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Tesla is facing a criminal investigation in the US over the claims that the company's electric vehicle can drive themselves. The US Department of Justice launched an undisclosed probe last year - it followed more than a dozen crashes in which some of them were fatal. Watch the video to know more about the probe.

World Business Watch | Self-driving: Tesla faces US criminal probe

Ford and Volkswagen, two of the largest automakers in the world are shutting down the joint effort to develop self-driving through the startup. Argo AI reports ford concluded that large-scale profitable commercialisation of self-driving cars was further out than expected.

World Business Watch: Blow to self-driving car industry; Ford, Volkswagen pull plug on Robotaxis

Despite slightly meeting expectations and as poor net exports, South Korea's economy has fallen to slowest in the year in the third quarter. The countries' GDP was up by 0.3%, it was estimated that the GDP will go up but the pace of growth will come down.

World Business Watch: South Korean growth hits 1-year low

High inflation is leading to a shortage of a different kind in Malaysia- it is of eggs. Whatever is available in the market is usually snapped up, many are worried the situation will persist.

WION Business News | Inflation hits egg consumers in Malaysia

Asian shares were up today on growing expectations that major Central banks could start slowing pace of interest rate hikes in coming months.

WION Business News | Indian markets open with gains

Covid fears have come back to haunt China now. According to reports, Foxconn's largest iPhone manufacturing facility in Zhangzhou is facing another Covid-19 outbreak. However, the company has assured it has had minimal impacts on operations.

World Business Watch: China Covid policy disrupts iPhone production

<p>British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.</p>

<p>The result compared with a loss after tax of $447 million in the July-September period last year, Shell said.&nbsp;</p>

<p>Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion.</p>

<p>"We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden.&nbsp;</p>

<p>The latest profit, however, was far lower than its second-quarter net income of $18 billion.</p>

<p>Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins.</p>

<p>Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.</p>

<p><strong>Shares rally</strong></p>

<p>Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations.</p>

<p>The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis.</p>

<p>"A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said.</p>

<p>"Responding to the cost-of-living crisis is well within the government's control."</p>

<p>Britain's new prime minister, Rishi&nbsp;Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners.</p>

<p>Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure.</p>

<p>Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan.</p>

<p>Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns.&nbsp;</p>

<p>A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.</p>


British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears. The result compared with a loss after tax of $447 million in the July-September period last year, Shell said. Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion. "We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden. The latest profit, however, was far lower than its second-quarter net income of $18 billion. Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins. Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies. Shares rally Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations. The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis. "A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said. "Responding to the cost-of-living crisis is well within the government's control." Britain's new prime minister, Rishi Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners. Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure. Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan. Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns. A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.

Shell posts more bumper profits on high energy prices

<p>In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes."&nbsp;</p>

<p>He wrote: "I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong."&nbsp;</p>

<p>"The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence."</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/twitter-shares-to-be-suspended-for-trading-on-nyse-ahead-of-musk-takeover-528920">Twitter shares to be suspended for trading on NYSE ahead of Musk takeover</a>&nbsp;</strong></p>

<p>"There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society," Musk further added.&nbsp;</p>

<p>"In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost," Musk said.&nbsp;</p>

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<p dir="ltr" lang="en">Dear Twitter Advertisers <a href="https://t.co/GMwHmInPAS">pic.twitter.com/GMwHmInPAS</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1585619322239561728?ref_src=twsrc%5Etfw">October 27, 2022</a></blockquote>
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<p><strong>WATCH |&nbsp;Gravitas: Elon Musk's secret to staying 'fit &amp; healthy'&nbsp;</strong></p>

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<p>On Wednesday, Musk said he paid a visit to Twitter Inc's headquarters in San Francisco ahead of a court-ordered deadline to close his $44 billion deal for the social media platform.&nbsp;</p>

<p>"Entering Twitter HQ – let that sink in!" said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands.&nbsp;</p>

<p>Hours earlier, he hinted at being the company's top boss after updating his profile's bio to "Chief Twit".&nbsp;</p>

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<p dir="ltr" lang="en">Entering Twitter HQ – let that sink in! <a href="https://t.co/D68z4K2wq7">pic.twitter.com/D68z4K2wq7</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1585341984679469056?ref_src=twsrc%5Etfw">October 26, 2022</a></blockquote>
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In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes.

In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes." He wrote: "I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong." "The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence." ALSO READ | Twitter shares to be suspended for trading on NYSE ahead of Musk takeover "There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society," Musk further added. "In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost," Musk said. Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS — Elon Musk (@elonmusk) October 27, 2022 × WATCH | Gravitas: Elon Musk's secret to staying 'fit & healthy' × On Wednesday, Musk said he paid a visit to Twitter Inc's headquarters in San Francisco ahead of a court-ordered deadline to close his $44 billion deal for the social media platform. "Entering Twitter HQ – let that sink in!" said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands. Hours earlier, he hinted at being the company's top boss after updating his profile's bio to "Chief Twit". Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7 — Elon Musk (@elonmusk) October 26, 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.

'That is why I bought Twitter': Elon Musk's latest message for advertisers

Global economic downturn has slashed appetite for electronic devices and now Samsung Electronics has reported 31% drop in third quarter profit.

WION Business News | Samsung electronics Q3 profit slumps 31%

Inflation in Australia has surged to 32-year high, it has now lead to a possibility of more aggressive rate hikes by country's central bank.

WION business News | Australia inflation hits highest in 32 years

China's broad fiscal deficit has hit an all-time high this year. China's economy has been slowing down due to covid-19 outbreaks and the housing market slump.

WION Business News | China's budget deficit nears record $1 trillion

Asian shares edged higher on Wednesday as investors clung to hopes that the pace of US and global rate hikes will start to slow. US futures dropped after disappointing results from tech giants Alphabet and Microsoft.

WION Business News | Asian shares rise on hopes of rate hike slowdown

<p>HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO.&nbsp;</p>

<p>The change came as HSBC's profits were knocked by a 42% slide in the third quarter, the result of loan losses and charges from the sale of its French business as it seeks to placate investors including China's Ping An Insurance Group.</p>

<p>HSBC stock, which fell as much as 8%, was on track for its worst single day performance since April 2020 as investors digested the sudden CFO shift and muted performance forecasts.</p>

<p>Lebanese-born Elhedery, who is a French passport holder had gone on six-month sabbatical from HSBC in January. He had stated that he wanted to travel with his family and explore personal interests.</p>

<p>Quinn said that while departing CFO Ewen Stevenson had done a good restructuring job over three years, the London-headquartered bank had succession in mind, effectively putting 48-year-old Elhedery at the front of the queue to be CEO.</p>

<p>"There is no change in strategy as a consequence of these leadership changes," Quinn, 60, said. "This is about how the group executive committee is positioned with potential succession options for the future," he told Reuters.</p>

<p>Former investment banker Stevenson, 56, who will leave HSBC next year, told Reuters he was "looking forward to some time off and thinking about future options".</p>

<p>"Stevenson was undoubtedly seen as doing a great job amongst the investor community," said John Cronin, analyst at Goodbody.</p>

<p>"His exit is most certainly a surprise and it smells of a fallout at the top management level in terms of direction of travel for HSBC - which will raise many questions," he said.</p>

<p><em>(With inputs from agencies)</em></p>

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HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO.

HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO. The change came as HSBC's profits were knocked by a 42% slide in the third quarter, the result of loan losses and charges from the sale of its French business as it seeks to placate investors including China's Ping An Insurance Group. HSBC stock, which fell as much as 8%, was on track for its worst single day performance since April 2020 as investors digested the sudden CFO shift and muted performance forecasts. Lebanese-born Elhedery, who is a French passport holder had gone on six-month sabbatical from HSBC in January. He had stated that he wanted to travel with his family and explore personal interests. Quinn said that while departing CFO Ewen Stevenson had done a good restructuring job over three years, the London-headquartered bank had succession in mind, effectively putting 48-year-old Elhedery at the front of the queue to be CEO. "There is no change in strategy as a consequence of these leadership changes," Quinn, 60, said. "This is about how the group executive committee is positioned with potential succession options for the future," he told Reuters. Former investment banker Stevenson, 56, who will leave HSBC next year, told Reuters he was "looking forward to some time off and thinking about future options". "Stevenson was undoubtedly seen as doing a great job amongst the investor community," said John Cronin, analyst at Goodbody. "His exit is most certainly a surprise and it smells of a fallout at the top management level in terms of direction of travel for HSBC - which will raise many questions," he said. (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 ×

HSBC appoints former investment bank head Georges Elhedery as CFO, potential CEO-in-waiting

The consequences of Washington's crackdown on China's tech ambitions is affecting many companies. Now, even companies in countries that are close to the United States allies can end up getting in between in the semi-conductor wars between the world's largest and semi-largest economies.

South Korea's SK hynix cuts CapEx by 50%; US curbs may force company out of China

Digital media sector is worried on Google parent Alphabets disappointing ads. There are fears that advertisers have cut back on spending in the face of an economic slowdown.

WION Business News | Google-parent Alphabet misses revenue estimates

Alphabet Inc's Google should not restrict app developers from using third-party billing or payment processing services in India, the country's antitrust body said on Tuesday, as it fined the US giant $113 million for anti-competitive practices.

WION Business News | India slaps another fine on Google

In an escalation of US, Saudi dispute over petroleum reserve, Saudi Arabia's energy Minister blasted the release of emergency oil stocks as an attempt to manipulate markets by the US.

WION Business News | Oil Spat: Saudi Arabia blasts US

<p>South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%.</p>

<p>Chipmakers had enjoyed a strong post-pandemic demand surge until early this year. But demand has turned sharply weaker in recent months as soaring inflation, rising interest rates and gloomy economic outlook have led consumers and businesses to tighten spending.</p>

<p>"We are hoping that the market will stabilise to some extent by second half of next year, but we are not ruling out the possibility of a longer downturn," Kevin Noh, Chief Marketing Officer at SK Hynix, told analysts.</p>

<p>Dire projections by Hynix follow warnings of decreased growth given by US tech giants this week. On Tuesday, Microsoft had projected quarterly revenue below Wall Street targets.</p>

<p>SK Hynix said its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. The result was below analysts' expectations of a 1.87 trillion won profit, according to Refinitiv SmartEstimate.</p>

<p>"Supply will continue to exceed demand for the time being," SK Hynix said in a statement, pointing to a fall in notebook and smartphone shipments.</p>

<p>The company said that memory chip prices plunged by 20 per cent in the third quarter. The company attributed this to dropping PC and smartphone shipments data centres prioritising using up existing chip stocks.</p>

<p><em>(with inputs from agencies)</em></p>

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South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%.

South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%. Chipmakers had enjoyed a strong post-pandemic demand surge until early this year. But demand has turned sharply weaker in recent months as soaring inflation, rising interest rates and gloomy economic outlook have led consumers and businesses to tighten spending. "We are hoping that the market will stabilise to some extent by second half of next year, but we are not ruling out the possibility of a longer downturn," Kevin Noh, Chief Marketing Officer at SK Hynix, told analysts. Dire projections by Hynix follow warnings of decreased growth given by US tech giants this week. On Tuesday, Microsoft had projected quarterly revenue below Wall Street targets. SK Hynix said its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. The result was below analysts' expectations of a 1.87 trillion won profit, according to Refinitiv SmartEstimate. "Supply will continue to exceed demand for the time being," SK Hynix said in a statement, pointing to a fall in notebook and smartphone shipments. The company said that memory chip prices plunged by 20 per cent in the third quarter. The company attributed this to dropping PC and smartphone shipments data centres prioritising using up existing chip stocks. (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 ×

Chipmaker SK Hynix to halve investment amid looming recession

Barbie maker Mattel lowered its full-year profit forecast, suggesting high inflation will take a toll on the holiday shopping season.

WION Business News | Inflation hits Barbie, Fisher-Price demand

The cost of motorcycle permits has now surpassed the cost of a new, entry-level bike in Singapore. The cost of a 10-year motorcycle permit in the city-state hit a record of over $9000.

WION Business News | Singapore: Motorcycle permit prices at $9000

As China continue to crackdown on its video gaming industry, hitting it hard, the total sales in the market declined 19.1% in third quarter as a total sales reached about 8 billion dollars between July and September.

WION Business News | China's video gaming revenue sinks to a new low

Impacted by weakening exports and rising interest rates, a poll suggests South Korea's economy likely slowed to a new halt in the third quarter.

WION Business News | South Korea hit by weak exports, rising rates

Battling a slumping PC market and a strong dollar, United States Tech Giant Microsoft is set to post its slowest quarterly revenue growth in over five years.

WION Business News | Microsoft revenue forecast under threat

The last few days have been some of the worst in the history for Chinese stock markets. The markets are volatile today as investors are concerned about a lack of supportive policies from the Communist Party Congress.

WION Business News | Foreigners dump China stocks at record pace

Asian equities fell to new 2.5 year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the Yuan.

WION Business News | Asian stocks ease 2.5 year-low, Pound lifted by Sunak's victory

The global economy continues to struggle with Asian markets showing a slight downward trend following Xi Jinping securing a third term as Chinese President. On the other hand, banks around the world continue to raise interest rates and buy government bonds in order to control the inflation and keep the impacts of the economic crisis at bay.

WION brings you all the LIVE updates from the happenings in the global economy.

Global economy updates: China's GDP grows 3.9% in Q3, Hong Kong stocks fall