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The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth.&nbsp;

According to data presented by the Office for National Statistics (ONS) on Thursday, the Gross Domestic Product (GDP)&nbsp;fell by 0.3% in the third quarter against the estimated 0.2% decline. Growth figures for the first half of this year were also revised down, with figures showing the country mustered growth of just 0.6% in the first quarter and 0.1% in the second quarter. The office also reported that the Gross Domestic Product (GDP) is now estimated to be 0.8% below pre-pandemic levels.&nbsp;

Darren Morgan, director of economic statistics at the ONS, said the office's revised figures showed that the UK's economy performed slightly less well over the last year than previously estimated, with manufacturing and electricity generation notably weaker, according to a report by the Associated Press.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/bank-of-england-raises-key-interest-rate-to-35-543411">Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation</a>

Experts have predicted that the economy will shrink further in the final quarter, which would see the country falling into recession. British consumers are already seeing the effects, with household spending dropping by 1.1% after inflation over the third quarter- the first fall since January-March last year, the report added.&nbsp;

Darren Morgan, meanwhile, said that the country's household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters.&nbsp;

“Looking ahead, the UK&nbsp;likely will continue to underperform; we expect Britain to suffer the deepest recession among major advanced economies in 2023,” the top ONS official added.&nbsp;

Last week, the Bank of England (BoE) raised its key interest rate from 3% to 3.5%. The BoE's Monetary Policy Committee (MPC) said that further increases in the bank rate might be required to tackle persistent domestic inflation pressures from prices and wages. The central bank said on December 15 that it expected the UK's GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in last month's report.&nbsp;

"Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," the BoE said in a statement.&nbsp;

The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth.

The United Kingdom's (UK) economy has contracted more than previously thought in the third quarter of this year, putting the country at the bottom of the G7 in terms of quarterly growth. According to data presented by the Office for National Statistics (ONS) on Thursday, the Gross Domestic Product (GDP) fell by 0.3% in the third quarter against the estimated 0.2% decline. Growth figures for the first half of this year were also revised down, with figures showing the country mustered growth of just 0.6% in the first quarter and 0.1% in the second quarter. The office also reported that the Gross Domestic Product (GDP) is now estimated to be 0.8% below pre-pandemic levels. Darren Morgan, director of economic statistics at the ONS, said the office's revised figures showed that the UK's economy performed slightly less well over the last year than previously estimated, with manufacturing and electricity generation notably weaker, according to a report by the Associated Press. ALSO READ | Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation Experts have predicted that the economy will shrink further in the final quarter, which would see the country falling into recession. British consumers are already seeing the effects, with household spending dropping by 1.1% after inflation over the third quarter- the first fall since January-March last year, the report added. Darren Morgan, meanwhile, said that the country's household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters. “Looking ahead, the UK likely will continue to underperform; we expect Britain to suffer the deepest recession among major advanced economies in 2023,” the top ONS official added. Last week, the Bank of England (BoE) raised its key interest rate from 3% to 3.5%. The BoE's Monetary Policy Committee (MPC) said that further increases in the bank rate might be required to tackle persistent domestic inflation pressures from prices and wages. The central bank said on December 15 that it expected the UK's GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in last month's report. "Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," the BoE said in a statement.

UK's economy shrinks more than previously thought in third quarter: Data

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-to-continue-improving-combat-readiness-of-nuclear-forces-says-vladimir-putin-545223">Russia to continue improving combat readiness of nuclear forces, says Putin</a>

At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year.&nbsp;

"In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement.&nbsp;

In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-exhausted-doctor-collapses-while-attending-patients-amid-chinas-covid-surge-545169">WATCH: Exhausted doctor collapses while attending Covid patients in China</a>

Available housing inventory also "remains near historic lows," said Yun.&nbsp;

House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.&nbsp;

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The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November.

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers. Also read | Russia to continue improving combat readiness of nuclear forces, says Putin At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year. "In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement. In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again. Also read | WATCH: Exhausted doctor collapses while attending Covid patients in China Available housing inventory also "remains near historic lows," said Yun. House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.

Home sales in the United States dip for 10th straight month in volatile market

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.&nbsp;Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year.

Watch |&nbsp;World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

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Tesla has communicated to some employees that it will be stopping hiring.&nbsp;

However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-breaks-silence-after-damning-poll-called-for-his-resignation-as-twitter-ceo-544678">Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO</a>

The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy.

In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far.

Also read |&nbsp;<a href="https://www.wionews.com/technology/tesla-reports-two-new-crash-fatalities-in-model-3-cars-linked-to-advanced-driver-assistance-systems-534811">Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system</a>

On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell.

(With inputs from agencies)

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Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards.

Tesla is set to lay off more employees. As per reports, the electric car maker has notified its employees that it will be implementing a hiring freeze and that another wave of layoffs is also in the cards. Quoting an anonymous source familiar with the matter, Electrek reported that the layoffs will happen in the first quarter of next year. Watch | World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report Tesla has communicated to some employees that it will be stopping hiring. However, with Tesla planning to expand in some manufacturing locations, it is not known how extensive the hiring freeze will be as no further details were made available. Also read | Elon Musk breaks silence after damning poll called for his resignation as Twitter CEO The current spate of layoffs comes after Tesla CEO Elon Musk implemented a 10 per cent staff cut in June. At the time, Musk reportedly gave different reasons to different people for the layoffs. He even chalked it up to a "very bad feeling" about the economy. In the last year, since September and especially after Musk's acquisition of Twitter, Tesla stock has experienced a steady fall which might be contributing to the hiring freeze. This year, the company's shares have lost nearly 60 per cent of their value so far. Also read | Tesla reports two more crash fatalities in Model 3 cars linked to advanced driver assistance system On Wednesday, Tesla's shares tumbled to around $137 per share, it's lowest ever as Elon Musk blamed global macroeconomic conditions. Shares of Tesla as per Reuters rose 1 per cent to $139.25 in Thursday's trading before the bell. (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.

Tesla plans to implement hiring freeze, lay off more employees in 2023: Report

India's central bank chief has warned that the next financial crisis will possibly come from private cryptocurrencies. Adding that he also holds the view that cryptocurrencies should be banned or prohibited.

World Business Watch: Next financial crisis may come from private cryptocurrencies, says CBI chief

General Motors is recalling 140,000 Chevrolet Bolt EV vehicles. It will happen in North America because carpet here could catch fire after a crash.

World Business Watch: General Motors recalls 140,000 Chevrolet Bolt EVs over risk of catching fire

The clock is ticking on the Chinese app as U.S passes a senate bill barring the use of TikTok on government-owned devices. Trump administration tried banning the app in 2020.

World Business Watch: US Senate passes bill barring use of TikTok on government owned devices

US-based semiconductor company Micron has announced that the company will lay off 10% of its workforce next year, citing a nagging glut in the semiconductor market.

World Business Watch: Chipmaker Micron to cut 10% jobs in 2023

According to a report, electric-car maker Tesla will lay off employees in the next quarter. Reports also said Tesla is going to freeze hiring.

World Business Watch | Tesla to freeze hiring, lay off employees in next quarter: Report

The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall.&nbsp;

In its statement, the central bank said it will now allow yields on 10-year government bonds to move up or down on the basis of 50 basis points instead of 25 basis points around its 0 per cent objective, Nikkei Asia reported.&nbsp;

The BoJ Governor Haruhiko Kuroda told reporters, "This is neither a tightening nor a step toward an exit. This is a tweak to the monetary policy operation." He added that the changes are done responding to the changes in the market. "We did this to support the economy and will explain it to market players as much as necessary."

<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">Also read |&nbsp;World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022</a>

Bank's board decided to keep its main monetary policies unchanged.

Amid the tweaking of monetary policies, the yen soared to a four-month high against the dollar. The policy also comes after a decline in the US interest rates and market policies.&nbsp;

The move sent the yen to 132 per dollar making its strongest level since August.&nbsp;

The bank added that the policies were modified in order to improve the market functioning in the Asian country, encouraging a smoother yield cure formation.&nbsp;

The yield curve allows the bank to purchase Japanese government bonds with yields of zero and shirt term rates of minus 0.1 per cent.&nbsp;

<a href="https://www.wionews.com/business-economy/japan-government-spent-more-than-40-billion-to-bolster-the-yen-in-october-530006">Also read |&nbsp;Japanese government spent more than $40 billion to bolster the yen in October</a>

The move also caused the benchmark Nikkei 225 average to fall y 2.5 per cent, raised the yen from a range of 137 to about 132 against the dollar, and spiked the yield in the 10-year JCB to 0.46 per cent.&nbsp;

Over the past several months, the pressure on the central bank to tighten the policy has decreased as the yield on the 10-year US Treasury has declined from 4.2 per cent to 3.4 per cent.&nbsp;

Japan's inflation is at a 40-year high with consumer prices increasing by 3.6 per cent in October which is far beyond BoJ's 2 per cent target.

(With inputs from agencies)

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The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall.

The Bank of Japan in its policy statement on Tuesday shocked markets by expanding its target band for interest rates, causing the yen to rise, bond yields to go up and stock prices to fall. In its statement, the central bank said it will now allow yields on 10-year government bonds to move up or down on the basis of 50 basis points instead of 25 basis points around its 0 per cent objective, Nikkei Asia reported. The BoJ Governor Haruhiko Kuroda told reporters, "This is neither a tightening nor a step toward an exit. This is a tweak to the monetary policy operation." He added that the changes are done responding to the changes in the market. "We did this to support the economy and will explain it to market players as much as necessary." Also read | World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022 Bank's board decided to keep its main monetary policies unchanged. Amid the tweaking of monetary policies, the yen soared to a four-month high against the dollar. The policy also comes after a decline in the US interest rates and market policies. The move sent the yen to 132 per dollar making its strongest level since August. The bank added that the policies were modified in order to improve the market functioning in the Asian country, encouraging a smoother yield cure formation. The yield curve allows the bank to purchase Japanese government bonds with yields of zero and shirt term rates of minus 0.1 per cent. Also read | Japanese government spent more than $40 billion to bolster the yen in October The move also caused the benchmark Nikkei 225 average to fall y 2.5 per cent, raised the yen from a range of 137 to about 132 against the dollar, and spiked the yield in the 10-year JCB to 0.46 per cent. Over the past several months, the pressure on the central bank to tighten the policy has decreased as the yield on the 10-year US Treasury has declined from 4.2 per cent to 3.4 per cent. Japan's inflation is at a 40-year high with consumer prices increasing by 3.6 per cent in October which is far beyond BoJ's 2 per cent target. (With inputs from agencies) WATCH WION LIVE HERE

Japan's central bank shocks markets with yield policy change, yen strengthens  

Crypto is at a crossroads after facing an unfortunate year. Crashes, contagion and collapses came in such quick succession that investors are now on the verge of asking some serious existential questions.

World Business Watch: Cryptocurrency faces an existential threat

Nike reported its best quarterly revenue growth in more than a decade barring one quarter and handily beat profit expectations on Tuesday.

World Business Watch: Nike beats revenue estimates on sportswear demand

Sam Bankman-Fried has decided to agree to be extradited to the United States to face fraud charges, just hours after the FTX founder's lawyer told a Bahamas judge he was not ready to consent.

World Business Watch: FTX founder Sam Bankman-Fried to agree to US extradition

Meta’s stock value plunged 65% year-to-date, the biggest drop among the big five tech companies. Meta share price is around $119, down by over 60% in the last 1-year.

World Business Watch: Meta stock value plunges 65% in 2022; loses $9.4 bn in first 9 months

Microsoft was hit in US court with a private consumer lawsuit claiming the technology company's $69 billion bid to purchase "Call of Duty" maker Activision Blizzard Inc will unlawfully squelch competition in the video game industry.

World Business Watch: Video gamers sue Microsoft in US court to stop Activision takeover

Elon Musk said on Tuesday he will step down as chief executive of Twitter after finding a replacement. This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted decisively in a poll for him to step down.

World Business Watch: Elon Musk to step down as Twitter CEO after finding a replacement

China's Xiaomi Corp has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%.

World Business Watch: China smartphone maker Xiaomi to slash 15% of jobs, says report

Millions of Twitter users asked Elon Musk to step down as head of Twitter in a poll on the platform that the billionaire had created and promised to abide by.

World Business Watch: Elon Musk poll shows 57% people want him to step down as Twitter chief

The Paris Commercial Court fined iPhone maker Apple just over $1.06 million for imposing abusive commercial clauses on French app developers for access to the company's App Store.

World Business Watch: Apple fined $1.06 mn by Paris court over App store practices

State agencies in Louisiana and West Virginia on Monday became the latest to ban the use of the popular social media service TikTok on government-managed devices over concern that China could use it to track Americans and censor content.

World Business Watch: TikTok bans hit more US states; ban on govt-managed devices

Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases. It also illegally collected children's personal information, thus violating a landmark federal children’s privacy law, &nbsp;the Federal Trade Commission and the company said on Monday.

A record $275 million will go against violating the privacy law. The company will also adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped into making purchases by so-called "dark patterns", the FTC said.

"Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement.

Also Read |&nbsp;<a href="https://www.wionews.com/world/lawsuit-claims-children-stopped-eating-or-sleeping-because-of-fortnite-541524">Parents sue Fornite makers, say children stopped eating or sleeping in order to play game</a>

Reponding to the settlement, Epic said that pay-to-win and pay-to-progress mechanics that come into play when two players compete against each, had been eliminated. Random item loot boxes were already eliminated in 2019. For saving payment options, players will have an explicit yes/no option to choose from.

Players looking to seek refunds can do so via credit cards. "If a cardholder sees an unauthorized transaction on their statement, they may report it to their bank to have it reversed," the company said in its statement.

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In order to protect children and ensure they do not spend money without the knowledge of their parents, the company said it had created features like easier-to-access parental controls and a PIN requirement, whereby parents will authorize purchases. It has also put in place a daily spending limit for kids under 13.

Talking about safeguarding children and their privacy, the FTC quoted Epic employees as saying that the company's default settings for children is worrying and instead people should be required to opt in for voice chat. The FTC stressed that voice and text chat must be turned off by default.

(With inputs from agencies)

&nbsp;

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Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases.

Epic Games, makers of the hit video game Fortnite, will pay a total of $520 million to settle allegations by the US government that it misled millions of players, including children and teens, into making unintended purchases. It also illegally collected children's personal information, thus violating a landmark federal children’s privacy law, the Federal Trade Commission and the company said on Monday. A record $275 million will go against violating the privacy law. The company will also adopt strong default privacy settings for young people. Epic Games will also pay $245 million to refund consumers duped into making purchases by so-called "dark patterns", the FTC said. "Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children," said FTC Chair Lina Khan in a statement. Also Read | Parents sue Fornite makers, say children stopped eating or sleeping in order to play game Reponding to the settlement, Epic said that pay-to-win and pay-to-progress mechanics that come into play when two players compete against each, had been eliminated. Random item loot boxes were already eliminated in 2019. For saving payment options, players will have an explicit yes/no option to choose from. Players looking to seek refunds can do so via credit cards. "If a cardholder sees an unauthorized transaction on their statement, they may report it to their bank to have it reversed," the company said in its statement. × In order to protect children and ensure they do not spend money without the knowledge of their parents, the company said it had created features like easier-to-access parental controls and a PIN requirement, whereby parents will authorize purchases. It has also put in place a daily spending limit for kids under 13. Talking about safeguarding children and their privacy, the FTC quoted Epic employees as saying that the company's default settings for children is worrying and instead people should be required to opt in for voice chat. The FTC stressed that voice and text chat must be turned off by default. (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.

Fortnite makers slapped with a record $520mn penalty by the FTC

US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine.

The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon. These commitments address our preliminary competition concerns about Amazon practices on its e-commerce marketplace."&nbsp;

The retail company faced three charges, Reuters reported.&nbsp;&nbsp;

<a href="https://www.wionews.com/trending/amazon-sued-and-accused-of-stealing-tips-given-to-delivery-drivers-541060">Also read |&nbsp;Amazon sued and accused of 'stealing' tips given to delivery drivers</a>

In the first case, the company was charged for using its data, size and power to push its own product to the top making it unfair to other merchants on the platform.&nbsp;

To settle the charge, Amazon agreed to not use sellers' data for its own benefit.&nbsp;

The second charge dealt&nbsp;with equal treatment of sellers when ranking offers the "buy box" on the website, generating bulk orders.&nbsp;

Amazon agreed to set up a secondary buy box for the rival product if it has a different price and delivery time in comparison to the ones in the first box.&nbsp;

In the third case, the retail company agreed to allow the sellers under the prime feature to choose their own logistics and service timings other than itself.&nbsp;

<a href="https://www.wionews.com/world/amazon-set-to-fire-20000-employees-including-top-managers-540087">Also read |&nbsp;Amazon set to fire 20,000 employees, including top managers</a>

When asked, Amazon said that it was pleased to address EU's concerns.

A spokesperson for Amazon said, "While we continue to disagree with several of the preliminary conclusions the European Commission made, we have engaged constructively to ensure that we can continue to serve customers across Europe."

The EU further added that the commitments will stay in force for seven years in the case of the Prime and Buy box policy and five years for other parts.&nbsp;

The commission also said that if Amazon breaks any of its commitments it can impose up to 10 per cent of the company's turnover as a fine.

(With inputs from agencies) 
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US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine. The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon.

US online retail giant Amazon has reached a settlement with the European Union and has agreed to make big business changes avoiding a 10 per cent fine. The European Competition Commission in a news conference said, "The Commission has decided to accept commitments offered by Amazon. These commitments address our preliminary competition concerns about Amazon practices on its e-commerce marketplace." The retail company faced three charges, Reuters reported. Also read | Amazon sued and accused of 'stealing' tips given to delivery drivers In the first case, the company was charged for using its data, size and power to push its own product to the top making it unfair to other merchants on the platform. To settle the charge, Amazon agreed to not use sellers' data for its own benefit. The second charge dealt with equal treatment of sellers when ranking offers the "buy box" on the website, generating bulk orders. Amazon agreed to set up a secondary buy box for the rival product if it has a different price and delivery time in comparison to the ones in the first box. In the third case, the retail company agreed to allow the sellers under the prime feature to choose their own logistics and service timings other than itself. Also read | Amazon set to fire 20,000 employees, including top managers When asked, Amazon said that it was pleased to address EU's concerns. A spokesperson for Amazon said, "While we continue to disagree with several of the preliminary conclusions the European Commission made, we have engaged constructively to ensure that we can continue to serve customers across Europe." The EU further added that the commitments will stay in force for seven years in the case of the Prime and Buy box policy and five years for other parts. The commission also said that if Amazon breaks any of its commitments it can impose up to 10 per cent of the company's turnover as a fine. (With inputs from agencies) WATCH WION LIVE HERE

Online retail giant Amazon reaches settlement with EU, agrees to make big business changes, skips 10% fine

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests.&nbsp;

“Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-business-confidence-plunges-to-its-lowest-in-nearly-a-decade-says-survey-544447">Chinese business confidence plunges to its lowest in nearly a decade, says survey</a>

Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business.&nbsp;

The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-china-to-set-economic-plans-amid-shift-from-zero-covid-policy-542526">World Business Watch: China to set economic plans amid shift from Zero Covid policy</a>

However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP.&nbsp;

In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/zero-covid-a-crumbling-real-estate-market-and-more-chinese-economy-and-the-challenges-it-faces-522534">Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces</a>

According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term.&nbsp;

Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday.

The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests. “Economic activity in China continues to track the ups and downs of the pandemic – outbreaks and growth slowdowns have been followed by uneven recoveries,” said the World Bank in a statement. Therefore, the Real GDP growth is estimated to reach 2.7 per cent in 2022 before recovering to 4.3 per cent in the upcoming year, as the economy will open, it added. ALSO READ | Chinese business confidence plunges to its lowest in nearly a decade, says survey Notably, the estimate for 2023 has also been reduced from 8.1 per cent to 4.3 per cent which was given earlier this year in June. This also could be attributed to some restrictions in place while the recent uptick in cases has disrupted business. The US-based institute also noted factors like uncertain global outlook, climate change as well as the “persistent stress” in the country’s real estate market amid Beijing’s crackdown on excessive lending as some of the non-pandemic related risks. ALSO WATCH | World Business Watch: China to set economic plans amid shift from Zero Covid policy However, Mara Warwick, World Bank country director for China, Mongolia and Korea said that China’s “continued adaptation” of its COVID-19 policies will play a significant role in the country’s ability to mitigate public health risks and to minimise further economic disruption, reported AFP. In the larger context, the slowdown has also been seen as a consequence of the global economy being battered by high-interest rates with recent hikes announced by major economies including the US and UK, and potentially by the European Union in a bid to curb the soaring inflation triggered by the Russian invasion of Ukraine and pandemic related supply chain issues. ALSO READ | Zero-Covid, a crumbling real estate market and more: Chinese economy and the challenges it faces According to World Bank’s Lead Economist for China, Elitza Mileva, Beijing could benefit from directing fiscal resources towards social spending and green investment, which could support short-term demand as well as contribute to sustainable growth in the medium term. Meanwhile, China has also sought to mitigate this low growth by providing more support through a series of ease in restrictions as well as slashing interest rates in key areas of the economy, and pumping cash into the country’s banking system. (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.

World Bank slashes China’s growth forecast from 4.3 per cent to 2.7 per cent for 2022

The US Energy Department said that it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

World Business Watch: US begins buying back oil for strategic petroleum reserve

China's business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity.

World Business Watch: Chinese business confidence falls to lowest in almost a decade

With the hope of elevating success in the EV sector, investors faced disappointment with the startups facing deflation in market shares along with surge in production.

World Business Watch: Electric vehicles startups face deflation amid surge in production

A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures.&nbsp;

The London-based data provider’s Sales Managers Survey accounted for more than 2,300 companies and was conducted between December 1 and December 16. China’s index was the lowest since the survey first began in 2013 which could be the first indicator of deteriorating business sentiment after relaxations in Covid measures, earlier this month which triggered a fresh wave of infections across the country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/even-as-covid-19-cases-spike-caccine-hesistancy-plagues-china-544348">Even as Covid cases spike, vaccine hesitancy plagues China; experts predict 3 waves of infections in winter</a>

“The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for a recession in 2023,” said World Economics. It added that while “lights may not have gone out, prospects for economic growth in 2023 have certainly dimmed.” &nbsp;

Furthermore, the survey also noted that business activity plunged this month as almost all component Indexes in both the Manufacturing and Service Sectors are now below the 50 level. This comes after the recent dismantling of China’s zero-Covid policy, some of the toughest measures against the pandemic, which were preceded by widespread protests which had already negatively affected the economy.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-chinese-business-confidence-falls-to-lowest-in-almost-a-decade-544395">World Business Watch: Chinese business confidence falls to lowest in almost a decade</a>

“The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another,” said World Economics.&nbsp;

Last week, after a two-day closed-door meeting China’s top leaders and policymakers said that they would focus on stabilising the economy in the upcoming year. As the country faces issues on multiple fronts including a rise in Covid infections which continue to impact businesses and consumers alike as well as a weakening global economy hampering Beijing’s exports.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/chinas-economy-is-slowing-a-worrying-sign-for-the-world-445560">China’s economy is slowing, a worrying sign for the world</a>

Some of these measures include stepping up the fiscal policy to make it more efficient, and maintaining the intensity of spending, while monetary policy will be precise and forceful, keeping liquidity reasonably ample, said a statement issued after the annual Central Economic Work Conference, published by the Chinese news agency Xinhua.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures.

A survey by World Economics released on Monday shows that confidence in Chinese business fell to its lowest since January 2013. This has been attributed to the country’s surge in COVID-19 cases and its impact on economic activity as well as the abrupt lifting of Beijing’s stringent zero-Covid policy and pandemic control measures. The London-based data provider’s Sales Managers Survey accounted for more than 2,300 companies and was conducted between December 1 and December 16. China’s index was the lowest since the survey first began in 2013 which could be the first indicator of deteriorating business sentiment after relaxations in Covid measures, earlier this month which triggered a fresh wave of infections across the country. ALSO READ | Even as Covid cases spike, vaccine hesitancy plagues China; experts predict 3 waves of infections in winter “The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for a recession in 2023,” said World Economics. It added that while “lights may not have gone out, prospects for economic growth in 2023 have certainly dimmed.” Furthermore, the survey also noted that business activity plunged this month as almost all component Indexes in both the Manufacturing and Service Sectors are now below the 50 level. This comes after the recent dismantling of China’s zero-Covid policy, some of the toughest measures against the pandemic, which were preceded by widespread protests which had already negatively affected the economy. ALSO WATCH | World Business Watch: Chinese business confidence falls to lowest in almost a decade “The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another,” said World Economics. Last week, after a two-day closed-door meeting China’s top leaders and policymakers said that they would focus on stabilising the economy in the upcoming year. As the country faces issues on multiple fronts including a rise in Covid infections which continue to impact businesses and consumers alike as well as a weakening global economy hampering Beijing’s exports. ALSO READ | China’s economy is slowing, a worrying sign for the world Some of these measures include stepping up the fiscal policy to make it more efficient, and maintaining the intensity of spending, while monetary policy will be precise and forceful, keeping liquidity reasonably ample, said a statement issued after the annual Central Economic Work Conference, published by the Chinese news agency Xinhua. (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.

Chinese business confidence plunges to its lowest in nearly a decade, says survey