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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

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>

Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

What does it mean?

Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Where will Bankman-Fried be kept?

According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn.&nbsp;

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

WATCH -&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

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"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. 
 
FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.&nbsp;

(With inputs from agencies)

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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters. It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition. ALSO READ - How a secret software code change allowed FTX to (mis)use client money Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. What does it mean? Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. Where will Bankman-Fried be kept? According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn. Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds. WATCH - The FTX bankruptcy scandal: Crypto exchange launches review of its global assets × "The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions." Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO. (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.

Bahamas to Brooklyn: FTX founder Sam Bankman-Fried to surrender Monday for US extradition

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent.

Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers.

But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions.

The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty.

At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year.

"At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us."

(With inputs from agencies)

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Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year. News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent. Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers. But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout. Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty. At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year. "At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us." (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 ×

Goldman Sachs may cut up to eight per cent of staff in 2023: Reports

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs).&nbsp;

A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/ftx-founder-sam-bankman-fried-donated-money-to-republicans-as-well-reports-535562">FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports</a>

According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund.&nbsp;

“We will return as soon as we receive proper direction in the legal proceedings,” Wessel said.

Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the&nbsp; 
Democratic Congressional Campaign Committee (DCCC).&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/who-is-sam-bankman-fried-the-former-ftx-ceo-cryptogenius-who-lost-145-billion-in-a-day-533429">Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know</a>

The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said.&nbsp;

The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added.&nbsp;

Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance.&nbsp;

(With inputs from agencies)

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Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX.

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs). A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs. ALSO READ | FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund. “We will return as soon as we receive proper direction in the legal proceedings,” Wessel said. Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC). ALSO READ | Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said. The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added. Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance. (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.

Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales.

Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection.

"My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. &nbsp;In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/trump-unveils-nfts-showing-himself-as-cowboy-astronaut-and-more-543518">Trump unveils NFTs showing himself as cowboy, astronaut and more</a>

According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours.

After buying a Trump NFT, a buyer enters&nbsp;into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET.

Where will money from Trump's NFT sale go?

NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project.

What are NFTs?

NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/i-will-very-very-very-probably-do-it-again-donald-trump-plans-to-run-for-presidency-in-2024-531118">'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024</a>

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The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop.&nbsp;

However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground.&nbsp;

Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May.&nbsp;

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Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99.

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales. Earlier this week, Donald Trump teased a "major announcement" on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection. "My official Donald Trump Digital Trading Card collection is here!" he posted on Thursday. In past, Trump has described the NFT sales art as "very much like a baseball card, but hopefully much more exciting". ALSO READ | Trump unveils NFTs showing himself as cowboy, astronaut and more According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours. After buying a Trump NFT, a buyer enters into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET. Where will money from Trump's NFT sale go? NFT INT, the company behind the collection, claims on its website that the money raised won't be used in Trump's 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project. What are NFTs? NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels. WATCH | 'I will very, very, very probably do it again,' Donald Trump plans to run for presidency in 2024 × The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop. However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground. Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May. 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.

Donald Trump NFTs a wild hit, sold-out within hours of rollout

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row.&nbsp;The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.&nbsp;

Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.''

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-for-7th-time-this-year-heres-what-it-means-543234">US Federal Reserve raises interest rate for 7th time this year: Here’s what it means</a>

The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated.&nbsp;

"Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said.&nbsp;

The BoE added that although labour demand began to ease, the labour market remained tight.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/banknotes-featuring-queen-elizabeths-picture-remain-legal-tender-bank-of-england-514312">Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England</a>

The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said.&nbsp;

In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%.&nbsp;

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The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages. Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.'' ALSO READ | US Federal Reserve raises interest rate for 7th time this year: Here’s what it means The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated. "Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said. The BoE added that although labour demand began to ease, the labour market remained tight. ALSO READ | Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said. In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%. 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.

Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation

A pair of Hong Kong ETFs investing in Bitcoin and Ether futures raised $79 million as the city pushes ahead with a plan to become a crypto hub even as the sector reels from the FTX collapse.

World Business Watch: Hong Kong crypto ETFs raise $79mn despite FTX fallout

Sony Group is considering investing several billion dollars to build a new factory to make smartphone image sensors in western Japan's Kumamoto prefecture.

World Business Watch: Sony plans smartphone sensor factory in Japan

Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday. Musk, who took over Twitter in October, has diverted most of his attention towards running the social media giant.&nbsp;

A report by news agency Reuters on Wednesday said that Tesla's shares traded down 1.4%, after falling as much as 3.2% to $155.88 per share. This is the lowest level since November 18, 2020.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818">Elon Musk no longer world's richest man. Check who is</a>

The company's shares are one of the worst-performing stocks among major car and technology companies. According to a US security filing, Musk this week sold 22 million shares of Tesla worth $3.58 billion.&nbsp;

KoGuan Leo, one of the Tesla investors who is the company's third-largest individual shareholder, has put out multiple tweets criticising Elon Musk. Leo has said that Musk abandoned Tesla and it has no working CEO.&nbsp;

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Elon abandoned Tesla and Tesla has no working CEO 
 
Tesla needs and deserves to have working full time CEO 
 
What Tesla BOD should do, do nothing? Elon will find his own successor under BOD independent supervision <a href="https://t.co/AJSvij9ncP">https://t.co/AJSvij9ncP</a>
— KoGuan Leo (@KoguanLeo) <a href="https://twitter.com/KoguanLeo/status/1603022448416407553?ref_src=twsrc%5Etfw">December 14, 2022</a></blockquote>
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A fanboy of Musk, Leo tweeted on Wednesday that Tesla needs to have a working full-time CEO.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/elon-musk-slams-twitters-current-lords-and-peasants-system-says-blue-for-8month-530344">Elon Musk slams Twitter's current 'lords and peasants' system, says 'Blue for $8/month'</a>

"Tesla matters. Elon is a mere hired hands. He is our employee. Tesla is 19 year old, ranked 4th with 2.4% allocation in S&amp;P, not a baby and soon be the biggest. Elon was the proud father, Tesla has grown up," he said in another tweet.&nbsp;

Leo pointed out that he was a multi-billionaire before he invested in Tesla. "I plan to invest more $billion because Tesla will be the biggest company with or without Elon. As his fanboy, I invested because of Elon. Of course, I prefer Elon to be CEO but he abandoned Tesla."

Leo also tweeted that he doesn't give a damn if Musk stays or leaves Tesla.&nbsp;

Gary Black, another investor, has expressed discontent over Musk's controversial tweets.&nbsp;

"He (Musk( will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs. Customers don’t want their cars to be controversial. They want to be proud as hell to drive them - not embarrassed," Black tweeted on Wednesday.&nbsp;

(With inputs from agencies)

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Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday.

Investors at Tesla have lashed out at its chief executive officer (CEO) Elon Musk for his distraction from the electric car company after its shares declined to hit their lowest levels in over two years on Wednesday. Musk, who took over Twitter in October, has diverted most of his attention towards running the social media giant. A report by news agency Reuters on Wednesday said that Tesla's shares traded down 1.4%, after falling as much as 3.2% to $155.88 per share. This is the lowest level since November 18, 2020. ALSO READ | Elon Musk no longer world's richest man. Check who is The company's shares are one of the worst-performing stocks among major car and technology companies. According to a US security filing, Musk this week sold 22 million shares of Tesla worth $3.58 billion. KoGuan Leo, one of the Tesla investors who is the company's third-largest individual shareholder, has put out multiple tweets criticising Elon Musk. Leo has said that Musk abandoned Tesla and it has no working CEO. Elon abandoned Tesla and Tesla has no working CEO Tesla needs and deserves to have working full time CEO What Tesla BOD should do, do nothing? Elon will find his own successor under BOD independent supervision https://t.co/AJSvij9ncP — KoGuan Leo (@KoguanLeo) December 14, 2022 × A fanboy of Musk, Leo tweeted on Wednesday that Tesla needs to have a working full-time CEO. ALSO READ | Elon Musk slams Twitter's current 'lords and peasants' system, says 'Blue for $8/month' "Tesla matters. Elon is a mere hired hands. He is our employee. Tesla is 19 year old, ranked 4th with 2.4% allocation in S&P, not a baby and soon be the biggest. Elon was the proud father, Tesla has grown up," he said in another tweet. Leo pointed out that he was a multi-billionaire before he invested in Tesla. "I plan to invest more $billion because Tesla will be the biggest company with or without Elon. As his fanboy, I invested because of Elon. Of course, I prefer Elon to be CEO but he abandoned Tesla." Leo also tweeted that he doesn't give a damn if Musk stays or leaves Tesla. Gary Black, another investor, has expressed discontent over Musk's controversial tweets. "He (Musk( will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs. Customers don’t want their cars to be controversial. They want to be proud as hell to drive them - not embarrassed," Black tweeted on Wednesday. (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.

'He abandoned Tesla': Company's investors lash out at Elon Musk's Twitter focus

Spanish billionaire and Zara founder Amancio Ortega bought a residential skyscraper in Seattle in US for $323 million, marking his one of the costliest real estate deal ever. His private firm said that dealing has been done.

World Business Watch: Zara founder Amancio Ortega buys skyscraper for $323 million

China chip war is broadening its crackdown on China's ship industry. Biden administration in US has added Chinese chipmaker YMTC - Yangtze Memory Technologies - and 21 major Chinese players in Artificial Intelligence chip sector, to a trade blacklist.

World Business Watch: US President Joe Biden blacklists Chinese memory chipmaker YMTC

As we talk about the world's best performing stock to get affected by global scenarios including monetary tightening in developed countries - Russia-Ukraine War and even global price volatility. A mining stock in Indonesia is proving to be world's best performer with a whopping 1,600% dwelling.

World Business News: Indonesia's mining stock becomes World's best performer of 2022

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.&nbsp;

How will cryptocurrency be distributed to IDPs?

The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">Binance braces for 'challenging period' after record $1.9bn outflows</a>

The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/charities-use-cryptocurrency-to-send-aid-to-venezuela-220620">Charities use cryptocurrency to send aid to Venezuela</a>

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The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations.&nbsp;

Which Ukrainian cities will receive cryptocurrency aid?

As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine.

When will cryptocurrency aid be distributed in Ukraine?

The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement.&nbsp;

Will crypto-based aid be expanded elsewhere too?

The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said.&nbsp;

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The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world. How will cryptocurrency be distributed to IDPs? The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people. ALSO READ | Binance braces for 'challenging period' after record $1.9bn outflows The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world. WATCH | Charities use cryptocurrency to send aid to Venezuela × The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations. Which Ukrainian cities will receive cryptocurrency aid? As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine. When will cryptocurrency aid be distributed in Ukraine? The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement. Will crypto-based aid be expanded elsewhere too? The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said. 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.

UN to roll out aid in cryptocurrency for displaced Ukrainians

US&nbsp;stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

The US&nbsp;central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won.

“The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research.

“It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.”

The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007.

“The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America.

“If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.”

The S&amp;P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53.

The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22.

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US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession. The US central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won. “The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research. “It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.” The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007. “The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America. “If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.” The S&P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53. The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22. 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 ×

Wall Street slumps as Fed heightens recession fears

John Ray, the new CEO of embattled crypto exchange FTX is getting paid USD 1300 per hour, court filings in a US court have revealed. Ray took reins of FTX after its spectacular and very recent collapse. Previous CEO Sam Bankman-Fried is currently facing charges of fraud while he negotiates with authorities in the Bahamas to secure a bail.

Ray and his close-knit team in-charge of bankruptcy restructuring at FTX are not regular employees. The team are&nbsp;what is called professional independent contractors. This means they get paid immediately, even before FTX investors get their money back.

USD 1300 per hour comes to USD 2.6 million annually.

This is not first bankruptcy restructing for Ray and his team. They have worked on bankruptcy restructuring of Enron in 2005. He also has a tight-knit team which has worked with him through years. The team has worked with him at Enron, Nortel (2009) and at Overseas Shipbuilding Group (2014)

The team includes Kathryn Shultea who is the chief administrative officer, Mary Cilia who is chief financial officer and Raj Perubhatla who is chief information officer.&nbsp;

For the team, FTX is shelling out USD 975 per hour. This comes to USD 5.85 million annually.

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John Ray, the new CEO of embattled crypto exchange FTX is getting paid USD 1300 per hour, court filings in a US court have revealed. Ray took reins of FTX after its spectacular and very recent collapse.

John Ray, the new CEO of embattled crypto exchange FTX is getting paid USD 1300 per hour, court filings in a US court have revealed. Ray took reins of FTX after its spectacular and very recent collapse. Previous CEO Sam Bankman-Fried is currently facing charges of fraud while he negotiates with authorities in the Bahamas to secure a bail. Ray and his close-knit team in-charge of bankruptcy restructuring at FTX are not regular employees. The team are what is called professional independent contractors. This means they get paid immediately, even before FTX investors get their money back. USD 1300 per hour comes to USD 2.6 million annually. This is not first bankruptcy restructing for Ray and his team. They have worked on bankruptcy restructuring of Enron in 2005. He also has a tight-knit team which has worked with him through years. The team has worked with him at Enron, Nortel (2009) and at Overseas Shipbuilding Group (2014) The team includes Kathryn Shultea who is the chief administrative officer, Mary Cilia who is chief financial officer and Raj Perubhatla who is chief information officer. For the team, FTX is shelling out USD 975 per hour. This comes to USD 5.85 million annually. 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 ×

New CEO of collapsed crypto exchange FTX is earning $1300 per hour

Four United States lawmakers have introduced a bill "to severely'' sanction Chinese technological giant Huawei and untrustworthy Chinese 5G producers who engage in espionage against the US. The bill has been introduced by Republican senator Tom Cotton and backed by lawmakers including two democrats —&nbsp;Chris Van Hollen and Chuck Schumer.&nbsp;

"This bill would add these entities to the Treasury Department's Specially Designated Nationals (SDN) List, which would effectively freeze them from accessing the US financial system. Congressman Mike Gallagher (WI-08) introduced companion legislation in the US&nbsp;House of Representatives,'' a statement issued by Cotton said on Tuesday.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/huawei-may-be-evading-us-sanctions-through-a-small-start-up-report-523079">Huawei may be evading US sanctions through a small start-up: Report</a>

“We’ve made great strides in recent years at home and abroad in combatting Huawei’s malign attempts to dominate 5G and steal Americans’ data," Cotton added.&nbsp; 
Pointing out that Huawei is an arm of Chinese intelligence, Cotton said that Huawei and the Chinese Communist Party (CCP) cannot be allowed to have access to Americans’ personal data and the country’s most sensitive defence systems.&nbsp;

"We must address the dire threat these Chinese companies pose to our national security,” Cotton further said in the statement.&nbsp;

Senator Chris Van Hollen, meanwhile, said on Tuesday that foreign companies that spy on the United States and violate its laws should face severe consequences, adding Huawei is a repeat offender.&nbsp;

"This bipartisan bill will bolster our national defences by further sanctioning Huawei and other similar bad actors seeking to undermine our security,” Hollen added.&nbsp;

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Four United States lawmakers have introduced a bill "to severely'' sanction Chinese technological giant Huawei and untrustworthy Chinese 5G producers who engage in espionage against the US.

Four United States lawmakers have introduced a bill "to severely'' sanction Chinese technological giant Huawei and untrustworthy Chinese 5G producers who engage in espionage against the US. The bill has been introduced by Republican senator Tom Cotton and backed by lawmakers including two democrats — Chris Van Hollen and Chuck Schumer. "This bill would add these entities to the Treasury Department's Specially Designated Nationals (SDN) List, which would effectively freeze them from accessing the US financial system. Congressman Mike Gallagher (WI-08) introduced companion legislation in the US House of Representatives,'' a statement issued by Cotton said on Tuesday. ALSO READ | Huawei may be evading US sanctions through a small start-up: Report “We’ve made great strides in recent years at home and abroad in combatting Huawei’s malign attempts to dominate 5G and steal Americans’ data," Cotton added. Pointing out that Huawei is an arm of Chinese intelligence, Cotton said that Huawei and the Chinese Communist Party (CCP) cannot be allowed to have access to Americans’ personal data and the country’s most sensitive defence systems. "We must address the dire threat these Chinese companies pose to our national security,” Cotton further said in the statement. Senator Chris Van Hollen, meanwhile, said on Tuesday that foreign companies that spy on the United States and violate its laws should face severe consequences, adding Huawei is a repeat offender. "This bipartisan bill will bolster our national defences by further sanctioning Huawei and other similar bad actors seeking to undermine our security,” Hollen 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.

US lawmakers introduce bill to severely sanction Huawei, Chinese 5G companies

The UK government announced on Thursday that it will significantly relax limits on taking liquids in carry-on luggage at airports from June 2024.

World Business Watch: UK airports to relax aircraft liquid rules beginning in mid-2024

The U.S. Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signalling more hikes to come.

World Business Watch: U.S. announces 7th interest rate hike of 2022

Sotheby’s will open a property that will house its auctions and exhibitions in Hong Kong and move its headquarters in the city to cater to growth in Greater China following record sales.

World Business Watch: Sotheby’s gets new Hong Kong auction house after record sales

Tesla shares have extended declines and hit their lowest level in more than two years as investors lashed out at Elon Musk. They alleged that his purchase of Twitter is distracting him from the electric car company.

World Business Watch: Tesla shares at over two-year low levels as investors bash Elon Musk

The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues.&nbsp;According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported.

The automobile maker's recall covers 740,000 vehicles from US and 85,000 from Canada.

<a href="https://www.wionews.com/business-economy/japanese-automaker-subaru-recalls-271000-vehicles-over-high-risk-of-combustion-542979">Also read |&nbsp;Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners</a>

The recall was ordered after a company's software engineer submitted a report about the issue in October, prompting GM to conduct an investigation and pass the recall order.&nbsp;

GM stated that till now it hasn't received any accident or injury report.&nbsp;

The recall targets models from 2020 to 2023 of Cadillac CT4 and CT5, Buick Envision,&nbsp; Cadillac Escalade and Escalade ESV, Chevrolet Silverado 1500,&nbsp;Suburban, GMC Sierra 1500 and Yukon XL vehicles.&nbsp;

<a href="https://www.wionews.com/world/general-motors-temporarily-halts-advertising-on-twitter-after-musks-takeover-529321">Also read |&nbsp;General Motors halts advertising on Twitter temporarily after Musk's takeover&nbsp;</a>

GM said that for repair, the control body software will be updated by a dealer or a through-air update will be done to resolve the issue.&nbsp;

Commenting on the issue, the National Highway Traffic Safety Administration said that the vehicles do not comply with US federal vehicles safety and can increase the risk or reduce visibility.&nbsp;

The current GM recall is an extension of the one done in November.&nbsp;

Recently, Japanese automobile manufacturer Subaru on December 14 recalled over 270,000 vehicles over high combustion risk. The company had&nbsp;asked owners to park their cars far away from homes and not use them if they see any smoke coming from the dash.&nbsp;

(With inputs from agencies) 
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The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues. According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported.

The US' largest automaker, General Motors on Wednesday said it's recalling almost 825,000 trucks and SUVs in North America over headlight issues. According to the company's statement, the vehicles' daylight running lights don't deactivate when the headlights are on, causing excess glare, Reuters reported. The automobile maker's recall covers 740,000 vehicles from US and 85,000 from Canada. Also read | Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners The recall was ordered after a company's software engineer submitted a report about the issue in October, prompting GM to conduct an investigation and pass the recall order. GM stated that till now it hasn't received any accident or injury report. The recall targets models from 2020 to 2023 of Cadillac CT4 and CT5, Buick Envision, Cadillac Escalade and Escalade ESV, Chevrolet Silverado 1500, Suburban, GMC Sierra 1500 and Yukon XL vehicles. Also read | General Motors halts advertising on Twitter temporarily after Musk's takeover GM said that for repair, the control body software will be updated by a dealer or a through-air update will be done to resolve the issue. Commenting on the issue, the National Highway Traffic Safety Administration said that the vehicles do not comply with US federal vehicles safety and can increase the risk or reduce visibility. The current GM recall is an extension of the one done in November. Recently, Japanese automobile manufacturer Subaru on December 14 recalled over 270,000 vehicles over high combustion risk. The company had asked owners to park their cars far away from homes and not use them if they see any smoke coming from the dash. (With inputs from agencies) WATCH WION LIVE HERE

After Japan's Subaru, now US' General Motors recalls 825,000 trucks and SUVs

The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year. Furthermore, the officials have also said that the central bank will deliver more interest rate hikes in 2023, in a bid to tame decade-high inflation in the country.&nbsp;

The interest rate, which is now at its highest in the last 15 years, seems to be reducing inflation to some degree as the US CPI data shows that the annual inflation has slowed down from 7.7 per cent in October to 7.1 per cent in November. However, Federal Reserve Chair Jerome Powell said that the recent slowing down has not been reassuring that the fight has been won.

Why is the Fed raising the interest rates?

When an economy is booming and inflation is on the rise, an increase in the interest rates slows everything down by making borrowing more expensive and&nbsp;discouraging consumers and businesses to spend more. This decrease in spending typically slows the economy and cools down inflation.&nbsp;

These hikes are also in line with the central bank’s goal to push inflation down to two per cent. So far, the Feds have been aggressively raising the interest rate as the country continues to battle high inflation, this time around, the&nbsp;benchmark was raised&nbsp;by half a point as opposed to the string of four straight three-quarter point hikes&nbsp;in the past couple of months.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a>

Furthermore, the interest rate hike announced on Wednesday also marked the highest fed funds rate since December 2007 during the onset of the global financial crisis of 2008. However, this trend may continue for the upcoming year as it is projected that the rates would rise above five per cent by the end of next year, which is now somewhere between the 4.25 per cent to 4.5 per cent range.&nbsp;

What does it mean for American consumers?

The federal funds rate, set by the central bank, is the interest rate at which the commercial banks borrow and lend from one another overnight. Consequently, it directly or indirectly affects the borrowing costs for consumers and their earnings on savings accounts.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/fed-lifts-benchmark-rate-by-half-percentage-point-543120">Fed lifts benchmark rate by half percentage point</a>

As of now, this leads many Americans to lean on credit as they are affected at a time when they are facing higher prices due to inflation as well as an unprecedented rise in interest rates which has not been witnessed in the past decade or so.

Notably, the Fed does not control all interest rates; rather it's a ripple effect, which begins with the central bank raising the interest rates and others following suit. Some of these interest rates affected include mortgages, credit cards, and other loans.&nbsp;

Chief financial analyst at Bankrate, Greg McBride, said, “Credit card rates are at a record high and still increasing. Auto loan rates are at an 11-year high. Home equity lines of credit are at a 15-year high. And online savings account and CD yields haven’t been this high since 2008.”&nbsp;

The New York-based consumer financial services firm, Bankrate also noted that the average credit card rate hit a record high of 19.40 per cent (as of December 7) which is up from 16.3 per cent since the beginning of the year. Consequently, with the recent hike consumers can also witness an increase in their credit card rates within a few statements.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-us-announces-7th-interest-rate-hike-of-2022-543170">World Business Watch: U.S. announces 7th interest rate hike of 2022</a>

Therefore, McBride suggests transferring any balances on the credit cards to a zero-rate balance transfer card which locks in a zero rate between a year and 21 months, this would “insulate you from rate hikes” giving the consumer a “clear runway” to pay off their debt. He added, “Less debt and more savings will enable you to better weather rising interest rates, and is especially valuable if the economy sours.”

As for mortgages, the recent Fed hike would affect millions. Freddie Mac, an enterprise promoting home lending, said that with every percentage point increase in mortgage rates, which is eventually affected by the increase in the central bank’s benchmark rate, households which can afford a $400,000 mortgage decline by three to four million.&nbsp;

Furthermore, according to the federally funded company, the 30-year fixed-rate mortgage average was 6.33 per cent by the end of the second week of December which is more than double the same time last year, for the first time in US history. This comes as mortgage rates have been rising over the past year or so which has also affected at least 15 million potential homebuyers.&nbsp;

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The 30-year average at one point had peaked above seven per cent, however, the decrease is not enough to help buyer affordability, said McBride. Furthermore, with mortgage rates rising faster than home prices dropping, Americans will be forced to spend more which could add to the financial stress of high inflation, said a report by NBC. Therefore, with more hikes in the Fed interest rate on the horizon, mortgage rates may climb further.&nbsp;

How has the market reacted to the latest hike?

Interest rate hikes typically create volatility in the stock market and this time was no different. Following the announcement, the Dow Jones Industrial Average fell 142.29 points or 0.42 per cent, while S&amp;P 500 lost 24.33 points or 0.61 per cent and the Nasdaq Composite dropped 85.93 points, or 0.76 per cent, reported Reuters.&nbsp;

Notably, three major averages on Wall Street might witness a yearly decline for the first time since 2018 as well as their biggest annual percentage decline since the financial crisis of 2008. This comes as nearly all 11 major S&amp;P 500 sectors ended in negatives on Wednesday with healthcare being an exception, while financials were down 1.29 per cent making it the worst performing sector.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-broadly-as-upbeat-us-data-muddles-fed-rate-hike-views-540382">Dollar gains broadly as upbeat US data muddles Fed rate hike views</a> 
 
Meanwhile, the condition of Asian stocks was no better, on Thursday, following the announcement and declines on Wall Street, Japan’s Nikkei dropped 0.42 per cent, while Australia’s S&amp;P/ASX 200 fell 0.62 per cent, Hong Kong’s Hang Seng witnessed a decline of 1.13 per cent and South Korea’s Kospi tumbled 1.32 per cent.&nbsp;

The decline has also been attributed to a rise in COVID-19 cases in China and crude oil’s downturn after strong gains a day prior. Additionally, while Beijing moves to open its economy after lifting its stringent zero-Covid restrictions, the slowed factory output and fewer retail sales in November continued to affect its outlook.&nbsp;

What has the Fed forecasted for the upcoming year?

On Wednesday, following the announcement of the interest rate hike, Powell also said that more interest rate hikes are on the horizon for the upcoming year while the US economy is in the midst of possibly slipping into recession. The Fed officials also projected a rise in the unemployment rate from the current 3.6 per cent to 4.6 per cent for the upcoming year. &nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/poll-shows-that-the-us-economy-is-headed-for-a-shallow-recession-heres-what-it-means-541596">Poll shows that the US economy is headed for a shallow recession: Here’s what it means</a>

Currently, the rate of unemployment is increasing by 0.5 per cent annually and by the end of 2023, it would be well beyond what has historically been associated with recession. However, Powell has said that they don’t “talk about this kind of recession, that kind of a recession. We just make these forecasts.”

During the press conference, following the meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), he also said that there is no “completely painless way to restore price stability” and they are doing the best they can. However, even with the recent aggressive hikes, inflation remains at least three times higher than their target and they speculate it will take at least three years for things to fall back.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/fitch-inflation-and-fed-hikes-to-drive-us-economy-into-recession-526566">Fitch: Inflation and fed hikes to drive US economy into recession</a>

“The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” said Powell.&nbsp; 
 
(With inputs from agencies)&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

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The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year.

The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year. Furthermore, the officials have also said that the central bank will deliver more interest rate hikes in 2023, in a bid to tame decade-high inflation in the country. The interest rate, which is now at its highest in the last 15 years, seems to be reducing inflation to some degree as the US CPI data shows that the annual inflation has slowed down from 7.7 per cent in October to 7.1 per cent in November. However, Federal Reserve Chair Jerome Powell said that the recent slowing down has not been reassuring that the fight has been won. Why is the Fed raising the interest rates? When an economy is booming and inflation is on the rise, an increase in the interest rates slows everything down by making borrowing more expensive and discouraging consumers and businesses to spend more. This decrease in spending typically slows the economy and cools down inflation. These hikes are also in line with the central bank’s goal to push inflation down to two per cent. So far, the Feds have been aggressively raising the interest rate as the country continues to battle high inflation, this time around, the benchmark was raised by half a point as opposed to the string of four straight three-quarter point hikes in the past couple of months. ALSO READ | In a historic move, US Federal Reserve raises interest rate by 0.75% again Furthermore, the interest rate hike announced on Wednesday also marked the highest fed funds rate since December 2007 during the onset of the global financial crisis of 2008. However, this trend may continue for the upcoming year as it is projected that the rates would rise above five per cent by the end of next year, which is now somewhere between the 4.25 per cent to 4.5 per cent range. What does it mean for American consumers? The federal funds rate, set by the central bank, is the interest rate at which the commercial banks borrow and lend from one another overnight. Consequently, it directly or indirectly affects the borrowing costs for consumers and their earnings on savings accounts. ALSO READ | Fed lifts benchmark rate by half percentage point As of now, this leads many Americans to lean on credit as they are affected at a time when they are facing higher prices due to inflation as well as an unprecedented rise in interest rates which has not been witnessed in the past decade or so. Notably, the Fed does not control all interest rates; rather it's a ripple effect, which begins with the central bank raising the interest rates and others following suit. Some of these interest rates affected include mortgages, credit cards, and other loans. Chief financial analyst at Bankrate, Greg McBride, said, “Credit card rates are at a record high and still increasing. Auto loan rates are at an 11-year high. Home equity lines of credit are at a 15-year high. And online savings account and CD yields haven’t been this high since 2008.” The New York-based consumer financial services firm, Bankrate also noted that the average credit card rate hit a record high of 19.40 per cent (as of December 7) which is up from 16.3 per cent since the beginning of the year. Consequently, with the recent hike consumers can also witness an increase in their credit card rates within a few statements. ALSO WATCH | World Business Watch: U.S. announces 7th interest rate hike of 2022 Therefore, McBride suggests transferring any balances on the credit cards to a zero-rate balance transfer card which locks in a zero rate between a year and 21 months, this would “insulate you from rate hikes” giving the consumer a “clear runway” to pay off their debt. He added, “Less debt and more savings will enable you to better weather rising interest rates, and is especially valuable if the economy sours.” As for mortgages, the recent Fed hike would affect millions. Freddie Mac, an enterprise promoting home lending, said that with every percentage point increase in mortgage rates, which is eventually affected by the increase in the central bank’s benchmark rate, households which can afford a $400,000 mortgage decline by three to four million. Furthermore, according to the federally funded company, the 30-year fixed-rate mortgage average was 6.33 per cent by the end of the second week of December which is more than double the same time last year, for the first time in US history. This comes as mortgage rates have been rising over the past year or so which has also affected at least 15 million potential homebuyers. ALSO READ | US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must The 30-year average at one point had peaked above seven per cent, however, the decrease is not enough to help buyer affordability, said McBride. Furthermore, with mortgage rates rising faster than home prices dropping, Americans will be forced to spend more which could add to the financial stress of high inflation, said a report by NBC. Therefore, with more hikes in the Fed interest rate on the horizon, mortgage rates may climb further. How has the market reacted to the latest hike? Interest rate hikes typically create volatility in the stock market and this time was no different. Following the announcement, the Dow Jones Industrial Average fell 142.29 points or 0.42 per cent, while S&P 500 lost 24.33 points or 0.61 per cent and the Nasdaq Composite dropped 85.93 points, or 0.76 per cent, reported Reuters. Notably, three major averages on Wall Street might witness a yearly decline for the first time since 2018 as well as their biggest annual percentage decline since the financial crisis of 2008. This comes as nearly all 11 major S&P 500 sectors ended in negatives on Wednesday with healthcare being an exception, while financials were down 1.29 per cent making it the worst performing sector. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Meanwhile, the condition of Asian stocks was no better, on Thursday, following the announcement and declines on Wall Street, Japan’s Nikkei dropped 0.42 per cent, while Australia’s S&P/ASX 200 fell 0.62 per cent, Hong Kong’s Hang Seng witnessed a decline of 1.13 per cent and South Korea’s Kospi tumbled 1.32 per cent. The decline has also been attributed to a rise in COVID-19 cases in China and crude oil’s downturn after strong gains a day prior. Additionally, while Beijing moves to open its economy after lifting its stringent zero-Covid restrictions, the slowed factory output and fewer retail sales in November continued to affect its outlook. What has the Fed forecasted for the upcoming year? On Wednesday, following the announcement of the interest rate hike, Powell also said that more interest rate hikes are on the horizon for the upcoming year while the US economy is in the midst of possibly slipping into recession. The Fed officials also projected a rise in the unemployment rate from the current 3.6 per cent to 4.6 per cent for the upcoming year. ALSO READ | Poll shows that the US economy is headed for a shallow recession: Here’s what it means Currently, the rate of unemployment is increasing by 0.5 per cent annually and by the end of 2023, it would be well beyond what has historically been associated with recession. However, Powell has said that they don’t “talk about this kind of recession, that kind of a recession. We just make these forecasts.” During the press conference, following the meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), he also said that there is no “completely painless way to restore price stability” and they are doing the best they can. However, even with the recent aggressive hikes, inflation remains at least three times higher than their target and they speculate it will take at least three years for things to fall back. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession “The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” said Powell. (With inputs from agencies) WATCH WION LIVE HERE

US Federal Reserve raises interest rate for 7th time this year: Here’s what it means

US Federal Reserve on Wednesday (December 14) increased benchmark lending rate by half percentage point as it appeared to moderate its all-out campaign to cool US inflation.

America's central bank has taken aggressive moves to ease demand in the world's biggest economy, hiking rates seven times this year with interest-sensitive sectors like housing already reeling from tightening policy.

The latest increase has taken the benchmark rate to 4.25-4.50 per cent. This is highest since 2007.

But officials signaled that their battle to cool the US economy is not yet over.

"The committee anticipates that ongoing increases in the target range will be appropriate" to reach a stance restrictive enough to rein in inflation, said a statement by the Fed's policy-setting Federal Open Market Committee (FOMC). 
The committee anticipates its interest rate will end up higher than earlier projected next year.

On Wednesday, policymakers also downgraded their forecast for US economic growth in 2023 to 0.5 percent, narrowly avoiding a contraction, and see inflation rising more than anticipated.

While it takes time for policy effects to ripple through sectors, there have been positive signs, with consumer inflation in the United States easing in November.

The consumer price index, a key gauge of inflation, logged its smallest annual increase in nearly a year, fueling optimism that the Fed could soon moderate its efforts.

(With inputs from agencies)

US Federal Reserve on Wednesday (December 14) increased benchmark lending rate by half percentage point as it appeared to moderate its all-out campaign to cool US inflation.

US Federal Reserve on Wednesday (December 14) increased benchmark lending rate by half percentage point as it appeared to moderate its all-out campaign to cool US inflation. America's central bank has taken aggressive moves to ease demand in the world's biggest economy, hiking rates seven times this year with interest-sensitive sectors like housing already reeling from tightening policy. The latest increase has taken the benchmark rate to 4.25-4.50 per cent. This is highest since 2007. But officials signaled that their battle to cool the US economy is not yet over. "The committee anticipates that ongoing increases in the target range will be appropriate" to reach a stance restrictive enough to rein in inflation, said a statement by the Fed's policy-setting Federal Open Market Committee (FOMC). The committee anticipates its interest rate will end up higher than earlier projected next year. On Wednesday, policymakers also downgraded their forecast for US economic growth in 2023 to 0.5 percent, narrowly avoiding a contraction, and see inflation rising more than anticipated. While it takes time for policy effects to ripple through sectors, there have been positive signs, with consumer inflation in the United States easing in November. The consumer price index, a key gauge of inflation, logged its smallest annual increase in nearly a year, fueling optimism that the Fed could soon moderate its efforts. (With inputs from agencies)

Fed lifts benchmark rate by half percentage point

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