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An Australian regulator has sued American Express for alleged breaches of distribution obligations. A civil lawsuit was filled against American express. Watch full report to know more.

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The US services industry activity has unexpectedly picked up last month. Economy continues to create jobs last month and wage growth is accelerating.

World Business Watch | US services sector activity unexpectedly accelerates in November

PwC will shut its main London office from 23 December to 3 January, as well as some smaller sites to save energy. Watch this video to know more.

World Business Watch | PwC to close offices over Christmas to save energy

PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley. The New York-based company has reportedly described these layoffs as a way to “simplify” the organisation.&nbsp;

The report by Wall Street Journal citing people familiar with the matter and internal documents said that these layoffs also indicate, “that corporate belt-tightening is extending beyond tech and media”.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/pepsico-plans-to-cut-hundreds-of-jobs-says-report-540462">PepsiCo plans to cut hundreds of jobs, says report</a>

Furthermore, a memo sent to the employees and reviewed by the publication said that the intention for these layoffs is “simplify the organisation so we can operate more efficiently.” Notably, as of December last year, PepsiCo employed over 300,000 people across the world with at least 129,000 workers in the United States.&nbsp;

The job cuts are set to affect hundreds of employees, one of the people familiar with the matter told the WSJ, including the company’s North American beverage business based in Purchase, New York and PepsiCo’s snacks and packaged-foods business, headquartered in Chicago and Plano, Texas.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/amazon-set-to-fire-20000-employees-including-top-managers-540087">Amazon set to fire 20,000 employees, including top managers</a>

This comes after the demand for the snack and beverage company’s products including Frito-Lay chips, Mountain Dew soft drinks, Doritos and so on, has reportedly been quite strong amid the country’s soaring inflation. However, like many other companies in the industry, have also increased their prices to offset higher costs of ingredients, transport and labour, said the WSJ.&nbsp; 
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PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley.

PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley. The New York-based company has reportedly described these layoffs as a way to “simplify” the organisation. The report by Wall Street Journal citing people familiar with the matter and internal documents said that these layoffs also indicate, “that corporate belt-tightening is extending beyond tech and media”. ALSO WATCH | PepsiCo plans to cut hundreds of jobs, says report Furthermore, a memo sent to the employees and reviewed by the publication said that the intention for these layoffs is “simplify the organisation so we can operate more efficiently.” Notably, as of December last year, PepsiCo employed over 300,000 people across the world with at least 129,000 workers in the United States. The job cuts are set to affect hundreds of employees, one of the people familiar with the matter told the WSJ, including the company’s North American beverage business based in Purchase, New York and PepsiCo’s snacks and packaged-foods business, headquartered in Chicago and Plano, Texas. ALSO READ | Amazon set to fire 20,000 employees, including top managers This comes after the demand for the snack and beverage company’s products including Frito-Lay chips, Mountain Dew soft drinks, Doritos and so on, has reportedly been quite strong amid the country’s soaring inflation. However, like many other companies in the industry, have also increased their prices to offset higher costs of ingredients, transport and labour, said the WSJ. 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.

PepsiCo to lay off hundreds of employees from its headquarters: Report

The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021. In a first since 2019, the global airlines’ body also expects a small industry-wide profit for the upcoming year.&nbsp;

Notably, the loss estimated for 2022 has been reduced from $9.7 billion in June to $6.9, on Tuesday, which the IATA has attributed to an increased number of passengers and cost control by airlines amid a rise in fuel prices. Furthermore, they also expect a small industry-wide profit of $4.7 billion in 2023 with more than four billion passengers set to fly.&nbsp;

“That is a great achievement considering the scale of the financial and economic damage caused by government-imposed pandemic restrictions,” said the IATA Director-General Willie Walsh referring to the projected profit. This comes after the global airline industry reported massive losses in 2020 and 2021 due to the COVID-19 pandemic.&nbsp;

The global grouping of at least 290 airlines across the world, accounting for nearly 89 per cent of global air traffic, has also warned about how fragile this recovery is given that some airlines might continue to struggle with regulations, high costs and government policies.&nbsp;

“It's very important that everybody understands just how fragile the recovery is.&nbsp;Yes we are recovering; yes the momentum is improving; yes, we expect it to continue to improve in 2023” said Walsh.&nbsp;According to the IATA, the overall passenger yields are expected to grow by 8.4 per cent while the passenger revenues may increase to $438 billion. 
 
In 2023, the passenger demand which is an estimated 59.8 per cent is expected to surpass the capacity growth of 47.8 per cent, said the IATA referring to the Asia Pacific region which has witnessed a significant setback due to China’s zero-Covid policy and its impact on travel.&nbsp;

It added that if Beijing does not ease restrictions it could affect airlines' profitability for the upcoming year. However, another risk looming over the slightly positive outlook for 2023 may be the risk of some economies falling into recession, said the IATA. Notably, in 2021 the global airlines’ industry reported a loss of $42 billion and a $137.7 billion loss in 2020.&nbsp;

(With inputs from agencies)&nbsp;

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The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021.

The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021. In a first since 2019, the global airlines’ body also expects a small industry-wide profit for the upcoming year. Notably, the loss estimated for 2022 has been reduced from $9.7 billion in June to $6.9, on Tuesday, which the IATA has attributed to an increased number of passengers and cost control by airlines amid a rise in fuel prices. Furthermore, they also expect a small industry-wide profit of $4.7 billion in 2023 with more than four billion passengers set to fly. “That is a great achievement considering the scale of the financial and economic damage caused by government-imposed pandemic restrictions,” said the IATA Director-General Willie Walsh referring to the projected profit. This comes after the global airline industry reported massive losses in 2020 and 2021 due to the COVID-19 pandemic. The global grouping of at least 290 airlines across the world, accounting for nearly 89 per cent of global air traffic, has also warned about how fragile this recovery is given that some airlines might continue to struggle with regulations, high costs and government policies. “It's very important that everybody understands just how fragile the recovery is. Yes we are recovering; yes the momentum is improving; yes, we expect it to continue to improve in 2023” said Walsh. According to the IATA, the overall passenger yields are expected to grow by 8.4 per cent while the passenger revenues may increase to $438 billion. In 2023, the passenger demand which is an estimated 59.8 per cent is expected to surpass the capacity growth of 47.8 per cent, said the IATA referring to the Asia Pacific region which has witnessed a significant setback due to China’s zero-Covid policy and its impact on travel. It added that if Beijing does not ease restrictions it could affect airlines' profitability for the upcoming year. However, another risk looming over the slightly positive outlook for 2023 may be the risk of some economies falling into recession, said the IATA. Notably, in 2021 the global airlines’ industry reported a loss of $42 billion and a $137.7 billion loss in 2020. (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.

Global airline industry to report billions in losses this year; may return to profit in 2023: IATA

The dollar gained against the yen, the euro and the pound on Monday after data showed that US&nbsp;services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.

The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October.

The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise.

"The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation."

Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December."

The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT).

The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28.

The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010.

But now speculation is growing that the Fed 'pivot' narrative has run its course.

"I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank.

The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data.

ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again.

The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy.

This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767.

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The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected. The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1. The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October. The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise. "The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation." Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December." The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT). The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28. The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010. But now speculation is growing that the Fed 'pivot' narrative has run its course. "I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank. The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data. ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again. The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy. This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767. 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 ×

Dollar gains broadly as upbeat US data muddles Fed rate hike views

The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday 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 comes after the committee said that it plans to hold a public hearing this month to investigate the collapse of FTX.&nbsp;

The FTX founder was responding to the Committee Chair Maxine Waters who had also taken to the microblogging platform last week and asked Bankman-Fried to participate in the panel's hearing scheduled for December 13.

“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” said Bankman-Fried in response to the committee chair’s invitation.

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Rep. Waters, and the House Committee on Financial Services: 
 
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. 
 
I'm not sure that will happen by the 13th. But when it does, I will testify. <a href="https://t.co/c0P8yKlyQt">https://t.co/c0P8yKlyQt</a>
— SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1599511560384225281?ref_src=twsrc%5Etfw">December 4, 2022</a></blockquote>
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“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,” said the FTX founder at the 'Deadlock conference' hosted by CNBC News and The New York Times, speaking via video call, earlier this month. He also said that he didn't knowingly behave fraudulently.&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>

Two individuals familiar with the matter said 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 Reuters that did not move the money or run the research firm.&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>

However, following the reports of the alleged incident prompted traders to pull $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal which led FTX to file for bankruptcy in November.&nbsp; 
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The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday 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.

The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday 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 comes after the committee said that it plans to hold a public hearing this month to investigate the collapse of FTX. The FTX founder was responding to the Committee Chair Maxine Waters who had also taken to the microblogging platform last week and asked Bankman-Fried to participate in the panel's hearing scheduled for December 13. “Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” said Bankman-Fried in response to the committee chair’s invitation. Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt — SBF (@SBF_FTX) December 4, 2022 × “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,” said the FTX founder at the 'Deadlock conference' hosted by CNBC News and The New York Times, speaking via video call, earlier this month. He also said that he didn't knowingly behave fraudulently. ALSO READ | Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry Two individuals familiar with the matter said 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 Reuters that did not move the money or run the research firm. ALSO READ | Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud However, following the reports of the alleged incident prompted traders to pull $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal which led FTX to file for bankruptcy in November. 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.

FTX’s Bankman-Fried to testify before US House committee after ‘learning and reviewing’ its collapse

Britain's economy is supposed to shrink point four percent next year. This comes as inflation remains high and companies put investments on hold with gloomy implications for longer term growth.

World Business Watch | UK risks 'lost decade': Industry Association

Oil prices are up today by one percent. This comes after OPEC+ yesterday denounced price cap imposed by EU, G7 and Australia on machine oil. Moscow is now trying to cover up the loss from sales of its crude oil.

World Business Watch: OPEC+, Russia meet ahead of fresh sanctions on Russian oil

Italy's Prime Minister Giorgia Meloni may water down plans to make it easier to settle small payments with cash rather than carts following talks with European commission over issue.

World Business Watch | Italy: Small payments with cash could be made easier

UK is dealing with another blow to economic ecosystem of the country. Housing prices there have dropped by 1.4 percent, the most in around two years. The average housing cost has fallen to a point where it has its flow value and marks the lowest drops in June of 2020.

World Business Watch | UK: Annual house price growth dragged to 4.4% in November

In India where just like preceding months, auto sales last month remain point. This has most of the car manufacturers registered positive growth momentum in the domestic market. Two wheeler sales which were muted until last month also saw a slight uptick.

World Business Watch: Festive season demand backs India auto sales

The year 2022 is now closing strongly in India. With technically high collection by agri food sector of 4.6 billion dollars in the country. With that, now India has overtaken China as best funded agri-food ecosystem in Asia Pacific region.

World Business Watch: Agri tech start-up investment add $4.6 billion in FY 22

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

World Business Watch | Mitsubishi Motors offering inflation bonuses to workers

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

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

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

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

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

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

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