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<p>Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session.&nbsp;</p>

<p>Tuesday was Tesla's seventh day on a losing streak, its longest since 2018.&nbsp;</p>

<p><strong>Why are Tesla's shares nosediving?</strong></p>

<p>Elon Musk's decision to halt production at Tesla's Shanghai factory and reports of reduced output at its key production units are being cited as immediate reasons for Tesla's nosediving shares.&nbsp;</p>

<p><strong>ALSO READ -&nbsp;<a href="https://www.wionews.com/world/us-automaker-tesla-suspends-production-in-shanghai-after-an-internal-notice-say-sources-546359">US automaker Tesla suspends production in Shanghai after an internal notice</a></strong></p>

<p>Furthermore, reports that Tesla was offering individuals in the United States a $7500 discount for its two highest-volume models didn't impress Tesla investors in addition to the signs of slowing demand.&nbsp;</p>

<p><strong>Musk's Twitter takeover and Tesla's plummeting fortunes</strong></p>

<p>At the end of 2022, Tesla's 69 per cent value has vanished amid Elon Musk's Twitter takeover. Reports say that Musk's related online antics have created jitters among investors.&nbsp;</p>

<p><strong>WATCH -&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-tesla-to-orders-to-recall-over-million-us-cars-to-fix-issues-with-software-518926">WION Business News: Tesla to orders to recall over million US cars; to fix issues with software</a></strong></p>

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<p>But there remains an optimism as far as Tesla's innovation curve in concerned.&nbsp;</p>

<p>"Despite the stock's performance, Tesla's innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best," Bloomberg reported, citing Canaccord Genuity analyst George Gianarikas' note last week.&nbsp;</p>

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Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session. Tuesday was Tesla's seventh day on a losing streak, its longest since 2018.

Elon Musk-led Tesla was knocked out of a key US stock index's top 10 companies on Tuesday after its shares plummeted 11 per cent in just one session. Tuesday was Tesla's seventh day on a losing streak, its longest since 2018. Why are Tesla's shares nosediving? Elon Musk's decision to halt production at Tesla's Shanghai factory and reports of reduced output at its key production units are being cited as immediate reasons for Tesla's nosediving shares. ALSO READ - US automaker Tesla suspends production in Shanghai after an internal notice Furthermore, reports that Tesla was offering individuals in the United States a $7500 discount for its two highest-volume models didn't impress Tesla investors in addition to the signs of slowing demand. Musk's Twitter takeover and Tesla's plummeting fortunes At the end of 2022, Tesla's 69 per cent value has vanished amid Elon Musk's Twitter takeover. Reports say that Musk's related online antics have created jitters among investors. WATCH - WION Business News: Tesla to orders to recall over million US cars; to fix issues with software × But there remains an optimism as far as Tesla's innovation curve in concerned. "Despite the stock's performance, Tesla's innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best," Bloomberg reported, citing Canaccord Genuity analyst George Gianarikas' note last week. 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.

Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover

<p>Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China. Both companies have struggled to keep their manufacturing on track as China grapples with fresh wave of Covid infections.</p>

<p>Apple stocks have tumbled to the lowest since June 2021. For Tesla, the tumble is of 73 per cent from a record high in November 2021.</p>

<p>Apple supplier Foxconn says its revenue in November was down 11 per cent compared with the same month in 2021, following unrest at its Zhangzhou plant known as "iPhone City."</p>

<p><strong>Watch | China: Tesla halts production at Shanghai plant; year-end closure comes as Covid cases rise</strong></p>

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<p>This week, media reports said Tesla's Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment.</p>

<p>But analysts say the company's sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers, BBC reported.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/business-economy/teslas-wall-street-fortunes-plummet-by-two-third-since-elon-musks-twitter-takeover-547212">Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover</a></strong><br />
<br />
Investors have also raised concerns about Tesla's chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla's share price.</p>

<p>(With inputs from agencies)</p>

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Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China.

Tech giant Apple and electric car major Tesla are witnessing major tumble in their share prices as concerns mount over delays in their production lines amid Covid crisis in China. Both companies have struggled to keep their manufacturing on track as China grapples with fresh wave of Covid infections. Apple stocks have tumbled to the lowest since June 2021. For Tesla, the tumble is of 73 per cent from a record high in November 2021. Apple supplier Foxconn says its revenue in November was down 11 per cent compared with the same month in 2021, following unrest at its Zhangzhou plant known as "iPhone City." Watch | China: Tesla halts production at Shanghai plant; year-end closure comes as Covid cases rise × This week, media reports said Tesla's Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment. But analysts say the company's sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers, BBC reported. Also Read | Tesla's Wall Street fortunes plummet by two-third since Elon Musk's Twitter takeover Investors have also raised concerns about Tesla's chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla's share price. (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, Tesla stocks hit major lows as concerns prevail over production amid Covid

<p>Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers.&nbsp;This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup.</p>

<p><strong>Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea</strong></p>

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<p>According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first.</p>

<p>The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda."</p>

<p><strong>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></strong></p>

<p>It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property.</p>

<p>However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/economy/ftx-co-founder-sam-bankman-fried-released-on-250m-bail-545702">FTX co-founder Sam Bankman-Fried released on $250m bail</a></strong></p>

<p>The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings.</p>

<p>Its founder Bankman-Fried is facing charges of&nbsp;a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform.</p>

<p><em>(With inputs from agencies)</em></p>

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Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried.

Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers. This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup. Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first. The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda." Also read | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property. However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors. Also read | FTX co-founder Sam Bankman-Fried released on $250m bail The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings. Its founder Bankman-Fried is facing charges of a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform. (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.

Customers of failed crypto-exchange FTX file class action lawsuit laying claim to firm’s assets

Toyota Motor Corp reported on Monday a 1.5 percent rise in November global vehicle output, reaching a new record of 833,104. Watch this video to know more.

World Business Watch: Toyota's November global vehicle production rises 1.5 percent

Apple Inc's (AAPL.O) Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax. Watch this video to know more.

World Business Watch: Apple Japan hit with $98 million in back taxes

<p>According to the Centre for Economics and Business Research &nbsp;(CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.&nbsp;</p>

<p>CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037.&nbsp;</p>

<p>CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices.&nbsp;</p>

<p>Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation."&nbsp;</p>

<p>Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions.&nbsp;</p>

<p>The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally.&nbsp;</p>

<p><strong>WATCH |&nbsp;World economy is headed for a recession in 2023&nbsp;</strong></p>

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<p>CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well."&nbsp;</p>

<p>The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come."&nbsp;</p>

<p>As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected.&nbsp;</p>

<p>The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032.</p>

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According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.

According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink. CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037. CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices. Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation." Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions. The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally. WATCH | World economy is headed for a recession in 2023 × CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well." The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come." As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected. The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032. 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.

The global economy is headed for a recession in 2023: Report

<p>China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains. However, as China loosened its grip over Covid restrictions as 2022 proceeded to its conclusion in December, analysts have foreseen brighter long-time prospects.&nbsp;</p>

<p>Industrial profits fell in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. That compares with a 3.0 per cent&nbsp;decline for January-October. No standalone data was released for November.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/world-bank-slashes-chinas-growth-forecast-from-43-per-cent-to-27-per-cent-in-2022-544824">World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022</a></strong></p>

<p>Statisticians from NBS said that Covid outbreaks and slow demand in November decreased industrial production have increased pressure on Chinese businesses.</p>

<p>For January-November, profits at private-sector firms shrank 7.9 per cent, a slight improvement from the 8.1 per cent fall in the first 10 months.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-chinas-gdp-growth-rebounds-at-a-faster-pace-527896">WION Business News | China's GDP growth rebounds at a faster pace</a></strong></p>

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<p>Profits fell for 21 of 41 major industrial sectors, with the steel&nbsp;industry suffering the steepest decline, at 94.5 per cent. That compares with a 92.7 per cent fall for the first 10 months.</p>

<p>Profits for manufacturers were down 13.4 per cent in the first 11 months, matching the fall in January-October.</p>

<p>Despite Beijing ditching some of the world's toughest Covid restrictions in early December, the economy is still reeling under the impact of restrictions that gripped the country for most of 2022.</p>

<p>JP Morgan analysts said China's domestic reopening, which came earlier and faster than expected, would mean a shorter period of transitional pain in the first quarter of 2023, followed by an above-trend sustained recovery from the second quarter.</p>

<p>Earlier this month, JP Morgan trimmed their forecast for China's year-on-year GDP growth rate for the current quarter, to 2.2 per cent from 2.7 per cent, but raised their full-year growth forecast for next year, to 4.3 per cent from 4 per cent.</p>

<p><em>(With inputs from agencies)</em></p>

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China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains.

China's industrial profits declined 3.6 per cent during the 11-month period between January-November period as Beijing's 'zero Covid policy' disrupted factory activity and supply chains. However, as China loosened its grip over Covid restrictions as 2022 proceeded to its conclusion in December, analysts have foreseen brighter long-time prospects. Industrial profits fell in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. That compares with a 3.0 per cent decline for January-October. No standalone data was released for November. ALSO READ | World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022 Statisticians from NBS said that Covid outbreaks and slow demand in November decreased industrial production have increased pressure on Chinese businesses. For January-November, profits at private-sector firms shrank 7.9 per cent, a slight improvement from the 8.1 per cent fall in the first 10 months. WATCH | WION Business News | China's GDP growth rebounds at a faster pace × Profits fell for 21 of 41 major industrial sectors, with the steel industry suffering the steepest decline, at 94.5 per cent. That compares with a 92.7 per cent fall for the first 10 months. Profits for manufacturers were down 13.4 per cent in the first 11 months, matching the fall in January-October. Despite Beijing ditching some of the world's toughest Covid restrictions in early December, the economy is still reeling under the impact of restrictions that gripped the country for most of 2022. JP Morgan analysts said China's domestic reopening, which came earlier and faster than expected, would mean a shorter period of transitional pain in the first quarter of 2023, followed by an above-trend sustained recovery from the second quarter. Earlier this month, JP Morgan trimmed their forecast for China's year-on-year GDP growth rate for the current quarter, to 2.2 per cent from 2.7 per cent, but raised their full-year growth forecast for next year, to 4.3 per cent from 4 per cent. (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.

China's Covid restrictions pulled away industrial profits in 2022

<p>The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037.&nbsp;</p>

<p>The December 2022—14th edition of the&nbsp;report noted that over the next five years, the annual rate of GDP growth is expected to average 6.4%. After that, the growth is expected to average 6.5% in the subsequent nine years.&nbsp;</p>

<p>As per the report, India seems "unstoppable in its momentum" to become the third economic superpower. The report has predicted that in 2035, India will become the third $10 trillion economy.&nbsp;</p>

<p>While commenting on the Chinese economy, the report said that despite modest output performance in 2022, inflation was&nbsp;at an anticipated 11.6%. The Chinese economy, therefore, faces a potential stagflationary trade-off between growth and price rises.&nbsp;</p>

<p>In last year's report, it was mentioned that&nbsp;India will regain its position from France and&nbsp;the South Asian nation will witness an improvement in its World Economic League Table (WELT) ranking over the next 15 years.&nbsp;</p>

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<p dir="ltr" lang="en">🚨🚨WELT 2023 out now!🚨🚨<br />
For us at Cebr, the end of the year is a time to look ahead. To find out how the world's economies will develop over the next 15 years, download our 2023 World Economic League Table report here:<a href="https://t.co/rbM3h8GaP6">https://t.co/rbM3h8GaP6</a></p>
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<p>Like the world, India also faced the wrath of the coronavirus (COVID-19) pandemic as the nation has the third-highest death toll globally. In the beginning, the pandemic caused a significant decline in economic activity, with output contracting by 6.6% in the fiscal year 2020/21.&nbsp;</p>

<p>But in the post-pandemic times, countries are now looking to revive their economy, and so is India. The report mentioned that a sharp rebound in economic activity in the post-pandemic era was led by a rise in domestic demand. It has resulted in GDP growing by 8.7% in the fiscal year 2021/22, making India the fastest-growing major economy in the world.&nbsp;</p>

<p><strong>WATCH |&nbsp;Will the latest COVID-19 outbreak in China lead to a potentially dangerous virus mutation?&nbsp;</strong></p>

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<p>Despite decelerating global demand and tightening monetary policy to curb inflationary pressures, the report states that India is expected to grow in the fiscal year 2022/23 at 6.8%. This would bring output 8.4% above 2019 levels.&nbsp;</p>

<p>Over the next five years, the annual rate of GDP growth is expected to average 6.4%, after which growth is expected to average 6.5% in the subsequent nine years.&nbsp;</p>

<p>The reported growth trajectory will see India rise from fifth place on the WELT in 2022 to third in the global rankings by 2037.&nbsp;</p>

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The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037.

The Centre for Economics and Business Research (CEBR), which is a UK-based economics consultancy, predicted that India will become the third-largest economy by 2037. The December 2022—14th edition of the report noted that over the next five years, the annual rate of GDP growth is expected to average 6.4%. After that, the growth is expected to average 6.5% in the subsequent nine years. As per the report, India seems "unstoppable in its momentum" to become the third economic superpower. The report has predicted that in 2035, India will become the third $10 trillion economy. While commenting on the Chinese economy, the report said that despite modest output performance in 2022, inflation was at an anticipated 11.6%. The Chinese economy, therefore, faces a potential stagflationary trade-off between growth and price rises. In last year's report, it was mentioned that India will regain its position from France and the South Asian nation will witness an improvement in its World Economic League Table (WELT) ranking over the next 15 years. 🚨🚨WELT 2023 out now!🚨🚨 For us at Cebr, the end of the year is a time to look ahead. To find out how the world's economies will develop over the next 15 years, download our 2023 World Economic League Table report here:https://t.co/rbM3h8GaP6 — Cebr (@Cebr_uk) December 26, 2022 × Like the world, India also faced the wrath of the coronavirus (COVID-19) pandemic as the nation has the third-highest death toll globally. In the beginning, the pandemic caused a significant decline in economic activity, with output contracting by 6.6% in the fiscal year 2020/21. But in the post-pandemic times, countries are now looking to revive their economy, and so is India. The report mentioned that a sharp rebound in economic activity in the post-pandemic era was led by a rise in domestic demand. It has resulted in GDP growing by 8.7% in the fiscal year 2021/22, making India the fastest-growing major economy in the world. WATCH | Will the latest COVID-19 outbreak in China lead to a potentially dangerous virus mutation? × Despite decelerating global demand and tightening monetary policy to curb inflationary pressures, the report states that India is expected to grow in the fiscal year 2022/23 at 6.8%. This would bring output 8.4% above 2019 levels. Over the next five years, the annual rate of GDP growth is expected to average 6.4%, after which growth is expected to average 6.5% in the subsequent nine years. The reported growth trajectory will see India rise from fifth place on the WELT in 2022 to third in the global rankings by 2037. 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.

India 'unstoppable in its momentum' to become third economic superpower; will be $10 trillion economy by 2035

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25 per cent chance of global GDP growing by less than 2 per cent in 2023, which it defines as a global recession.

World Business Watch: World economy headed for a recession, says report

China's property sector shrank further in November, with falls in prices, sales and investment, partly as COVID-19 restrictions hit demand. Watch this video to know more.

World Business Watch: China property slumps further in November

The world is headed for a recession in 2023, according to the Centre for Economics and Business Research (CEBR). Fresh borrowing costs aimed at tackling inflation cause a number of economies to contract.

Reports: World economy is headed for a recession in 2023

<p>Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago.&nbsp;PwC estimates show that once inflation is taken into account, the average pay in 2023 will fall down to 2006 levels. As per a CNN report, PwC further predicts that real wages which factor in inflation are expected to fall by almost three per cent in 2022. It will see another two per cent fall in 2023.</p>

<p><strong>Watch |&nbsp;TUC: 2022 the worst year for real wage growth in almost 50 years | UK</strong></p>

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<p>Recent weeks saw widespread protests and walkouts across many verticals of the UK economy like railways, schools, hospitals, nurses, and postal services. However, the report confirms that even as inflation hits double digits and the nation witnesses its worst cost-of-living crisis in decades the future of wages isn't that bright.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/business-economy/uks-economy-shrinks-more-than-previously-thought-in-third-quarter-data-545630"><strong>UK's economy shrinks more than previously thought in third quarter: Data</strong></a></p>

<p>Barret Kupelian, a senior economist at PwC said, "2022 has obviously been a highly challenging year for the UK economy, and it is not surprising that these chilly headwinds will continue throughout 2023."</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/uk-high-inflation-casts-shadow-on-fastest-rise-in-wages-in-20-years-534384">UK: High inflation casts shadow on fastest rise in wages in 20 years</a></strong></p>

<p>However, the report did offer some hope. It forecasts that in 2023, in spite of the low wages, more than 30,000 workers could join the UK workforce. This as per the PwC will help alleviate staff shortages and reduce economic instability. An increase in immigration too could potentially boost the economy by one per cent, contributing &nbsp;£19 billion ($23 billion)&nbsp;"even as the whole economy contracts," said PwC.<br />
<br />
Kupelian further added that inflation in UK is most likely to have peaked in October 2022 and will gradually begin to return to target over the next two years.</p>

<p><em>(With inputs from agencies)</em></p>

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Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago.

Britons hoping for a new year's, holiday season salary bump amid high inflation and cost of living crisis will likely be met with disappointment. As per a new estimate the average worker's pay next year will fall back to a level last seen more than a decade ago. PwC estimates show that once inflation is taken into account, the average pay in 2023 will fall down to 2006 levels. As per a CNN report, PwC further predicts that real wages which factor in inflation are expected to fall by almost three per cent in 2022. It will see another two per cent fall in 2023. Watch | TUC: 2022 the worst year for real wage growth in almost 50 years | UK Recent weeks saw widespread protests and walkouts across many verticals of the UK economy like railways, schools, hospitals, nurses, and postal services. However, the report confirms that even as inflation hits double digits and the nation witnesses its worst cost-of-living crisis in decades the future of wages isn't that bright. Also read | UK's economy shrinks more than previously thought in third quarter: Data Barret Kupelian, a senior economist at PwC said, "2022 has obviously been a highly challenging year for the UK economy, and it is not surprising that these chilly headwinds will continue throughout 2023." Also read | UK: High inflation casts shadow on fastest rise in wages in 20 years However, the report did offer some hope. It forecasts that in 2023, in spite of the low wages, more than 30,000 workers could join the UK workforce. This as per the PwC will help alleviate staff shortages and reduce economic instability. An increase in immigration too could potentially boost the economy by one per cent, contributing £19 billion ($23 billion) "even as the whole economy contracts," said PwC. Kupelian further added that inflation in UK is most likely to have peaked in October 2022 and will gradually begin to return to target over the next two years. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK average ‘real’ wages in 2023 likely to fall to their lowest level in more than a decade: PwC

<p>Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs.</p>

<p>The data released by internal affairs ministry showed that core consumer prices (excluding volatile fresh food costs) rose by 3.7 per cent in November compared to a year earlier.</p>

<p>The biggest price jump was seen in processed food items. Prices were also higher for electricity and durable goods like air conditioners.</p>

<p>The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere, but far exceeds the Bank of Japan's long-term goal of 2.0 percent. &nbsp;</p>

<p><strong>Gravitas: Japan approves Alzhiemer's blood test kit</strong></p>

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<p>Even excluding fresh food and energy, the index was up 2.8 percent.&nbsp;</p>

<p>"Although low by international standards, Japanese consumer price inflation at three percent to four percent is high enough to feel uncomfortable with stagnant wage growth," wrote Sarah Tan, economist at Moody's Analytics, in a note.&nbsp;</p>

<p>The headline core consumer price index (CPI) has risen consistently since the beginning of the year, putting pressure on the Bank of Japan to tweak its longstanding monetary easing policies.&nbsp;</p>

<p><strong>Also Read | <a href="https://www.wionews.com/business-economy/japans-central-bank-shocks-markets-with-yield-policy-change-yen-strengthens-544884">Japan's central bank shocks markets with yield policy change, yen strengthens</a></strong> &nbsp;</p>

<p>The US Federal Reserve and other central banks have sharply hiked interest rates this year to tackle inflation.&nbsp;</p>

<p>But Japan, which since the 1990s has swung between periods of sluggish inflation and deflation, has gone against the grain and continues to keep interest rates at ultra-low levels as it tries to kickstart its economy.&nbsp;</p>

<p><em>(With inputs from inflation)</em></p>

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Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs.

Inflation in Japan rose to its highest level since 1981 in November, as per data released on Friday (December 23). The inflation is fuelled in part by higher energy costs. The data released by internal affairs ministry showed that core consumer prices (excluding volatile fresh food costs) rose by 3.7 per cent in November compared to a year earlier. The biggest price jump was seen in processed food items. Prices were also higher for electricity and durable goods like air conditioners. The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere, but far exceeds the Bank of Japan's long-term goal of 2.0 percent.  Gravitas: Japan approves Alzhiemer's blood test kit × Even excluding fresh food and energy, the index was up 2.8 percent. "Although low by international standards, Japanese consumer price inflation at three percent to four percent is high enough to feel uncomfortable with stagnant wage growth," wrote Sarah Tan, economist at Moody's Analytics, in a note. The headline core consumer price index (CPI) has risen consistently since the beginning of the year, putting pressure on the Bank of Japan to tweak its longstanding monetary easing policies. Also Read | Japan's central bank shocks markets with yield policy change, yen strengthens The US Federal Reserve and other central banks have sharply hiked interest rates this year to tackle inflation. But Japan, which since the 1990s has swung between periods of sluggish inflation and deflation, has gone against the grain and continues to keep interest rates at ultra-low levels as it tries to kickstart its economy. (With inputs from inflation) 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 ×

Inflation in Japan hits highest level since 1981

The stocks are crashing as a sell-off continued yesterday over worries about softening demand for electric cars and CEO Musk's distraction with Twitter.

World Business Watch: Investors worry about softening EV demand, Tesla shares tumble

Wall Street's major averages closed low ways today with tech heavy NASDAQ two percent drop leading losses. Investors are worried the data showing resilient economy would lead us that deserve to keep high kicking interest rates for longer.

World Business Watch: Wall Street tumbles on rate, recession worries

<p>The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent&nbsp;and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation&nbsp;with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy.</p>

<p>“We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India.</p>

<p>The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report&nbsp;on India, the real GDP is expected to rise at 6.8 per cent&nbsp;and 6.1 per cent&nbsp;respectively in FY2022/23 and FY2023/24.</p>

<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/india-general-elections-2019/ex-icici-bank-ceo-chanda-kochhar-husband-arrested-by-cbi-in-videocon-loan-fraud-case-546165">Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case</a></p>

<p>These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said.</p>

<p>“But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said.</p>

<p><strong>Also watch |&nbsp;World Business Watch: Wall Street tumbles on rate, recession worries</strong></p>

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<p>The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation.</p>

<p><em>(With inputs from agencies)</em></p>

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The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.

The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy. “We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India. The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report on India, the real GDP is expected to rise at 6.8 per cent and 6.1 per cent respectively in FY2022/23 and FY2023/24. Also read | Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said. “But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said. Also watch | World Business Watch: Wall Street tumbles on rate, recession worries The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation. (With inputs from agencies) WATCH WION LIVE HERE:

IMF projects 6.8 per cent GDP growth for India next year

<p>Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports.&nbsp;</p>

<p>An oil-shipping broker told news agency Bloomberg on Friday (December 23) the port is keeping overseas vessels in a closed-loop zone to avoid massive delays, adding most infected staff have mild symptoms and backup teams and emergency plans are in place.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/who-didnt-receive-data-from-china-on-new-covid-hospitalisations-report-546030">WHO didn't receive data from China on new Covid hospitalisations: Report</a></strong></p>

<p>Till now, ports in China are not struggling as they did earlier this year when a lockdown was imposed. Industry workers pointed out that while there were delays in repairing ships at the Zhoushan port and loading activities in Shanghai had slowed due to lower staffing, for the most part, ports were continuing to operate, the Bloomberg report said.&nbsp;</p>

<p>Ports in the country are currently operating in a dramatically changed economic environment as the global demand has significantly weakened, which has helped to untangle the congestion in trade.&nbsp;</p>

<p>However, the normal operations of the ports can be affected as Covid makes its way virtually through Shanghai's population. Dimerco Express, a logistics expert, has said that the increase in infections has started to impact supply chains that rely on China, the report added.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/we-cannot-escape-shanghai-hospital-warns-staff-of-tragic-battle-against-covid-545534">'We cannot escape': Shanghai hospital warns staff of 'tragic battle' against Covid</a></strong></p>

<p>Covid infections in Shanghai have been increasing since last week. A hospital in the city warned its staff of a tragic battle against the virus. According to a post on WeChat by the Shanghai Deji Hospital, there were about 5.43 million positive cases in the city and 12.5 million will get infected by year-end. The post currently stands deleted.&nbsp;</p>

<p>Hospitals in Shanghai are already overburdened with the increasing number of patients, businesses are closing down due to staff falling sick and most schools have closed. Many residents are isolating themselves voluntarily.&nbsp;<br />
&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports.

Amid the worsening Covid situation in China, the Port of Shanghai- which is the world's biggest container port, is isolating the shipment of international goods to prevent disruptions to global exports. An oil-shipping broker told news agency Bloomberg on Friday (December 23) the port is keeping overseas vessels in a closed-loop zone to avoid massive delays, adding most infected staff have mild symptoms and backup teams and emergency plans are in place. ALSO READ | WHO didn't receive data from China on new Covid hospitalisations: Report Till now, ports in China are not struggling as they did earlier this year when a lockdown was imposed. Industry workers pointed out that while there were delays in repairing ships at the Zhoushan port and loading activities in Shanghai had slowed due to lower staffing, for the most part, ports were continuing to operate, the Bloomberg report said. Ports in the country are currently operating in a dramatically changed economic environment as the global demand has significantly weakened, which has helped to untangle the congestion in trade. However, the normal operations of the ports can be affected as Covid makes its way virtually through Shanghai's population. Dimerco Express, a logistics expert, has said that the increase in infections has started to impact supply chains that rely on China, the report added. ALSO READ | 'We cannot escape': Shanghai hospital warns staff of 'tragic battle' against Covid Covid infections in Shanghai have been increasing since last week. A hospital in the city warned its staff of a tragic battle against the virus. According to a post on WeChat by the Shanghai Deji Hospital, there were about 5.43 million positive cases in the city and 12.5 million will get infected by year-end. The post currently stands deleted. Hospitals in Shanghai are already overburdened with the increasing number of patients, businesses are closing down due to staff falling sick and most schools have closed. Many residents are isolating themselves voluntarily. (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.

Port of Shanghai is isolating shipment of international goods. Here's why

<p data-testid="paragraph-0">The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's&nbsp;glum forecast&nbsp;adding to a downbeat mood.</p>

<p data-testid="paragraph-1">Apple Inc, Microsoft Corp&nbsp;and Amazon.com Inc&nbsp;fell more than 3% each, as two-year Treasury yields regained steam on prolonged rate hike expectations.</p>

<p data-testid="paragraph-2">Tesla Inc&nbsp;plunged 6.5% after the electric-vehicle maker doubled its&nbsp;discount offering&nbsp;on models in the U.S. this month, amid concerns over softening demand.</p>

<p data-testid="paragraph-3">Losses in rate-sensitive growth stocks saw technology&nbsp;and consumer discretionary sectors lead losses among the 11 major S&amp;P 500&nbsp;sub-indexes.</p>

<p data-testid="paragraph-4">The&nbsp;final estimate&nbsp;of the third-quarter U.S. gross domestic product revealed the economy grew at a 3.2% annualized rate, above the previous estimate of 2.9%.</p>

<p data-testid="paragraph-5">Meanwhile, a Labor Department report showed the number of Americans filing for state unemployment benefits increased to 216,000 last week, much below economists' estimate of 222,000, indicating a still-tight labour market.</p>

<p data-testid="paragraph-6">"The GDP data beat a lot of expectations. There are concerns that the economy is not giving up too easily and it's putting up a fight that will likely require the Fed to remain hawkish and keep interest rates higher for longer," Sam Stovall, chief investment strategist at CFRA Research in New York, said.</p>

<p data-testid="paragraph-7">The Philadelphia SE Semiconductor index&nbsp;was also set for its worst single-day performance in two months as shares of Micron Technology Inc, Nvidia Corp, Qualcomm Inc&nbsp;and Advanced Micro Devices Inc&nbsp;fell between 4.4% and 7.4%.</p>

<p data-testid="paragraph-8">Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities this year, with the benchmark S&amp;P 500&nbsp;set for annual declines of 20%, its worst such performance since the 2008 financial crisis.</p>

<p data-testid="paragraph-9">Bets for a 25-basis point hike to 4.5%-4.75% in February by the Fed remained largely unchanged at 71.4% following the data on Thursday, although expectations for the terminal rate inched up to 4.89% by May 2023.</p>

<p data-testid="paragraph-10">At 11:44 a.m. ET, the Dow Jones Industrial Average&nbsp;was down 500.33 points, or 1.50%, at 32,876.15, the S&amp;P 500&nbsp;was down 76.56 points, or 1.97%, at 3,801.88, and the Nasdaq Composite&nbsp;was down 303.39 points, or 2.83%, at 10,405.98.</p>

<p data-testid="paragraph-11">CarMax Inc&nbsp;slid 7.5% to the bottom of the S&amp;P 500 after the used-vehicles retailer&nbsp;paused share buybacks&nbsp;following an 86% plunge in quarterly profit.</p>

<p data-testid="paragraph-12">AMC Entertainment Holdings Inc&nbsp;slumped 13.6% after the world's largest cinema chain said it would&nbsp;raise $110 million&nbsp;through a preferred stock sale.</p>

<p data-testid="paragraph-13">Declining issues outnumbered advancers for a 5.42-to-1 ratio on the NYSE and a 2.86-to-1 ratio on the Nasdaq.</p>

<p data-testid="paragraph-14">The S&amp;P index recorded one new 52-week high and 15 new lows, while the Nasdaq recorded 57 new highs and 303 new lows.</p>


The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's glum forecast adding to a downbeat mood.

The Nasdaq index tumbled nearly 3% on Thursday after a fresh batch of data showing a resilient economy fueled worries that the Federal Reserve would stick to its aggressive tightening path; with Micron's glum forecast adding to a downbeat mood. Apple Inc, Microsoft Corp and Amazon.com Inc fell more than 3% each, as two-year Treasury yields regained steam on prolonged rate hike expectations. Tesla Inc plunged 6.5% after the electric-vehicle maker doubled its discount offering on models in the U.S. this month, amid concerns over softening demand. Losses in rate-sensitive growth stocks saw technology and consumer discretionary sectors lead losses among the 11 major S&P 500 sub-indexes. The final estimate of the third-quarter U.S. gross domestic product revealed the economy grew at a 3.2% annualized rate, above the previous estimate of 2.9%. Meanwhile, a Labor Department report showed the number of Americans filing for state unemployment benefits increased to 216,000 last week, much below economists' estimate of 222,000, indicating a still-tight labour market. "The GDP data beat a lot of expectations. There are concerns that the economy is not giving up too easily and it's putting up a fight that will likely require the Fed to remain hawkish and keep interest rates higher for longer," Sam Stovall, chief investment strategist at CFRA Research in New York, said. The Philadelphia SE Semiconductor index was also set for its worst single-day performance in two months as shares of Micron Technology Inc, Nvidia Corp, Qualcomm Inc and Advanced Micro Devices Inc fell between 4.4% and 7.4%. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities this year, with the benchmark S&P 500 set for annual declines of 20%, its worst such performance since the 2008 financial crisis. Bets for a 25-basis point hike to 4.5%-4.75% in February by the Fed remained largely unchanged at 71.4% following the data on Thursday, although expectations for the terminal rate inched up to 4.89% by May 2023. At 11:44 a.m. ET, the Dow Jones Industrial Average was down 500.33 points, or 1.50%, at 32,876.15, the S&P 500 was down 76.56 points, or 1.97%, at 3,801.88, and the Nasdaq Composite was down 303.39 points, or 2.83%, at 10,405.98. CarMax Inc slid 7.5% to the bottom of the S&P 500 after the used-vehicles retailer paused share buybacks following an 86% plunge in quarterly profit. AMC Entertainment Holdings Inc slumped 13.6% after the world's largest cinema chain said it would raise $110 million through a preferred stock sale. Declining issues outnumbered advancers for a 5.42-to-1 ratio on the NYSE and a 2.86-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 15 new lows, while the Nasdaq recorded 57 new highs and 303 new lows.

Wall Street tumbles on rate, recession worries, bleak chipmaker outlook

U.S senate committee has asked 8 million automobile makers including General Motors, Ford and Tesla to disclose if any of their components are linked to the alleged forced labour in China. There are allegations of parts made with forced labour in Xinjiang.

World Business Watch: US senate committee sent letters to Ford, GM, Tesla & other automobile makers

<p>In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag.&nbsp;</p>

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<p dir="ltr" lang="en">One of many product improvements coming to financial Twitter!<br />
<br />
Nice work by Twitter team. <a href="https://t.co/CKLH8OtDDW">https://t.co/CKLH8OtDDW</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1605738005813084165?ref_src=twsrc%5Etfw">December 22, 2022</a></blockquote>
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<p><strong>What is Cashtag and how is it different from Hashtag?</strong></p>

<p>Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies.</p>

<p>For example, a cashtag such as $PY when searched on Twitter will give stock pricing information for Standard &amp; Poor's Depositary Receipts, regarded as the world's oldest Exchange Traded Fund (ETF).&nbsp;The price charts also include a "View on Robinhood"&nbsp;clickable link, suggesting that the retail trading platform has teamed up with Twitter for this integration.<img alt="Courtesy: Twitter Business" data-entity-type="file" data-entity-uuid="30016e94-710f-444d-812c-c30abed2f11c" src="//cdn.wionews.com/sites/default/files/inline-images/Fkhka6eUcAACEW_.jpg" /></p>

<p>Twitter said that when a user will tweet the symbol of a major stock, ETF, or cryptocurrency with a $ in front of it (like $BTC), users "will see a clickable link that takes them to search results".&nbsp;</p>

<p>As of December 22, the cashtag search results include the pricing graphs for major stock, ETF and cryptocurrency symbols. At the time of filing this report,&nbsp;BTC and ETH are the only two cryptocurrencies with price charts. Other top cryptocurrencies, including Musk’s beloved Dogecoin&nbsp;are expected to make the cut in the coming weeks.</p>

<p>"In the coming weeks, we'll refine the user experience and expand our coverage of symbols," Twitter added.</p>

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In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag.

In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag. One of many product improvements coming to financial Twitter! Nice work by Twitter team. https://t.co/CKLH8OtDDW — Elon Musk (@elonmusk) December 22, 2022 × What is Cashtag and how is it different from Hashtag? Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies. For example, a cashtag such as $PY when searched on Twitter will give stock pricing information for Standard & Poor's Depositary Receipts, regarded as the world's oldest Exchange Traded Fund (ETF). The price charts also include a "View on Robinhood" clickable link, suggesting that the retail trading platform has teamed up with Twitter for this integration. Twitter said that when a user will tweet the symbol of a major stock, ETF, or cryptocurrency with a $ in front of it (like $BTC), users "will see a clickable link that takes them to search results". As of December 22, the cashtag search results include the pricing graphs for major stock, ETF and cryptocurrency symbols. At the time of filing this report, BTC and ETH are the only two cryptocurrencies with price charts. Other top cryptocurrencies, including Musk’s beloved Dogecoin are expected to make the cut in the coming weeks. "In the coming weeks, we'll refine the user experience and expand our coverage of symbols," Twitter added. 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.

Twitter search results begin showing latest pricing for stocks, ETFs and cryptocurrencies

<p>A plane that was reportedly&nbsp;carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul,&nbsp;arrived in Westchester County, New York on Wednesday.&nbsp;Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing&nbsp;dated December 20.</p>

<p>Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-ftx-founder-to-agree-to-extradition-sam-bankman-fried-appears-before-bahamas-court-544775">US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court</a></strong></p>

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<p>Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a></strong></p>

<p>A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition.</p>

<p>In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty.</p>

<p><strong>FTX fallout: Bankman-Fried's top lieutenants plead guilty</strong></p>

<p>The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX.</p>

<p>Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday.&nbsp;</p>

<p>FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit.&nbsp;</p>

<p>Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October.&nbsp;<br />
<br />
<em>(With inputs from agencies)</em></p>

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A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20.

A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20. Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported. WATCH | US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court × Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. ALSO READ | How a secret software code change allowed FTX to (mis)use client money A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition. In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty. FTX fallout: Bankman-Fried's top lieutenants plead guilty The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX. Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday. FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October. (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.

Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty

<p>Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/electric-vehicles-startups-face-deflation-amid-surge-in-production-544441">World Business Watch: Electric vehicles startups face deflation amid surge in production</a></strong></p>

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<p>The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence.</p>

<p>Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets.&nbsp;</p>

<p>Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year.</p>

<p>General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut.</p>

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Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident.

Detroit-headquartered General Motors will recall 140,000 Chevy Bolt Electric Vehicles throughout the United States and Canada, the company said on Wednesday. The recall reportedly addresses a potential risk of fire in the carpet sported within the Electric Vehicle after an accident. WATCH | World Business Watch: Electric vehicles startups face deflation amid surge in production × The recall affects 120,000 Chevy Bolt EVs in the US and 20,000 in Canada and pertains to model year vehicles between 2017 and 2023. GM has not shared how many incidents of the Bolt’s floor carpets catching fire have been reported, only declaring "rare instances" of the occurrence. Chevrolet Bolt made its debut in 2016 as the only Electric Vehicle offering from General Motors. The EV offering has been furthered by the Bolt EUV as well as GMC Hummer EV and Cadillac Lyriq. The Bolt continues to grow in sales as one of the most affordable EVs in the US and Canadian markets. Earlier, a previous recall of the Chevrolet Bolt EV and EUV due to battery fires decreased General Motors' delivery numbers in 2021. After sorting out the battery fire issues, the Bolt resumed production in April this year. General Motors had geared up for a lucrative EV offering to the market with the 2023 model year versions of the Bolt EV seeing a $6,000 price cut. 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.

General Motors recalls 140,000 Chevy Bolts from US, Canada markets