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Japanese automobile manufacturing company Subaru has recalled nearly 271,00 US Ascent sport vehicles with model years between 2019 to 2022 due to high fire risk.&nbsp;The company has requested owners to park their cars outside, away from the building, until they are completely repaired. It also urged vehicle owners to avoid leaving vehicles unattended while the engine is running.&nbsp;

<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">Also read |&nbsp;How a secret software change allowed FTX to use client money</a>

The recall was announced on Tuesday (Dec 13).&nbsp;Till now there have been two fire incidents reported with no injuries.&nbsp;

Watch |&nbsp;World Business Watch: Subaru issues recall of 271,000 SUVs because of increased risk of fire

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The National Highway Traffic Safety Administration has requested owners to park vehicles until the repair is done. It added that if an owner sees or notices smoke coming from the dash, they should immediately stop the car and turn off the ignition.

Subaru dealers claimed that it will replace heater ground bolts and if needed will change the ground wire and connector holder.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">Also read | Binance braces for 'challenging period' after record $1.9bn outflows</a>

In 2020, Subaru first replaced battery tools with air tools at the production line. Later in the same year, the Japanese company received its first technical problem in Ascent of smoke in the cabin.

The company received its first fire incident in September 2021 and received a fire damage report in 2022.&nbsp;

(With inputs from agencies) 
&nbsp;

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Japanese automobile manufacturing company Subaru has recalled nearly 271,00 US Ascent sport vehicles with model years between 2019 to 2022 due to high fire risk.

Japanese automobile manufacturing company Subaru has recalled nearly 271,00 US Ascent sport vehicles with model years between 2019 to 2022 due to high fire risk. The company has requested owners to park their cars outside, away from the building, until they are completely repaired. It also urged vehicle owners to avoid leaving vehicles unattended while the engine is running. Also read | How a secret software change allowed FTX to use client money The recall was announced on Tuesday (Dec 13). Till now there have been two fire incidents reported with no injuries. Watch | World Business Watch: Subaru issues recall of 271,000 SUVs because of increased risk of fire The National Highway Traffic Safety Administration has requested owners to park vehicles until the repair is done. It added that if an owner sees or notices smoke coming from the dash, they should immediately stop the car and turn off the ignition. Subaru dealers claimed that it will replace heater ground bolts and if needed will change the ground wire and connector holder. Also read | Binance braces for 'challenging period' after record $1.9bn outflows In 2020, Subaru first replaced battery tools with air tools at the production line. Later in the same year, the Japanese company received its first technical problem in Ascent of smoke in the cabin. The company received its first fire incident in September 2021 and received a fire damage report in 2022. (With inputs from agencies) WATCH WION LIVE HERE

Japanese automaker Subaru recalls 271,000 vehicles over high risk of fire, cautions owners

In mid-2020,&nbsp;FTX's chief engineer made a&nbsp;secret&nbsp;change&nbsp;to the cryptocurrency exchange’s&nbsp;software.&nbsp;He tweaked the code to exempt Alameda Research, a hedge fund owned by&nbsp;FTX&nbsp;founder Sam Bankman-Fried, from a feature on the trading platform that would have automatically sold off Alameda's assets if it was losing too much borrowed&nbsp;money.

In a note explaining the&nbsp;change, the engineer, Nishad Singh, emphasised that&nbsp;FTX&nbsp;should never sell Alameda's positions. "Be extra careful not to liquidate,” Singh wrote in the comment in the platform's code, which it showed he helped author. Reuters reviewed the code base, which has not been previously reported.

The exemption&nbsp;allowed&nbsp;Alameda to keep borrowing funds from&nbsp;FTX&nbsp;irrespective of the value of the collateral securing those loans. That tweak in the code got the attention of the U.S. Securities and Exchange&nbsp;Commission, which charged Bankman-Fried with fraud on Tuesday. The SEC said the tweak meant Alameda had a “virtually unlimited line of credit.” Furthermore, the billions of dollars that&nbsp;FTX&nbsp;secretly lent to Alameda over the next two years didn't come from its own reserves, but rather were the deposits of other&nbsp;FTX&nbsp; customers', the SEC said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/bail-in-bahamas-bankman-fried-requests-court-new-ftx-ceo-faces-us-lawmakers-542822">FTX founder Sam Bankman-Fried is denied bail after being charged with fraud</a>

The SEC and a spokesperson for Bankman-Fried declined to comment for the&nbsp;story. Singh did not respond to several requests for comment.

The regulator, which called the exchange&nbsp;“a house&nbsp;of cards,” alleged Bankman-Fried concealed that&nbsp;FTX&nbsp;diverted customer funds to Alameda in order to make undisclosed venture investments, luxury real estate purchases, and political donations. US&nbsp;prosecutors and the Commodity Futures Trading Commission also filed separate criminal and civil charges, respectively.

The complaints – along with previously unreported&nbsp;FTX&nbsp;documents seen by Reuters and three people familiar with the crypto exchange&nbsp;– provide new insights into&nbsp;how&nbsp;Bankman-Fried dipped into customer funds and spent billions more than&nbsp;FTX&nbsp;was making without the knowledge of investors, its customers and most employees.

Police in the Bahamas, where&nbsp;FTX&nbsp;was based, arrested Bankman-Fried on Monday evening, capping a stunning fall from grace for the 30-year-old former billionaire. His company collapsed in November after&nbsp;users rushed to withdraw deposits and investors shunned his requests for more financing.&nbsp;FTX&nbsp;declared bankruptcy on Nov. 11 and Bankman-Fried resigned as chief executive.

Bankman-Fried has apologised to customers, but said he didn't personally think he had any criminal liability.

The auto-liquidation exemption written into&nbsp;FTX&nbsp;code&nbsp;allowed&nbsp;Alameda to continually increase its line of credit until it “grew to tens of billions of dollars and effectively became limitless,” the SEC complaint said. It was one of two ways that Bankman-Fried diverted customer funds to Alameda.

The other was a mechanism whereby&nbsp;FTX&nbsp;customers deposited over $8 billion in traditional currency into bank accounts&nbsp;secretly controlled by Alameda. These deposits were reflected in an internal account on&nbsp;FTX&nbsp;that was not tied to Alameda, which concealed its liability, the complaint said.

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“SAFE, TESTED AND CONSERVATIVE”

As Bankman-Fried grew&nbsp;FTX&nbsp;into one of the world’s largest crypto exchanges, consumer protection was a central tenet of his pitch for crypto regulation in the United States. Bankman-Fried stressed this theme in countless statements to customers, investors, regulators and lawmakers.&nbsp;FTX’s auto-liquidation&nbsp;software&nbsp;would protect everyone, he had claimed.

In congressional testimony on May 12, he called&nbsp;FTX’s&nbsp;software&nbsp;“safe, tested and conservative.”

“By quickly unwinding the riskiest, most undercollateralized positions, the risk engine prevents build-up of credit risk that could otherwise cascade beyond the platform, resulting in contagion,” Bankman-Fried had testified.

He did not tell lawmakers about the&nbsp;software&nbsp;change&nbsp;to exempt Alameda. Indeed, he told investors that Alameda received no preferential treatment from&nbsp;FTX, the SEC complaint said.

Bankman-Fried had directed subordinates to update the&nbsp;software&nbsp;in mid-2020 to enable Alameda to maintain a negative balance on its account, the SEC complaint said. No other customer account at Alameda was&nbsp;allowed&nbsp;to do so, the complaint added. This would allow Alameda to keep borrowing more&nbsp;FTX&nbsp;funds without the need to provide more collateral.

In&nbsp;software&nbsp;tweaks made in August 2020, Alameda was designated as the “Primary Market Maker” or “PMM,” according to a Reuters review of its codebase. Market makers are dealers who enable trading in an asset by standing ready to buy and sell it.

To explain the&nbsp;change, Singh, the chief engineer, inserted a comment into the code: “Alameda would be liquidating, prevented.” He included a warning “not to liquidate the PMM."

Only Singh, Bankman-Fried and a few other top&nbsp;FTX&nbsp;and Alameda executives knew about the exemption in the code, according to three former executives briefed on the matter. A digital dashboard&nbsp;used by staff to track&nbsp;FTX&nbsp;customer assets and liabilities was programmed so it would not take into account that Alameda had withdrawn the&nbsp;client&nbsp;funds, according to two of the people and a screenshot of the portal that Reuters has previously reported.

Bankman-Fried's house&nbsp;of cards "began to crumble" in May 2022, the SEC complaint said.

As the value of crypto tokens plummeted that month, several of Alameda's lenders demanded repayment. Since Alameda didn't have the funds to meet these requests, Bankman-Fried directed Alameda to tap its "line of credit" with&nbsp;FTX&nbsp;to obtain billions of dollars in financing, the complaint said.

Ultimately, when&nbsp;FTX&nbsp;customers dashed to withdraw their&nbsp;money&nbsp;this November, spooked by media reports about the company's financial health, many discovered that their funds were no longer there.

&nbsp;

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In mid-2020, FTX's chief engineer made a secret change to the cryptocurrency exchange’s software. He tweaked the code to exempt Alameda Research, a hedge fund owned by FTX founder Sam Bankman-Fried, from a feature on the trading platform that would have automatically sold off Alameda's assets if it was losing too much borrowed money.

In mid-2020, FTX's chief engineer made a secret change to the cryptocurrency exchange’s software. He tweaked the code to exempt Alameda Research, a hedge fund owned by FTX founder Sam Bankman-Fried, from a feature on the trading platform that would have automatically sold off Alameda's assets if it was losing too much borrowed money. In a note explaining the change, the engineer, Nishad Singh, emphasised that FTX should never sell Alameda's positions. "Be extra careful not to liquidate,” Singh wrote in the comment in the platform's code, which it showed he helped author. Reuters reviewed the code base, which has not been previously reported. The exemption allowed Alameda to keep borrowing funds from FTX irrespective of the value of the collateral securing those loans. That tweak in the code got the attention of the U.S. Securities and Exchange Commission, which charged Bankman-Fried with fraud on Tuesday. The SEC said the tweak meant Alameda had a “virtually unlimited line of credit.” Furthermore, the billions of dollars that FTX secretly lent to Alameda over the next two years didn't come from its own reserves, but rather were the deposits of other FTX customers', the SEC said. Also Read | FTX founder Sam Bankman-Fried is denied bail after being charged with fraud The SEC and a spokesperson for Bankman-Fried declined to comment for the story. Singh did not respond to several requests for comment. The regulator, which called the exchange “a house of cards,” alleged Bankman-Fried concealed that FTX diverted customer funds to Alameda in order to make undisclosed venture investments, luxury real estate purchases, and political donations. US prosecutors and the Commodity Futures Trading Commission also filed separate criminal and civil charges, respectively. The complaints – along with previously unreported FTX documents seen by Reuters and three people familiar with the crypto exchange – provide new insights into how Bankman-Fried dipped into customer funds and spent billions more than FTX was making without the knowledge of investors, its customers and most employees. Police in the Bahamas, where FTX was based, arrested Bankman-Fried on Monday evening, capping a stunning fall from grace for the 30-year-old former billionaire. His company collapsed in November after users rushed to withdraw deposits and investors shunned his requests for more financing. FTX declared bankruptcy on Nov. 11 and Bankman-Fried resigned as chief executive. Bankman-Fried has apologised to customers, but said he didn't personally think he had any criminal liability. The auto-liquidation exemption written into FTX code allowed Alameda to continually increase its line of credit until it “grew to tens of billions of dollars and effectively became limitless,” the SEC complaint said. It was one of two ways that Bankman-Fried diverted customer funds to Alameda. The other was a mechanism whereby FTX customers deposited over $8 billion in traditional currency into bank accounts secretly controlled by Alameda. These deposits were reflected in an internal account on FTX that was not tied to Alameda, which concealed its liability, the complaint said. × “SAFE, TESTED AND CONSERVATIVE” As Bankman-Fried grew FTX into one of the world’s largest crypto exchanges, consumer protection was a central tenet of his pitch for crypto regulation in the United States. Bankman-Fried stressed this theme in countless statements to customers, investors, regulators and lawmakers. FTX’s auto-liquidation software would protect everyone, he had claimed. In congressional testimony on May 12, he called FTX’s software “safe, tested and conservative.” “By quickly unwinding the riskiest, most undercollateralized positions, the risk engine prevents build-up of credit risk that could otherwise cascade beyond the platform, resulting in contagion,” Bankman-Fried had testified. He did not tell lawmakers about the software change to exempt Alameda. Indeed, he told investors that Alameda received no preferential treatment from FTX, the SEC complaint said. Bankman-Fried had directed subordinates to update the software in mid-2020 to enable Alameda to maintain a negative balance on its account, the SEC complaint said. No other customer account at Alameda was allowed to do so, the complaint added. This would allow Alameda to keep borrowing more FTX funds without the need to provide more collateral. In software tweaks made in August 2020, Alameda was designated as the “Primary Market Maker” or “PMM,” according to a Reuters review of its codebase. Market makers are dealers who enable trading in an asset by standing ready to buy and sell it. To explain the change, Singh, the chief engineer, inserted a comment into the code: “Alameda would be liquidating, prevented.” He included a warning “not to liquidate the PMM." Only Singh, Bankman-Fried and a few other top FTX and Alameda executives knew about the exemption in the code, according to three former executives briefed on the matter. A digital dashboard used by staff to track FTX customer assets and liabilities was programmed so it would not take into account that Alameda had withdrawn the client funds, according to two of the people and a screenshot of the portal that Reuters has previously reported. Bankman-Fried's house of cards "began to crumble" in May 2022, the SEC complaint said. As the value of crypto tokens plummeted that month, several of Alameda's lenders demanded repayment. Since Alameda didn't have the funds to meet these requests, Bankman-Fried directed Alameda to tap its "line of credit" with FTX to obtain billions of dollars in financing, the complaint said. Ultimately, when FTX customers dashed to withdraw their money this November, spooked by media reports about the company's financial health, many discovered that their funds were no longer there. 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.

How a secret software code change allowed FTX to (mis)use client money

Sam Bankman-Fried, or SBF, known as the "cryptocurrency genius", was arrested on Monday (December 12) in the Bahamas at the request of the United States.&nbsp;Last month, he announced his resignation from FTX after facing a loss of 94 per cent of his net worth.&nbsp;&nbsp;

The "cryptogenius," also known as "modern JP Morgan"&nbsp;for his intervening to save volatile exchanges, has now been charged with&nbsp;defrauding investors in the company, by the United States&nbsp;Securities and Exchange Commission.&nbsp;The arrest was made on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing. 
 
Who is SBF?&nbsp;

The&nbsp;30-year-old&nbsp;began his career as a trader at Jane Street and eventually amassed a crypto empire.&nbsp;SBF studied Physics at MIT, and after joining Jane Street, in 2017, he learned about cryptocurrencies and began using his expertise in the market. In his early days, he started by purchasing bitcoin in the US and used to sell them in Japan, a minimum price of at least 10 per cent due to price difference. &nbsp;

In&nbsp;2017, SBF established his own cryptocurrency trading firm 'Almeda Research,' which offers liquidity in exchange for digital assets and cryptocurrencies.&nbsp;Two years later, in 2019, he launched FTX, turning it to be one of the top exchanges for buying and selling cryptocurrency derivatives. Forbes estimates his exchange is worth $40 billion.

Watch |&nbsp;Binance walks away from FTX deal due to 'mishandled funds'

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Fried has designated himself as a 'selfless altruist,' who pledged to give the majority of his wealth to charity. Additionally, promised to provide billion-dollar support to US candidates to take precautions against pandemics. However, Cointelegraph reported that he till now has only donated only 0.1 per cent of his wealth.&nbsp;

Fried's exchange worth fell drastically by 94 per cent in a single day, as reported by the Bloomberg Billionaires Index. His net worth was nearly $15.5 billion prior to this announcement of the company's financial crisis. The worth dropped to $991.5 million back in November.&nbsp;

According to Fox News, the now-bankrupt founder of FTX, was also a&nbsp;generous supporter of Democratic candidates and liberal causes, contributing at least $38 million to left-wing organisations during the 2022 election cycle.

What happened to FTX? 
 
Concerns of liquidity issues in Alameda and FTX began in 2022.&nbsp;The cryptocurrency platform FTX has recently filed for Chapter 11 bankruptcy in the US, as per the statement released. &nbsp;

The drama in the world of digital currencies began after the largest cryptocurrency platform Binance said that it will sell its stock in the company, Binance eventually backed out of the agreement leaving the firm to acquire nearly $9.4 billion from investors. Investors sold FTT, FTX's tokens as a result.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/cryptocurrency-lender-blockfi-files-for-bankruptcy-ftx-fallout-rattles-crypto-industry-538578">Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry</a>

Notably, this crash left the finance world shocked after the company faced&nbsp;bankruptcy with panicked customers who began withdrawing billions from the platform.

According to&nbsp;Bankman-Fried,&nbsp;traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal.&nbsp;

Two individuals familiar with the matter told Reuters that&nbsp;Bankman-Fried secretly transferred $10 billion in client money to affiliated trading firm Alameda Research, causing a liquidity crunch at the FTX. He has since told the news agency that did not move the money or run the research firm.&nbsp;

The FTX collapse and fallout

The fallout of this collapse was felt beyond the crypto world. A&nbsp;number of celebrities who endorsed his now-toxic exchange such as NFL quarterback Tom Brady and comedian Larry David were sued by the&nbsp;cryptocurrency investors who claimed they used misleading tactics to market FTX yield-bearing digital currency accounts.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/trending-on-wion-former-ftx-founder-sam-bankman-fried-arrested-in-bahamas-542544">Trending on WION: Former FTX founder Sam Bankman-Fried arrested in Bahamas</a>

The class action lawsuit filed&nbsp;in Miami, last month also included&nbsp;Brazilian supermodel Gisele Bündchen,&nbsp;basketball legend Shaquille O'Neal, tennis star Naomi Osaka as well as The Golden State Warriors basketball franchise. Meanwhile, the collapsed crypto exchange by the end of November began a strategic evaluation of its worldwide assets and is putting some businesses up for sale or reorganisation.

Furthermore, with its 101 associated companies, FTX also requested judicial intervention to permit the functioning of a new worldwide cash management system and payment to its essential suppliers. Subsequently, crypto lender, BlockFi filed for bankruptcy citing the “significant exposure” to FTX which led to a liquidity crisis.&nbsp; 
 
Bankman-Fried apologises for his "mistakes"

Earlier this month, in his first public appearance after the collapse of FTX, he said, “I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again.” The FTX founder was addressing a&nbsp;conference in New York, speaking via video call, he also said that he didn't knowingly behave fraudulently.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/former-ftx-ceo-sam-bankman-fried-apologises-for-his-mistakes-says-didnt-knowingly-commit-fraud-538944">Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud</a> 
 
Furthermore, on December 4, the FTX founder&nbsp;took to Twitter and said that he would testify before the United States House Financial Services Committee after he is done <a href="https://www.wionews.com/business-economy/ftxs-bankman-fried-to-testify-before-us-house-committee-after-learning-and-reviewing-its-collapse-540324">“learning and reviewing”</a> the collapse&nbsp;of his cryptocurrency exchange platform. This was in response to&nbsp;the Committee Chair Maxine Waters who had also taken to the microblogging platform to invite him to speak at the panel's hearing scheduled for December 13.

What has the 'crypto genius' been arrested and charged for?

Notably, a day before the aforementioned hearing, he was&nbsp;arrested in the <a href="https://www.wionews.com/videos/wion-business-news-ftxs-sam-bankman-fried-questioned-by-bahamas-police-533929">Bahamas</a>. He was going to testify under oath about his crypto exchange platform. In recent weeks he had made several public and media appearances telling his version of the&nbsp;company's sudden failure from the crypto exchange platform's headquarters in the&nbsp;Bahamas.&nbsp;

On Tuesday, the US SEC said, "The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd, the crypto trading platform of which he was the CEO and co-founder." The committee said that investigations of "securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.”

The FTX founder has also been charged with allegedly using&nbsp;FTX customer funds, commingled with Alameda for large political donations, lavish real estate&nbsp;purchases, and undisclosed investments in ventures. Additionally, even though the company is based in the Bahamas since FTX raised $1.1 billion from at least 90&nbsp;US-based investors, the SEC will oversee the case, the agency asserted.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/sam-bankman-fried-ex-ceo-of-now-defunct-crypto-exchange-ftx-arrested-in-bahamas-542490">Sam Bankman-Fried, ex-CEO of now-defunct crypto exchange FTX, arrested in Bahamas</a>

During the hearing, the SEC also&nbsp;used&nbsp;FTX's collapse&nbsp;as an example to highlight the "very real risks that unregistered crypto asset trading platforms can pose for investors and customers alike,” said&nbsp;Gurbir Grewal, the agency's director&nbsp;of the division of enforcement.

He added,&nbsp;that while the investigation is underway for&nbsp;potential violations of federal securities laws, they are also holding&nbsp;Bankman-Fried responsible for "fraudulently raising billions of dollars from investors in FTX and misusing funds belonging to FTX’s trading customers.”

(With inputs from agencies)

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Sam Bankman-Fried, or SBF, known as the "cryptocurrency genius", was arrested on Monday (December 12) in the Bahamas at the request of the United States. Last month, he announced his resignation from FTX after facing a loss of 94 per cent of his net worth.

Sam Bankman-Fried, or SBF, known as the "cryptocurrency genius", was arrested on Monday (December 12) in the Bahamas at the request of the United States. Last month, he announced his resignation from FTX after facing a loss of 94 per cent of his net worth. The "cryptogenius," also known as "modern JP Morgan" for his intervening to save volatile exchanges, has now been charged with defrauding investors in the company, by the United States Securities and Exchange Commission. The arrest was made on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing. Who is SBF? The 30-year-old began his career as a trader at Jane Street and eventually amassed a crypto empire. SBF studied Physics at MIT, and after joining Jane Street, in 2017, he learned about cryptocurrencies and began using his expertise in the market. In his early days, he started by purchasing bitcoin in the US and used to sell them in Japan, a minimum price of at least 10 per cent due to price difference. In 2017, SBF established his own cryptocurrency trading firm 'Almeda Research,' which offers liquidity in exchange for digital assets and cryptocurrencies. Two years later, in 2019, he launched FTX, turning it to be one of the top exchanges for buying and selling cryptocurrency derivatives. Forbes estimates his exchange is worth $40 billion. Watch | Binance walks away from FTX deal due to 'mishandled funds' Fried has designated himself as a 'selfless altruist,' who pledged to give the majority of his wealth to charity. Additionally, promised to provide billion-dollar support to US candidates to take precautions against pandemics. However, Cointelegraph reported that he till now has only donated only 0.1 per cent of his wealth. Fried's exchange worth fell drastically by 94 per cent in a single day, as reported by the Bloomberg Billionaires Index. His net worth was nearly $15.5 billion prior to this announcement of the company's financial crisis. The worth dropped to $991.5 million back in November. According to Fox News, the now-bankrupt founder of FTX, was also a generous supporter of Democratic candidates and liberal causes, contributing at least $38 million to left-wing organisations during the 2022 election cycle. What happened to FTX? Concerns of liquidity issues in Alameda and FTX began in 2022. The cryptocurrency platform FTX has recently filed for Chapter 11 bankruptcy in the US, as per the statement released. The drama in the world of digital currencies began after the largest cryptocurrency platform Binance said that it will sell its stock in the company, Binance eventually backed out of the agreement leaving the firm to acquire nearly $9.4 billion from investors. Investors sold FTT, FTX's tokens as a result. ALSO READ | Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry Notably, this crash left the finance world shocked after the company faced bankruptcy with panicked customers who began withdrawing billions from the platform. According to Bankman-Fried, traders pulled $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal. Two individuals familiar with the matter told Reuters that Bankman-Fried secretly transferred $10 billion in client money to affiliated trading firm Alameda Research, causing a liquidity crunch at the FTX. He has since told the news agency that did not move the money or run the research firm. The FTX collapse and fallout The fallout of this collapse was felt beyond the crypto world. A number of celebrities who endorsed his now-toxic exchange such as NFL quarterback Tom Brady and comedian Larry David were sued by the cryptocurrency investors who claimed they used misleading tactics to market FTX yield-bearing digital currency accounts. ALSO WATCH | Trending on WION: Former FTX founder Sam Bankman-Fried arrested in Bahamas The class action lawsuit filed in Miami, last month also included Brazilian supermodel Gisele Bündchen, basketball legend Shaquille O'Neal, tennis star Naomi Osaka as well as The Golden State Warriors basketball franchise. Meanwhile, the collapsed crypto exchange by the end of November began a strategic evaluation of its worldwide assets and is putting some businesses up for sale or reorganisation. Furthermore, with its 101 associated companies, FTX also requested judicial intervention to permit the functioning of a new worldwide cash management system and payment to its essential suppliers. Subsequently, crypto lender, BlockFi filed for bankruptcy citing the “significant exposure” to FTX which led to a liquidity crisis. Bankman-Fried apologises for his "mistakes" Earlier this month, in his first public appearance after the collapse of FTX, he said, “I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again.” The FTX founder was addressing a conference in New York, speaking via video call, he also said that he didn't knowingly behave fraudulently. ALSO READ | Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud Furthermore, on December 4, the FTX founder took to Twitter and said that he would testify before the United States House Financial Services Committee after he is done “learning and reviewing” the collapse of his cryptocurrency exchange platform. This was in response to the Committee Chair Maxine Waters who had also taken to the microblogging platform to invite him to speak at the panel's hearing scheduled for December 13. What has the 'crypto genius' been arrested and charged for? Notably, a day before the aforementioned hearing, he was arrested in the Bahamas. He was going to testify under oath about his crypto exchange platform. In recent weeks he had made several public and media appearances telling his version of the company's sudden failure from the crypto exchange platform's headquarters in the Bahamas. On Tuesday, the US SEC said, "The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd, the crypto trading platform of which he was the CEO and co-founder." The committee said that investigations of "securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.” The FTX founder has also been charged with allegedly using FTX customer funds, commingled with Alameda for large political donations, lavish real estate purchases, and undisclosed investments in ventures. Additionally, even though the company is based in the Bahamas since FTX raised $1.1 billion from at least 90 US-based investors, the SEC will oversee the case, the agency asserted. ALSO READ | Sam Bankman-Fried, ex-CEO of now-defunct crypto exchange FTX, arrested in Bahamas During the hearing, the SEC also used FTX's collapse as an example to highlight the "very real risks that unregistered crypto asset trading platforms can pose for investors and customers alike,” said Gurbir Grewal, the agency's director of the division of enforcement. He added, that while the investigation is underway for potential violations of federal securities laws, they are also holding Bankman-Fried responsible for "fraudulently raising billions of dollars from investors in FTX and misusing funds belonging to FTX’s trading customers.” (With inputs from agencies) WATCH WION LIVE HERE

Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know

After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead.

"While we expect the next several months to be bumpy, we will get past this challenging period – and we will be stronger for having been through it," Zhao's internal memo was quoted as saying by Bloomberg.&nbsp;

Binance is the world's largest cryptocurrency exchange trade platform. The $1.9 billion of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13,&nbsp;data compiled by&nbsp;blockchain analytics platform Nansen showed.&nbsp;

Earlier on Tuesday, Binance said that it had "temporarily paused" the withdrawals of the USDC stablecoin. The withdrawals were resumed later on Tuesday.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-was-under-the-federal-radar-long-before-its-collapse-report-536246">FTX was under the federal radar long before its collapse</a>

Both the users as well as the regulators, are closely watching the operational methods of cryptocurrency exchanges such as Binance after its rival crypto exchange platform FTX went bankrupt earlier this month. FTX founder Sam Bankman-Fried was also charged with defrauding customers by the US Securities and Exchange Commission.&nbsp;

FTX’s shock collapse has reportedly hit investor sentiment, prompting some traders to take control of their cryptocurrency tokens. Binance was one of the exchanges hit by large outflows on Tuesday.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/ftx-saga-continues-funds-vanish-at-bankrupt-crypto-exchange-company-confirms-unauthorised-access-533669">FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access'</a>

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At the time of Binance's resumption for withdrawals of the USDC stablecoin on Tuesday, CEO Changpeng Zhao&nbsp;had assured that the withdrawals were "business as usual".&nbsp;

"We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits," Binance CEO Changpeng Zhao tweeted on Tuesday.&nbsp;

A Binance spokesperson had earlier said that the platform had “more than enough funds” to meet withdrawal requests.&nbsp;

"User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free," the spokesperson had said in an official statement.

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.&nbsp;Binance has no headquarters, and claims to be&nbsp;a decentralised company.&nbsp;

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After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead.

After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead. "While we expect the next several months to be bumpy, we will get past this challenging period – and we will be stronger for having been through it," Zhao's internal memo was quoted as saying by Bloomberg. Binance is the world's largest cryptocurrency exchange trade platform. The $1.9 billion of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, data compiled by blockchain analytics platform Nansen showed. Earlier on Tuesday, Binance said that it had "temporarily paused" the withdrawals of the USDC stablecoin. The withdrawals were resumed later on Tuesday. ALSO READ | FTX was under the federal radar long before its collapse Both the users as well as the regulators, are closely watching the operational methods of cryptocurrency exchanges such as Binance after its rival crypto exchange platform FTX went bankrupt earlier this month. FTX founder Sam Bankman-Fried was also charged with defrauding customers by the US Securities and Exchange Commission. FTX’s shock collapse has reportedly hit investor sentiment, prompting some traders to take control of their cryptocurrency tokens. Binance was one of the exchanges hit by large outflows on Tuesday. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × At the time of Binance's resumption for withdrawals of the USDC stablecoin on Tuesday, CEO Changpeng Zhao had assured that the withdrawals were "business as usual". "We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits," Binance CEO Changpeng Zhao tweeted on Tuesday. A Binance spokesperson had earlier said that the platform had “more than enough funds” to meet withdrawal requests. "User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free," the spokesperson had said in an official statement. Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance has no headquarters, and claims to be a decentralised company. 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.

Binance braces for 'challenging period' after record $1.9bn outflows

The Wall Street Journal has reported citing an email that Twitter disbanded its Trust and Safety Council on Monday night. The council, set up in 2016, comprised civil-society groups and was responsible for addressing hate speech, child exploitation, suicide, self-harm and other problems on the platform. This was before the platform was taken over by billionaire Elon Musk.

“As Twitter moves into a new phase, we are reevaluating how best to bring external insights into our product and policy development work. As part of this process, we have decided that the Trust and Safety Council is not the best structure to do this,” read the email signed “Twitter.”

“Our work to make Twitter a safe, informative place will be moving faster and more aggressively than ever before and we will continue to welcome your ideas going forward about how to achieve this goal,” the email said.

Twitter hasn't officially said anything on the matter.

The decision happened the same day Musk tweeted that Twitter's Basic blue tick will have half the number of advertisements and will offer a higher tier with no advertisements by next year. The move is aimed at boosting the social media platform's revenue.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/trending/elon-musk-met-with-a-crowd-of-boos-at-dave-chapelles-on-the-eve-of-twitter-blue-relaunch-watch-542498">Elon Musk met with a 'crowd of boos' at a Dave Chapelle show</a>

The company re-enabled the Twitter Blue sign earlier in the day. Individuals are reported to get a blue check, while gold and gray check marks will denote business and government accounts. The monthly subscription price will be $8 on the web and $11 on Apple devices, respectively.

Twitter’s new head of trust and safety, Ella Irwin, who was entrusted with the job of overseeing user content and safety policies in November, told WSJ the company is moving quickly towards addressing problematic content. However, the cancellation email came in about an hour before the council was scheduled to meet Irwin and Nick Pickles, senior director for global public policy strategy, development and partnerships.&nbsp;

There has been a question mark over the role of Trust and Safety Council ever since Musk took over. He had earlier mentioned that he will create a content moderation council, but its working relation with Trust and Safety Council remained unclear.

Twitter had postponed the Trust and Safety Council’s regularly scheduled meeting until December 15 last month, before eventually moving it up to Monday last week.

Notably, the Trust and Safety Council had been unhappy with the way content was being handled by the platform. The members had met without Twitter representatives to discuss their concerns on November 29. Three members had publicly announced last week that they will quit the council saying that the safety and well-being of users was not being given any importance.

(With inputs from agencies)

&nbsp;

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The Wall Street Journal has reported citing an email that Twitter disbanded its Trust and Safety Council on Monday night. The council, set up in 2016, comprised civil-society groups and was responsible for addressing hate speech, child exploitation, suicide, self-harm and other problems on the platform.

The Wall Street Journal has reported citing an email that Twitter disbanded its Trust and Safety Council on Monday night. The council, set up in 2016, comprised civil-society groups and was responsible for addressing hate speech, child exploitation, suicide, self-harm and other problems on the platform. This was before the platform was taken over by billionaire Elon Musk. “As Twitter moves into a new phase, we are reevaluating how best to bring external insights into our product and policy development work. As part of this process, we have decided that the Trust and Safety Council is not the best structure to do this,” read the email signed “Twitter.” “Our work to make Twitter a safe, informative place will be moving faster and more aggressively than ever before and we will continue to welcome your ideas going forward about how to achieve this goal,” the email said. Twitter hasn't officially said anything on the matter. The decision happened the same day Musk tweeted that Twitter's Basic blue tick will have half the number of advertisements and will offer a higher tier with no advertisements by next year. The move is aimed at boosting the social media platform's revenue. Also Read | Elon Musk met with a 'crowd of boos' at a Dave Chapelle show The company re-enabled the Twitter Blue sign earlier in the day. Individuals are reported to get a blue check, while gold and gray check marks will denote business and government accounts. The monthly subscription price will be $8 on the web and $11 on Apple devices, respectively. Twitter’s new head of trust and safety, Ella Irwin, who was entrusted with the job of overseeing user content and safety policies in November, told WSJ the company is moving quickly towards addressing problematic content. However, the cancellation email came in about an hour before the council was scheduled to meet Irwin and Nick Pickles, senior director for global public policy strategy, development and partnerships. There has been a question mark over the role of Trust and Safety Council ever since Musk took over. He had earlier mentioned that he will create a content moderation council, but its working relation with Trust and Safety Council remained unclear. Twitter had postponed the Trust and Safety Council’s regularly scheduled meeting until December 15 last month, before eventually moving it up to Monday last week. Notably, the Trust and Safety Council had been unhappy with the way content was being handled by the platform. The members had met without Twitter representatives to discuss their concerns on November 29. Three members had publicly announced last week that they will quit the council saying that the safety and well-being of users was not being given any importance. (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.

Twitter scraps its Trust and Safety advisory group, says report

In the latest sign of improving PlayStation 5 supply, Sony Group led a big jump in video-game hardware sales in the US last month. The Tokyo-based entertainment giant drove a 45 per cent spurt in US games hardware sales in November.

World Business Watch: Sony PlayStation 5 sales surge in US as supply woes ease

China’s abrupt ending of its Zero Covid policy injects more uncertainty into an already fragile economy. Economists expect President Xi Jinping to flesh out policy objectives for the coming year at the Central Economic Work Conference.

World Business Watch: China to set economic plans amid shift from Zero Covid policy

Goldman Sachs aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead.

World Business Watch: Goldman Sachs to cut hundreds more jobs as consumer unit scaled back

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.

World Business Watch: Oil rises on uncertainty over US pipeline restart, Russian supplies

Skoda Auto, part of Volkswagen, is considering withdrawing from China and will make a final decision next year, said CEO Klaus Zellmer. He also added that Skoda wants to focus more in India at the moment.

World Business Watch: Volkswagen's Skoda considers withdrawing from China

Air India is close to placing a historic order for as many as 500 jetliners worth tens of billions of dollars from Airbus and Boeing, said a report by Reuters citing sources. This comes months after the Tata Group conglomerate officially took over the airline from the Indian government following an Rs 18,000 crore ($180 billion) deal.&nbsp;

Tata Group recently also announced the merger of Air India with Vistara, its joint venture with Singapore Airlines, thereby creating a significant presence in the domestic and international markets.&nbsp;

Why is this deal so important?

The report citing anonymous industry sources claims that the order includes at least 400 narrow-body jets and 100 or more wide-bodies jets like several Airbus A350s and Boeing 787s and 777s. If the deal is inked, it would be among some of the biggest purchases by a single airline in terms of volume, surpassing the combined order of over 460 Airbus and Boeing jets from American Airlines placed over a decade ago.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-tata-group-owned-air-india-nears-historic-order-for-up-to-500-jets-report-542151">World Business Watch | Tata Group-owned Air India nears historic order for up to 500 jets: Report</a>

However, despite significant expected discounts, it could still cost the company over $100 billion dollars, at list prices. This comes as the plane giants have faced an increase in demand following the ease of COVID-19 pandemic restrictions amid mounting industrial and environmental pressures.&nbsp;

These would also allow Airbus to utilise production slots for their A350s which had been initiated for Russia's Aeroflot and have been vacant since the Russian invasion of Ukraine and subsequent western sanctions on Moscow.&nbsp;

The merger of Air India with Vistara as well as the Singapore Airlines <a href="https://www.wionews.com/videos/singapore-airlines-and-tata-group-to-merge-air-india-vistara-by-march-2024-538653">joint venture</a> gives the conglomerate access to over 200 additional aircraft, making it India’s largest international carrier and the second largest in the domestic market.&nbsp;

If the deal is inked, the purchase could take at least a decade to be delivered, in addition to the Vistara deal. The potential procurement seems to be an indication of the Tata group’s expansion to take over a significant share of traffic flows to and from India which is currently dominated by foreign airlines like Emirates. In the domestic market, Indigo is one of the other biggest players.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/jrd-tata-air-india-and-the-determination-to-fly-high-539915">Singapore Airlines buys 25.1% stake in Air India, that helped it in its launch</a> 
 
In the larger context, if the purchase of the additional 500 jets is finalised, it would significantly contribute to the Indian economy with the country being one of the largest airline markets in the world as&nbsp;more Indians look&nbsp;for affordable and convenient travel options. Furthermore, it would significantly contribute to Indian Prime Minister Narendra Modi’s aim of expanding the economy to $5 trillion.&nbsp; 
 
Tata’s investment into the debt-laden flag carrier so far

Earlier this year, Tata bought the debt-laden flag carrier from the Indian government after nearly seven decades since it was founded by the conglomerate’s JRD Tata in 1932 and later nationalised. The group, at the time of the takeover, had paid Rs 2,700 crore ($27 billion) in cash and had also taken over Rs 15,300 crore ($153 billion) of the airline’s debt.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/air-india-decides-to-procure-airbus-a350-aircraft-first-planes-delivery-likely-by-march-2023-488698">Air India decides to procure Airbus A350 aircraft; first plane's delivery likely by March 2023</a>

With the Air India takeover, Tata gained access to valuable flying rights and landing slots, particularly in the United States and Europe. The group had also announced that it would spend more than $400 million to refurbish the interiors of its entire wide-body fleet in a bid to attract more flyers. This also included the introduction of a premium economy cabin, it said, adding that the first aircraft with the improvements will be rolled out in mid-2024. 
 
Has the Tata-owned airline made any purchases yet?

So far, there have been <a href="https://www.wionews.com/india-news/air-india-set-to-make-one-of-the-largest-aircraft-deals-in-the-history-490213">multiple reports</a> of a landmark purchase on the horizon by Tata-owned Air India, but the company as well as the aeroplane giants have refused to comment on the same.&nbsp;

Aside from the airline's CEO, Campbell Wilson, in November, there have been no official indications of deals. Wilson had said, “we are in deep discussion with Boeing, Airbus and engine manufacturers for a historical order of the latest generation aircraft that will power Air India's medium- and long-term growth.”

He added, “At the risk of gross understatement, the investment will be substantial.”

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-air-india-slapped-with-1215-mn-fine-for-delay-in-refunds-534628">World Business Watch: Air India slapped with $121.5 mn fine for delay in refunds</a>

On Sunday, another report by the Economic Times, citing anonymous sources, said that the Air India is close to signing a deal with Boeing Co. to buy up to 150, 737 Max planes.

It added that the company is likely to place an order for at least 50 jets while they may later procure as many as 150.&nbsp;

What are some of the hurdles to this potential purchase?

Once known for its lavishly decorated planes and stellar service in the 1950s, very few opt for the airline now either on domestic or international routes. It is largely perceived as another government department synonymous with being an unreliable and shabbily managed airline with mounting debt.

Nationalised in 1953, its reputation declined in the mid-2000s amid financial woes.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/singapore-airlines-ltd-owned-vistara-announces-merger-with-air-india-538537">Singapore Airlines Ltd-owned Vistara announces merger with Air India</a>

The airline had a net debt of Rs 60,000 crore ($600 billion) at the time of purchase and former chief of Tata Sons, Ratan Tata had said, “While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata Group's presence in the aviation industry.”

The Reuters report, citing experts, said there are several hurdles in Tata group’s ambitious revival of Air India including “frail domestic infrastructure, pilot shortages and the threat of tough competition with established Gulf and other carriers.”&nbsp;

Additionally, the airline might also struggle to procure the medium-haul Airbus A321neos that were reportedly being ordered for the Air India-Vistara tie-up, as the European planemaker sold out for at least the next five years or more.&nbsp;

(With inputs from agencies)&nbsp;

Air India is close to placing a historic order for as many as 500 jetliners worth tens of billions of dollars from Airbus and Boeing, said a report by Reuters citing sources.

Air India is close to placing a historic order for as many as 500 jetliners worth tens of billions of dollars from Airbus and Boeing, said a report by Reuters citing sources. This comes months after the Tata Group conglomerate officially took over the airline from the Indian government following an Rs 18,000 crore ($180 billion) deal. Tata Group recently also announced the merger of Air India with Vistara, its joint venture with Singapore Airlines, thereby creating a significant presence in the domestic and international markets. Why is this deal so important? The report citing anonymous industry sources claims that the order includes at least 400 narrow-body jets and 100 or more wide-bodies jets like several Airbus A350s and Boeing 787s and 777s. If the deal is inked, it would be among some of the biggest purchases by a single airline in terms of volume, surpassing the combined order of over 460 Airbus and Boeing jets from American Airlines placed over a decade ago. ALSO WATCH | World Business Watch | Tata Group-owned Air India nears historic order for up to 500 jets: Report However, despite significant expected discounts, it could still cost the company over $100 billion dollars, at list prices. This comes as the plane giants have faced an increase in demand following the ease of COVID-19 pandemic restrictions amid mounting industrial and environmental pressures. These would also allow Airbus to utilise production slots for their A350s which had been initiated for Russia's Aeroflot and have been vacant since the Russian invasion of Ukraine and subsequent western sanctions on Moscow. The merger of Air India with Vistara as well as the Singapore Airlines joint venture gives the conglomerate access to over 200 additional aircraft, making it India’s largest international carrier and the second largest in the domestic market. If the deal is inked, the purchase could take at least a decade to be delivered, in addition to the Vistara deal. The potential procurement seems to be an indication of the Tata group’s expansion to take over a significant share of traffic flows to and from India which is currently dominated by foreign airlines like Emirates. In the domestic market, Indigo is one of the other biggest players. ALSO READ | Singapore Airlines buys 25.1% stake in Air India, that helped it in its launch In the larger context, if the purchase of the additional 500 jets is finalised, it would significantly contribute to the Indian economy with the country being one of the largest airline markets in the world as more Indians look for affordable and convenient travel options. Furthermore, it would significantly contribute to Indian Prime Minister Narendra Modi’s aim of expanding the economy to $5 trillion. Tata’s investment into the debt-laden flag carrier so far Earlier this year, Tata bought the debt-laden flag carrier from the Indian government after nearly seven decades since it was founded by the conglomerate’s JRD Tata in 1932 and later nationalised. The group, at the time of the takeover, had paid Rs 2,700 crore ($27 billion) in cash and had also taken over Rs 15,300 crore ($153 billion) of the airline’s debt. ALSO READ | Air India decides to procure Airbus A350 aircraft; first plane's delivery likely by March 2023 With the Air India takeover, Tata gained access to valuable flying rights and landing slots, particularly in the United States and Europe. The group had also announced that it would spend more than $400 million to refurbish the interiors of its entire wide-body fleet in a bid to attract more flyers. This also included the introduction of a premium economy cabin, it said, adding that the first aircraft with the improvements will be rolled out in mid-2024. Has the Tata-owned airline made any purchases yet? So far, there have been multiple reports of a landmark purchase on the horizon by Tata-owned Air India, but the company as well as the aeroplane giants have refused to comment on the same. Aside from the airline's CEO, Campbell Wilson, in November, there have been no official indications of deals. Wilson had said, “we are in deep discussion with Boeing, Airbus and engine manufacturers for a historical order of the latest generation aircraft that will power Air India's medium- and long-term growth.” He added, “At the risk of gross understatement, the investment will be substantial.” ALSO WATCH | World Business Watch: Air India slapped with $121.5 mn fine for delay in refunds On Sunday, another report by the Economic Times, citing anonymous sources, said that the Air India is close to signing a deal with Boeing Co. to buy up to 150, 737 Max planes. It added that the company is likely to place an order for at least 50 jets while they may later procure as many as 150. What are some of the hurdles to this potential purchase? Once known for its lavishly decorated planes and stellar service in the 1950s, very few opt for the airline now either on domestic or international routes. It is largely perceived as another government department synonymous with being an unreliable and shabbily managed airline with mounting debt. Nationalised in 1953, its reputation declined in the mid-2000s amid financial woes. ALSO READ | Singapore Airlines Ltd-owned Vistara announces merger with Air India The airline had a net debt of Rs 60,000 crore ($600 billion) at the time of purchase and former chief of Tata Sons, Ratan Tata had said, “While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata Group's presence in the aviation industry.” The Reuters report, citing experts, said there are several hurdles in Tata group’s ambitious revival of Air India including “frail domestic infrastructure, pilot shortages and the threat of tough competition with established Gulf and other carriers.” Additionally, the airline might also struggle to procure the medium-haul Airbus A321neos that were reportedly being ordered for the Air India-Vistara tie-up, as the European planemaker sold out for at least the next five years or more. (With inputs from agencies)

Tata-owned Air India to place historic order of at least 500 jets: Here’s all you need to know

French energy group TotalEnergies announced on Friday (December 9) that it will exit the board of Russian gas giant Novatek. The firm also said that it would take a $3.7 billion hit to write off the value of its stake in the Russian group.&nbsp;

In the aftermath of Russia's invasion of Ukraine, the West imposed sanctions on Moscow, which was followed by several Western oil and gas majors exiting Russia.&nbsp;

TotalEnergies faced&nbsp;criticism for maintaining investments in Russia&nbsp;but now, the company has said in a statement that it cannot sell its stake in the Russian gas firm as "it is forbidden for TotalEnergies to sell any asset to one of Novatek's main shareholders who is under sanction".

In a statement, the Paris-based oil-and-gas giant said: "In view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek are led to abstain from voting in meetings of the board of directors of this company, in particular on financial matters."&nbsp;

WATCH |&nbsp;WION Fineprint: How long can the West keep supplying Ukraine?&nbsp;

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"Under these circumstances, the board of directors of TotalEnergies has decided to withdraw the representatives of the company from the board of PAO Novatek with immediate effect," the statement added.&nbsp;

It said it would also "no longer equity account for its 19.4 per cent stake in Novatek", which in turn will result in TotalEnergies recording an impairment of approximately $3.7 billion in the fourth quarter.&nbsp;

Notably, TotalEnergies is a minority shareholder in other Russian ventures, including the massive Yamal LNG gas field in Siberia and the Arctic LNG 2 project.&nbsp;

(With inputs from agencies)&nbsp;

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French energy group TotalEnergies announced on Friday (December 9) that it will exit the board of Russian gas giant Novatek. The firm also said that it would take a $3.

French energy group TotalEnergies announced on Friday (December 9) that it will exit the board of Russian gas giant Novatek. The firm also said that it would take a $3.7 billion hit to write off the value of its stake in the Russian group. In the aftermath of Russia's invasion of Ukraine, the West imposed sanctions on Moscow, which was followed by several Western oil and gas majors exiting Russia. TotalEnergies faced criticism for maintaining investments in Russia but now, the company has said in a statement that it cannot sell its stake in the Russian gas firm as "it is forbidden for TotalEnergies to sell any asset to one of Novatek's main shareholders who is under sanction". In a statement, the Paris-based oil-and-gas giant said: "In view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek are led to abstain from voting in meetings of the board of directors of this company, in particular on financial matters." WATCH | WION Fineprint: How long can the West keep supplying Ukraine? × "Under these circumstances, the board of directors of TotalEnergies has decided to withdraw the representatives of the company from the board of PAO Novatek with immediate effect," the statement added. It said it would also "no longer equity account for its 19.4 per cent stake in Novatek", which in turn will result in TotalEnergies recording an impairment of approximately $3.7 billion in the fourth quarter. Notably, TotalEnergies is a minority shareholder in other Russian ventures, including the massive Yamal LNG gas field in Siberia and the Arctic LNG 2 project. (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.

French energy group TotalEnergies pulls out of Russia gas firm's board with $3.7bn write-down

The U.S Federal Trade Commission is seeking to block Microsoft’s acquisition of Activision Blizzard, saying the tie-up between the Xbox maker and popular gaming publisher would harm competition.

World Business Watch | FTC seeks to block Microsoft-Activision deal

German motor vehicle manufacturer Volkswagen is postponing its decision on where to locate a planned gigafactory for electric car batteries in eastern Europe beyond 2022. watch this video to know more.

World Business Watch | Volkswagen postpones decision on gigafactory in eastern Europe

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it.

What is a recession and a shallow recession?

A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fueling-recession-fears-the-us-economy-shrank-again-in-second-quarter-501488">Fueling recession fears, the US economy shrank again in second quarter</a>

For example, in the context of the US economy, the <a href="https://www.wionews.com/world/pandemic-effect-us-economy-set-to-outpace-china-first-time-since-1976-481005">COVID-19-induced recession</a> only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER).

Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-sounds-warning-bell-on-us-economy-as-he-asks-people-to-avoid-going-on-spending-spree-535758">Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree</a>

The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER.&nbsp;

Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession.&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 rule was created by and named after a former Fed economist Claudia Sahm&nbsp;and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market.&nbsp;

The speculations of the US economy entering a <a href="https://www.wionews.com/business-economy/us-recession-not-inevitable-economy-on-right-track-yellen-541427">“shallow recession”</a> have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession.&nbsp;

Reuters poll: Most economists expect a shallow and short recession

Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14&nbsp;as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the <a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">fourth consecutive time</a>, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around.&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>

Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession.&nbsp;

Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the<a href="https://www.wionews.com/economy/us-hiring-remains-robust-in-november-adds-263000-new-jobs-despite-soaring-inflation-539572"> labour market remains strong</a>, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-economy-heading-into-a-shadow-recession-poll-541472">US economy heading into a shallow recession: Poll</a>

This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year.&nbsp;

(With inputs from agencies)&nbsp;

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year.

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it. What is a recession and a shallow recession? A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion. ALSO READ | Fueling recession fears, the US economy shrank again in second quarter For example, in the context of the US economy, the COVID-19-induced recession only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER). Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions. ALSO READ | Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER. Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession The rule was created by and named after a former Fed economist Claudia Sahm and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market. The speculations of the US economy entering a “shallow recession” have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession. Reuters poll: Most economists expect a shallow and short recession Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14 as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the fourth consecutive time, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession. Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the labour market remains strong, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher. ALSO WATCH | US economy heading into a shallow recession: Poll This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year. (With inputs from agencies)

Poll shows that the US economy is headed for a shallow recession: Here’s what it means

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas.

On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters.

Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn.

Meanwhile, a Reuters poll said that the US&nbsp;economy is heading into a short and shallow recession over the coming year. The&nbsp;economists polled by Reuters unanimously expected the US&nbsp;Federal Reserve to go for a smaller 50 basis point interest rate hike on December&nbsp;14.

After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December&nbsp;2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent&nbsp;this time.

There is still a feeling among economists that the US may experience downturn next year.

Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well.

"Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added.

Also Read | <a href="https://www.wionews.com/world/us-landmark-bill-to-protect-same-sex-marriage-passed-by-congress-541396">US: Landmark bill to protect same-sex marriage passed by Congress</a>

As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said.

Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession.

(With inputs from agencies)

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US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation.

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas. On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters. Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. Meanwhile, a Reuters poll said that the US economy is heading into a short and shallow recession over the coming year. The economists polled by Reuters unanimously expected the US Federal Reserve to go for a smaller 50 basis point interest rate hike on December 14. After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December 2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent this time. There is still a feeling among economists that the US may experience downturn next year. Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well. "Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added. Also Read | US: Landmark bill to protect same-sex marriage passed by Congress As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said. Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession. (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 ×

US economy is heading into a short and shallow recession, say economists in poll

Canada-based TC Energy has announced that it is shutting down&nbsp;its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska.&nbsp;“We have shut down the Keystone Pipeline System and mobilised people and equipment in response to a confirmed release of oil into a creek, approximately 20 miles (approx. 32 kilometres) south of Steele City, NE,” it said in a statement.

The oil leak was detected on Wednesday at 9 pm (ET local time) after alarm bells rang and the pressure dropped in the system. The company said their “crews actively respond and work to contain and recover the oil.”

The company said that an estimated 14,000 barrels of oil have been discharged as of late Thursday.

So far, the company has not provided a timetable for restarting the Keystone Pipeline, which can transport more than 600,000 barrels of oil daily.

The pipeline transports crude oil from Canada to the United States, and there&nbsp;it is processed into gasoline.

It is unclear how the leak occurred, but a spokesperson of the PHMSA, an arm of the Transportation Department which overlooks safety regulations for pipelines, said that they are probing the cause of the leak.

Meanwhile, the news of the oil leak pushed up the oil prices in the US brief at $75.44 a barrel, before easing.

In recent trading, oil was up 0.8 per cent to $72.57 a barrel.&nbsp;The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021, reports CNN.

(With inputs from agencies)

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Canada-based TC Energy has announced that it is shutting down its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska.

Canada-based TC Energy has announced that it is shutting down its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska. “We have shut down the Keystone Pipeline System and mobilised people and equipment in response to a confirmed release of oil into a creek, approximately 20 miles (approx. 32 kilometres) south of Steele City, NE,” it said in a statement. The oil leak was detected on Wednesday at 9 pm (ET local time) after alarm bells rang and the pressure dropped in the system. The company said their “crews actively respond and work to contain and recover the oil.” The company said that an estimated 14,000 barrels of oil have been discharged as of late Thursday. So far, the company has not provided a timetable for restarting the Keystone Pipeline, which can transport more than 600,000 barrels of oil daily. The pipeline transports crude oil from Canada to the United States, and there it is processed into gasoline. It is unclear how the leak occurred, but a spokesperson of the PHMSA, an arm of the Transportation Department which overlooks safety regulations for pipelines, said that they are probing the cause of the leak. Meanwhile, the news of the oil leak pushed up the oil prices in the US brief at $75.44 a barrel, before easing. In recent trading, oil was up 0.8 per cent to $72.57 a barrel. The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021, reports CNN. (With inputs from agencies) WATCH WION LIVE HERE:

Keystone Pipeline shut down after oil spill, drives up fuel prices in the US

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading.&nbsp;In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

"Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency.

The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings.

The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.”

The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried.

It is estimated that more than 100,000 customers were affected by the exchange’s failure.

On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds.

Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules.

(With inputs from agencies)

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The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy. "Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency. The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings. The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.” The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried. It is estimated that more than 100,000 customers were affected by the exchange’s failure. On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds. Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules. (With inputs from agencies) WATCH WION LIVE HERE:

US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must

Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision. This is the biggest ever deal in the gaming industy. The FTC has filed the complaint over concerns that the deal would thwart competition.

Microsoft, the maker of gaming console Xbox had announced in January 2022 that it was buying Activision for USD 68.7 billion.

Microsoft President Brad Smith said they would fight the FTC. "While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court," he said.

FTC said that Microsoft has a record of buying major gaming content and then using it to suppress competition.

"Microsoft has already shown that it can and will withhold content from its gaming rivals," said Holly Vedova, director of the FTC’s Bureau of Competition. "Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets."

Shares in Microsoft and Activision both fell on news of the FTC complaint. Shares in Activision were down 2.3%, or $1.78 to $74.16, while Microsoft was down from earlier highs but still up 1% for the day to $246.78.

(With inputs from agencies)

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Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision.

Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision. This is the biggest ever deal in the gaming industy. The FTC has filed the complaint over concerns that the deal would thwart competition. Microsoft, the maker of gaming console Xbox had announced in January 2022 that it was buying Activision for USD 68.7 billion. Microsoft President Brad Smith said they would fight the FTC. "While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court," he said. FTC said that Microsoft has a record of buying major gaming content and then using it to suppress competition. "Microsoft has already shown that it can and will withhold content from its gaming rivals," said Holly Vedova, director of the FTC’s Bureau of Competition. "Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets." Shares in Microsoft and Activision both fell on news of the FTC complaint. Shares in Activision were down 2.3%, or $1.78 to $74.16, while Microsoft was down from earlier highs but still up 1% for the day to $246.78. (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 ×

US competition watchdog seeks to stop Microsoft-Activision mega gaming deal

In the latest updated from RBI MPC Meeting, the Central bank has raised the repo rate by 35 basis points to 6.25%; and has said that the inflation is likely to stay above 4% in next 12 months.

RBI raises repo rate by 35 basis points to 6.25 per cent

The U.S. trade deficit widened sharply in October as slowing global demand and a strong dollar weighed on exports. Watch this video to know more.

World Business Watch | US trade deficit rise 5.4 per cent to $78.2 billion in October

The U.S. National Highway Traffic Safety Administration (NHTSA) is opening new safety probes into 1.72 million Honda vehicles, 230,000 Jeeps and 390,077 Ram trucks.

World Business Watch | Safety probes into 1.72 million Honda vehicles

An Australian court fined U.S. ride-sharing app Uber as it broke consumer law by misleading customers with warnings they would be charged for cancelling some rides from 2017 to 2021.

World Business Watch | Australia fines Uber $14 million for misleading on fares

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.&nbsp;

Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session.

US&nbsp;crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel.

Watch |&nbsp;Gravitas: OPEC thwarting the West's plans?

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Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year.

Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy.

China's national health authority said on Wednesday that asymptomatic <a href="https://www.wionews.com/topics/coronavirus">COVID-19</a> cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease.

"China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note.

Also read |&nbsp;<a href="https://www.wionews.com/world/moscow-says-will-not-accept-western-price-cap-on-its-crude-claims-russian-oil-will-continue-to-be-in-demand-540030">Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'</a>

The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note.

Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the&nbsp;highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up.

A potential drawdown in US&nbsp;crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front.

However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday.

"There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier.

Also read |&nbsp;<a href="https://www.wionews.com/world/oil-price-cap-will-not-affect-russian-military-operation-in-ukraine-540193">Oil price cap 'will not affect' Russian military operation in Ukraine</a>

Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets.

Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession.&nbsp;Those fears were sparked by strong economic data or hawkish signals from other policymakers.

Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year.

Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices.

"Energy traders are not confidently buying dips, but they will if the current selloff sends (US&nbsp;crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US&nbsp;Strategic Petroleum Reserve.

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Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session. Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. US crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel. Watch | Gravitas: OPEC thwarting the West's plans? Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year. Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy. China's national health authority said on Wednesday that asymptomatic COVID-19 cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. Also read | Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand' The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note. Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up. A potential drawdown in US crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front. However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday. "There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier. Also read | Oil price cap 'will not affect' Russian military operation in Ukraine Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets. Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession. Those fears were sparked by strong economic data or hawkish signals from other policymakers. Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year. Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices. "Energy traders are not confidently buying dips, but they will if the current selloff sends (US crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US Strategic Petroleum Reserve. 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.

Oil steadies after fall as China demand revival hopes offset Russia price cap uncertainty

A secret service report says, Chinese hackers have stolen tens of millions of dollars worth of US Covid relief benefits since 2020. The secret service declined to provide any other details.

World Business Watch | Chinese hackers stole millions worth of US Covid relief benefits: Report

Legendary tennis coach Nick Bollettieri, who helped develop superstars such as Andre Agassi and Maria Sharapova, has died aged 91, the IMG Academy announced in a statement on Monday.

Legendary Tennis coach Nick Bollettieri dies aged 91, coached players like Agassi and Sharapova