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Tesla&nbsp;aims to start&nbsp;mass&nbsp;production&nbsp;of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the&nbsp;plans&nbsp;told Reuters.

Tesla&nbsp;said last month that it was working on readying its Austin, Texas plant to build the new model with “early&nbsp;production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.

A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that&nbsp;Tesla&nbsp;would not be recording revenue until early 2024 for a full-quarter of&nbsp;production&nbsp;on a new model seen as key to its growth.

It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever.

Tesla&nbsp;did not immediately respond to a request to comment.

It has not announced final pricing on the Cybertruck, showed the&nbsp;production&nbsp;version of the vehicle or specified how it will manage the battery supply for the new model.

In 2019,&nbsp;Tesla&nbsp;had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and&nbsp;Tesla&nbsp;has raised prices across its lineup.

CRACKED WINDOWS&nbsp;

Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back&nbsp;production&nbsp;timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial&nbsp;production.

The launch of the Cybertruck will give&nbsp;Tesla&nbsp;an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co and Rivian Automotive, both of which have launched models in still-limited numbers.

In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023.

In May,&nbsp;Tesla&nbsp;stopped taking orders for the Cybertruck outside North America. Musk said then the company had "more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of&nbsp;production."

Automakers often ramp&nbsp;production&nbsp;slowly for an all-new model like the Cybertruck.

Analysts have also cautioned that a weakening global economy will start to weigh on sales for&nbsp;Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.”

IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part&nbsp;production&nbsp;was packed and ready to be shipped.

The post did not name&nbsp;Tesla.&nbsp;Tesla&nbsp;has been using the Giga Press to cut the cost and complexity of&nbsp;production&nbsp;of its Model Y, an innovation other automakers, including Toyota, have studied.

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Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters.

Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters. Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts. A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that Tesla would not be recording revenue until early 2024 for a full-quarter of production on a new model seen as key to its growth. It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever. Tesla did not immediately respond to a request to comment. It has not announced final pricing on the Cybertruck, showed the production version of the vehicle or specified how it will manage the battery supply for the new model. In 2019, Tesla had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its lineup. CRACKED WINDOWS Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back production timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial production. The launch of the Cybertruck will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co and Rivian Automotive, both of which have launched models in still-limited numbers. In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023. In May, Tesla stopped taking orders for the Cybertruck outside North America. Musk said then the company had "more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of production." Automakers often ramp production slowly for an all-new model like the Cybertruck. Analysts have also cautioned that a weakening global economy will start to weigh on sales for Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.” IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part production was packed and ready to be shipped. The post did not name Tesla. Tesla has been using the Giga Press to cut the cost and complexity of production of its Model Y, an innovation other automakers, including Toyota, have studied. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Tesla plans mass production start for Cybertruck at end of 2023

Macau authorities reinstated tough COVID-19 curbs including locking down a major casino over the weekend after a handful of cases were detected, even as China announced a loosening of visa rules for visitors to the world's biggest gambling hub.

WION Business News | China imposes Covid curbs in Macau as infections surge

At a time when Global oil Giants have made enormous profits in the backdrop of higher oil prices, U.S President Biden has criticized oil companies. Biden even threatened a windfall tax on companies that are earning big profits while Americans pay a tidy sum to fill up their cars.

U.S. President Joe Biden threatens windfall tax on oil giants

Global bankers are flying back to Hong Kong as it returns as a financial hub. A financial event is also aimed at showing that the city is back in business.

Global bankers fly into Hong Kong as it returns as a financial hub

Tehran has been sending mixed signals to Riyadh. One day Iran says embassies should be reopened in the two countries and the next day they warned Saudi Arabia against relying on Israel. Is Iran trying to mend ties with its greatest West Asian rival?

Iran trying to mend ties with Saudi Arabia?

Hong Kong's tumbling residential market combined with a commercial downturn has impacted Hong Kong's property badly. The country's most prestigious skyscrapers have more empty office space now than ever before.

WION Business News | Hong Kong's property vacancies hit record

Japan's factory output fell in September for the first time in four months as manufacturers grappled with rising raw materials costs and global economic slowdown, and is likely to fall again next month before picking up in November, the government said.

WION Business News | Japan: First factory output fall in four months

Hong Kong's Cathay Pacific Airways Ltd will resume using Russian airspace on some flights, the Hong Kong-based airline said on Sunday, restarting flights it had stopped after Moscow invaded Ukraine in February.

WION Business News | Cathay to resume flights in Russian airspace

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation.

Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches.

Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

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The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth.&nbsp;

Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent.&nbsp;

Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year.

Also Read | <a href="https://www.wionews.com/world/eu-thinking-of-more-sanctions-against-iran-over-excessive-crackdown-says-scholz-529994">EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz</a>

But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless.

"It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. &nbsp;

"Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent."

(With inputs from agencies)

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&nbsp;

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation. Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches. Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills × The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth. Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent. Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year. Also Read | EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless. "It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. "Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent." (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 ×

Eurozone inflation hits a new record high, says Eurostat

The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday. This also comes after the government spent 2.8 trillion yen ($20 billion) in September amid the currency’s decline for almost 32-year-lows.&nbsp;

Reports suggest that the Japanese government started buying the yen last month, a first since 1998, to counter the sharp decline of the currency against the dollar. The finance ministry report disclosed the data for the period between September 29 to October 27, however, does not indicate the number of times the government intervened.&nbsp;

Earlier this year, in September, Japanese Finance Minister Shunichi Suzuki had talked about the government’s move to buy the yen, a first in over two decades, while repeatedly implying that he would not tolerate any speculative moves in the yen.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/japan-pm-announces-260bn-stimulus-package-to-combat-rising-inflation-529139">Japan PM announces $260bn stimulus package to combat rising inflation</a>

However, reports suggest that despite these actions and warnings currency has continued to hover near the 150 yen level and have attributed this to the increasing gap between the Bank of Japan, the country’s central bank and their ultra-loose monetary policy and tightening by most other large central banks across the world.&nbsp;

This comes amid global concern about the strength of the dollar this year with the US Federal Reserve’s push to increase interest rates to combat inflation in the country attracting larger investments in dollar-denominated assets while the BoJ is reportedly keeping interest rates near zero. On October 21, the yen hit a 32-year intraday low of 151.93 yen to the dollar, said&nbsp;reports.

Meanwhile, the country’s top currency official, Masato Kanda, suggested that the government with its almost $1.3 trillion in foreign reserves has a “limitless” amount of funds to conduct interventions, said a report by Financial Times. On the other hand, analysts have questioned the effectiveness of such unilateral actions while others have expressed caution about this move increasing market volatility.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/japan-after-fall-in-tax-revenues-government-launches-competition-to-encourage-alcohol-consumption-507929">Please drink more: As tax revenues fall, Japan launches competition to encourage alcohol consumption</a>

As of Monday evening in Tokyo, the yen was nearly 148.57 per dollar. As interest rates continue to widen between the US and Japan the yen is expected to stay under downward pressure against the dollar. However, a report by Bloomberg citing economist Atsushi Takeda at Itochu Research Institute speculates that the US Federal Reserve may be approaching its peak on rate hikes which should ease some pressure on the yen.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday.

The Japanese government spent at least $42.8 billion (a record 6.35 trillion yen) in the month of October to bolster the country’s currency, the yen, said a report released by the country’s Ministry of Finance, on Monday. This also comes after the government spent 2.8 trillion yen ($20 billion) in September amid the currency’s decline for almost 32-year-lows. Reports suggest that the Japanese government started buying the yen last month, a first since 1998, to counter the sharp decline of the currency against the dollar. The finance ministry report disclosed the data for the period between September 29 to October 27, however, does not indicate the number of times the government intervened. Earlier this year, in September, Japanese Finance Minister Shunichi Suzuki had talked about the government’s move to buy the yen, a first in over two decades, while repeatedly implying that he would not tolerate any speculative moves in the yen. ALSO READ: Japan PM announces $260bn stimulus package to combat rising inflation However, reports suggest that despite these actions and warnings currency has continued to hover near the 150 yen level and have attributed this to the increasing gap between the Bank of Japan, the country’s central bank and their ultra-loose monetary policy and tightening by most other large central banks across the world. This comes amid global concern about the strength of the dollar this year with the US Federal Reserve’s push to increase interest rates to combat inflation in the country attracting larger investments in dollar-denominated assets while the BoJ is reportedly keeping interest rates near zero. On October 21, the yen hit a 32-year intraday low of 151.93 yen to the dollar, said reports. Meanwhile, the country’s top currency official, Masato Kanda, suggested that the government with its almost $1.3 trillion in foreign reserves has a “limitless” amount of funds to conduct interventions, said a report by Financial Times. On the other hand, analysts have questioned the effectiveness of such unilateral actions while others have expressed caution about this move increasing market volatility. ALSO READ: Please drink more: As tax revenues fall, Japan launches competition to encourage alcohol consumption As of Monday evening in Tokyo, the yen was nearly 148.57 per dollar. As interest rates continue to widen between the US and Japan the yen is expected to stay under downward pressure against the dollar. However, a report by Bloomberg citing economist Atsushi Takeda at Itochu Research Institute speculates that the US Federal Reserve may be approaching its peak on rate hikes which should ease some pressure on the yen. (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.

Japanese government spent more than $40 billion to bolster the yen in October

Dogecoin increased by more than 70 per cent&nbsp;on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week.&nbsp;

The CEO of Tesla Inc., a fervent supporter of cryptocurrencies, has a significant impact on dogecoin and bitcoin values.&nbsp;

Early this year, Tesla began taking dogecoin as payment for its products. Musk's recently launched perfume line now accepts Dogecoin.&nbsp;

The cryptocurrency exchange Binance, which contributed $500 million to Musk's acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter.

Under previous CEO Jack Dorsey, who is a supporter of bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology.&nbsp;

This month, Musk tweeted that he was purchasing Twitter to build an "everything app." Asian companies like WeChat, which enables users to not only send messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged.&nbsp;

Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk's tweets about it, like the one where he labelled it the "people's crypto," transformed it into a speculator's paradise.

Also Read:&nbsp;<a href="https://www.wionews.com/world/painting-by-piet-mondrian-hanging-upside-down-for-77-years-529505">Painting by Piet Mondrian hanging upside down for 77 years</a>

World leaders and banned account holders are pleading with Musk to reactivate their accounts after he pledged to restore free expression on Twitter.&nbsp;

A content moderation committee "with widely diverse viewpoints" will be formed by Twitter, he said on Friday. Before the council meets, no significant content decisions or account reinstatements will be made, he added.&nbsp;

In a tweet posted on Saturday, the billionaire claimed Twitter users would soon be able to select the version of the social networking site they prefer by ranking their tweets.

(with inputs from agencies) 
&nbsp;

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Dogecoin increased by more than 70 per cent on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week. The CEO of Tesla Inc.

Dogecoin increased by more than 70 per cent on Saturday, continuing this week's advances following Elon Musk's $44 billion acquisition of Twitter last week. The CEO of Tesla Inc., a fervent supporter of cryptocurrencies, has a significant impact on dogecoin and bitcoin values. Early this year, Tesla began taking dogecoin as payment for its products. Musk's recently launched perfume line now accepts Dogecoin. The cryptocurrency exchange Binance, which contributed $500 million to Musk's acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter. Under previous CEO Jack Dorsey, who is a supporter of bitcoin, and co-founder Evan Williams, Twitter has started looking at how to apply blockchain technology. This month, Musk tweeted that he was purchasing Twitter to build an "everything app." Asian companies like WeChat, which enables users to not only send messages but also make payments, shop online, and hail a cab, are where the concept of an all-encompassing software first emerged. Dogecoin, which started as a social media joke, was formerly unknown until Elon Musk's tweets about it, like the one where he labelled it the "people's crypto," transformed it into a speculator's paradise. Also Read: Painting by Piet Mondrian hanging upside down for 77 years World leaders and banned account holders are pleading with Musk to reactivate their accounts after he pledged to restore free expression on Twitter. A content moderation committee "with widely diverse viewpoints" will be formed by Twitter, he said on Friday. Before the council meets, no significant content decisions or account reinstatements will be made, he added. In a tweet posted on Saturday, the billionaire claimed Twitter users would soon be able to select the version of the social networking site they prefer by ranking their tweets. (with inputs from agencies)

Dogecoin surges more than 70% after Musk's Twitter deal

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes.&nbsp;

A rising US&nbsp;dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell.&nbsp;

The STOXX index for Europe recovered from session lows of as much as 1.1 per cent&nbsp;to close up 0.1 per cent&nbsp;at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid&nbsp;restrictions in China hurt mining and oil companies.

The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data.&nbsp;

By 1:52 pm&nbsp;ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent&nbsp;and the S&amp;P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning.&nbsp;

Also Read:<a href="https://www.wionews.com/world/let-the-good-times-roll-musk-says-after-becoming-the-new-twitter-boss-529241">&nbsp;‘Let the good times roll’: Musk says after becoming the new Twitter boss</a>

"This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York.

Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar.

(with inputs from agencies)

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On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities.

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell. The STOXX index for Europe recovered from session lows of as much as 1.1 per cent to close up 0.1 per cent at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid restrictions in China hurt mining and oil companies. The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data. By 1:52 pm ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent and the S&P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning. Also Read: ‘Let the good times roll’: Musk says after becoming the new Twitter boss "This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York. Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar. (with inputs from agencies)

Wall Street's upswing lifts global and European markets while oil prices decline

Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India.

"As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said.

The company's Mi Pay app, which allowed users to make bill payments and do money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India's (NPCI) website.

NPCI is an industry body that oversees UPI, country's state-backed peer-to-peer payments network. Reuters said that NPCI declined to comment over the development.

Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday.

India is Xiaomi's strongest market outside China. The company has found itself to be subject of government probe for allegedly dodging tax regulators.

In India, the company has been subject to government probes for allegedly dodging tax regulators.

In April, India's federal financial crime agency froze $676 million worth of Xiaomi's assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments.

The Chinese smartphone group, which denies any wrongdoing, has said the action "effectively halted" its operations in its key Indian market.

(With inputs from agencies)

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Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India. "As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said.

Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India. "As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022," the company spokesperson said. The company's Mi Pay app, which allowed users to make bill payments and do money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India's (NPCI) website. NPCI is an industry body that oversees UPI, country's state-backed peer-to-peer payments network. Reuters said that NPCI declined to comment over the development. Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday. India is Xiaomi's strongest market outside China. The company has found itself to be subject of government probe for allegedly dodging tax regulators. In India, the company has been subject to government probes for allegedly dodging tax regulators. In April, India's federal financial crime agency froze $676 million worth of Xiaomi's assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments. The Chinese smartphone group, which denies any wrongdoing, has said the action "effectively halted" its operations in its key Indian market. (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 ×

Chinese smartphone maker Xiaomi shuts financial services business in India

Taking its most dramatic step yet to repair crisis, Credit Suisse has unveiled a fresh plan that will see a multi-billion dollar capital raise.

WION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion

Asian stock markets are mixed ahead of an update on the U.S. economy and a European Central Bank meeting. However, the Indian markets opened up with gains.

WION Business News: Asian share slips in morning trade; Indian markets open with gain

Trade with sanctioned Russia is helping China's currency, reports say that Yuan has become 5th most traded currency in the world. China's currency was up three places to number five in bank for international settlements.

World Business News: Yuan becomes 5th most traded currency, surpasses Australian, Canadian dollar

Japan is expected to announce an economic stimulus package to cushion the impact of inflation and Japanese media say that the package could be worth $200 billion.

WION Business News: Japan to announce new economic package to ease inflation pain

Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 20% as investors voiced skepticism about the company's pricey metaverse bets.

WION Business News: Facebook-parent Meta Platforms shares sink over 20%

Heading to Hong Kong where aiming to become a hub for crypto trading and for transactions of digital assets. Government is planning a mandatory licensing program for crypto platforms which is said to be enforced in March next year.

WION Business News: Hong Kong plans to legalize retail crypto trading

Japan to approve new economic package; $200 billion package to ease inflation pain

Wall Street tech rout has widened as economic gloom hits U.S. tech stocks. Intel is looking to cut workers to reduce costs. Watch this report.

Wall Street tech rout widens as economic gloom hits U.S. tech stocks

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. 
 
Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. 
 
The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/twitteratis-surprised-as-bengaluru-tea-seller-accepts-payment-in-crypto-520910">Twitterati surprised as Bengaluru tea seller accepts payment in crypto</a> 
 
“Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” 
 
A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan.&nbsp;Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development.&nbsp; 
 
Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/couple-entangled-in-legal-trouble-after-receiveing-erroneous-refund-of-105-from-a-crypto-company-524600">Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company</a> 
 
Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. 
 
Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group.&nbsp; 
 
He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources.

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. ALSO READ | Twitterati surprised as Bengaluru tea seller accepts payment in crypto “Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan. Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development. Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. ALSO READ | Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group. He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.” 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

Hong Kong to legalise retail crypto trading, plans to become top digital assets' centre

IMF has warned the Asian economies by looking at the major challenges faced by global economies especially Asia. IMF has cut Asia's economic forecast on global monetary tightening rising inflation and Ukraine war.

WION Business Watch: IMF cuts Asia's economic forecasts; 'China slowdown to drag on Asia's growth'

Amazon's Jeff Bezos massive wealth drop is becoming the talk of the town - he could see as much as $23 billion erase from his fortune after Amazon recorded sluggish sales in holiday season on Thursday.

WION Business Watch: Jeff Bezos on brink of $23 billion wealth drop

Singapore's mortgage costs are rising for property. The rising cost of borrowing is unlikely to have a major impact on Singapore's property market. That's because of several factors such as wealthy buyers, strong rental demand and foreigners moving to Singapore.

WION Business News | Singapore: Property buyers ignore mortgage rates

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up companies overall cost by fifth and third quarter.

WION Business News | Costly metaverse pitch falls flat