-only brands, British fashion retailer Primark has recently announced plans to add 1,800 jobs in Spain and Britain as it benefits from shoppers trading down in price.

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Stockholm-headquartered fashion label Hennes & Mauritz (H&M) announced 1,500 job cuts citing lesser consumer demand due to soaring inflation in the countries that constitute its core market base.

Stockholm-headquartered fashion label Hennes & Mauritz (H&M) announced 1,500 job cuts citing lesser consumer demand due to soaring inflation in the countries that constitute its core market base. After Paris-based Louis Vuitton, H&M is the world's second richest fashion label and sells its "disposable fashion" in 53 countries worldwide. The development comes amid rising cost of living crisis in European countries stoked in-part by escalation of conflict between Russia and Ukraine. The crisis has pushed companies across Europe and the United States to take drastic steps to weather the period of uncertainties. H&M employs about 155,000 people worldwide. The current cuts are aimed at saving 2 billion Swedish crowns per year ($189.5 million). The company said the savings would begin from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter. ALSO READ | From pandemic boom to layoff season: Why big tech firms are firing thousands of employees "We are in a big transition and the whole retail industry is facing a lot of challenges," H&M's investor relations head Nils Vinge told Reuters, pointing to headwinds from the pandemic, the Ukraine war and rising input, freight and energy costs. "It's very clear that when consumers have paid for their food, energy, gas, and so on there is less to spend. So what is obvious is that demand for value for money increases." The lion's part of the cuts would be made in Sweden, Vinge said. While high-street retailers are struggling due to stiff competition from online-only brands, British fashion retailer Primark has recently announced plans to add 1,800 jobs in Spain and Britain as it benefits from shoppers trading down in price. 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.

H&M to lay off employees amid soft demand, soaring inflation

Bitfront, a United States&nbsp;cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters.&nbsp;The California-based firm stated in a post on its website on Sunday that "despite our efforts ... we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy."&nbsp;

Bitfront claimed the action had nothing to do with current disputes involving certain cryptocurrency exchanges that have been accused of "misconduct".

Authorities are currently looking into FTX, one of the biggest bitcoin exchanges in the world, for "criminal misconduct".&nbsp;

Also Read:<a href="https://www.wionews.com/world/eu-to-set-up-tribunal-backed-by-un-to-investigate-possible-russian-war-crimes-in-ukraine-538797">&nbsp;EU to set up tribunal backed by UN to investigate possible Russian war crimes in Ukraine</a>

The company had declared bankruptcy earlier this month, and on Monday, cryptocurrency lender BlockFi, which had been adversely affected by exposure to FTX's demise, filed for Chapter 11 bankruptcy protection.&nbsp;

According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28. The business made it clear that interest payments for deposits made between December 5 and December 11 will be made on December 13, 2022.

(With inputs from agencies)

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Bitfront, a United States cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters.

Bitfront, a United States cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters. The California-based firm stated in a post on its website on Sunday that "despite our efforts ... we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy." Bitfront claimed the action had nothing to do with current disputes involving certain cryptocurrency exchanges that have been accused of "misconduct". Authorities are currently looking into FTX, one of the biggest bitcoin exchanges in the world, for "criminal misconduct". Also Read: EU to set up tribunal backed by UN to investigate possible Russian war crimes in Ukraine The company had declared bankruptcy earlier this month, and on Monday, cryptocurrency lender BlockFi, which had been adversely affected by exposure to FTX's demise, filed for Chapter 11 bankruptcy protection. According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28. The business made it clear that interest payments for deposits made between December 5 and December 11 will be made on December 13, 2022. (With inputs from agencies)

Bitfront, a US crypto exchange backed by Japanese firm, shuts down

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-security-body-calls-for-crackdown-on-hostile-forces-amid-protests-538612">Chinese security body calls for 'crackdown' on 'hostile forces' amid protests</a>

"We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP.&nbsp;

The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit.&nbsp;

&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/washingtons-increasing-involvement-in-ukraine-carries-growing-risks-warns-russia-538597">Washington's involvement in Ukraine carries growing risks, warns Russia</a>

When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024.&nbsp;

Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.&nbsp;

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HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market.

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout. Also read | Chinese security body calls for 'crackdown' on 'hostile forces' amid protests "We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP. The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit. Also read | Washington's involvement in Ukraine carries growing risks, warns Russia When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024. Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.

HSBC agrees to sell its business in Canada to Royal Bank of Canada for $10 billion

India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday).&nbsp;The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with. The group as per the bank will include merchants and some participating customers.&nbsp;"It would be distributed through intermediaries such as banks."

The pilot will be launched in two phases. The first phase will have four banks participating across four cities, these banks are State Bank of India, ICICI Bank, Yes Bank and IDC First Bank.

Watch |&nbsp;India to introduce its digital currency 'E-Rupee' soon

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In the second phase, four more banks, namely: Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will also join across more cities.&nbsp;At a later stage, the scope of the pilot may be expanded gradually to include more banks, users and locations as needed,&nbsp;said the RBI.

Reuters reports that users will be able to transact using the e-rupee via their mobiles or devices, using the digital wallets of participating banks.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-rbi-to-pilot-launch-e-rupee-for-specific-cases-releases-concept-note-523437">India: RBI to pilot launch e-rupee for specific cases, releases concept note</a>

"It would be issued in the same denominations that paper currency and coins are currently issued," said RBI in a statement. However, unlike normal bank deposits, this would not earn users any interest and could not be converted into other forms of money.

"The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real-time," said the bank.

Also read |&nbsp;<a href="https://www.wionews.com/what-is-rbis-digital-currency-difference-between-cryptocurrency-and-cbdc-530527">What is e-rupee and what is the difference between cryptocurrency and CBDC?</a>

Based on the pilot test results, the central bank will then test other applications and features of the e-currency.

Previously, on November 1, the Indian central bank also launched a pilot of the wholesale e-rupee. In it, nine participating banks have for a month been transacting in government securities using the e-rupee.

(With inputs from agencies)

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India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday). The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with.

India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday). The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with. The group as per the bank will include merchants and some participating customers. "It would be distributed through intermediaries such as banks." The pilot will be launched in two phases. The first phase will have four banks participating across four cities, these banks are State Bank of India, ICICI Bank, Yes Bank and IDC First Bank. Watch | India to introduce its digital currency 'E-Rupee' soon In the second phase, four more banks, namely: Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will also join across more cities. At a later stage, the scope of the pilot may be expanded gradually to include more banks, users and locations as needed, said the RBI. Reuters reports that users will be able to transact using the e-rupee via their mobiles or devices, using the digital wallets of participating banks. Also read | India: RBI to pilot launch e-rupee for specific cases, releases concept note "It would be issued in the same denominations that paper currency and coins are currently issued," said RBI in a statement. However, unlike normal bank deposits, this would not earn users any interest and could not be converted into other forms of money. "The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real-time," said the bank. Also read | What is e-rupee and what is the difference between cryptocurrency and CBDC? Based on the pilot test results, the central bank will then test other applications and features of the e-currency. Previously, on November 1, the Indian central bank also launched a pilot of the wholesale e-rupee. In it, nine participating banks have for a month been transacting in government securities using the e-rupee. (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.

RBI to launch India's first pilot for retail digital currency, e-rupee, on December 1

Twitter's new owner Elon Musk has asked the employees to either work like a dog or ship out of the company. Watch this video to know more.

World Business Watch | 'Work like a dog or ship out': Elon Musk to Twitter staff

Major Japanese automaker Mitsubishi Motors Corp. plans to provide additional bonuses to its workers to help them cope with inflation. Watch this video to know more.

World Business Watch | Mitsubishi Motors offering inflation bonuses to workers

Singapore Airlines (SIA) and Tata Group have agreed to merge Air India and Vistara, with SIA also investing $252 million in Air India as part of the transaction. The merger is aimed to be completed by March 2024.

Singapore Airlines and Tata Group to merge Air India, Vistara by March 2024

Cyber Monday is expected to remain the year’s biggest online shopping day as the spending is estimated to hit a record of $11.6 billion. Brands have introduced massive discounts on all products to tempt shoppers. Watch this report.

World Business Watch | Cyber Monday sales estimated to hit $11.6 billion

The prices of prime residential properties in Dubai are set to record steepest growth in 2023, according to global property consultancy firm Knight Frank's 2023 Prime Prediction report. It said that the prices are set to rise by 13.5 per cent next year as foreign buyers and high-net-worth individuals continue to show keen interest to buy properties in Dubai's Palm Jumeirah, Emirates Hills and Jumeirah Bay Island.&nbsp;

In Dubai, the number of new high-end homes already developed and under development at present are reportedly failing to keep pace with demand. This gap continues to contribute to the steep property rise in the Emirati business hub.

Miami is second on the list with a forecast annual percentage change of 5 per cent, followed by Dublin, Los Angeles, Lisbon, Madrid, Paris and Singapore, which are expected to see prices rising at 4 per cent.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-hong-kong-property-market-tumbling-as-unsold-homes-pile-up-524329">World Business Watch: Hong Kong property market tumbling as unsold homes pile up</a>

Zurich, which has been ranked by other studies as one of the costliest cities to live in, will see prime home prices growing by 3.5 per cent, while Monaco will see a growth of 3 per cent.

Shanghai and New York are forecast to post 2 per cent increase in prices.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-chinas-property-woes-exist-home-prices-fall-for-13th-month-527893">WION Business News | China's property woes exist, home prices fall for 13th month</a>

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The Prime Global Cities Index is an index based on valuation that tracks the momentum or its lack thereof,&nbsp;in prime residential prices in local currency in over 45 cities worldwide using Knight Frank’s global research network.

All three Indian cities (Mumbai, Bengaluru and New Delhi) witnessed an increase in average annual prices. Mumbai moved up from 39th rank in Q3 2021 to 22nd rank in Q3 2022. Bengaluru and New Delhi also went up&nbsp;in the index ranking from 41th rank and 38th rank respectively in Q3 2021 to 27th rank and 36th rank respectively in Q3 2022.

The rise in average prices in Mumbai was recorded at 4.8 per cent year-on-year (YoY), Bengaluru (3.3 per cent YoY) and New Delhi (1.2 per cent YoY) during the 12-month change (Q3 2021-Q3 2022).

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The prices of prime residential properties in Dubai are set to record steepest growth in 2023, according to global property consultancy firm Knight Frank's 2023 Prime Prediction report.

The prices of prime residential properties in Dubai are set to record steepest growth in 2023, according to global property consultancy firm Knight Frank's 2023 Prime Prediction report. It said that the prices are set to rise by 13.5 per cent next year as foreign buyers and high-net-worth individuals continue to show keen interest to buy properties in Dubai's Palm Jumeirah, Emirates Hills and Jumeirah Bay Island. In Dubai, the number of new high-end homes already developed and under development at present are reportedly failing to keep pace with demand. This gap continues to contribute to the steep property rise in the Emirati business hub. Miami is second on the list with a forecast annual percentage change of 5 per cent, followed by Dublin, Los Angeles, Lisbon, Madrid, Paris and Singapore, which are expected to see prices rising at 4 per cent. WATCH | World Business Watch: Hong Kong property market tumbling as unsold homes pile up Zurich, which has been ranked by other studies as one of the costliest cities to live in, will see prime home prices growing by 3.5 per cent, while Monaco will see a growth of 3 per cent. Shanghai and New York are forecast to post 2 per cent increase in prices. WATCH | WION Business News | China's property woes exist, home prices fall for 13th month × The Prime Global Cities Index is an index based on valuation that tracks the momentum or its lack thereof, in prime residential prices in local currency in over 45 cities worldwide using Knight Frank’s global research network. All three Indian cities (Mumbai, Bengaluru and New Delhi) witnessed an increase in average annual prices. Mumbai moved up from 39th rank in Q3 2021 to 22nd rank in Q3 2022. Bengaluru and New Delhi also went up in the index ranking from 41th rank and 38th rank respectively in Q3 2021 to 27th rank and 36th rank respectively in Q3 2022. The rise in average prices in Mumbai was recorded at 4.8 per cent year-on-year (YoY), Bengaluru (3.3 per cent YoY) and New Delhi (1.2 per cent YoY) during the 12-month change (Q3 2021-Q3 2022). 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.

Dubai's prime real estate prices set to see strongest growth in 2023

Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange. Earlier this month, amid reports of corporate missteps and suspicious management, FTX &nbsp;filed for bankruptcy which has since rattled the crypto industry.&nbsp;

The New Jersey-based BlockFi, founded nearly five years ago, filed for Chapter 11 bankruptcy protection after the crypto prices plummeted. In the filing, Zac Prince, founder and chief executive of BlockFi, said that its “significant exposure” to FTX led to a liquidity crisis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/photos/all-you-need-to-know-about-the-world-of-crypto-lending-489635">All you need to know about the world of crypto lending</a>

This comes days after, the founder of the FTX exchange, Sam Bankman-Fried, said that traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal. Additionally, BlockFi blamed its liquidity crisis on its exposure to FTX via loans to Alameda, a crypto trading firm affiliated with FTX.&nbsp;

BlockFi claims that its cryptocurrencies were&nbsp;held on FTX’s platform and are now trapped there. The financial entanglement between the two platforms began in June when FTX was seen as a safety net given its credibility in the market, the exchange platform then extended a $400 million credit line to BlockFi which its founder Prince at the time said would bolster “our balance sheets.”&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

In the court filings, BlockFi said that it subsequently borrowed $275 million from a subsidiary of FTX. However, amid reports of corporate missteps and the subsequent collapse of FTX, BlockFi began to struggle too. Earlier this month, BlockFi also announced it has halted withdrawal citing “significant exposure” to FTX and its sister hedge fund Alameda.&nbsp;

After filing for bankruptcy BlockFi also filed a lawsuit against FTX demanding that Bankman-Fried turnover collateral BlockFi claims that it is owed and sought to recover shares in Robinhood Markets Inc which was pledged as collateral before the two platforms went under.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-was-under-the-federal-radar-long-before-its-collapse-report-536246">FTX was under the federal radar long before its collapse: Report</a>

BlockFi has also listed its assets and liabilities as being somewhere between $1 billion to $10 billion, in its bankruptcy court filings and that it owes money to more than 100,000 creditors. The crypto lender also said that it has a little over $250 million cash on hand for restructuring and is currently working on reducing costs by announcing layoffs for 300 of its 850 employees as of last year.

Bitfront: Another crypto exchange hit?&nbsp;

Another US-based&nbsp;crypto exchange platform,&nbsp;Bitfront, backed by&nbsp;Line Corp, a Japanese social media firm said that it has recently suspended new&nbsp;sign-ups and credit card payments as of November 28. The company based in California, released a statement on its website that they are shutting down "BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy."

Bitfront said that it will suspend withdrawals by the end of March, next year, while interest for deposits made between December 5 and 11 will be paid by December 13, this year. However, they clarified that the decision is not related to the ongoing investigations into&nbsp;certain crypto exchanges alleged of "misconduct" seemingly referring to FTX.&nbsp;

(With inputs from agencies)&nbsp;

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Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange.

Crypto lender BlockFi, on Monday, filed for bankruptcy citing the exposure and subsequent downfall of one of crypto’s high-profile collapses in recent years, the FTX exchange. Earlier this month, amid reports of corporate missteps and suspicious management, FTX filed for bankruptcy which has since rattled the crypto industry. The New Jersey-based BlockFi, founded nearly five years ago, filed for Chapter 11 bankruptcy protection after the crypto prices plummeted. In the filing, Zac Prince, founder and chief executive of BlockFi, said that its “significant exposure” to FTX led to a liquidity crisis. ALSO READ | All you need to know about the world of crypto lending This comes days after, the founder of the FTX exchange, Sam Bankman-Fried, said that traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal. Additionally, BlockFi blamed its liquidity crisis on its exposure to FTX via loans to Alameda, a crypto trading firm affiliated with FTX. BlockFi claims that its cryptocurrencies were held on FTX’s platform and are now trapped there. The financial entanglement between the two platforms began in June when FTX was seen as a safety net given its credibility in the market, the exchange platform then extended a $400 million credit line to BlockFi which its founder Prince at the time said would bolster “our balance sheets.” ALSO WATCH | The FTX bankruptcy scandal: Crypto exchange launches review of its global assets In the court filings, BlockFi said that it subsequently borrowed $275 million from a subsidiary of FTX. However, amid reports of corporate missteps and the subsequent collapse of FTX, BlockFi began to struggle too. Earlier this month, BlockFi also announced it has halted withdrawal citing “significant exposure” to FTX and its sister hedge fund Alameda. After filing for bankruptcy BlockFi also filed a lawsuit against FTX demanding that Bankman-Fried turnover collateral BlockFi claims that it is owed and sought to recover shares in Robinhood Markets Inc which was pledged as collateral before the two platforms went under. ALSO READ | FTX was under the federal radar long before its collapse: Report BlockFi has also listed its assets and liabilities as being somewhere between $1 billion to $10 billion, in its bankruptcy court filings and that it owes money to more than 100,000 creditors. The crypto lender also said that it has a little over $250 million cash on hand for restructuring and is currently working on reducing costs by announcing layoffs for 300 of its 850 employees as of last year. Bitfront: Another crypto exchange hit? Another US-based crypto exchange platform, Bitfront, backed by Line Corp, a Japanese social media firm said that it has recently suspended new sign-ups and credit card payments as of November 28. The company based in California, released a statement on its website that they are shutting down "BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy." Bitfront said that it will suspend withdrawals by the end of March, next year, while interest for deposits made between December 5 and 11 will be paid by December 13, this year. However, they clarified that the decision is not related to the ongoing investigations into certain crypto exchanges alleged of "misconduct" seemingly referring to FTX. (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.

Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry

Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China. The production of the higher end models is already hit. Foxconn-operated iPhone plant in Zhengzhou has seen thousands of employees quitting over strict COVID-19 restrictions.

Chinese government is pursuing its strict 'Zero-Covid policy'. However, implementation of super-strict lockdowns are now causing nationwide unrest.

Bloomberg News reported that there could be shortfall of 6 million iPhone Pro smartphones this year due to problems at the factory.

Wedbush Securities estimated that the production snafus could affect between 5% and 10% of iPhone units in the current quarter. KGI Securities analyst Christine Wang pegged the figure at around 10 million units, or 12%, assuming the issues last through December.

There was no immediate response from Apple.

"The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months," J.P. Morgan analysts said.

US customers wait for about 33 days for their iPhone 14 Pro and Pro Max models to be delivered home, and the same models are not available for in-store pickup, the brokerage said.

Apple shares have fallen 3.4% in November, compared with a 2% gain in the Nasdaq Composite index.

(With inputs from agencies)

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Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China.

Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China. The production of the higher end models is already hit. Foxconn-operated iPhone plant in Zhengzhou has seen thousands of employees quitting over strict COVID-19 restrictions. Chinese government is pursuing its strict 'Zero-Covid policy'. However, implementation of super-strict lockdowns are now causing nationwide unrest. Bloomberg News reported that there could be shortfall of 6 million iPhone Pro smartphones this year due to problems at the factory. Wedbush Securities estimated that the production snafus could affect between 5% and 10% of iPhone units in the current quarter. KGI Securities analyst Christine Wang pegged the figure at around 10 million units, or 12%, assuming the issues last through December. There was no immediate response from Apple. "The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months," J.P. Morgan analysts said. US customers wait for about 33 days for their iPhone 14 Pro and Pro Max models to be delivered home, and the same models are not available for in-store pickup, the brokerage said. Apple shares have fallen 3.4% in November, compared with a 2% gain in the Nasdaq Composite index. (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 ×

Apple shares tumble as factory unrest in China raises concern 

As traders are concerned over China’s ongoing civil unrest due to its stern COVID-19 policies, Gold prices in India remained around the same level of Rs 52,980 on Tuesday.

As traders are concerned over China’s ongoing civil unrest due to its stern COVID-19 policies, Gold prices in India remained around the same level of Rs 52,980 on Tuesday. In the domestic markets, on 29 November, the price of 10 grams of 24-carat gold was Rs 52,980 while the price of 10 grams of 22-carat gold was Rs 48,560 on an average. Whereas the silver prices dipped to Rs 61,400. The yellow metal, however, reached a one-week high in the international market on Monday before closing lower for the first time in five days. As of 00:07 GMT, spot gold remained unchanged at $1,741.13 per ounce. The price of US gold futures remained stable at $1,739.60. Gold Prices in Indian cities The gold price today as of 9:33am was INR 4,591 per gram for 24-carat gold, an uptick of 0.42 per cent from yesterday’s close of INR 4,572. Gold is up 0.48% in comparision to last week. The 52-week gold price high is INR 4,647, while the 52-week gold price low is INR 4,332. The price per gram of 22-carat gold is INR 4,208. Gold prices vary by city to city in India. Here is the list of 24-carat and 22-carat gold prices in Indian states City 22 Carat (10gm) 24 Carat (10 gm) Ahmedabad 48,510 ₹52,930 Bangalore 48,510 ₹52,930 Bhubaneswar ₹48,460 ₹52,880 Chandigarh ₹48,610 ₹53,040 Chennai ₹49,160 ₹53,630 Coimbatore 49,160 ₹53,630 Delhi ₹48,610 ₹53,040 Hyderabad ₹48,460 ₹52,880 Jaipur ₹48,610 ₹53,040 Gold price sees an uptick in Dubai The US Federal Reserve officials indication that interest rates will remain high in order to reduce inflation caused gold prices in Dubai to fall around 1% in the previous session however the gold prices increased in early trade on Tuesday. The Spot gold price was up 0.6 per cent at $1,753.22 per ounce at 9:30 AM UAE time.This is the market price at which gold is bought and sold on the spot, and involves immediate exchange of payments and delivery of gold, according to Forbes. St. Louis Federal Reserve President James Bullard stated that in order to contain inflation, the Fed must raise interest rates significantly further and keep them there for the remainder of this year and beyond 2024. Investors are now anticipating comments from Fed Chair Jerome Powell, who will make them on Wednesday at a gathering of the Brookings Institution. Gold Prices in UAE 24 Carat Gold: In the UAE, the 24K gold price remained steady at Dh212.25 per gram at the opening of the markets on Tuesday. 22K, 21K and 18K Carat Gold: Trading slightly higher, 22K, 21K and 18K Carat Gold were at Dh199.5, Dh190.25 and Dh163.25 per gram respectively. The precious metal had hit a one-week high on Monday before closing lower for the first time in five sessions. GOLD UNIT GOLD PRICES 1 Gold Gram Carat 24 AED 233.75 1 Gold Gram Carat 22 AED 210.25 1 Gold Gram Carat 21 AED 200.75 1 Gold Gram Carat 18 AED 172.0 1 Ounce Gold AED 6779.05 1 Kilogram Gold AED 217,975.92 1 Tola Gold AED 2542.43

Gold prices up in Dubai, stable in India, Check today's 24k, 22k rates here

On Black Friday (25 November), dozens of Amazon employees went on strike and gathered in front of the warehouse in the Parisian suburbs, demanding pay raises and improved working conditions.

World Business Watch | Amazon warehouse workers stage Black Friday strikes around world

Protests erupt in China's Xinjiang region, capital Beijing and Shanghai as public anger grows over prolonged covid-19 lockdowns in the country. China has seen a hike in the number of cases recently.

World Business Watch| Protesters hold massive demonstration across China over zero-Covid policy

UK govt intends to launch 1 billion pounds home insulation programme from early next year, widening access to assistance that was previously only available to poorer households. Watch further to know more.

World Business Watch| UK to launch new billion-pound home insulation programme

It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports. Employees were reportedly sent an email or a text message asking them to not come to work the next day.&nbsp;

“At the instruction of the board of directors…we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on November 21,” said the United Furniture Industries (UFI), in one of the messages sent to workers, reported the New York Post.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/google-to-lay-off-at-least-10000-poor-performing-employees-report-536482">Google to lay off at least 10,000 ‘poor-performing’ employees in 2023: Report</a>

“Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA,” said the UFI, in the message. The provision referred to is a federal law which gives employees an option (in some cases) to retain their health insurance, which is paid for by the employer.

The messages were sent right before midnight on November 21 while several employees were asleep, said a report by the Guardian. However, the “over-the-road drivers” that were out of delivery were an exception to the immediate termination and were told that they will be paid for the rest of the week but they should “return equipment, inventory and delivery documents,” immediately, said the New York post citing the memo.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/how-to-lay-off-proof-your-finances-6-ways-to-manage-money-after-job-loss-534378">How to lay-off proof your finances: 6 ways to manage money after job loss</a>

The company was at least two decades old and had reportedly fired three of its top executives earlier this year. This was followed by UFI firing at least 500 employees across three states, North Carolina, Mississippi and California, said media reports.&nbsp;

A company spokesperson told FreightWaves that the employees were asked to come on Tuesday to gather their belongings. The email said, “We are not certain of the timeframe for this but will communicate proactively.” Reportedly, no other explanation was given to the workers for their abrupt termination and the employees have since expressed shock and anger.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/electrolux-to-lay-off-4000-people-worldwide-citing-heavy-losses-in-third-quarter-529290">Electrolux to lay off 4,000 people worldwide citing heavy losses in third-quarter</a>

“It’s not fair to the labourers who seriously worked so hard to be blindsided like this. It’s not fair to the mom who just had a baby to wonder if she even has health insurance to cover it…not fair to the cancer patient in the midst of chemo about how to pay for her treatments,” said one of the employees to FreightWaves.&nbsp;

Meanwhile, a former employee in Mississippi has reportedly filed a lawsuit against UFI alleging that they violated federal law, according to which a worker must be given a 60-day notice before the company shuts its operations.

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It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports.

It appears to be the ‘layoff season’ in the United States, as a Mississippi-based furniture company abruptly fired all of its 2,700 of its employees ahead of Thanksgiving, according to multiple media reports. Employees were reportedly sent an email or a text message asking them to not come to work the next day. “At the instruction of the board of directors…we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on November 21,” said the United Furniture Industries (UFI), in one of the messages sent to workers, reported the New York Post. ALSO READ | Google to lay off at least 10,000 ‘poor-performing’ employees in 2023: Report “Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA,” said the UFI, in the message. The provision referred to is a federal law which gives employees an option (in some cases) to retain their health insurance, which is paid for by the employer. The messages were sent right before midnight on November 21 while several employees were asleep, said a report by the Guardian. However, the “over-the-road drivers” that were out of delivery were an exception to the immediate termination and were told that they will be paid for the rest of the week but they should “return equipment, inventory and delivery documents,” immediately, said the New York post citing the memo. ALSO WATCH | How to lay-off proof your finances: 6 ways to manage money after job loss The company was at least two decades old and had reportedly fired three of its top executives earlier this year. This was followed by UFI firing at least 500 employees across three states, North Carolina, Mississippi and California, said media reports. A company spokesperson told FreightWaves that the employees were asked to come on Tuesday to gather their belongings. The email said, “We are not certain of the timeframe for this but will communicate proactively.” Reportedly, no other explanation was given to the workers for their abrupt termination and the employees have since expressed shock and anger. ALSO READ | Electrolux to lay off 4,000 people worldwide citing heavy losses in third-quarter “It’s not fair to the labourers who seriously worked so hard to be blindsided like this. It’s not fair to the mom who just had a baby to wonder if she even has health insurance to cover it…not fair to the cancer patient in the midst of chemo about how to pay for her treatments,” said one of the employees to FreightWaves. Meanwhile, a former employee in Mississippi has reportedly filed a lawsuit against UFI alleging that they violated federal law, according to which a worker must be given a 60-day notice before the company shuts its operations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US-based furniture company fires all 2,700 employees, days before Thanksgiving: Reports

US&nbsp;shoppers spent nearly 3% more online on Thanksgiving Day this year, a report showed, as consumers kicked off the year's biggest shopping event on a strong note and eased worries of a lackluster holiday season.

Adobe Analytics on Friday (November 25) said Thanksgiving sales hit a record $5.29 billion, even as inflation worries and holiday deals starting as early as October were expected to lead to a 1% decline.

With shoppers flocking to online sales, sparse but steady streams of Black Friday customers could be seen fanning out at Macy's flagship store in Midtown Manhattan.

Shoppers weathered the strain put on their household budgets by higher costs of everything from food to rent and continued to spend big heading into the holidays, lured by steep discounts for everything from toys to electronic gadgets.

Products such as strollers, speakers and outdoor grills flew off the shelves, the report said, with more shoppers taking to placing orders through their smartphones. Mobile shopping drove 55% of online Thanksgiving sales.

Black Friday is expected to bring in $9 billion from online sales, a modest increase of 1% from last year, with shoppers now flocking to brick-and-mortar stores after a pandemic-led pause over the last two years.

Adobe Analytics' analysis measures consumer transactions online covering over 1 trillion visits to U.S. retail websites.

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US shoppers spent nearly 3% more online on Thanksgiving Day this year, a report showed, as consumers kicked off the year's biggest shopping event on a strong note and eased worries of a lackluster holiday season.

US shoppers spent nearly 3% more online on Thanksgiving Day this year, a report showed, as consumers kicked off the year's biggest shopping event on a strong note and eased worries of a lackluster holiday season. Adobe Analytics on Friday (November 25) said Thanksgiving sales hit a record $5.29 billion, even as inflation worries and holiday deals starting as early as October were expected to lead to a 1% decline. With shoppers flocking to online sales, sparse but steady streams of Black Friday customers could be seen fanning out at Macy's flagship store in Midtown Manhattan. Shoppers weathered the strain put on their household budgets by higher costs of everything from food to rent and continued to spend big heading into the holidays, lured by steep discounts for everything from toys to electronic gadgets. Products such as strollers, speakers and outdoor grills flew off the shelves, the report said, with more shoppers taking to placing orders through their smartphones. Mobile shopping drove 55% of online Thanksgiving sales. Black Friday is expected to bring in $9 billion from online sales, a modest increase of 1% from last year, with shoppers now flocking to brick-and-mortar stores after a pandemic-led pause over the last two years. Adobe Analytics' analysis measures consumer transactions online covering over 1 trillion visits to U.S. retail websites. 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.

Coach, Marvel and more: Black Friday underway at Macy's in New York

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co.&nbsp;

The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it.

The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai.

According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa.

The energy trading division of Aramco also intends to go public.

In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy.

The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion.

(With inputs from agencies)

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The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO. Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co. The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it. The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai. According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa. The energy trading division of Aramco also intends to go public. In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy. The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion. (With inputs from agencies) WATCH WION LIVE HERE:

Saudi Aramco's Luberef gets regulator nod for initial public offering

After the reported closure of Twitter's Brussels lobbying office, the European Union has expressed concern over the firm's increasingly falling staff numbers.&nbsp;

Talking to reporters in Dublin, EU justice commissioner Didier Reynders said "We have concerns about the decisions to have less and less people working at the company."&nbsp;

Watch |&nbsp;EU innovates rule to stop misinformation, companies to sign digital services act

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This comes as a recent EU evaluation showed that the proportion of hate speech notifications examined by major social media companies within 24 hours has decreased from 90 per cent in 2020 to 81 per cent&nbsp;in 2021, and to 64 per cent&nbsp;in 2022.

It further revealed that among the major players only Youtube made improvements. Data showed that while Twitter and other tech giants made less of an effort, YouTube improved its removal rate for content deemed offensive as per an EU code of conduct.

An unnamed European Commission official is quoted by Reuters as saying "Twitter representatives reaffirmed the commitment of the company to ensure full compliance with EU rules. Commissioner Reynders took note of it and asked Twitter to translate this commitment into concrete measures."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/twitter-has-spoken-millions-vote-yes-to-elon-musks-poll-on-reinstating-suspended-accounts-537242">'Vox Populi, Vox Dei': Elon Musk announces reinstatement of suspended Twitter accounts</a>

The Digital Services Act, a new set of regulations, which go into effect in February 2024, mandates that online platforms do more to monitor the internet for illegal content or face fines of up to 6 per cent&nbsp;of their annual global revenue.

"When we discuss hate speech, I am sure we need human resources," said the EU justice commissioner Reynders as he addressed the media after a meeting with unidentified representatives from Twitter reports AFP.

Since Elon Musk took over Twitter, concerns about layoffs have plagued the tech world.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/digital-services-act-what-it-means-and-how-eu-will-regulate-tech-giants-473157">Digital Services Act: What it means &amp; and how EU will regulate tech giants</a>

Concerns were heightened when a Financial Times report said that the corporation had closed its office in Brussels as a result of the departure of executives in charge of measures to comply with the EU's online regulations.

Vera Jourova, vice president of the EU commission, also underscored the bloc's concerns.

Tweeting a link to the FT article she wrote, "I am concerned about the news of firing of a vast amount of staff of Twitter in Europe. If you want to effectively detect and take action against #disinformation &amp; propaganda, this requires resources. Especially in the context of 🇷🇺 disinformation warfare."

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I am concerned about the news of firing of a vast amount of staff of Twitter in Europe. If you want to effectively detect and take action against <a href="https://twitter.com/hashtag/disinformation?src=hash&amp;ref_src=twsrc%5Etfw">#disinformation</a> &amp; propaganda, this requires resources. Especially in the context of 🇷🇺 disinformation warfare.<a href="https://t.co/Nji2w1ziiF">https://t.co/Nji2w1ziiF</a>
— Věra Jourová (@VeraJourova) <a href="https://twitter.com/VeraJourova/status/1595844046152425473?ref_src=twsrc%5Etfw">November 24, 2022</a></blockquote>
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"It's an additional concern, because to us to have a team dedicated to the relation with the European institutions is very important," said Reynders addressing the FT report, he added that in spite of this he was "optimistic by nature" and that he had been given assurances that the Dublin-based Twitter staff will take over the Brussels positions.

After acquiring the company last month, tech entrepreneur Musk has fired around half of Twitter's 7,500 employees, including those who were entrusted with battling misinformation.

(With inputs from agencies)

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After the reported closure of Twitter's Brussels lobbying office, the European Union has expressed concern over the firm's increasingly falling staff numbers. Talking to reporters in Dublin, EU justice commissioner Didier Reynders said "We have concerns about the decisions to have less and less people working at the company.

After the reported closure of Twitter's Brussels lobbying office, the European Union has expressed concern over the firm's increasingly falling staff numbers. Talking to reporters in Dublin, EU justice commissioner Didier Reynders said "We have concerns about the decisions to have less and less people working at the company." Watch | EU innovates rule to stop misinformation, companies to sign digital services act This comes as a recent EU evaluation showed that the proportion of hate speech notifications examined by major social media companies within 24 hours has decreased from 90 per cent in 2020 to 81 per cent in 2021, and to 64 per cent in 2022. It further revealed that among the major players only Youtube made improvements. Data showed that while Twitter and other tech giants made less of an effort, YouTube improved its removal rate for content deemed offensive as per an EU code of conduct. An unnamed European Commission official is quoted by Reuters as saying "Twitter representatives reaffirmed the commitment of the company to ensure full compliance with EU rules. Commissioner Reynders took note of it and asked Twitter to translate this commitment into concrete measures." Also read | 'Vox Populi, Vox Dei': Elon Musk announces reinstatement of suspended Twitter accounts The Digital Services Act, a new set of regulations, which go into effect in February 2024, mandates that online platforms do more to monitor the internet for illegal content or face fines of up to 6 per cent of their annual global revenue. "When we discuss hate speech, I am sure we need human resources," said the EU justice commissioner Reynders as he addressed the media after a meeting with unidentified representatives from Twitter reports AFP. Since Elon Musk took over Twitter, concerns about layoffs have plagued the tech world. Also read | Digital Services Act: What it means & and how EU will regulate tech giants Concerns were heightened when a Financial Times report said that the corporation had closed its office in Brussels as a result of the departure of executives in charge of measures to comply with the EU's online regulations. Vera Jourova, vice president of the EU commission, also underscored the bloc's concerns. Tweeting a link to the FT article she wrote, "I am concerned about the news of firing of a vast amount of staff of Twitter in Europe. If you want to effectively detect and take action against #disinformation & propaganda, this requires resources. Especially in the context of 🇷🇺 disinformation warfare." I am concerned about the news of firing of a vast amount of staff of Twitter in Europe. If you want to effectively detect and take action against #disinformation & propaganda, this requires resources. Especially in the context of 🇷🇺 disinformation warfare.https://t.co/Nji2w1ziiF — Věra Jourová (@VeraJourova) November 24, 2022 × "It's an additional concern, because to us to have a team dedicated to the relation with the European institutions is very important," said Reynders addressing the FT report, he added that in spite of this he was "optimistic by nature" and that he had been given assurances that the Dublin-based Twitter staff will take over the Brussels positions. After acquiring the company last month, tech entrepreneur Musk has fired around half of Twitter's 7,500 employees, including those who were entrusted with battling misinformation. (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.

As incidents of online hate speech go up, European Union expresses concern about Twitter layoffs

More than 20,000 employees - most of them new hire - are not yet working on manufacturing line and have left Apple supplier Foxconn from Zhengzhou plant in China. According to reports, departures would complicate company's previous target of resuming full manufacturing by the end of November.

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In the latest from Twitter, its decision to shut down its Brussels office in the EU and laying off thousands of workers is drawing concern to whether company can comply with tough European Union rules.

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Ford is recalling over 600,000 SUV's worldwide over fire risks from possible cracked fuel injectors and urged owners to have their cars inspected. Watch full video to know more.

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