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In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent&nbsp;of their value since the pandemic&nbsp;peak in October 2020. &nbsp;&nbsp;

The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent&nbsp;on Tuesday.&nbsp;

The business is attempting to reinvent itself by focusing on businesses with products like the cloud-calling service Zoom Phone and the conference-hosting offering Zoom Rooms.&nbsp;

The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself.

Analysts predict that any business revival will take a few more quarters as the growth of its core online business slows and competition from Microsoft Corp.'s Teams, Cisco's Webex, and Salesforce's Slack increases.&nbsp;

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Hargreaves Lansdown equity analyst Sophie Lund-Yates said, "Zoom has a fundamental flaw - it has needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead."

Due to increased spending on product development and marketing, the company's operational expenses increased by 56 per cent&nbsp;in the third quarter.

Some brokerages believe acquisitions could help Zoom recover its growth. However, Chief Executive Eric Yuan stated on a post-earnings call that he continues to observe more deal scrutiny for new business.

(with inputs from agencies) 
&nbsp;

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In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent of their value since the pandemic peak in October 2020. The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent on Tuesday.

In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent of their value since the pandemic peak in October 2020. The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent on Tuesday. The business is attempting to reinvent itself by focusing on businesses with products like the cloud-calling service Zoom Phone and the conference-hosting offering Zoom Rooms. The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself. Analysts predict that any business revival will take a few more quarters as the growth of its core online business slows and competition from Microsoft Corp.'s Teams, Cisco's Webex, and Salesforce's Slack increases. Also Read: Rare Dinosaur skeleton pulled out of auction after questions over authenticity Hargreaves Lansdown equity analyst Sophie Lund-Yates said, "Zoom has a fundamental flaw - it has needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead." Due to increased spending on product development and marketing, the company's operational expenses increased by 56 per cent in the third quarter. Some brokerages believe acquisitions could help Zoom recover its growth. However, Chief Executive Eric Yuan stated on a post-earnings call that he continues to observe more deal scrutiny for new business. (with inputs from agencies)

Zoom shares down 90% from pandemic peak in October 2020

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul.

The People's Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm's $37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources.

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source.

A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut.

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Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July.

The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations.

The penalties are part of Beijing's sweeping crackdown on the country's tech behemoths that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.

But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster an economy that has been hurt by the COVID-19 pandemic.

A fine will likely focus on Ant's alleged violations relating to a "disorderly expansion of capital" and the corresponding financial risks its once freewheeling businesses have caused, said one of the sources.

Ant and the PBOC did not respond to Reuters' requests for comment.

All the sources spoke on the condition of anonymity as they were not authorised to speak to the media.

BUSINESS OVERHAUL

Chinese authorities abruptly pulled the plug on Ant's IPO, which was set to be the world's biggest, in November 2020 soon after billionaire founder Ma publicly criticised China's regulatory system for stifling innovation.

In the months since then, regulators set about reining in Ma's empire, starting with the antitrust probe into Alibaba. Ma, one of China's most successful and influential businessmen, has largely remained out of public view since the crackdown.

The regulators also pushed Ant, whose businesses span payment processing, consumer lending and insurance products distribution, to revamp its business structure and bring it under tighter regulatory supervision.

Ant has been formally undergoing a sweeping business overhaul since April last year which includes turning itself into a financial holding firm, subject to rules and capital requirements similar to those for banks.

The overhaul includes folding Ant's two lucrative micro-loan businesses into a consumer finance unit and sharing its treasure trove of data on more than 1 billion users with state firms, a move expected to curb its profitability and valuation by curtailing some of its businesses. read more

The penalty on Ant, however, is unlikely to be finalised till China appoints a number of top officials at the State Council and other government bodies next year, said four of the sources.

While China's ruling Communist Party wrapped up its twice-a-decade congress and central leadership reshuffle last month, top posts at the cabinet and government bodies are still subject to changes, which typically take place at the annual meeting of parliament in early March.

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The central bank's chief, Yi Gang, 64, is likely to step down as he nears the official retirement age of 65 for minister-level officials.

China's State Council Information Office, which handles media queries for the cabinet, did not respond to a request for comment.

Just before Ant's IPO dust-up, the central bank officially issued rules to regulate the country's vast and often complex financial holdings companies, as part of its efforts to rein in systemic financial risks.

It has so far approved the establishment of three such firms including China CITIC Financial Holdings.

The central bank's local branch in the eastern city of Hangzhou, home to Ant's headquarters, received the firm's application to set up a financial holding company in June, two of the six sources and a separate person said.

The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul.

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul. The People's Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm's $37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources. The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut. Also read | Indonesia quake toll rises to 252, president announces compensation for families of victims Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The penalties are part of Beijing's sweeping crackdown on the country's tech behemoths that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits. But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster an economy that has been hurt by the COVID-19 pandemic. A fine will likely focus on Ant's alleged violations relating to a "disorderly expansion of capital" and the corresponding financial risks its once freewheeling businesses have caused, said one of the sources. Ant and the PBOC did not respond to Reuters' requests for comment. All the sources spoke on the condition of anonymity as they were not authorised to speak to the media. BUSINESS OVERHAUL Chinese authorities abruptly pulled the plug on Ant's IPO, which was set to be the world's biggest, in November 2020 soon after billionaire founder Ma publicly criticised China's regulatory system for stifling innovation. In the months since then, regulators set about reining in Ma's empire, starting with the antitrust probe into Alibaba. Ma, one of China's most successful and influential businessmen, has largely remained out of public view since the crackdown. The regulators also pushed Ant, whose businesses span payment processing, consumer lending and insurance products distribution, to revamp its business structure and bring it under tighter regulatory supervision. Ant has been formally undergoing a sweeping business overhaul since April last year which includes turning itself into a financial holding firm, subject to rules and capital requirements similar to those for banks. The overhaul includes folding Ant's two lucrative micro-loan businesses into a consumer finance unit and sharing its treasure trove of data on more than 1 billion users with state firms, a move expected to curb its profitability and valuation by curtailing some of its businesses. read more The penalty on Ant, however, is unlikely to be finalised till China appoints a number of top officials at the State Council and other government bodies next year, said four of the sources. While China's ruling Communist Party wrapped up its twice-a-decade congress and central leadership reshuffle last month, top posts at the cabinet and government bodies are still subject to changes, which typically take place at the annual meeting of parliament in early March. Also read | Car bomb explosion at Thai police compound leaves at least one dead, 30 injured The central bank's chief, Yi Gang, 64, is likely to step down as he nears the official retirement age of 65 for minister-level officials. China's State Council Information Office, which handles media queries for the cabinet, did not respond to a request for comment. Just before Ant's IPO dust-up, the central bank officially issued rules to regulate the country's vast and often complex financial holdings companies, as part of its efforts to rein in systemic financial risks. It has so far approved the establishment of three such firms including China CITIC Financial Holdings. The central bank's local branch in the eastern city of Hangzhou, home to Ant's headquarters, received the firm's application to set up a financial holding company in June, two of the six sources and a separate person said. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

China set to fine Ant Group over $1 billion, signalling revamp nears end - sources

Shell&nbsp;said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers.

"We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham. "When you tax more you're going to have less disposable income in your pocket, less to invest."

British finance minister Jeremy Hunt&nbsp;last week&nbsp;announced plans to increase a windfall tax on North Sea producers to 35 per cent from 25 per cent in the face of surging energy prices in order to help plug a major hole in public financing.

The government forecasts that the tax, which was also extended from the end of 2025 to 2028, will raise 40 billion pounds.

The tax, known as the Energy Profits Levy (EPL), will bring the total taxes on the sector to 75%, among the highest in the world. It nevertheless allows to deduct most investments in new oil and gas projects from the tax.

In a statement on Monday, Shell said that the EPL should be designed to provide incentives to address oil and gas supply shortages as well as longer-term investments in renewables.

To reach that objective, the EPL should include a "price backstop" in case oil and prices drop sharply and should also be expanded to include investments in wind generation, hydrogen and carbon capture technology, Shell said.

Shell said earlier this year it plans to invest 20 to 25 billion pounds over the next 10 years in Britain's energy infrastructure including oil and gas, offshore wind, electric vehicle charging and hydrogen.

"The energy sector needs to have confidence that there will now be a stable investment climate following a period of considerable uncertainty," Shell said.

Shell said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers.

Shell said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers. "We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham. "When you tax more you're going to have less disposable income in your pocket, less to invest." British finance minister Jeremy Hunt last week announced plans to increase a windfall tax on North Sea producers to 35 per cent from 25 per cent in the face of surging energy prices in order to help plug a major hole in public financing. The government forecasts that the tax, which was also extended from the end of 2025 to 2028, will raise 40 billion pounds. The tax, known as the Energy Profits Levy (EPL), will bring the total taxes on the sector to 75%, among the highest in the world. It nevertheless allows to deduct most investments in new oil and gas projects from the tax. In a statement on Monday, Shell said that the EPL should be designed to provide incentives to address oil and gas supply shortages as well as longer-term investments in renewables. To reach that objective, the EPL should include a "price backstop" in case oil and prices drop sharply and should also be expanded to include investments in wind generation, hydrogen and carbon capture technology, Shell said. Shell said earlier this year it plans to invest 20 to 25 billion pounds over the next 10 years in Britain's energy infrastructure including oil and gas, offshore wind, electric vehicle charging and hydrogen. "The energy sector needs to have confidence that there will now be a stable investment climate following a period of considerable uncertainty," Shell said.

Shell to 'evaluate' 25 billion pound British investments after windfall tax

Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse.

According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries.

Watch |&nbsp;The FTX bankruptcy scandal: Crypto exchange launches review of its global assets

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Bloomberg reports that the US attorney's office in Manhattan is known for handling complicated financial crime cases, many of which involve cryptocurrencies.

The sudden collapse of FTX, one of the biggest cryptocurrency exchanges in the world, will&nbsp;be the subject of a hearing on December 1st, announced the US&nbsp;Senate Agriculture Committee on Thursday.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/report-reveals-how-ftx-founder-sam-bankman-fried-begged-for-a-rescue-but-failed-to-save-his-company-534778">Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company</a>

Debbie Stabenow, chair of the Committee, also urged Congress to approve the bipartisan Digital Commodities Consumer Protection Act. She claimed that it "would have prohibited the misconduct and risky behaviour undertaken by FTX."

On November 11 FTX filed for protection from its millions of creditors under the US Bankruptcy law.&nbsp;

The declaration of bankruptcy left an estimated one million customers and other investors facing enormous losses worth billions of Dollars. As recently as last month, FTX was considered the world's second-largest cryptocurrency platform, which was at one point valued at $32 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-bankruptcy-filing-claims-a-severe-liquidity-crisis-more-than-100000-creditors-534517">FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors</a>

As a result of the firm's failure, there is a liquidity crisis that has spread throughout the cryptocurrency sector and caused a sharp decline in the price of bitcoin and other digital assets.

Reuters reports that as per the bankruptcy filing, the cryptocurrency exchange owes fifty of its biggest creditors $3.1 billion, $1.45 billion of which is owed to the top ten creditors.

(With inputs from agencies)

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Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse. According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries.

Reports suggest that crypto exchange FTX was on the radar of federal prosecutors long before its recent collapse. According to a Bloomberg article that quotes persons familiar with the situation, Federal prosecutors from the US Office for the Southern District of New York were already looking into FTX's "massive exchange operations" as part of a larger investigation into cryptocurrency platforms with US and foreign subsidiaries. Watch | The FTX bankruptcy scandal: Crypto exchange launches review of its global assets Bloomberg reports that the US attorney's office in Manhattan is known for handling complicated financial crime cases, many of which involve cryptocurrencies. The sudden collapse of FTX, one of the biggest cryptocurrency exchanges in the world, will be the subject of a hearing on December 1st, announced the US Senate Agriculture Committee on Thursday. Also read | Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company Debbie Stabenow, chair of the Committee, also urged Congress to approve the bipartisan Digital Commodities Consumer Protection Act. She claimed that it "would have prohibited the misconduct and risky behaviour undertaken by FTX." On November 11 FTX filed for protection from its millions of creditors under the US Bankruptcy law. The declaration of bankruptcy left an estimated one million customers and other investors facing enormous losses worth billions of Dollars. As recently as last month, FTX was considered the world's second-largest cryptocurrency platform, which was at one point valued at $32 billion. Also read | FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors As a result of the firm's failure, there is a liquidity crisis that has spread throughout the cryptocurrency sector and caused a sharp decline in the price of bitcoin and other digital assets. Reuters reports that as per the bankruptcy filing, the cryptocurrency exchange owes fifty of its biggest creditors $3.1 billion, $1.45 billion of which is owed to the top ten creditors. (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.

FTX was under the federal radar long before its collapse: Report

Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth. The verdict from the Confederation of British Industry (CBI) came at its annual gathering in Birmingham, Britain's second biggest city.

The CBI conference took place after the UK Prime Minister Rishi Sunak slashed spending and increased taxes in budget.

"We come together, once more in extraordinary times," CBI director-general Tony Danker told delegates in Birmingham, central England.

"Britain is in the middle of stagflation -- rocketing inflation and negative growth -- for the first time that probably most of us can remember.

"We know how to fight inflation. We know how to fight recession. But we don't really know how to fight them together."

Sunak addressed the CBI on Monday. It has been one month since he took office after predecessor Liz Truss delivered an unfunded tax-slashing mini-budget that tanked the pound and sent UK borrowing costs soaring. Right now UK inflation is at 11.1 per cent. That is a 41-year high. This has meant that food and energy costs have risen in the wake of the Ukraine war.&nbsp;

Consumer prices have also raced higher as demand rebounds following the lifting of pandemic.

(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 <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth.

Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth. The verdict from the Confederation of British Industry (CBI) came at its annual gathering in Birmingham, Britain's second biggest city. The CBI conference took place after the UK Prime Minister Rishi Sunak slashed spending and increased taxes in budget. "We come together, once more in extraordinary times," CBI director-general Tony Danker told delegates in Birmingham, central England. "Britain is in the middle of stagflation -- rocketing inflation and negative growth -- for the first time that probably most of us can remember. "We know how to fight inflation. We know how to fight recession. But we don't really know how to fight them together." Sunak addressed the CBI on Monday. It has been one month since he took office after predecessor Liz Truss delivered an unfunded tax-slashing mini-budget that tanked the pound and sent UK borrowing costs soaring. Right now UK inflation is at 11.1 per cent. That is a 41-year high. This has meant that food and energy costs have risen in the wake of the Ukraine war. Consumer prices have also raced higher as demand rebounds following the lifting of pandemic. (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 ×

More migrant labour needed in recession-hit UK, says business body

Vitalik is not happy with Singapore's crypto regulations. Singapore is planning to clamp down on retail crypto assets. Watch this report.

World Business Watch | Singapore's crypto regulations: Vitalik not happy with Singapore rules

Berkshire has boosted stakes in Japanese firms. Berkshire earlier picked up $5 billion TSMC stakes. Watch this report for all the details.

World Business Watch: Berkshire boosts stakes in Japanese firms

Oil supply concerns ease as oil prices dip to near 2-month lows. Rising interest rates weigh on crude prices. Watch this report.

World Business Watch: Oil prices dip to near two-month lows

Amid a global slowdown and a fall in revenues, the Walt Disney Company has announced a change in the upper hierarchy of the company. Former CEO, Robert A Iger (Bob Iger) will be returning to the company, replacing his successor&nbsp;Bob Chapek.

The decision was taken after Disney reported an 18 per cent decrease in revenues while operating income stood at $0.1 billion, dipping 18 per cent as well.&nbsp;

Susan Arnold, the board chairman announced the decision and thanked Chapek for his service.&nbsp;

“We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said&nbsp;Arnold.

<a href="https://www.wionews.com/videos/china-covid-chaos-shanghai-government-bars-people-from-entering-and-exiting-disney-park-529933">Watch | China Covid Chaos: Shanghai government bars people from entering and exiting Disney park</a>

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“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period,” she added.&nbsp;

Chapek's reign as the Disney CEO was as tumultuous as they come. During this year alone, Disney's stock has fallen&nbsp;almost 41 per cent.

Chapek, with his more data-driven and confrontational approach, coupled with a pandemic and a global slowdown could never really fit into the job profile.&nbsp;

His clash with Scarlett Johansson over 'Black Widow' contract and feud with Disney employees over the 'Don't say Gay' bill brought a lot of flak to him. The closure of Dinsey theme parks across the globe added insult to injury.&nbsp;

<a href="https://www.wionews.com/world/shanghai-disney-resort-to-remain-closed-as-china-logs-record-covid-cases-534013">Read more:&nbsp;Shanghai Disney resort to remain closed as China logs record Covid cases</a>

Bob Iger stepped down in 2020 after being Disney's CEO for 15 years. Under his watch, the company grew leaps and bounds, creating a legacy which has taken a rather substantial hit in the last year or two.&nbsp;

It was Iger who managed to bring Pixar, Marvel, Lucasfilm and 21st-century Fox under Dinsey's banner, granting the company a significant&nbsp;advantage over its rivals.&nbsp;

Disney's premier product, the Marvel Cinematic Universe (MCU) has been on a shaky ride ever since Chapek stepped into the role.

<a href="https://www.wionews.com/entertainment/bob-chapek-is-new-ceo-of-disney-as-bob-iger-steps-down-283008">Read more:&nbsp;Bob Chapek is new CEO of Disney as Bob Iger steps down</a>

Most of the movies and TV shows in MCU's phase-4 have been hit-and-miss with the audience as many&nbsp;attribute&nbsp;it to post-phase-3 fatigue. Meanwhile, others state that Dinsey under Chapek&nbsp;has pushed story-telling on the backburner and is more focused on quantity over quality.&nbsp;

With Iger back in the role, Dinsey executives are hoping to have a reversal in fortunes.&nbsp;

(With inputs from agencies)

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Amid a global slowdown and a fall in revenues, the Walt Disney Company has announced a change in the upper hierarchy of the company. Former CEO, Robert A Iger (Bob Iger) will be returning to the company, replacing his successor Bob Chapek.

Amid a global slowdown and a fall in revenues, the Walt Disney Company has announced a change in the upper hierarchy of the company. Former CEO, Robert A Iger (Bob Iger) will be returning to the company, replacing his successor Bob Chapek. The decision was taken after Disney reported an 18 per cent decrease in revenues while operating income stood at $0.1 billion, dipping 18 per cent as well. Susan Arnold, the board chairman announced the decision and thanked Chapek for his service. “We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Arnold. Watch | China Covid Chaos: Shanghai government bars people from entering and exiting Disney park × “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period,” she added. Chapek's reign as the Disney CEO was as tumultuous as they come. During this year alone, Disney's stock has fallen almost 41 per cent. Chapek, with his more data-driven and confrontational approach, coupled with a pandemic and a global slowdown could never really fit into the job profile. His clash with Scarlett Johansson over 'Black Widow' contract and feud with Disney employees over the 'Don't say Gay' bill brought a lot of flak to him. The closure of Dinsey theme parks across the globe added insult to injury. Read more: Shanghai Disney resort to remain closed as China logs record Covid cases Bob Iger stepped down in 2020 after being Disney's CEO for 15 years. Under his watch, the company grew leaps and bounds, creating a legacy which has taken a rather substantial hit in the last year or two. It was Iger who managed to bring Pixar, Marvel, Lucasfilm and 21st-century Fox under Dinsey's banner, granting the company a significant advantage over its rivals. Disney's premier product, the Marvel Cinematic Universe (MCU) has been on a shaky ride ever since Chapek stepped into the role. Read more: Bob Chapek is new CEO of Disney as Bob Iger steps down Most of the movies and TV shows in MCU's phase-4 have been hit-and-miss with the audience as many attribute it to post-phase-3 fatigue. Meanwhile, others state that Dinsey under Chapek has pushed story-telling on the backburner and is more focused on quantity over quality. With Iger back in the role, Dinsey executives are hoping to have a reversal in fortunes. (With inputs from agencies) WATCH WION LIVE HERE:

Panicked Disney shows the door to Bob Chapek and brings former CEO Bob Iger

Moody Corp has decided to shut its consulting business un China and is planning to lay off people, associated with it in several locations across the country, reported Reuters citing sources. As per the report the credit rating firm has started winding down its consulting business in China. The identity of the sources was not revealed in the report as they were not authorised to speak to media.

The decision was announced internally on Monday. It has affected more than 100 employees across Moody's Beijing, Shanghai and Shenzhen offices. It is not certain at the moment the exact number of people affected.

Though Moody's will shut its consulting business in China, it's credit rating business will continue to operate.&nbsp;

Moody's had flagged in a recent earnings call that it was "taking steps to align our global workforce with current and anticipated economic conditions," a company spokesperson said in an emailed statement as per Reuters.

The firm continues to maintain a strong presence in China, the spokesperson added.

Moody's Analytics provides financial intelligence and analytical tools to domestic and foreign financial institutions.

Its closure in China comes as the country's banking sector increasingly favours domestic suppliers, the second source said.

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Moody Corp has decided to shut its consulting business un China and is planning to lay off people, associated with it in several locations across the country, reported Reuters citing sources.

Moody Corp has decided to shut its consulting business un China and is planning to lay off people, associated with it in several locations across the country, reported Reuters citing sources. As per the report the credit rating firm has started winding down its consulting business in China. The identity of the sources was not revealed in the report as they were not authorised to speak to media. The decision was announced internally on Monday. It has affected more than 100 employees across Moody's Beijing, Shanghai and Shenzhen offices. It is not certain at the moment the exact number of people affected. Though Moody's will shut its consulting business in China, it's credit rating business will continue to operate. Moody's had flagged in a recent earnings call that it was "taking steps to align our global workforce with current and anticipated economic conditions," a company spokesperson said in an emailed statement as per Reuters. The firm continues to maintain a strong presence in China, the spokesperson added. Moody's Analytics provides financial intelligence and analytical tools to domestic and foreign financial institutions. Its closure in China comes as the country's banking sector increasingly favours domestic suppliers, the second source said. 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

Moody's winding up its consulting business in China, to lay off people across the country

The grounded air carrier Jet Airways has decided to send 60 per cent of its employees, including senior managers, on leave without pay and slash salaries of some employees by up to 50 per cent effective December 1, said reports from Indian media outlets. 
Employees at junior and lower levels will have no impact of the salary cut decision due to their low pay grade though CEO, CFO and even head of departments may take a 50 per cent salary cut.

Jet Airways with an employee strength of 230 has around 100 cabin crew and junior managers in the low level employee category, said a Business Standard report. 
Further reports said that around 60 mid to senior level employees have been sent on two months’ leave without pay.&nbsp; 
 
Moneycontrol reported that the news comes after Jet Airways' revival plan hit one more hurdle on November 18, when its new owner Jalan-Kalrock consortium told the National Company Law Appellate Tribunal (NCLAT) of its inability to pay additional money to clear provident fund and gratuity dues of around Rs 250 crore (INR 2500 million) to employees. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/after-3-years-jet-airways-conducts-first-test-flight-in-hyderabad-476761">After 3 years, Jet Airways conducts first test flight in Hyderabad</a> 
 
The company's CEO Sanjay Kapoor took to Twitter to soothe nerves and said, “No one is being fired.” 
 
As the NCLT process takes longer-than-expected time, the grounded air carrier may have to take "difficult but necessary near-term decisions" to manage their cash flows to secure the future as they await the airline's complete possession, a Jet Airways spokesperson had said. 
 
WATCH |&nbsp;Indian aviation regulator DGCA begins airline audit

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The consortium had moved the NCLT to seek control of the airline. The tribunal, which will hear the case from November 29, has sought a reply from the State Bank of India (SBI)-led consortium of lenders, said reports. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/nord-stream-blasts-were-an-act-of-sabotage-swedish-prosecutor-says-535297">Nord Stream blasts were acts of sabotage, traces of explosives found, says Swedish prosecutor</a> 
 
The panel monitoring Jet Airways' insolvency case has put the airline's monetisation plan on hold amid the impasse between the lenders and consortium which remained steadfast on its Rs 475 crore (INR 4750 million) offer in its bid, saying that it is not liable to pay anything beyond to creditors and all claims must be settled within this. 
 
The NCLT had approved the consortium's capital infusion plan of Rs 1,375 crore (INR 13750 million), including Rs 900 crore (INR 9000 million) for capital expenditure and Rs 475 crore (INR 4750 million) to settle claims of all creditors. 
 
NCLAT on October 21, had asked the consortium to clear unpaid provident funds and gratuity to workmen and employees of the airline until June 2019 when the insolvency process was initiated. 
 
According to Moneycontrol, even Jet Airways CEO Sanjiv Kapoor has also agreed to a pay cut.&nbsp;

(With inputs from agencies) 
&nbsp;

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The grounded air carrier Jet Airways has decided to send 60 per cent of its employees, including senior managers, on leave without pay and slash salaries of some employees by up to 50 per cent effective December 1, said reports from Indian media outlets.

The grounded air carrier Jet Airways has decided to send 60 per cent of its employees, including senior managers, on leave without pay and slash salaries of some employees by up to 50 per cent effective December 1, said reports from Indian media outlets. Employees at junior and lower levels will have no impact of the salary cut decision due to their low pay grade though CEO, CFO and even head of departments may take a 50 per cent salary cut. Jet Airways with an employee strength of 230 has around 100 cabin crew and junior managers in the low level employee category, said a Business Standard report. Further reports said that around 60 mid to senior level employees have been sent on two months’ leave without pay. Moneycontrol reported that the news comes after Jet Airways' revival plan hit one more hurdle on November 18, when its new owner Jalan-Kalrock consortium told the National Company Law Appellate Tribunal (NCLAT) of its inability to pay additional money to clear provident fund and gratuity dues of around Rs 250 crore (INR 2500 million) to employees. ALSO READ | After 3 years, Jet Airways conducts first test flight in Hyderabad The company's CEO Sanjay Kapoor took to Twitter to soothe nerves and said, “No one is being fired.” As the NCLT process takes longer-than-expected time, the grounded air carrier may have to take "difficult but necessary near-term decisions" to manage their cash flows to secure the future as they await the airline's complete possession, a Jet Airways spokesperson had said. WATCH | Indian aviation regulator DGCA begins airline audit × The consortium had moved the NCLT to seek control of the airline. The tribunal, which will hear the case from November 29, has sought a reply from the State Bank of India (SBI)-led consortium of lenders, said reports. ALSO READ | Nord Stream blasts were acts of sabotage, traces of explosives found, says Swedish prosecutor The panel monitoring Jet Airways' insolvency case has put the airline's monetisation plan on hold amid the impasse between the lenders and consortium which remained steadfast on its Rs 475 crore (INR 4750 million) offer in its bid, saying that it is not liable to pay anything beyond to creditors and all claims must be settled within this. The NCLT had approved the consortium's capital infusion plan of Rs 1,375 crore (INR 13750 million), including Rs 900 crore (INR 9000 million) for capital expenditure and Rs 475 crore (INR 4750 million) to settle claims of all creditors. NCLAT on October 21, had asked the consortium to clear unpaid provident funds and gratuity to workmen and employees of the airline until June 2019 when the insolvency process was initiated. According to Moneycontrol, even Jet Airways CEO Sanjiv Kapoor has also agreed to a pay cut. (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

Indian carrier Jet Airways slashes salaries, asks 60% staff to go on leave without pay

Starbucks employees un the US went on a strike on Thursday against the illegal retaliation against union supporters nationwide and also against the company's refusal to bargain with the union on a first labour deal.

World Business Watch: Starbucks workers at more than 100 stores go on strike in US

UK where ushering in new austerity, the new government is taking first steps to pull back economy from the brink. Announcing the statement, new Finance Minister Jeremy Hunt unveiled an austerity budget on Thursday with $65 of tax hikes and massive spending cuts.

UK's economy slides into recession, Hunt hunts for elusive balance

In the latest on Twitter saga, reports say that Twitter offices are being closed immediately and the badge exists to employees is being revoked as well. Twitter employees were given an ultimatum to either leave or go hardcore.

Twitter chaos: Mass exodus after Musk's ultimatum, offices temporarily closed, say reports

Amazon said that there would be more role reductions at its annual planning process extends into next year which means more layoffs could come at the E-commerce giant. Leaders continue to make adjustments, Alibaba has said, the e-commerce giant also said decision will be shared with the employees.

World Business Watch: Amazon layoffs to extend into 2023, more role reductions at company

As Covid-19 curves and a worsening economic outlook stifled, Chinese e-commerce giant, has posted low digit rise in quarterly revenue but slightly below expectations and retail spending in China has sacked this year. Alongside government's zero-Covid policy have led to frequent snap lockdowns.

World Business Watch: Alibaba misses quarterly expectations; spending slows

Japan and a weak Yen has pushed up cost of imported commodities in the country, they were already surging due to global supply constraints now. This has led to the jump in Japan's core consumer inflation that has accelerated to 40-year high.

World Business Watch: Japan's inflation hits 40-year high; commodities price surge

India is with stakeholders reaching the consensus at a meeting of an Interministerial Task Force that the country will be adopting USB-C type as a common charging port for smart devices. Electronics industry's stakeholders in India have agreed to phased rollout of the uniform charger.

World Business Watch | Common charging port: India moves towards USB-C

A study by the bank for international settlements - BIS - it's about the three quarters. People who have lost money on bitcoin, according to the study every 3 out of 4 people have lost bet on bitcoin.

World Business Watch: 3 out of 4 Bitcoin investors have lost money

As a shock of sanctions over Russia's invasion of Ukraine, disrupted trade and appended domestic demand - Russia's economy shrank for its second quarter. Experts say that worst of the downturn is likely now early next year.

World Business Watch: Russia economy shrinks for 2nd quarter; worst yet to come for Russian economy?

Jaguar Land Rover CEO Thierry Bollore has resigned, JLR had appointed Bollore as the CEO in 2020. It was done in a bid to return UK's biggest automaker to profit after it took a big hit from the pandemic. Prior to this Bellore was the CEO of Renault.

World Business Watch: Jaguar Land Rover CEO Thierry Bollore resigns

Let's about luxury goods and the trend for tiny handbags which are made for young consumers creating brand affinity at a lower price, it has helped propel global luxury to record levels this year. According to the reports, luxury spending is growing faster than ever.

World Business Watch: Gen Z consumers propel global luxury sales; spending growing faster than ever